We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ulta Beauty Inc | NASDAQ:ULTA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-6.96 | -1.80% | 379.54 | 379.38 | 379.72 | 388.76 | 378.0934 | 386.51 | 530,197 | 18:38:02 |
Net Sales of $2.6 Billion Compared to $2.3 Billion in the Year-Ago Quarter
Comparable Sales Increased 9.3%
Net Income of $347.1 Million or $6.88 Per Diluted Share
Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the thirteen-week period (“first quarter”) ended April 29, 2023.
13 Weeks Ended
April 29,
April 30,
(Dollars in millions, except per share data)
2023
2022
Net sales
$
2,634.3
$
2,345.9
Comparable sales
9.3%
18.0%
Gross profit (as a percentage of net sales)
40.0%
40.1%
Selling, general and administrative expenses
$
612.1
$
501.0
Operating income (as a percentage of net sales)
16.8%
18.7%
Diluted earnings per share
$
6.88
$
6.30
New store openings, net
4
10
“The year is off to a positive start as the Ulta Beauty team delivered revenue, operating margin, and diluted EPS consistent with our internal expectations. Store traffic remained healthy, member growth showed continued strength, we delivered growth across key categories, and we strengthened engagement with the Ulta Beauty brand,” said Dave Kimbell, chief executive officer. “While we expect the operating environment to continue evolving, we remain confident in the resilience of the beauty category and in our ability to drive share and profitable growth with our proven business model, a diverse, best-in-class assortment, an industry-leading loyalty program, and our world-class team.”
For the First Quarter of Fiscal 2023
Balance Sheet
Cash and cash equivalents at the end of the first quarter of fiscal 2023 totaled $636.4 million.
Merchandise inventories, net at the end of first quarter of fiscal 2023 increased to $1.75 billion compared to $1.57 billion at the end of the first quarter of fiscal 2022. The increase is due to inventory to support higher demand, product cost increases, 41 net new stores, new brand launches, and brand expansions.
Share Repurchase Program
During the first quarter of fiscal 2023, the Company repurchased 541,108 shares of its common stock at a cost of $285.8 million, including excise tax. As of April 29, 2023, $816.5 million remained available under the $2.0 billion share repurchase program announced in March 2022.
Store Update
Real estate activity in the first quarter of fiscal 2023 included five new stores located in Boulder, CO; Denton, TX; Seattle, WA; Surprise, AZ; and Warrensville Heights, OH. In addition, the Company closed one store, relocated one store, and remodeled two stores.
At the end of the first quarter of fiscal 2023 the Company operated 1,359 stores totaling 14.2 million square feet.
Fiscal 2023 Outlook
The Company has updated its outlook for fiscal 2023.
Prior FY23 Outlook
Updated FY23 Outlook
Net sales
$10.95 billion to $11.05 billion
$11.0 billion to $11.1 billion
Comparable sales
4% to 5%
no change
New stores, net
25-30
no change
Remodel and relocation projects
20-30
no change
Operating margin
14.7% to 15.0%
14.5% to 14.8%
Diluted earnings per share
$24.70 to $25.40
no change
Share repurchases
approximately $900 million
no change
Interest income
approximately $17 million
Effective tax rate
approximately 24.6%
approximately 23.9%
Capital expenditures
$400 million to $475 million
no change
Depreciation and amortization expense
$245 million to $250 million
no change
Conference Call Information
A conference call to discuss first quarter of fiscal 2023 results is scheduled for today, May 25, 2023, at 4:30 p.m. Eastern Time / 3:30 p.m. CT. Investors and analysts interested in participating in the call are invited to dial (877) 704‑4453. The conference call will also be webcast live at https://www.ulta.com/investor. A replay of the webcast will remain available for 90 days. A replay of the conference call will be available until 11:59 p.m. ET on June 8, 2023 and can be accessed by dialing (844) 512‑2921 and entering conference ID number 13737585.
About Ulta Beauty
At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful. Ulta Beauty is the largest specialty U.S. beauty retailer and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. In 1990, the Company reinvented the beauty retail experience by offering a new way to shop for beauty – bringing together All Things Beauty, All in One Place®. Today, Ulta Beauty operates 1,359 retail stores across 50 states and also distributes its products through its website, which includes a collection of tips, tutorials, and social content. For more information, visit www.ulta.com.
Forward‑Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect the company’s current views with respect to, among other things, future events and financial performance. These statements can be identified by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies” or other comparable words. Any forward-looking statements contained in this press release are based upon the company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the company or any other person that the future plans, estimates, targets, strategies or expectations contemplated by the company will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation:
The company’s filings with the SEC are available at www.sec.gov. Except to the extent required by the federal securities laws, the Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Exhibit 1
Ulta Beauty, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
13 Weeks Ended
April 29,
April 30,
2023
2022
(Unaudited)
(Unaudited)
Net sales
$
2,634,263
100.0
%
$
2,345,901
100.0
%
Cost of sales
1,579,406
60.0
%
1,404,875
59.9
%
Gross profit
1,054,857
40.0
%
941,026
40.1
%
Selling, general and administrative expenses
612,129
23.2
%
500,970
21.4
%
Pre-opening expenses
658
0.0
%
2,348
0.1
%
Operating income
442,070
16.8
%
437,708
18.7
%
Interest (income) expense, net
(7,348
)
(0.3
%)
401
0.0
%
Income before income taxes
449,418
17.1
%
437,307
18.6
%
Income tax expense
102,367
3.9
%
105,912
4.5
%
Net income
$
347,051
13.2
%
$
331,395
14.1
%
Net income per common share:
Basic
$
6.92
$
6.34
Diluted
$
6.88
$
6.30
Weighted average common shares outstanding:
Basic
50,153
52,250
Diluted
50,469
52,582
Exhibit 2
Ulta Beauty, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
April 29,
January 28,
April 30,
2023
2023
2022
(Unaudited)
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
636,449
$
737,877
$
654,486
Receivables, net
190,282
199,422
192,754
Merchandise inventories, net
1,751,235
1,603,451
1,570,552
Prepaid expenses and other current assets
108,014
130,246
114,075
Prepaid income taxes
—
38,308
—
Total current assets
2,685,980
2,709,304
2,531,867
Property and equipment, net
1,019,978
1,009,273
909,543
Operating lease assets
1,559,560
1,561,263
1,488,040
Goodwill
10,870
10,870
10,870
Other intangible assets, net
1,015
1,312
1,307
Deferred compensation plan assets
37,002
35,382
35,978
Other long-term assets
61,314
43,007
34,431
Total assets
$
5,375,719
$
5,370,411
$
5,012,036
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
621,272
$
559,527
$
585,500
Accrued liabilities
308,583
444,278
305,000
Deferred revenue
357,217
394,677
324,694
Current operating lease liabilities
288,133
283,293
276,440
Accrued income taxes
58,695
—
108,113
Total current liabilities
1,633,900
1,681,775
1,599,747
Non-current operating lease liabilities
1,610,256
1,619,883
1,568,356
Deferred income taxes
57,490
55,346
40,702
Other long-term liabilities
56,005
53,596
57,611
Total liabilities
3,357,651
3,410,600
3,266,416
Commitments and contingencies
Total stockholders’ equity
2,018,068
1,959,811
1,745,620
Total liabilities and stockholders’ equity
$
5,375,719
$
5,370,411
$
5,012,036
Exhibit 3
Ulta Beauty, Inc.
Consolidated Statements of Cash Flows
(In thousands)
13 Weeks Ended
April 29,
April 30,
2023
2022
(Unaudited)
(Unaudited)
Operating activities
Net income
$
347,051
$
331,395
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
57,949
62,839
Non-cash lease expense
75,478
72,192
Deferred income taxes
2,144
1,009
Stock-based compensation expense
9,721
10,356
Loss on disposal of property and equipment
1,451
1,002
Change in operating assets and liabilities:
Receivables
9,140
40,928
Merchandise inventories
(147,784
)
(71,334
)
Prepaid expenses and other current assets
22,232
(3,261
)
Income taxes
97,003
101,236
Accounts payable
62,257
42,586
Accrued liabilities
(98,515
)
(57,214
)
Deferred revenue
(37,460
)
(28,885
)
Operating lease liabilities
(78,562
)
(79,936
)
Other assets and liabilities
(17,204
)
3,390
Net cash provided by operating activities
304,901
426,303
Investing activities
Capital expenditures
(109,766
)
(71,076
)
Other investments
(314
)
(797
)
Net cash used in investing activities
(110,080
)
(71,873
)
Financing activities
Repurchase of common shares
(283,517
)
(132,834
)
Stock options exercised
8,927
6,502
Purchase of treasury shares
(21,659
)
(5,172
)
Net cash used in financing activities
(296,249
)
(131,504
)
Net (decrease) increase in cash and cash equivalents
(101,428
)
222,926
Cash and cash equivalents at beginning of period
737,877
431,560
Cash and cash equivalents at end of period
$
636,449
$
654,486
Exhibit 4
Ulta Beauty, Inc.
Store Update
Total stores open
Number of stores
Number of stores
Total stores
at beginning of the
opened during the
closed during the
open at
Fiscal 2023
quarter
quarter
quarter
end of the quarter
1st Quarter
1,355
5
1
1,359
Gross square feet for
Total gross square
stores opened or
Gross square feet for
Total gross square
feet at beginning of
expanded during the
stores closed
feet at end of the
Fiscal 2023
the quarter
quarter
during the quarter
quarter
1st Quarter
14,200,403
54,495
9,984
14,244,914
Exhibit 5
Ulta Beauty, Inc.
Sales by Category
The following table sets forth the approximate percentage of net sales by primary category:
13 Weeks Ended
April 29,
April 30,
2023
2022
Cosmetics
44%
44%
Skincare
19%
18%
Haircare products and styling tools
18%
20%
Fragrance and bath
12%
12%
Services
4%
3%
Accessories and other
3%
3%
100%
100%
View source version on businesswire.com: https://www.businesswire.com/news/home/20230525005601/en/
Investor Contacts: Kiley Rawlins, CFA Vice President, Investor Relations krawlins@ulta.com
Media Contact: Eileen Ziesemer Vice President, Public Relations eziesemer@ulta.com (708) 305-4479
1 Year Ulta Beauty Chart |
1 Month Ulta Beauty Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions