Why Ulta Beauty Is Postponing Its Push Into Canada
Cosmetics and personal care company Ulta Beauty (NASDAQ: ULTA) said in an SEC filing yesterday it is halting its plans to carry out a major expansion into Canada, despite a strong August stock market rally. The strategic initiative is suspended, rather than entirely canceled, but the 8-K Current Report gives no indication when the Canadian push might be resumed.
As Bloomberg reports, the company has spent years working toward its first foray into international markets. The decision to open stores and salons in Canada was made in May of last year, when CEO Mary Dillon described the United States' northern neighbor as "an attractive and logical place to start" and said the company was "prepared to scale quickly as we learn and see success."
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