Delaware | 001-33764 | 36-3685240 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |||
99.1 | Press release issued by Ulta Salon, Cosmetics & Fragrance, Inc. on June 7, 2011
announcing financial results for the first quarter ended April 30, 2011 furnished herewith. |
ULTA SALON, COSMETICS & FRAGRANCE, INC. |
||||
Date: June 7, 2011 | By: | /s/ Robert S. Guttman | ||
Robert S. Guttman | ||||
Senior Vice President, General Counsel
and Secretary |
Exhibit No. | Description | |||
99.1 | Press release issued by Ulta Salon, Cosmetics & Fragrance, Inc. on June 7, 2011 announcing
financial results for the first quarter ended April 30, 2011 furnished herewith. |
| Net sales increased 20.6% to $386.0 million from $320.2 million in the first quarter of fiscal 2010; | ||
| Comparable store sales (sales for stores open at least 14 months) increased 11.1% compared to an increase of 10.8% in the first quarter of fiscal 2010; | ||
| Gross profit increased 230 basis points to 34.9% from 32.6% in the first quarter fiscal 2010; | ||
| Selling, general and administrative (SG&A) expense as a percentage of net sales decreased 70 basis points compared to the first quarter in fiscal 2010; | ||
| Operating income increased 67.4% to $39.1 million, or 10.1% of net sales, compared to $23.3 million, or 7.3% of net sales, in the first quarter of fiscal 2010; | ||
| Net income increased 70.5% to $23.3 million compared to $13.7 million in the first quarter of fiscal 2010; | ||
| Income per diluted share increased to $0.37 compared to $0.23 in the first quarter of fiscal 2010. |
| Open approximately 61 new stores expanding square footage by approximately 16%, remodel 17 stores and relocate 1 store; | ||
| incur capital expenditures of approximately $130 million, compared to $97.1 million in fiscal 2010; | ||
| reduce inventory by approximately 1% to 3% on an average per store basis by year end 2011; | ||
| generate free cash flow. |
13 Weeks Ended | 13 Weeks Ended | |||||||||||||||
April 30, | May 1, | |||||||||||||||
2011 | 2010 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Net sales |
$ | 386,006 | 100.0 | % | $ | 320,196 | 100.0 | % | ||||||||
Cost of sales |
251,101 | 65.1 | % | 215,661 | 67.4 | % | ||||||||||
Gross profit |
134,905 | 34.9 | % | 104,535 | 32.6 | % | ||||||||||
Selling, general and administrative expense |
94,615 | 24.5 | % | 80,729 | 25.2 | % | ||||||||||
Pre-opening expenses |
1,230 | 0.3 | % | 474 | 0.1 | % | ||||||||||
Operating income |
39,060 | 10.1 | % | 23,332 | 7.3 | % | ||||||||||
Interest expense |
173 | 0.0 | % | 118 | 0.0 | % | ||||||||||
Income before income taxes |
38,887 | 10.1 | % | 23,214 | 7.2 | % | ||||||||||
Income tax expense |
15,591 | 4.0 | % | 9,553 | 3.0 | % | ||||||||||
Net income |
$ | 23,296 | 6.0 | % | $ | 13,661 | 4.3 | % | ||||||||
Net income per common share: |
||||||||||||||||
Basic |
$ | 0.38 | $ | 0.23 | ||||||||||||
Diluted |
$ | 0.37 | $ | 0.23 | ||||||||||||
Weighted average common shares outstanding: |
||||||||||||||||
Basic |
60,554 | 58,306 | ||||||||||||||
Diluted |
62,758 | 60,276 |
April 30, | January 29, | May 1, | ||||||||||
2011 | 2011 | 2010 | ||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Assets |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ | 116,811 | $ | 111,185 | $ | 8,670 | ||||||
Receivables, net |
15,634 | 22,292 | 8,051 | |||||||||
Merchandise inventories, net |
255,547 | 218,516 | 228,082 | |||||||||
Prepaid expenses and other current assets |
32,513 | 32,790 | 29,134 | |||||||||
Prepaid income taxes |
4,233 | 10,684 | | |||||||||
Deferred income taxes |
8,922 | 8,922 | 8,060 | |||||||||
Total current assets |
433,660 | 404,389 | 281,997 | |||||||||
Property and equipment, net |
332,147 | 326,099 | 285,766 | |||||||||
Total assets |
$ | 765,807 | $ | 730,488 | $ | 567,763 | ||||||
Liabilities and stockholders equity |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable |
$ | 81,510 | $ | 87,093 | $ | 60,693 | ||||||
Accrued liabilities |
66,488 | 76,264 | 54,789 | |||||||||
Accrued income taxes |
| | 6,740 | |||||||||
Total current liabilities |
147,998 | 163,357 | 122,222 | |||||||||
Deferred rent |
139,359 | 134,572 | 114,051 | |||||||||
Deferred income taxes |
29,084 | 30,026 | 20,952 | |||||||||
Total liabilities |
316,441 | 327,955 | 257,225 | |||||||||
Commitments and contingencies |
||||||||||||
Total stockholders equity |
449,366 | 402,533 | 310,538 | |||||||||
Total liabilities and stockholders equity |
$ | 765,807 | $ | 730,488 | $ | 567,763 | ||||||
13 Weeks Ended | ||||||||
April 30, | May 1, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
Operating activities |
||||||||
Net income |
$ | 23,296 | $ | 13,661 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||
Depreciation and amortization |
17,510 | 15,918 | ||||||
Deferred income taxes |
(942 | ) | | |||||
Non-cash stock compensation charges |
2,808 | 1,735 | ||||||
Excess tax benefits from stock-based compensation |
(8,736 | ) | (724 | ) | ||||
Loss on disposal of property and equipment |
477 | 197 | ||||||
Change in operating assets and liabilities: |
||||||||
Receivables |
6,658 | 5,426 | ||||||
Merchandise inventories |
(37,031 | ) | (21,134 | ) | ||||
Prepaid expenses and other current assets |
277 | 1,138 | ||||||
Income taxes |
15,187 | (3,317 | ) | |||||
Accounts payable |
(5,583 | ) | 4,306 | |||||
Accrued liabilities |
(14,271 | ) | (7,722 | ) | ||||
Deferred rent |
4,787 | 333 | ||||||
Net cash provided by operating activities |
4,437 | 9,817 | ||||||
Investing activities |
||||||||
Purchases of property and equipment |
(19,540 | ) | (7,698 | ) | ||||
Net cash used in investing activities |
(19,540 | ) | (7,698 | ) | ||||
Financing activities |
||||||||
Proceeds from issuance of common stock under stock plans |
11,993 | 1,810 | ||||||
Excess tax benefits from stock-based compensation |
8,736 | 724 | ||||||
Net cash provided by financing activities |
20,729 | 2,534 | ||||||
Net increase in cash and cash equivalents |
5,626 | 4,653 | ||||||
Cash and cash equivalents at beginning of period |
111,185 | 4,017 | ||||||
Cash and cash equivalents at end of period |
$ | 116,811 | $ | 8,670 | ||||
Total stores open | Number of stores | Number of stores | ||||||||||||||
at beginning of the | opened during the | closed during the | Total stores open | |||||||||||||
Fiscal 2011 | quarter | quarter | quarter | at end of the quarter | ||||||||||||
1st Quarter |
389 | 5 | 0 | 394 |
Gross square feet | ||||||||||||||||
Total gross square | for stores opened | Gross square feet | Total gross square | |||||||||||||
feet at beginning | or expanded during | for stores closed | feet at end of the | |||||||||||||
Fiscal 2011 | of the quarter | the quarter | during the quarter | quarter | ||||||||||||
1st Quarter |
4,094,808 | 58,612 | 0 | 4,153,420 |
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