I went through Ulta, Douglas and SaSa’s financial filings to build a benchmark of their store performance looking at their sales per store and sales per square meter. Keep in mind this remains an estimate which hide significant variation in productivity between stores of different sizes and locations and ultimately does not give the profitability per store.
For Douglas it is easy to estimate the average sales per store. Its FY 25/24 report breaks down offline sales by region as well as store count at year-end, so dividing one by the other gives a workable estimate, even if using year-end store counts introduces some bias from openings during the year. Using this calculation, Douglas averages €1.7m in sales per store across its network but differences by regions are important. DACHNL leads at €2.6m per store, while stores in South Europe have the lowest sales per store at €1.2m.
SaSa, the Hong Kong-listed retailer also discloses both its channel split and store count, so the same method applies giving €2.1m per store using July 13th FX rate.
Ulta is harder to estimate because it doesn’t publish an official split of its online and offline sales. Digital Commerce 360 estimates Ulta’s online sales at around €2.2bn in 2025 which translates to 20% of Ulta total sales. Subtracting that from Ulta’s reported 2025 sales and dividing by its 1,505 stores at year-end gives an average of €5.8m per store. Quick note here, I did not try to remove Ulta at Target shop-in-shops sales figure (the partnership being active until mid-2026) from Ulta’s total sales as Ulta’s CEO has mentioned that contribution is well under 1%.
Productivity per square meter is where the comparison becomes more complicated, since none of these retailers reports it consistently. SEC filings put Ulta’s average store at around 10k sqft or 930 sqm, which translates to about €6,2k in sales per sqm per year. A caveat: on average Ulta store have 90sqm dedicated to salon services and services generates 4% of Ulta total revenues. Excluding for it, this would put sales per sqm at €6.6k.
SaSa discloses the data to compute figure directly: €11,5k per sqm per year, a number driven by small-format stores packed into Hong Kong’s high-street districts.
Douglas is the hardest to estimate here as it does not disclose clear information about its store size. Its store formats can range from 100 sqm locations to flagships well over 1,000 sqm, including a 1,300 sqm store in Cologne and a 2,400 sqm in Frankfurt, the largest in Europe. The market where a reasonable estimate hold is France: Nocibé’s own franchise site lists a recommended store size of 200 to 300 sqm, which puts sales at roughly €5k to €7,5k per square meter a year, which would be in the range Ulta’s productivity.
