Ulta Beauty announced a leadership change with CEO Dave Kimbell retiring and being succeeded by Kecia Steelman, the company’s chief operating officer. The transition took effect immediately. Steelman, who has been with Ulta for over a decade, will also join the board of directors. Alongside this executive shake-up, Ulta raised its fiscal fourth-quarter outlook due to a stronger-than-expected holiday season performance. The company now expects a modest increase in comparable sales and an operating margin above the previously projected 11.6% to 12.4% of sales. Previously, Ulta anticipated comparable sales to range from a 1% decline to flat. Shares of Ulta rose over 2% in extended trading, closing at $431.30, which is about 25% below the 52-week high. Ulta Beauty is set to report its fiscal fourth-quarter results on March 13.
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