(Reuters) -Ulta Beauty ( ULTA ) said on Monday Dave Kimbell will retire as CEO and will be succeeded by President and Chief Operating Officer Kecia Steelman.

Kimbell is stepping down after 11 years with the company, and will serve as an adviser through June 28.

Ulta also forecast fourth-quarter comparable sales will increase modestly and operating margin will be above the high end of its previously expected range of 11.6% to 12.4% of sales, thanks to strong holiday sales.

(Reporting by Savyata Mishra in Bengaluru; Editing by Devika Syamnath)