Press release
Ulta Beauty Announces First Quarter Fiscal 2020 Results
Temporary store closures in response to COVID-19 significantly impacted sales and earnings Proactive actions taken to increase financial flexibility during
About this update from Ulta Beauty, Inc.
[{"type":"text","content":"\nTemporary store closures in response to COVID-19 significantly impacted sales and earnings\nProactive actions taken to increase financial flexibility during quarter\nNet Sales of $1,173.2 million compared to $1,743.0 million in the year-ago quarter\nComparable Sales decreased (35.3%)\nNet Loss of ($78.5) million or ($1.39) per dilutive share\n\n BOLINGBROOK, Ill.--(BUSINESS WIRE)--\nUlta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the first quarter ended May 2, 2020.\n\n\n“Fiscal 2020 started off well, with good growth in comparable store sales, market share, and our Ultamate Rewards loyalty program through mid-March. However, the rapid escalation of COVID-19 resulted in significant disruption to our operations. For much of the first quarter, Ulta Beauty operated as a digital-only business, and while e-commerce sales exceeded our expectations, it was not enough to fully offset the impact of our store closings,” said Mary Dillon, chief executive officer. “As we have navigated the pandemic, our priority for every decision has been to protect the well-being of our associates and guests, and I am incredibly proud and appreciative of how quickly our teams adjusted to the dynamic environment.”\n\n\n“With safety continuing to guide our decisions, we have begun to reopen stores, and today more than 800 stores offer curbside pickup and more than 330 stores are open to guests. While it is still early, we have seen stronger-than-expected sales in reopened stores, and we’re seeing great engagement with our salon services, where available,” continued Dillon. “At Ulta Beauty, we have a strong, differentiated operating model, a brand that is known and loved, and passionate and optimistic associates, and I am confident we will emerge from this crisis well positioned to accelerate our market share gains and extend our competitive advantages.”\n\n\nCOVID-19 Response\n\n\nThe Company has taken decisive actions to protect the safety of its associates and guests and to manage its business through the fluid and challenging environment resulting from the COVID-19 pandemic. On March 19, 2020, the Company temporarily closed all of its stores in an effort to help contain the spread of the virus, while continuing to support its essential e-commerce operations. On April 19, 2020, many of the store and salon associates were temporari...