Ulta Beauty Draws Down Credit Line; Re-Evaluating Stock Buybacks
Ulta Beauty (NASDAQ: ULTA) has seen its brick-and-mortar stores temporarily closed due to coronavirus. The beauty retailer remains open for business online but it's making some proactive moves to shore up its finances to cover losses due to the current pandemic.
The retailer recently drew down $800 million of its revolving credit facility "as a precautionary measure and to enhance financial flexibility," according to a press release. It has also decided to reevaluate "the pace and timing of its stock repurchase program."
Ulta Beauty remains open online. Image source: Getty Images.
Source Fool.com
