They stagger the coupons, which is kind of weird.
Luckily, my friends don't really care about makeup and stuff so I just use theirs to get access to the discount more often. Even though their name may be printed on it, I give my phone number and then the coupon. I just let them know I got it from a friend and I've never had any issues with them not accepting it.
Sephora is clearly my drug of choice, as well.
They just have more items, but if there is an item that both Ulta and Sephora have then I get it at Ulta. I also like Beauty.com since i have free shipping and get a GWP with just a $10+ purchase. Nordies and Saks are also good for free shipping and a nice GWP.