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Ulta Beauty Announces Second Quarter 2012 Results

Ulta Beauty [NASDAQ:ULTA] today announced financial results for the thirteen week period (“Second Quarter”) and twenty-six week period (“First Six Months”) ended July 28, 2012, which compares to the same periods ended July 30, 2011.

For the Second Quarter:
  • Net sales increased 22.1% to $481.7 million from $394.6 million in the second quarter of fiscal 2011;
  • Comparable store sales (sales for stores open at least 14 months) increased 9.3% compared to an increase of 11.3% in the second quarter of fiscal 2011;
  • Gross profit increased 80 basis points to 34.8% from 34.0% in the second quarter of fiscal 2011;
  • Selling, general and administrative (SG&A) expense as a percentage of net sales decreased 100 basis points compared to the second quarter of fiscal 2011;
  • Preopening expenses increased to $4.1 million, compared to $3.8 million in the second quarter of fiscal 2011. Real estate activity in the second quarter of fiscal 2012 included 22 new stores, 1 relocation and 9 remodels compared to 21 new stores and 15 remodels in the second quarter of fiscal 2011;
  • Operating income increased 44.9% to $57.5 million, or 11.9% of net sales, compared to $39.7 million, or 10.1% of net sales, in the second quarter of fiscal 2011;
  • Net income increased 46.4% to $35.0 million compared to $23.9 million in the second quarter of fiscal 2011; and
  • Income per diluted share increased 42.1% to $0.54 compared to $0.38 in the second quarter of fiscal 2011.

Chuck Rubin, President and Chief Executive Officer of Ulta stated, “We are very pleased to report excellent results for the second quarter. The team drove strong sales and profit growth by continuing to focus on the five components of our multi-year growth strategy: accelerating store growth, introducing new products, services and brands, enhancing our loyalty program, broadening our marketing reach and increasing our digital focus with Second quarter highlights include strong new store productivity and solid execution of our accelerated new store program. Our rich pipeline of new products and brands continues to drive traffic and market share gains. We are pleased with our progress with the roll out of the 50 additional Lancôme boutiques we announced last quarter. We are also excited to announce the addition of Clinique boutiques in 35 additional stores in light of the success of the 13 stores currently offering Clinique. Our loyalty program reached the milestone of 10 million active customers with 50% of the stores now on the new points program. All of these strategies combined to drive gains in market share and awareness and continued to position Ulta as the beauty authority. Most importantly, our 15,000 associates are creating a fun, inviting environment to make Ulta the place where guests are increasingly choosing to shop.”

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