Ulta Beauty
29 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Suppliers
Top ten brand partners (incl. L'Oréal, Estée Lauder Companies)
depends on · approximately 51% and 54% of our net salesnamed as a riskDuring fiscal 2025 and fiscal 2024, merchandise supplied by our top ten brand partners accounted for approximately 51% and 54% of our net sales, respectively.Risk factors (Item 1A)
L'Oréal
depends on · approximately 51%Ulta U.S.’s top ten brand partners, such as L’Oréal and Estée Lauder Companies, among others, represented approximately 51% and 54% of its total net sales in fiscal 2025 and the fiscal year ended February 1, 2025 (“fiscal 2024”), respectively.Business (Item 1)
Estée Lauder Companies
depends on · approximately 51%Ulta U.S.’s top ten brand partners, such as L’Oréal and Estée Lauder Companies, among others, represented approximately 51% and 54% of its total net sales in fiscal 2025 and the fiscal year ended February 1, 2025 (“fiscal 2024”), respectively.Business (Item 1)
Foreign factories (overseas sourcing)
depends onnamed as a riskWe directly source the majority of our Ulta Beauty Collection components and Ulta Beauty branded gifts with purchase and other promotional products through third-party vendors using foreign factories.Risk factors (Item 1A)
Partners and platforms
Target Corporation
earns from · over 600 Target locationsnamed as a riskOn August 14, 2025, Ulta Beauty and Target announced a mutual agreement to not renew the Ulta Beauty at Target shop-in-shop partnership when the current agreement concludes in August 2026.Business (Item 1)
Also named by CVS
Grupo Axo
earns from · nine storesIn Mexico, the Company has a joint venture partnership with Grupo Axo, whereby the joint venture licenses the Ulta Beauty brand name and operating model from the Company to launch and operate Ulta Beauty-branded stores in Mexico.Business (Item 1)
UB Marketplace
earns from · more than 200 brands and 5,000 stock keeping unitsUB MarketplaceTM brands fulfill guest orders directly and the Company earns a commission on these sales.Business (Item 1)
Alshaya Group
earns fromIn the Middle East, the Company has a franchise partnership with Alshaya Group, a leading international franchise operator with substantial expertise in the consumer market in the Middle East, whereby Alshaya licenses the Ulta Beauty brand name and operating model from the Company to launch and operate Ulta Beauty-branded stores in the Middle East.Business (Item 1)
Also named by CMG
Other companies
Secured revolving credit facility
$1.0 billionnamed as a riskWe have a $1.0 billion secured revolving credit facility with a term expiring in March 2029.Risk factors (Item 1A)
Also named by KRP
Space NK Limited
operates in · 84 Space NK storesnamed as a riskAs of January 31, 2026, the Company operates 84 Space NK stores located in the United Kingdom and two located in Ireland.Business (Item 1)
Regional distribution centers
depends on · four regional distribution centersnamed as a riskWe distribute products to our stores without supplementing such deliveries with direct-to-store arrangements from vendors or wholesalers.Risk factors (Item 1A)
Space NK revolving credit facility
£40.0 millionnamed as a riskIn addition, Space NK maintains a £40.0 million revolving credit facility maturing in April 2028 that is secured by substantially all of Space NK's assets and contains a requirement to maintain an interest coverage ratio not less than 4.0 to 1.0 and a leverage ratio not to exceed 2.0 to 1.0 for any relevant period.Risk factors (Item 1A)
Ulta Beauty Collection
earns from · approximately 4% of the Company’s net salesUlta Beauty Collection and long-term Ulta Beauty exclusive products represented approximately 4% of the Company’s net sales in fiscal 2025, while these products combined with short-term exclusive products represented approximately 11% of the Company’s net sales in fiscal 2025.Business (Item 1)
Holiday selling season (fourth quarter)
concentrated innamed as a riskSignificant portions of its net sales and profits are realized during the fourth quarter of the fiscal year due to the holiday selling season.Business (Item 1)
Also named by HAS
Places
United Kingdom
operates in · 84 Space NK storesnamed as a riskAs of January 31, 2026, the Company operates 84 Space NK stores located in the United Kingdom and two located in Ireland.Business (Item 1)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
United States
concentrated in · more than 1,500 retail storesUlta U.S. operates more than 1,500 retail stores in the U.S., located predominantly in convenient, high-traffic locations such as power strip centers.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Mexico
operates innamed as a riskAs we expand internationally, the magnitude of the effects of geopolitical events, including the ongoing conflicts in Ukraine and the Middle East and cartel violence and related unrest in Mexico, on the Company’s business, financial condition, profitability, and/or cash flow could be greater than when the Company’s operations were solely U.S.-based.The health of the economy may affect consumer purchases of discretionary items such as beauty products and salon services, which could have a material adverse effect on our business, financial condition, profitability, and cash flows.Risk factors (Item 1A)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
Hazards
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskThe formulation, manufacturing, packaging, labeling, distribution, sale, and storage of our vendors’ products and our Ulta Beauty branded products are also subject to extensive regulation by various federal agencies in the U.S., including the Food and Drug Administration (FDA), Federal Trade Commission (FTC), Consumer Product Safety Commission (CPSC), Environmental Protection Agency (EPA), and various state and local agencies, such as State Attorneys General and District Attorneys, as well as similar analogous authorities in our international markets.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
U.S. Federal Trade Commission (FTC)
subject tonamed as a riskThe products the Company sells, such as cosmetics (including products with cannabidiol), dietary supplements, food, over-the-counter (“OTC”) drugs, medical devices, and styling tools, including its Ulta Beauty branded products, may be subject to regulation by the U.S. Food and Drug Administration (“FDA”), the U.S. Federal Trade Commission (“FTC”), the Consumer Product Safety Commission (“CPSC”), the Environmental Protection Agency (“EPA”), state regulatory agencies, and State Attorneys General, as well as similar regulatory bodies in the international locations where we do business.Business (Item 1)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
Consumer Product Safety Commission (CPSC)
subject toFinally, products such as styling tools (e.g., blow dryers and curling irons) are regulated by the CPSC, which has strict requirements including the requirement to report certain product defects.Business (Item 1)
Also named by ASO, AXON, BBW, CHD, DORM, GNRC, HAS, KVUE and 8 more
Laws and programs
Ulta Beauty Rewards
earns from · approximately 95% of total salesWith more than 46 million members as of the end of fiscal 2025 and approximately 95% of total sales coming from members in fiscal 2025, Ulta U.S. is uniquely positioned with a deep understanding of its guests and their preferences, enabling it to personalize experiences, recommendations, and promotions through its Customer Relationship Management (“CRM”) platform and support its brand partners’ growth.Business (Item 1)
U.S. tariffs
subject tonamed as a riskContinuing dynamic global trade conditions and elevated tariff levels could contribute to increased input costs, supply chain disruption, pricing volatility, and heightened economic uncertainty, and it could be time-consuming and expensive for us to alter our operations in order to adapt to this environment.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
California Consumer Privacy Act
subject tonamed as a riskComplex local, state, national, and international/foreign laws and regulations, such as the California Consumer Privacy Act and the EU General Data Protection Regulation, apply to the collection, use, retention, protection, disclosure, transfer, and other processing of personal data.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
California Proposition 65
subject tonamed as a riskAlthough we have sought to comply with Proposition 65 requirements, there can be no assurance that we will not be adversely affected by litigation relating to Proposition 65.Risk factors (Item 1A)
Also named by ARE, CELH, ECL, KDP, KO, LKQ, MKC, MNST and 3 more
U.K. Bribery Act
subject tonamed as a riskWe are subject to antibribery and corruption laws, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, that prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage.Risk factors (Item 1A)
State salon board regulations and licensing
subject tonamed as a riskFailure to maintain compliance with these regulatory and licensing requirements could jeopardize the viability of our salons.Risk factors (Item 1A)
Federal and state minimum wage
subject tonamed as a riskAs federal or state minimum wage rates increase, we may need to increase not only the wage rates of our minimum wage associates, but also the wages paid to our other hourly associates.Risk factors (Item 1A)
Fair Packaging and Labeling Act
subject toThe labeling and packaging of these products may also be subject to the requirements of the Fair Packaging and Labeling Act and state specific requirements.Business (Item 1)