Key Takeaways

Ulta Beauty ( ULTA ) CEO Dave Kimbell is retiring after 11 years at the company, effective Monday, the cosmetics retailer said after the closing bell.

Kimbell will be succeeded by Chief Operating Officer (COO) Kecia Steelman and remain with the company as an advisor through Jun. 28.

Steelman “has been instrumental in developing our recently refreshed strategic framework,” Chair Lorna Nagler said in a release. Ulta had unveiled a strategic roadmap in October, which included opening 200 net new stores and increasing loyalty program membership to 50 million members by 2028.

Ulta Raises Fourth-Quarter Outlook

Ulta also said it now expects fiscal fourth-quarter comparable sales to “increase modestly” and its operating margin to land above the high end of its previously estimated range of 11.6% to 12.4%. The company will report fourth-quarter results on March 13.

Shares of Ulta rose about 2% in extended trading Monday following the announcement.

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