On Tuesday morning Ulta Beauty CEO Dave Kimbell, along with the chain’s executive team, unveiled a refreshed strategic framework to continue to connect physical and digital channels, expand market share, and increase member loyalty. Long-term financial targets include net sales growth from 2019 to 2022-2024 of 5 percent to 7 percent (CAGR); 50 new stores annually; 3 percent to 5 percent annual comp-store growth; and 13 percent to 14 percent of operating profit as a percentage to sales. The company estimates to end 2021 between $8.1 billion and $8.3 billion, up from $6.15 billion in 2020 and $7.39 billion in 2019. One of the most notable changes is what Ulta considers beauty, to now include wellness, such as ingestibles, home fragrance and oral care.

Dave will be speaking for CEW at 1 p.m. EST on October 25 covering a host of topics, including the company’s broadened diversity and inclusion initiatives, the importance of physical stores and deeper dives into digital, as well as Ulta Beauty at Target. He will also speak to highlights from Tuesday’s presentation, which include:

– The introduction of Beauty to Go, a commitment that buy online, pick-up in store (BOPIS) orders will be ready for pick-up in two hours or less

– Same-day delivery in select markets

– A new partnership with Google to leverage Ulta Beauty’s GlamLab Virtual try-on tool for lipstick and eyeshadow with select brands within Google’s Search and YouTube platforms

– A new strategic investment and partnership with Adeptmind, a leading AI retail technology company to power a new personalized search engine for the company’s Digital Store of the Future

– A $20 million Digital Innovation Fund to enable the company to closely partner with innovators, entrepreneurs, early-stage investors, and other agents of change to transform the future of beauty, retail, and commerce

– Launching UB Media, a new business model that harnesses the power of our first-party data to transform the way our brand partners can connect with beauty lovers

– Scaling of personalization capabilities engagement and loyalty