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Item 8.01 Other Events.
In 2019, Ulta Beauty, Inc. (“Ulta Beauty” or the “Company”), the largest beauty retailer in the United States, announced plans to expand internationally with an initial launch into Canada. Ulta Beauty continues to believe international markets provide a long-term growth opportunity for the Company. However, given the current operating environment, the Company has decided at this time to prioritize growth of its U.S. operations and is suspending its planned expansion to Canada. As previously announced, the Company has identified investment opportunities to support continued profitable growth in the U.S., including expansion of its omnichannel capabilities; improvements to support guest experience and discovery; market share growth in key merchandising categories; increased loyalty and personalization efforts; and new store openings.
Investments to support the expansion into Canada have largely been limited to early-stage infrastructure buildout and lease obligations for a small number of stores. In conjunction with this decision, the Company expects to incur costs in the range of $55 million to $65 million, the majority of which will be recognized in fiscal 2020.
Additionally, the Company has repaid the outstanding borrowings under its revolving credit facility. As previously disclosed, on March 18, 2020, as a precautionary measure and to enhance financial flexibility, the Company drew down $800 million under its revolving credit facility. On September 2, 2020, the Company repaid the $800 million of borrowings that were outstanding under the facility.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ULTA BEAUTY, INC. | ||
Dated: September 23, 2020 | By: | /s/ Jodi J. Caro |
Jodi J. Caro | ||
General Counsel, Chief Compliance Officer and Corporate Secretary | ||