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Ulta Beauty's 2023 10-K shows net sales up 9 point 8 percent to 11 point 2 billion dollars, driven by 5 point 7 percent comps and store growth, but gross margins dipped to 39 point 1 percent from promotions and shrink. Net income rose 3 point 9 percent to 1 point 3 billion dollars. Strong liquidity with 766 million dollars cash; loyalty program fuels 95 percent sales. Risks include inflation, supply disruptions, and competition in 181 billion dollars beauty market.

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