Image Source: Zacks Investment Research Ulta posted double-digit revenue growth every year since its public debut in late 2007, outside of a pandemic/ lockdown pullback, with shoppers having far fewer reasons to do their hair and makeup. Ulta Beauty, Inc. ULTA is the largest U.S. beauty retailer and its business continues to thrive amid economic slowdown fears and inflation concerns. Ulta topped quarterly estimates on August 25 and raised its outlook once again as shoppers continue to spend big on the simple pleasures in life such as beauty.