Q2 FY27 · Ended Aug 1, 2026 · View SEC filing
Bigger baskets, not more visits, carried the quarter
Spending per visit rose faster than comparable sales, so growth came from what shoppers bought, not how often they came.
For investorsWhat has to go right for Ulta's margin to widen again?
For foundersThe one-stop playbook: turning a wider shelf into a bigger basket
Over the last three full years sales climbed while operating income slipped, so cost growth, not demand, explains the thinner margin.
Inventory built for the holidays absorbs cash in summer, so this quarter's cash flow says little about the full year.
Prestige, mass and salon under one roof let a shopper add a category instead of making a second trip.
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Business Lens describes Ulta Beauty from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
