Ulta Beauty takes additional business measures as COVID-19 epidemic continues
Ulta Beauty is taking additional business measures as the ongoing spread of COVID-19 continues on in the United States.
For starters, as a precaution to enhance its financial flexibility, the beauty retailer drew down $800 million under its revolving credit facility, and is also re-evaluating the timing of its stock repurchase program, the Bolingbrook, Ill.-based company said.
“To help best position the business through this rapidly changing and uncertain environment, we have begun to proactively take actions to increase our financial flexibility,” Mary Dillon, CEO of Ulta Beauty, said. “We are well capitalized, and I am confident that our financial strength, our differentiated business model, and our unwavering commitment to keeping our associates and guests at the center of every decision we make will enable us to successfully navigate through this challenging period.”
Other changes include reducing its capital expenditure and expense plans, while also leveraging its digital and e-commerce platform to help drive sales during the temporary store closures.