Ulta Beauty posted first quarter earnings that showed strong sales growth of 21% and the company … [+]
Courtesy of Ulta Beauty
Ulta Beaut ULTA and was founded over 30 years ago with a bold vision to disrupt and change the beauty industry. The ethos of the brand is to provide consumers with access to all beauty price points, from value to prestige across many beauty categories. Ulta Beauty CEO Dave Kimbell has ushered in a new era for Ulta Beauty by leading with heart and humility, conviction and collaboration. In his first year, he rallied the company around a Bigger, Better, Together approach focused on human connections with both employees and customers. In an interview with Kimbell, he shares thoughts on this new era and reflections on the past year.
Mary Dillion passes the baton to Dave Kimbell
Last June, Mary Dillion, former CEO of Ulta Beauty, resigned and passed the reins of the company to Kimbell. The success of the transition not only stems from Kimbell’s experience of having worked with the company at the time for more than seven years in various executive positions, but is attributed to Dillon’s transition process. Kimbell said, “Mary was an exceptional leader and had a huge impact on the business. She set up a great transition preparing the company for this time of moving the business forward.” Kimbell commented that he was very grateful to have the opportunity to work with Dillion and feels that he is not stepping into his shoes as they would be too big to occupy, but rather he is working to build the business from where she led him. let.
Dave Kimbell, CEO of Ulta Beauty, has a vision to be the most loved beauty destination by guests, … [+]
Courtesy of Ulta Beauty
The pandemic has reinforced the need for human connectivity
Looking back over the past year, Kimbell said, “I think we all learned more in the last two years than we did in the last ten years,” referring to the impact of the pandemic on retail, supply chain disruptions supply and major changes in consumption. ask. She shared her philosophy, which is: “Leading with heart, caring, compassion, empathy, and inclusion are more important than ever.” There is an innate human need to connect, support and interact with others, especially during times of stress and difficulty like those consumers and employees have experienced in recent years. Kimbell discussed the importance of understanding what is going on in the lives of consumers and the lives of Ulta Beauty team members as they face professional and personal challenges.
key formula for success
Kimbell discussed the key to Ulta Beauty’s success, attributing it in large part to the company’s core principles; establish a highly attractive, welcoming and inclusive environment that provides all price points for customers. The three main drivers that have allowed the company to lead the beauty industry include being in the beauty category itself, creating great environments for shoppers, and engaging and investing in employee culture. The beauty category has been strong during the pandemic, especially with consumers’ focus on health and wellness. The Ulta Beauty environment provides access to a wide range of beauty products at many price points. Investments in teams and culture with a focus on taking care of one another, according to Kimbell, “allow every associate to bring their best to work every day.” Ulta Beauty is doubling down on its commitments to DEI in 2022 to keep the company energized, creative and dedicated to leading in this critical space.
Ulta Beauty at Target, launching in 2021, brings its one-of-a-kind prestige assortment across the … [+]
Courtesy of Ulta Beauty
Ulta Beauty at over 100 Target TGT locations
Under Kimbell’s leadership as CEO, the company officially launched Ulta Beauty at Target, bringing its unique prestige assortment across the country to more than 100 Target locations. The partnership with Target has allowed shoppers and beauty enthusiasts better access to Ulta Beauty. Kimbell said, “We are able to attract new members to our loyalty program as 30 million guests pass through Target each week and it gives our Ultamate members easy access to shop at our Ulta Beauty at Target stores.” Both companies worked collaboratively to create a shopping experience that reflects the brands. Kimbell added: “We are truly pleased with the execution of the design which has created an experience that beauty enthusiasts love.”
Ulta Beauty strategy shows strong results
Ulta Beauty’s third and fourth quarter earnings of 2021, the time Kimbell became CEO, beat estimates, delivering sales increases of 29% and 24% respectively. Recent Q1 2022 earnings also showed strong sales growth of 21%. Kimbell has no intention of slowing down and, in fact, the company raised its guidance for the full year, raising the initial estimate of 3-4% sales growth to a new projection of 6-8%. Kimbell stated, “There is strength in the beauty category, a wide range of demographics and across all shopping channels (digital, physical stores, salon services) and the partnership with Ulta Beauty at Target, which continues to drive the experience of the customer and revenue growth. Kimbell’s vision is to be the most loved beauty destination by guests, an employer of choice for its workers, and the most admired retailer by partners, communities and investors. Ultamate, the company’s loyalty program, currently has a record 37 million active members.
Source: www.forbes.com