Ulta Beauty's annual revenue has surpassed US$10bn for the first time in the company’s 33-year history thanks to record sales and price increases.
The American beauty retailer’s net sales for the fiscal year 2022 grew 18.3% to $10bn, compared to $8.6bn in 2021.
Its net income also increased 26% to $1.2bn, the company reported.
Retail price increases, the impact of new brands and product innovation, increased social occasions and “fewer Covid-19 limitations” were cited as key drivers.
As well as the “continued resilience” of the beauty category.
Sales grew by double digits across make-up, hair care, skin care and fragrance.
“For the first time in our 33-year history, Ulta Beauty’s annual revenue surpassed $10bn, our annual net income exceeded $1bn and we exceeded 40 million Ultamate Rewards members,” said CEO Dave Kimbell.
Strong 2022 fourth quarter results played a part in this success, “with record sales, profitability and member growth,” added Kimbell.
Net sales increased 18.2% to $3.2bn during this time, compared to $2.7bn the previous year.
The US retail giant is set to open 100 new stores over the next two years, with 25-to-30 launching in 2023.
“As we move into fiscal 2023, we remain optimistic about the strength and resiliency of the beauty category,” explained Kimbell.
“I am excited about the opportunities ahead to continue to expand our leadership position, capture market share gains and drive long term value for all our stakeholders.”
Ulta Beauty opened 47 new stores in 2022, taking its total site locations to 1,355.
The company was founded in 1990 by Richard George and Terry Hanson.