Ulta Beauty, Inc. (NASDAQ:ULTA) Q4 2022 Earnings Call Transcript

So, we are looking at this as part of the ecosystem where we actually would even have, in some locations, Ulta Beauty at Target in the same center as an Ulta Beauty store. And what we’re seeing is that’s really — it’s performing very nicely that the customer is shopping in both. So, while there’s competition out there, it’s not necessarily playing into what our new store opening guidelines looks like. Maybe you want to weigh in on the supply chain with supplies for new stores.

Scott Settersten: Yes. So, for our new store outlook, our long-term outlook, still 1,500 to 1,700 stores with roughly 800 Ulta Beauty at Target locations on top of that. So, again, we’re still very comfortable from everything we’ve seen, the interaction between, as Kecia just described, between the shop-in-shops and what we’re doing in our stand-alone stores, are happy with the overall performance. Again, this year, there’s just a shift or just smart business, we think, not chasing a number with new store openings and trying to be wise about how we plan that to make sure we keep good disciplines on site selection and the cost ramifications because these are long-term investments.

Dave Kimbell: All right. Great. Well, thank you all for your interest and engagement today. And I want to close by thanking all 53,000 Ulta Beauty associates for delivering just excellent financial results in 2022 while executing against our strategic priorities. I am excited about the future of Ulta Beauty and believe firmly in our differentiated business model, strategic framework and talented and committed teams will continue to drive success and create significant shareholder value. We look forward to speaking to all of you again when we report results for the first quarter of fiscal 2023 on May 25. Have a good evening and talk to you all soon. Thanks.

Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time, and thank you for your participation.