Ulta's consolidated cross-price-point format creates a one-stop destination that makes it harder for single-tier competitors (prestige-only Sephora, mass-only drugstores) to replicate the full trip, supporting share gains as beauty enthusiasts consolidate purchases.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s