Ulta Beauty’s net sales rose 0.8 per cent to $11.3 billion amid 60 net new store openings last year.

However, full-year net income declined 7 per cent to $1.2 billion.

In the fourth quarter, net sales fell 1.9 per cent to $3.49 billion and net income dipped 0.3 per cent to $393.3 million, attributed to an extra week of sales in the last fiscal year.

“I am incredibly optimistic about the future of Ulta Beauty, as I believe we have the right elements to drive our success – a strong business model, an ambitious long-term plan, and passionate associates who bring our brand to life for our guests every day,” said Kecia Steelman, Ulta Beauty president and CEO.

For the current year, the company estimates net sales to range from $11.5 billion to $11.6 billion.

In addition, the company targets about 60 net new store openings.

“Fiscal 2025 will be a pivotal year as we make purposeful investments to fuel our future growth and move quickly to optimize our business,” said Steelman.

“While it will take time to see the impact of these efforts, we are confident these investments will help reignite our momentum and unlock sustained growth and long-term value for our shareholders.”