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Ulta Beauty Announces Fourth Quarter 2012 Results

Stocks in this article: ULTA

Ulta Beauty (NASDAQ:ULTA) today announced financial results for the fourteen week period (“Fourth Quarter”) and fifty-three week period (“Fiscal Year”) ended February 2, 2013, which compares to the thirteen and fifty-two week periods ended January 28, 2012.

For the Fourth Quarter:

  • Net sales, including the benefit of the 14th week in the quarter, increased 30.3% to $758.8 million from $582.5 million in the fourth quarter of fiscal 2011;
  • Comparable store sales (sales for stores open at least 14 months) increased 8.0% compared to an increase of 11.5% in the fourth quarter of fiscal 2011;
  • Gross profit increased 10 basis points to 34.2% from 34.1% in the fourth quarter of fiscal 2011;
  • Selling, general and administrative (SG&A) expense as a percentage of net sales decreased 100 basis points to 20.3% compared to 21.3% in the fourth quarter of fiscal 2011;
  • Preopening expenses increased to $1.9 million, compared to $1.0 million in the fourth quarter of fiscal 2011. Real estate activity in the fourth quarter included 13 new stores and 1 remodel compared to 7 new stores in the fourth quarter of fiscal 2011;
  • Operating income increased 41.7% to $103.8 million, or 13.7% of net sales, compared to $73.2 million, or 12.6% of net sales, in the fourth quarter of fiscal 2011;
  • The tax rate was 37.8% compared to 36.7% in the fourth quarter of fiscal 2011;
  • Net income increased 39.4% to $64.5 million compared to $46.3 million in the fourth quarter of fiscal 2011; and
  • Income per diluted share increased 37.0% to $1.00 compared to $0.73 in the fourth quarter of fiscal 2011. Excluding the $0.05 earnings per share benefit of the 14 th week, income per diluted share increased 30.1%.

Dennis Eck, Interim Chief Executive Officer, stated, “The Ulta team achieved strong fourth quarter results to complete an exceptional year in 2012. Excellent execution of our multi-year growth strategy was evident in the milestones achieved during the year: we increased square footage by 23% with the addition of 101 net new stores, we greatly enhanced our offering with newness across the board, we implemented a new Customer Relationship Management platform, broadened our marketing reach and brand awareness, and improved our digital capabilities including rapid growth in our e-commerce business.”

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