On Wednesday June 29th at 12:30pm we’re hosting a Black Book on Best Idea Short ULTA. We will dive deep into all parts of the model - where it has been and where it is going. We think the growth profile of this company will be changing dramatically over a TREND and TAIL duration such that the stock will not retain the premium multiple ULTA has seen in the past. Unit growth is evaporating, comps will be slowing after this last leg of reopening resupply, margins coming off peak, and all amplified by increasing competitive pressures. In particular, we’ll do some analysis of the ULTA store base and look at the overlap between Ulta stores and new Kohls Sephora locations and the resulting impact on Ulta traffic as they rollout. Sephora is now encroaching on the Ulta off mall property carve out, and initial data suggests the overlap here is very high. We’ll also analyze the overlap with Target locations with Ulta Shop-in-Shops, to see how the company might be cannibalizing business to try to draw in marginal consumers from TGT.
Call Details
Date/Time: Wednesday, June 29th at 12:30pm EDT Add To Calendar: CLICK HERE
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UK: 0
Confirmation Number: 13730160
Live Video Link: Will be provided prior to the call