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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-12.45 | -3.12% | 387.11 | 387.55 | 387.90 | 394.98 | 386.01 | 392.66 | 1,016,761 | 00:59:24 |
Net Sales of $2.5 Billion Compared to $2.3 Billion in the Year-Ago Quarter
Comparable Sales Increased 8.0%
Net Income of $300.1 Million or $6.02 Per Diluted Share
Company Raises Outlook for Fiscal Year 2023
Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the thirteen-week period (“second quarter”) and twenty-six-week period (“first six months”) ended July 29, 2023 compared to the same periods ended July 30, 2022.
13 Weeks Ended
26 Weeks Ended
July 29,
July 30,
July 29,
July 30,
(Dollars in millions, except per share data)
2023
2022
2023
2022
Net sales
$
2,529.8
$
2,297.1
$
5,164.1
$
4,643.0
Comparable sales
8.0%
14.4%
8.7%
16.2%
Gross profit (as a percentage of net sales)
39.3%
40.4%
39.7%
40.3%
Selling, general and administrative expenses
$
600.7
$
534.5
$
1,212.8
$
1,035.4
Operating income (as a percentage of net sales)
15.5%
17.0%
16.1%
17.9%
Diluted earnings per share
$
6.02
$
5.70
$
12.90
$
12.00
New store openings, net
3
7
7
17
“The Ulta Beauty team delivered another quarter of strong performance, with sales, gross profit, and SG&A expenses all better than our internal expectations. During the quarter, we drove growth across all major categories, increased the number of loyalty members, and strengthened engagement with the Ulta Beauty brand. In addition, our teams achieved important milestones for our multi-year, transformational investment agenda designed to drive efficiencies and support our future growth,” said Dave Kimbell, chief executive officer. “The beauty category has continued to deliver healthy growth, as consumers maintain their post-pandemic routines and expand their definition of beauty. Our proven business model, diverse assortment, best-in-class loyalty program, and outstanding teams have enabled us to deliver stronger-than expected results for the first half of fiscal 2023, and I remain confident we can deliver against our updated expectations for the rest of the year.”
For the Second Quarter of Fiscal 2023
For the First Six Months of Fiscal 2023
Balance Sheet
Cash and cash equivalents at the end of the second quarter of fiscal 2023 totaled $388.6 million.
Merchandise inventories, net at the end of the second quarter of fiscal 2023 increased 9.0% to $1.82 billion compared to $1.67 billion at the end of the second quarter of fiscal 2022. The increase was primarily due to inventory to support higher sales demand, 37 net new stores, product cost increases, and new brand launches.
Share Repurchase Program
During the second quarter of fiscal 2023, the Company repurchased 593,629 shares of its common stock at a cost of $275.5 million. During the first six months of fiscal 2023, the Company repurchased 1.1 million shares of its common stock at a cost of $559.0 million. As of July 29, 2023, $541.0 million remained available under the $2.0 billion share repurchase program announced in March 2022.
Store Update
Real estate activity in the second quarter of fiscal 2023 included three new stores located in Crestview, FL; Lebanon, TN; and Lynchburg, VA. In addition, the Company relocated two stores and remodeled three stores. During the first six months of fiscal 2023, the Company opened eight new stores, relocated three stores, remodeled five stores, and closed one store.
At the end of the second quarter of fiscal 2023, the Company operated 1,362 stores totaling 14.3 million square feet.
Fiscal 2023 Outlook
The Company has updated its outlook for fiscal 2023.
Prior FY23 Outlook
Updated FY23 Outlook
Net sales
$11.0 billion to $11.1 billion
$11.05 billion to $11.15 billion
Comparable sales
4% to 5%
4.5% to 5.5%
New stores, net
25-30
no change
Remodel and relocation projects
20-30
no change
Operating margin
14.5% to 14.8%
14.6% to 14.8%
Diluted earnings per share
$24.70 to $25.40
$25.10 to $25.60
Share repurchases
approximately $900 million
no change
Interest income
approximately $17 million
no change
Effective tax rate
approximately 23.9%
no change
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 second quarter of fiscal 2023 results is scheduled for today, August 24, 2023, at 4:30 p.m. ET / 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://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 September 7, 2023 and can be accessed by dialing (844) 512‑2921 and entering conference ID number 13739561.
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 1,362 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
July 29,
July 30,
2023
2022
(Unaudited)
(Unaudited)
Net sales
$
2,529,809
100.0
%
$
2,297,113
100.0
%
Cost of sales
1,536,197
60.7
%
1,368,949
59.6
%
Gross profit
993,612
39.3
%
928,164
40.4
%
Selling, general and administrative expenses
600,692
23.7
%
534,459
23.3
%
Pre-opening expenses
1,278
0.1
%
2,277
0.1
%
Operating income
391,642
15.5
%
391,428
17.0
%
Interest income, net
(4,449
)
(0.2
%)
(108
)
(0.0
%)
Income before income taxes
396,091
15.7
%
391,536
17.0
%
Income tax expense
95,989
3.8
%
95,859
4.2
%
Net income
$
300,102
11.9
%
$
295,677
12.9
%
Net income per common share:
Basic
$
6.05
$
5.73
Diluted
$
6.02
$
5.70
Weighted average common shares outstanding:
Basic
49,617
51,607
Diluted
49,849
51,900
Exhibit 2
Ulta Beauty, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
26 Weeks Ended
July 29,
July 30,
2023
2022
(Unaudited)
(Unaudited)
Net sales
$
5,164,072
100.0
%
$
4,643,014
100.0
%
Cost of sales
3,115,603
60.3
%
2,773,824
59.7
%
Gross profit
2,048,469
39.7
%
1,869,190
40.3
%
Selling, general and administrative expenses
1,212,821
23.5
%
1,035,429
22.3
%
Pre-opening expenses
1,936
0.0
%
4,625
0.1
%
Operating income
833,712
16.1
%
829,136
17.9
%
Interest (income) expense, net
(11,797
)
(0.2
%)
293
0.0
%
Income before income taxes
845,509
16.4
%
828,843
17.9
%
Income tax expense
198,356
3.8
%
201,771
4.3
%
Net income
$
647,153
12.5
%
$
627,072
13.5
%
Net income per common share:
Basic
$
12.97
$
12.08
Diluted
$
12.90
$
12.00
Weighted average common shares outstanding:
Basic
49,885
51,928
Diluted
50,157
52,237
Exhibit 3
Ulta Beauty, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
July 29,
January 28,
July 30,
2023
2023
2022
(Unaudited)
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
388,627
$
737,877
$
434,226
Receivables, net
174,444
199,422
180,514
Merchandise inventories, net
1,815,539
1,603,451
1,666,130
Prepaid expenses and other current assets
110,524
130,246
123,014
Prepaid income taxes
30,114
38,308
39,029
Total current assets
2,519,248
2,709,304
2,442,913
Property and equipment, net
1,073,144
1,009,273
912,017
Operating lease assets
1,549,146
1,561,263
1,509,246
Goodwill
10,870
10,870
10,870
Other intangible assets, net
718
1,312
1,075
Deferred compensation plan assets
40,087
35,382
33,393
Other long-term assets
55,547
43,007
36,480
Total assets
$
5,248,760
$
5,370,411
$
4,945,994
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
521,315
$
559,527
$
586,851
Accrued liabilities
328,247
444,278
323,939
Deferred revenue
354,253
394,677
316,571
Current operating lease liabilities
287,359
283,293
274,693
Total current liabilities
1,491,174
1,681,775
1,502,054
Non-current operating lease liabilities
1,593,040
1,619,883
1,582,003
Deferred income taxes
56,012
55,346
40,029
Other long-term liabilities
56,657
53,596
52,840
Total liabilities
3,196,883
3,410,600
3,176,926
Commitments and contingencies
Total stockholders’ equity
2,051,877
1,959,811
1,769,068
Total liabilities and stockholders’ equity
$
5,248,760
$
5,370,411
$
4,945,994
Exhibit 4
Ulta Beauty, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
26 Weeks Ended
July 29,
July 30,
2023
2022
(Unaudited)
(Unaudited)
Operating activities
Net income
$
647,153
$
627,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
119,862
123,721
Non-cash lease expense
152,867
146,251
Deferred income taxes
666
336
Stock-based compensation expense
21,539
22,875
Loss on disposal of property and equipment
3,878
2,277
Change in operating assets and liabilities:
Receivables
24,978
53,168
Merchandise inventories
(212,088
)
(166,912
)
Prepaid expenses and other current assets
19,722
(12,200
)
Income taxes
8,194
(45,906
)
Accounts payable
(38,752
)
40,051
Accrued liabilities
(102,763
)
(49,364
)
Deferred revenue
(40,424
)
(37,008
)
Operating lease liabilities
(163,527
)
(163,302
)
Other assets and liabilities
(12,497
)
(392
)
Net cash provided by operating activities
428,808
540,667
Investing activities
Capital expenditures
(204,748
)
(120,500
)
Other investments
(1,687
)
(1,249
)
Net cash used in investing activities
(206,435
)
(121,749
)
Financing activities
Repurchase of common shares
(559,011
)
(434,448
)
Stock options exercised
9,147
24,521
Purchase of treasury shares
(21,759
)
(6,325
)
Net cash used in financing activities
(571,623
)
(416,252
)
Net (decrease) increase in cash and cash equivalents
(349,250
)
2,666
Cash and cash equivalents at beginning of period
737,877
431,560
Cash and cash equivalents at end of period
$
388,627
$
434,226
Exhibit 5
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
2nd Quarter
1,359
3
0
1,362
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
2nd Quarter
14,244,914
27,530
0
14,272,444
Exhibit 6
Ulta Beauty, Inc.
Sales by Category
The following tables set forth the approximate percentage of net sales by primary category:
13 Weeks Ended
July 29,
July 30,
2023
2022
Cosmetics
40
%
42
%
Haircare products and styling tools
21
%
22
%
Skincare
20
%
17
%
Fragrance and bath
12
%
12
%
Services
4
%
4
%
Accessories and other
3
%
3
%
100
%
100
%
26 Weeks Ended
July 29,
July 30,
2023
2022
Cosmetics
42
%
43
%
Haircare products and styling tools
19
%
21
%
Skincare
20
%
17
%
Fragrance and bath
12
%
12
%
Services
4
%
4
%
Accessories and other
3
%
3
%
100
%
100
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20230824800150/en/
Investor Contacts: Kiley Rawlins, CFA Vice President, Investor Relations krawlins@ulta.com
Media Contact: Crystal Carroll Director, Public Relations ccarroll@ulta.com
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