Ulta Beauty Announces Stong Q1 2026 Results

Ulta Beauty announced its consolidated financial results for the thirteen weeks (first quarter) ended May 2, 2026. This year’s results were compared to the same period ended May 3, 2025.

Kecia Steelman, president and chief executive officer, commented,

“Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories. Our results demonstrate the strengths of our model, focused execution of our talented associates, and the effectiveness of our strategy in an uncertain macroeconomic landscape. I am particularly proud of our teams’ commitment to delighting our guests while also advancing our longer-term strategic initiatives with discipline. Looking ahead, we remain focused on delivering long-term shareholder value through our strategic growth initiatives, continued prudent cost management, and our differentiated guest experience.”

Ulta’s First Quarter Results

In Q1 of 2026, net sales increased 11.1% to $3.2 billion. This was mostly due to increased comparable sales, the acquisition of Space NK, and sales from new stores.

In this time, comparable sales increased 5.3%, driven by a 3.7% increase in average ticket and a 1.6% increase in transactions.

Gross profit increased 13.8% to $1.3 billion. As a percentage of net sales, gross profit increased to 40.1% compared to 39.1%, primarily due to lower inventory shrink and higher merchandise margin.

Merchandise inventories, net at the end of the first quarter of fiscal 2026, increased 12.5% to $2.4 billion. The increase was mostly from inventory to support new brand launches, the acquisition of Space NK, strategic investments in key categories, and 70 net new Ulta Beauty stores since May 3, 2025.

During the first quarter of fiscal 2026, Ulta Beauty invested $58.3 million in capital expenditures, primarily driven by investments in new and existing stores.

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Photo: Shutterstock/ Ken Wolter