Ulta and Target Won't Renew Shop-in-Shop; Ulta Says No Fiscal 2025 Impact

Rhea-AI Filing Summary

Ulta Beauty disclosed that it and Target have mutually agreed not to renew the Ulta Beauty at Target shop-in-shop partnership when the current agreement concludes in August 2026. The Ulta Beauty at Target experience will continue in Target stores and on Target.com until that time. The company states that the conclusion of the partnership is not expected to be material to Ulta Beauty's fiscal 2025 financial results or previously stated long-term financial targets. The filing references a press release filed as Exhibit 99.1 announcing the expiration of the partnership.

Positive

• Company disclosure states the conclusion is not expected to be material to fiscal 2025 results or previously stated long-term targets.
• Ulta experience will continue in Target stores and on Target.com through August 2026, maintaining the current arrangement until contract expiry.

Negative

• None.

Insights

Retail Strategy Analyst

TL;DR: Ulta and Target will end their shop-in-shop partnership after August 2026; management says near-term financials are unaffected.

The company reports a mutual decision not to renew the shop-in-shop agreement, with the Ulta-in-Target experience remaining live through the contract's August 2026 conclusion. Management explicitly states the change is not expected to be material to fiscal 2025 results or long-term targets, indicating the company does not anticipate a material financial disruption in the near term. The filing also notes a press release as Exhibit 99.1 confirming the announcement.

Corporate Partnerships Specialist

TL;DR: A mutual, non-renewal of the Ulta/Target partnership is confirmed; Ulta characterizes the impact as immaterial to stated targets.

The Form 8-K documents a mutual agreement to let the partnership expire in August 2026 while keeping the in-store and online experience active until then. The company’s formal statement that the conclusion is not expected to be material to fiscal 2025 or previously stated long-term financial targets frames this as a strategic contractual outcome rather than a financial shock, per the filing. Exhibit 99.1 is the accompanying press release referenced in the report.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT 

Pursuant to Section 13 or 15(d) of 

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 14, 2025

ULTA BEAUTY, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-33764	38-4022268
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1000 Remington Blvd., Suite 120, Bolingbrook,
Illinois 60440

(Address of Principal Executive Offices and zip code)

(630) 410-4800 

(Registrant’s telephone number, including area code)

Not Applicable 

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 C.F.R. §230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 C.F.R. §240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 C.F.R. §240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. §240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, par value $0.01 per share		ULTA		The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company      ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ☐

Item 8.01 Other Events.

On August 14, 2025, Ulta Beauty, Inc. (the “Company”) issued a press release disclosing that the Company and Target Corporation (“Target”) have mutually agreed not to renew the Ulta Beauty at Target shop-in-shop partnership when the current agreement concludes in August 2026. Until then, the Ulta Beauty at Target experience will continue in Target stores and on Target.com.

The conclusion of the partnership is not expected to be material to Ulta Beauty’s fiscal 2025 financial results or previously stated long-term financial targets.

Item 9.01. Financial Statements and Exhibits.

(d)         Exhibits. The exhibit listed in the exhibit index below is being filed herewith.

EXHIBIT INDEX

99.1 Press release issued by Ulta Beauty, Inc. on August 14, 2025, announcing the expiration of its partnership with Target Corporation.

104 Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document).

Forward-Looking Statements

This current report on Form 8-K (the “Report”) contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect the Company’s current views with respect to, among other things, future events and financial performance. These statements can be identified by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies” or other comparable words. Any forward-looking statements contained in this Report are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates, targets, strategies or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties.

The Company’s filings with the SEC are available at www.sec.gov. Except to the extent required by the federal securities laws, the Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ULTA BEAUTY, INC.
Date:  August 14, 2025	By:	/s/ Rene G. Cásares
		Rene G. Cásares
		Chief Legal Officer

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FAQ

Will Ulta Beauty renew its shop-in-shop partnership with Target (ULTA)?

No. The companies have mutually agreed not to renew the Ulta Beauty at Target shop-in-shop partnership when the current agreement concludes in August 2026.

Will the end of the Ulta/Target partnership affect Ulta's fiscal 2025 results (ULTA)?

According to the filing, the conclusion is not expected to be material to Ulta Beauty's fiscal 2025 financial results or previously stated long-term financial targets.

When will Ulta Beauty at Target operations stop?

The current agreement runs through August 2026, and the Ulta Beauty at Target experience will continue in Target stores and on Target.com until that time.

Where can I find the company announcement about Ulta and Target?

The filing references a press release announcing the expiration of the partnership, which is included as Exhibit 99.1 to the Form 8-K.

Does the company report any other financial or operational impacts from this decision?

The Form 8-K states only that the conclusion is not expected to be material to fiscal 2025 results or previously stated long-term targets; no other impacts are provided in the filing.