Jack of All Trades
Jack of All Trades: High Stakes SKORE 03.13.2026
ULTA — 6.4 Hold. The quarter was actually good on the surface: +5.8% comps, $3.90B revenue beating estimates, record 46.7M loyalty members. The market didn't care. SG&A jumped 23% to 25.7% of sales — up 230 bps year over year — and operating income fell 7.9% on 11.8% revenue growth.