Happi Staff03.23.20
Ulta Beauty, Inc. announced updates to its operations in response to the continued spread of COVID-19.
As a precautionary measure and to enhance financial flexibility, the Company recently drew down $800 million under its revolving credit facility and is re-evaluating the pace and timing of its stock repurchase program. Including the revolver drawdown, the Company had cash on hand of approximately $1.3 billion as of March 18, 2020. In addition, the Company is reducing its capital expenditure and expense plans and aligning inventory positions with current sales trends, while also leveraging its digital and e-commerce platforms to drive sales during the temporary closure of its stores.
“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,” said Mary Dillon, Chief Executive Officer. “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.”
As a precautionary measure and to enhance financial flexibility, the Company recently drew down $800 million under its revolving credit facility and is re-evaluating the pace and timing of its stock repurchase program. Including the revolver drawdown, the Company had cash on hand of approximately $1.3 billion as of March 18, 2020. In addition, the Company is reducing its capital expenditure and expense plans and aligning inventory positions with current sales trends, while also leveraging its digital and e-commerce platforms to drive sales during the temporary closure of its stores.
“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,” said Mary Dillon, Chief Executive Officer. “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.”