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June 3, 2024

Ulta Beauty CEO outlines plans to boost sales after first-quarter slowdown, shares jump 11%

Ulta Beauty CEO, Mary Dillon, recently outlined her plans to boost the company's sales after a noted slowdown in the first quarter. In an interview, Dillon stated that there will be a focus on increasing marketing and promotional efforts as well as strengthening Ulta's loyalty program, which already boasts over 31.8 million active members. Dillon also emphasized the importance of innovation in Ulta's product offerings, collaborating with new and established beauty brands, and increasing the company's digital presence - particularly in providing customers with interactive online experiences. She mentioned the importance of leveraging Ulta's physical store locations for services such as salon, skincare, and brow services to attract a wider range of customers. Apart from this, they will continue their expansion plans, including boosting Ulta's presence globally. Ulta is set to enter the Canadian market this year after having success in overseas markets. In response to the announcement, Ulta's shares jumped significantly - by 11%. Investors appear to be optimistic about these plans and they represent a positive step forward for Ulta in its quest to bounce back from the recent downturn in sales. Dillon remains confident that these measures will enable the beauty retail giant to command a larger share of the market and improve its bottom line. However, turning these plans into action, and subsequently into results, is where the real challenge lies. Implementing these strategies successfully will demand careful planning, effective execution, and a deep understanding of the needs and preferences of Ulta's target market.