SAN FRANCISCO – Instacart (NASDAQ:CART), the North American grocery technology leader with a market capitalization of $11 billion and impressive 75% gross profit margins, and Ulta Beauty (NASDAQ:ULTA), the largest specialty beauty retailer in the U.S., announced a partnership today to provide same-day delivery from over 1,400 stores nationwide. This move allows customers to access Ulta Beauty's extensive range of skin care, hair care, cosmetics, fragrances, and wellness products with the convenience of rapid delivery through the Instacart platform.
The collaboration also incorporates the Ulta Beauty Rewards program into the Instacart app, enabling Ulta Beauty customers to earn points on purchases made via the app by linking their rewards accounts. Celebrating the launch, a promotional offer is available, giving customers $10 off their $50 order through January 26. According to InvestingPro data, Instacart's strong financial health score and 10% revenue growth demonstrate its successful expansion strategy in the delivery services market.
Blake Wallace, Instacart's Senior Director of Retail Partnerships, highlighted the timeliness of the partnership, aligning with customers' increasing focus on wellness and self-care at the start of the New Year. Jodi Williams, Ulta Beauty's Vice President of eCommerce, emphasized the partnership's alignment with the company's mission to reimagine beauty shopping and provide convenient access to their products.
With this partnership, Instacart expands its offerings beyond groceries and essentials to include beauty products, joining more than 1,500 retailer banners on the Instacart app. Customers can now shop for Ulta Beauty products for same-day delivery by visiting the Instacart website or selecting the Ulta Beauty storefront on the app. For deeper insights into Instacart's financial performance and growth potential, including 13 additional ProTips and comprehensive valuation metrics, visit InvestingPro.
The information for this report is based on a press release statement.
In other recent news, Instacart has been making significant strides. The company's inclusion in the S&P MidCap 400, as reported by Investing.com, signals stability and growth potential, attracting a broader base of investors. This development follows CONSOL Energy Inc (NYSE:CNX).'s acquisition of Arch Resources, causing a reshuffle in the index.
Meanwhile, Loop Capital has raised its price target for Instacart, maintaining a Buy rating due to the company's strong position in assisting grocery stores adapt to the digital marketplace. Similarly, Baird has reiterated its Outperform rating on Instacart, citing a favorable trend of diminishing price markups on the company's marketplace.
In terms of earnings and revenue, Instacart has surpassed expectations in its third-quarter results, leading to multiple price target revisions from financial firms such as Piper Sandler and Stifel. The company's Gross Transaction (JO:TCPJ) Value (GTV), revenue, and EBITDA have all exceeded projections, contributing to the positive outlook.
Additionally, Instacart has expanded its share buyback plan and announced strategic partnerships with Family Dollar and Foodsmart. These recent developments provide valuable insights into the company's current financial strategies and market activities.
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