Don't Overlook Ulta Beauty's Sales Productivity

On Ulta Beauty Inc.'s (NASDAQ: ULTA) earnings conference call last week, CFO Scott Settersten mildly chided Wall Street analysts for trying to read too much into the company's promotional strategy, using limited points of data:We believe that there's probably way too much time and attention being invested in attempting to track the number of promotional offers each quarter and trying to read through that on the impacts of gross profit...we see reports quite often that place a lot of weight on a very limited view into only one element of our overall promotional tool box, and that being primarily the 20%-off postcard.

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