Ulta Beauty sales top $3 billion in Q1 2026 as Space NK acquisition pays off

By Alessandro Carrara | Published: 3-Jun-2026
Finance

Net sales increased 11.1% primarily due to increased comparable sales, as well as the acquisition of British high street beauty chain Space NK

Ulta Beauty, the US beauty retailer, has reported a double-digit sales boom for its quarter of trading in 2026, driven by positive growth from its acquisition of Space NK.

Net sales increased 11.1% to US$3.2bn, primarily due to increased comparable sales, the acquisition of British high street beauty chain Space NK, and sales from new stores.

Comparable sales increased 5.3%, driven by a 3.7% increase in average ticket and a 1.6% increase in transactions, while gross profit jumped 13.8% to $1.3bn.

As a percentage of net sales, gross profit increased to 40.1% compared to 39.1%, primarily due to lower inventory shrink and higher merchandise margin.

“Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories,” said Kecia Steelman, president and CEO of Ulta Beauty.

“Our results demonstrate the strengths of our model, focused execution of our talented associates, and the effectiveness of our strategy in an uncertain macroeconomic landscape.”

Ulta Beauty acquired Space NK in July 2025.

The US beauty retailer struck a deal with Manzanita Capital, the owner of Space NK, with sources close to Ulta Beauty placing the cost of the acquisition at more than £300m.

Commenting on the retailer’s latest results, Steelman added: “I am particularly proud of our teams’ commitment to delighting our guests while also advancing our longer-term strategic initiatives with discipline.

“Looking ahead, we remain focused on delivering long-term shareholder value through our strategic growth initiatives, continued prudent cost management, and our differentiated guest experience.”

Steelman recently hinted at the potential of US stores for the Space NK chain in a fireside chat with J.P. Morgan held in April 2026. 

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