Investing.com – Ulta Beauty stock (NASDAQ:) fell more than 5% Tuesday as the company’s long-term financial targets that it disclosed earlier in the day failed to impress.

The beauty retailer expects its total net sales to grow at a compounded rate of 5% to 7% starting next financial year through 2024.

This comes after the company reported its second quarter earnings in August. Net sales had then jumped 60% to $2 billion. The company is targeting $8.2 billion in net sales at midpoint in the current financial year. That translates into an over 32% jump from 2020 net sales of $6.2 billion. The forecast was thus found underwhelming.

Ulta Beauty aims to add 50 stores every year in that period. Comparable sales are seen growing between 3% and 5% annually.

Operating profit margin is seen coming in at 13% to 14%. Diluted earnings per share is aimed to compound in low double digits.

The company also plans to go full throttle on ensuring quicker deliveries of its products and a wider presence. It is introducing ‘Beauty to Go,’ a commitment that buy online, pick-up in store orders will be ready for pick-up in two hours or less.

It is also launching same day delivery in select markets. The company now also has a new partnership with Google to leverage its own GlamLab Virtual try-on tool for lipstick and eyeshadow with select brands within Google (NASDAQ:)’s search and YouTube platforms.