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Kecia L. Steelman, Ulta’s chief operating officer who's viewed in industry circles as a possible successor to chief executive officer Dave Kimbell, has added president to her title. Within the joint roles, Steelman has responsibility for corporate strategy, information technology, store and services operations, supply chain, Ulta Beauty at Goal, enterprise-wide transformation and loss prevention. That features inventory shrink — the difference between balance-sheet inventory and actual stock that is usually blamed on organized retail crime — which has weighed on Ulta’s gross margin. As a part of that, she has led Ulta’s move to lock up fragrance in cabinets in 70 percent of stores by the top of the 12 months. “What we’re seeing is within the initial stores that we rolled out...