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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We're seeing a lot of strong performance with Estee Lauder and Mac at Ulta.”
Estée Lauder and MAC brands are seeing strong performance at retail partner Ulta.
“We added a number of new national brand partnerships across a range of nonfood categories in Q1, including Gap and Ulta gift cards, Vera Bradley apparel, and Upper Deck trading cards.”
Costco added Ulta gift cards among new national-brand partnerships in nonfoods.
“So we have been seeing a lot of positive momentum in retailers like Ulta, where we are very, very strong.”
EL cites strong momentum for its brands at Ulta, implying healthy prestige-beauty sell-through at the retailer.
“And we currently have a premium distribution outlook with partners like Sephora, Sephora Kohl's and Ulta Beauty.”
Ulta Beauty is named as a premium distribution partner for Touchland, indicating the brand's placement across Ulta's stores.
“look at the example like Ulta Beauty, where we do retail store operations. Our Agentic flows are built specifically for what you require to manage a retail store, the maintenance, the life cycle and the cases the retail store operator require help with”
Ulta Beauty uses ServiceNow's industry-specific agentic flows for retail store operations and maintenance.
“That business is really at 3 retailers, right? Sephora, Ulta and Amazon make up about 90% plus of that business.”
Ulta is a key retail channel for Church & Dwight's Touchland brand, one of three retailers driving 90%+ of its sales.
“our contract with Ulta Beauty ends August '26”
Target's shop-in-shop contract with Ulta Beauty ends August 2026, prompting a rework of its beauty assortment.
“we mutually agreed with Ulta Beauty not to renew our partnership when it concludes in August of 2026.”
Target and Ulta Beauty will not renew their shop-in-shop partnership when it ends in August 2026, a negative read-through for Ulta's Target-based store footprint.
“I want to notice that at the same time, the success of Clinique in Ulta has been very, very strong, showing that the Amazon is bringing new customers is not just speaking to the same customer. It's adding market share, adding new customers and along all our new channels partners like Amazon or historical strong partners like Ulta to get success on the same brands.”
Alongside strong growth from its new Amazon channel, Clinique is also performing very well at longtime retail partner Ulta Beauty, with both channels adding new customers rather than cannibalizing each other.
“our partnership with Ulta Beauty and our assortment that includes some of the leading brands in the industry have combined to make Target an undisputed beauty destination.”
Target credits its in-store Ulta Beauty shop-in-shop partnership as a core driver of nearly doubling its Beauty category since 2019, positioning Target as a beauty destination.
“we are pleased to announce today an expanded strategic integration with TikTok”
Ulta announced an expanded strategic integration with TikTok, launching on TikTok Shop as a new social-commerce channel for its brands.
“I think Sephora at Kohl's actually comped negative, yet LVMH's selective retail was positive.”
Analyst notes LVMH's selective retail (Sephora) posted positive results while Sephora-at-Kohl's comped negative, a mixed competitive read-through for the beauty retail set.
“Could you discuss the competitive situation Amazon Premium Beauty still seems to be growing a lot.”
An analyst flags Amazon Premium Beauty as a fast-growing competitive threat in beauty retail, implying continued momentum in Amazon's premium beauty business.
“Prestige makeup growth in the quarter was supported by a highly successful 21 days of beauty event with notable brand standouts being Estee Lauder and MAC within the event.”
Estee Lauder (and its MAC brand) was a standout driver of Ulta's prestige makeup growth during the 21 Days of Beauty event, a positive sell-through read-through for EL.
“Kohl Sephora comp flat versus what you're doing”
An analyst frames Sephora's Kohl's shop-in-shop comps as flat and competitive encroachment fading, a negative read-through on that competing beauty format as Ulta regains share.
“Our acquisition of the U.K. specialty beauty retailer, Space NK was a unique and strategically compelling opportunity to enter the growing U.K. market with an established and successful player, a top destination for beauty lovers, Space NK operates 83 U.K. and Ireland stores and a vibrant online platform.”
Ulta acquired UK beauty retailer Space NK (closed July 10) to enter the UK market; Space NK stays a standalone subsidiary with 83 UK and Ireland stores under existing management.
“we announced our mutual decision with Target not to extend our shop-in-shop partnership, which will conclude in August of 2026.”
Ulta and Target mutually agreed to end their shop-in-shop partnership in August 2026; a read-through that Target loses the Ulta Beauty at Target format, though Ulta notes the royalty revenue was well below 1% of sales.
“We have this partnership with Adobe that we've just launched that really does enhance our ability to deliver tailored offers, experiences, and communication across multiple channels in the right moment that makes sense for the guest.”
Ulta Beauty launched a new personalization partnership with Adobe to deliver tailored offers and communications across channels, leveraging its 45 million loyalty members.
“You saw Sephora at Kohl's. I think they comp one you know, three and a half years into launching all these stores.”
An analyst noted that the Sephora-at-Kohl's shop-in-shop rollout is maturing (lapping its comp benefit roughly three and a half years after launch), a competitive dynamic that had pressured Ulta's comps.
“a hundred new Ulta Beauty at Target shop-in-shop locations”
Ulta Beauty expanded its shop-in-shop partnership with Target by opening 100 new Ulta Beauty at Target locations during fiscal 2024, extending its retail-store partnership footprint.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Chris Horvers | JPMorgan | 5 (0%) |
| Mike Baker | D.A. Davidson | 5 (0%) |
| Mike Lasser | UBS | 5 (80%) |
| Adrienne Yih-Tennant | Barclays | 4 (0%) |
| Simeon Gutman | Morgan Stanley | 4 (50%) |
| Mark Altschwager | Robert W. Baird | 4 (0%) |
| Dana Telsey | Telsey Advisory Group | 4 (0%) |
| Mike Binetti | Evercore ISI | 4 (75%) |
| Olivia Tong | Raymond James | 4 (25%) |
| Steve Forbes | Guggenheim | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Guggenheim | 2 | 5 (0%) |
| JPMorgan | 1 | 5 (0%) |
| UBS | 1 | 5 (80%) |
| D.A. Davidson | 1 |
| Jefferies | 2 | 4 (0%) |
| Evercore ISI | 1 | 4 (75%) |
| Goldman Sachs | 2 | 4 (0%) |
| Barclays | 1 | 4 (0%) |
Ulta capped FY2025 with record holiday performance, delivering Q4 net sales up 11.8% to $3.9B with comparable sales growth of 5.8% and EPS of $8.01. FY2026 guidance was introduced at $28.05-28.55 EPS, implying approximately 10% growth over the $25.64 FY2025 actual, signaling a return to profitable growth. Continued market share gains in mass and prestige were supported by the TikTok Shop launch expanding social commerce presence and a strong newness pipeline including Rare Beauty, while shrink reductions continued across every category.
Competitive Dynamics | Revenue Growth | Margin | Demand | Innovation & R&D | Capex Investment | Product Launch | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q3 | 5 | 3 | 3 | 2 | 1 | 1 | ||
| 2024Q4 | 6 | 5 | 2 | 2 | 2 | 1 | 1 | |
| 2025Q1 | 6 | 5 | 2 | 2 | 3 | 1 | 2 | |
| 2025Q2 | 4 | 5 | 4 | 1 | 2 | 2 | 1 | |
| 2025Q3 | 3 | 3 | 4 | 3 | 3 | 4 | 2 | 1 |
| 2025Q4 | 2 | 3 | 4 | 1 | 2 | 2 | 1 | |
| 2026Q1 | 2 | 1 | 4 | 5 | 1 |
| '24Q3 | '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|---|
| Competitive Dynamics | 5 | 6 | 6 | 4 | 3 | 2 | 2 |
| Revenue Growth | 3 | 5 | 5 | 5 | 3 | 3 | 1 |
| Margin | 3 | 2 | 2 | 4 | 4 | 4 | 4 |
| Demand | 2 | 2 | 3 | 5 | |||
| Innovation & R&D | 1 | 2 | 3 | 1 | 3 | 1 | |
| Capex Investment | 2 | 2 | 4 | 2 | |||
| Product Launch | 1 | 1 | 1 | 2 | 2 | 2 | |
| Pricing | 1 | 2 | 1 | 1 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ULTA Ulta Beauty | 8 | +11.1% | |
| AMZN Amazon.com, Inc. | 9 | +16.6% | |
| AZO AutoZone | 7 | +8.4% | |
| BBY Best Buy | 6 | +1.9% | |
| CASY Casey's General Stores, Inc. | 9 | +14.5% | |
| EBAY eBay | 8 | +19.5% | |
| GPC Genuine Parts Company | 6 | +6.8% | |
| MELI MercadoLibre | 7 | +49.0% | |
| ORLY O'Reilly Automotive | 8 | +10.2% | |
| PDD PDD Holdings | 6 | +10.4% | |
| TSCO Tractor Supply | 5 | +3.6% | |
| WSM Williams-Sonoma | 6 | +4.3% |