Space NK’s Profits Soar After Ulta Acquisition
Space NK, despite being acquired by Ulta Beauty last summer, continues to operate as a UK-registered company, meaning its financial results are publicly accessible through Companies House. Recent filings reveal a remarkably strong performance for the premium beauty retailer in the year ending March 2025.
Turnover for Space NK rose significantly to £266 million, a substantial increase from the £196.5 million reported the previous year. This follows a period of strong growth in 2023/24, demonstrating the factors that made Space NK an attractive acquisition target for Ulta Beauty. The latest figures represent a 35% year-over-year revenue increase.
A key driver of this growth was a highly impressive 19% increase in like-for-like sales within existing stores. The remaining portion of the 35% surge was attributed to the positive impact of new and expanded store openings, coupled with continued growth in online sales channels.
Beyond revenue, Space NK also experienced significant improvements in profitability. EBITDA for the period increased to £26.47 million, up from £15.94 million, while net profit jumped to £12.35 million, a considerable rise from £7.45 million. These figures underscore the company’s financial health and operational efficiency.
Space NK attributes its success to a continued investment strategy focused on fueling growth, a strategy the company states “is paying a strong return.” This investment encompasses improvements to its store network, operational infrastructure, technology platforms, and customer acquisition efforts, with ongoing activity planned for 2025.
The acquisition by Ulta Beauty is viewed as a “positive strategic development” expected to yield long-term benefits through increased scale, greater investment opportunities, and access to the broader Ulta Beauty group’s capabilities. Even prior to the acquisition, Space NK’s outlook was described as “positive,” with growth observed across all customer age groups and spending levels.
