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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.02% | 397.39 | 375.00 | 401.77 | 404.51 | 397.275 | 402.50 | 591,399 | 05:00:05 |
Total Sales Increased 24.2%
Comparable Sales Increased 16.7%
Diluted EPS Increased 26.1% to $1.40
Company Raises Guidance for Fiscal Year 2016
Ulta Beauty (NASDAQ:ULTA) today announced financial results for the thirteen week period (“Third Quarter”) and thirty-nine week period (“First Nine Months”) ended October 29, 2016, which compares to the same periods ended October 31, 2015.
“Ulta Beauty’s top line accelerated in the third quarter, driving record sales and earnings performance,” said Mary Dillon, Chief Executive Officer. “Our associates continue to execute against our growth strategies, resulting in success across several areas: new brand acquisition, increased Ulta Beauty brand awareness, rapid growth in our loyalty program, improving supply chain performance, and robust e-commerce growth.”
For the Third Quarter
For the First Nine Months
Balance Sheet
Merchandise inventories at the end of the third quarter of fiscal 2016 totaled $1,137.0 million, compared to $884.4 million at the end of the third quarter of fiscal 2015, representing an increase of $252.6 million. Average inventory per store increased 16.5%, compared to the third quarter of fiscal 2015. The increase in inventory was primarily driven by 89 net new stores, the scaling up of the Greenwood, Indiana and the opening of the Dallas, Texas distribution centers, investments in inventory to ensure high in-stock levels to support sales growth, and incremental inventory for new brands and in-store prestige brand boutiques. Average inventory per store, excluding the investment in the new Dallas, Texas distribution center, increased 9.8%.
The Company ended the third quarter of fiscal 2016 with $243.1 million in cash and short-term investments.
Share Repurchase Program
For the first nine months, including the Accelerated Share Repurchase and activity under the 10b5-1 plan, the Company has repurchased 1,449,594 shares of its stock at a cost of $297 million at an average price of approximately $205. As of October 29, 2016, approximately $148 million remained available under the $425 million share repurchase program announced in March 2016.
Store Expansion
During the third quarter, the Company opened 42 stores located in Albuquerque, NM; Allentown, PA; American Fork, UT; Brick, NJ; Brownsville, TX; Castle Rock, CO; Cheyenne, WY; Conway, AR; Danbury, CT; Edmond, OK; Fairfield, CA; Farmington, NM; Fenton, MI; Frisco, TX; Goshen, IN; Houston, TX; Houston, TX; Hutchinson, KS; Lapeer, MI; Las Vegas, NV; Marysville, WA; Menomonee Falls, WI; Meridian, ID; Morristown, TN; Ontario, CA; Orange, CA; Oshkosh, WI; Oxford, MS; Peachtree City, GA; Prattville, AL; Redding, CA; Rochester, NH; San Antonio, TX; Seminole, FL; Shelby Township, MI; Sherman, TX; Smyrna, TN; Temecula, CA; Valley Stream, NY; Warner Robins, GA; Wayne, NJ and Wichita, KS. The Company ended the third quarter with 949 stores and square footage of 10,012,142, representing a 10% increase in square footage compared to the third quarter of fiscal 2015.
Outlook
For the fourth quarter of fiscal 2016, the Company currently expects net sales in the range of $1,516 million to $1,541 million, compared to actual net sales of $1,268.3 million in the fourth quarter of fiscal 2015. Comparable sales for the fourth quarter of 2016, including e-commerce sales, are expected to increase 12% to 14%. The Company reported a comparable sales increase of 12.5% in the fourth quarter of 2015.
Income per diluted share for the fourth quarter of fiscal 2016 is estimated to be in the range of $2.08 to $2.13. This compares to income per diluted share for the fourth quarter of fiscal 2015 of $1.69.
The Company is raising its previously announced fiscal 2016 guidance. The Company plans to:
Conference Call Information
A conference call to discuss third quarter results is scheduled for today, December 1, 2016 at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 705-6003. The conference call will also be web-cast live at http://ir.ulta.com and remain available for 90 days. A replay of this call will be available until 11:59 p.m. (ET) on December 15, 2016 and can be accessed by dialing (844) 512-2921 and entering conference ID number 13650257.
About Ulta Beauty
Ulta Beauty (NASDAQ: ULTA) is the largest beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin, hair care products and salon services. Since opening its first store in 1990, Ulta Beauty has grown to become the top national retailer providing All Things Beauty, All in One Place™. The Company offers more than 20,000 products from over 500 well-established and emerging beauty brands across all categories and price points, including Ulta Beauty’s own private label. Ulta Beauty also offers a full-service salon in every store featuring hair, skin and brow services. Ulta Beauty is recognized for its commitment to personalized service, fun and inviting stores and its industry-leading Ultamate Rewards loyalty program. As of October 29, 2016 Ulta Beauty operates 949 retail stores across 48 states and the District of Columbia 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 our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements 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 our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, targets, strategies or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation: the impact of weakness in the economy; changes in the overall level of consumer spending; the possibility that we may be unable to compete effectively in our highly competitive markets; the possibility that cybersecurity breaches and other disruptions could compromise our information or result in the unauthorized disclosure of confidential information; the possibility that the capacity of our distribution and order fulfillment infrastructure and the performance of our newly opened distribution centers may not be adequate to support our recent growth and expected future growth plans; our ability to gauge beauty trends and react to changing consumer preferences in a timely manner; our ability to attract and retain key executive personnel; customer acceptance of our rewards program and technological and marketing initiatives; our ability to sustain our growth plans and successfully implement our long-range strategic and financial plan; the possibility that our continued opening of new stores could strain our resources and have a material adverse effect on our business and financial performance; the possibility of material disruptions to our information systems; changes in the wholesale cost of our products; the possibility that new store openings and existing locations may be impacted by developer or co-tenant issues; weather conditions that could negatively impact sales; our ability to successfully execute our common stock repurchase program or implement future common stock repurchase programs; and other risk factors detailed in our public filings with the Securities and Exchange Commission (the “SEC”), including risk factors contained in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. Our 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 Salon, Cosmetics & Fragrance, Inc. Consolidated Statements of Income (In thousands, except per share data) 13 Weeks Ended 13 Weeks Ended October 29, October 31, 2016 2015 (Unaudited) (Unaudited) Net sales $ 1,131,232 100.0 % $ 910,700 100.0 % Cost of sales 704,179 62.2 % 575,062 63.1 % Gross profit 427,053 37.8 % 335,638 36.9 % Selling, general and administrative expenses 280,464 24.8 % 218,763 24.0 % Pre-opening expenses 6,928 0.6 % 6,106 0.7 % Operating income 139,661 12.4 % 110,769 12.2 % Interest income, net (211 ) 0.0 % (283 ) 0.0 % Income before income taxes 139,872 12.4 % 111,052 12.2 % Income tax expense 52,310 4.6 % 39,982 4.4 % Net income $ 87,562 7.7 % $ 71,070 7.8 % Net income per common share: Basic $ 1.40 $ 1.11 Diluted $ 1.40 $ 1.11 Weighted average common shares outstanding: Basic 62,371 63,882 Diluted 62,692 64,196Exhibit 2
Ulta Salon, Cosmetics & Fragrance, Inc. Consolidated Statements of Income (In thousands, except per share data) 39 Weeks Ended 39 Weeks Ended October 29, October 31, 2016 2015 (Unaudited) (Unaudited) Net sales $ 3,274,163 100.0 % $ 2,655,821 100.0 % Cost of sales 2,071,842 63.3 % 1,710,524 64.4 % Gross profit 1,202,321 36.7 % 945,297 35.6 % Selling, general and administrative expenses 757,568 23.1 % 595,185 22.4 % Pre-opening expenses 14,159 0.4 % 13,301 0.5 % Operating income 430,594 13.2 % 336,811 12.7 % Interest income, net (774 ) 0.0 % (870 ) 0.0 % Income before income taxes 431,368 13.2 % 337,681 12.7 % Income tax expense 161,826 4.9 % 125,496 4.7 % Net income $ 269,542 8.2 % $ 212,185 8.0 % Net income per common share: Basic $ 4.30 $ 3.31 Diluted $ 4.28 $ 3.30 Weighted average common shares outstanding: Basic 62,625 64,050 Diluted 62,932 64,383Exhibit 3
Ulta Salon, Cosmetics & Fragrance, Inc. Condensed Consolidated Balance Sheets (In thousands) October 29, January 30, October 31, 2016 2016 2015 (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents $ 133,108 $ 345,840 $ 209,552 Short-term investments 110,000 130,000 150,209 Receivables, net 65,708 64,992 50,939 Merchandise inventories, net 1,137,023 761,793 884,407 Prepaid expenses and other current assets 85,611 72,548 70,467 Prepaid income taxes 7,015 – 2,133 Deferred income taxes – – 20,483 Total current assets 1,538,465 1,375,1731,388,190 Property and equipment, net 1,001,938 847,600 844,238 Deferred compensation plan assets 10,798 8,145 7,570 Total assets $ 2,551,201 $ 2,230,918 $ 2,239,998 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 425,071 $ 196,174 $ 291,269 Accrued liabilities 229,569 187,351 166,707 Accrued income taxes – 12,702 – Total current liabilities 654,640 396,227 457,976 Deferred rent 361,667 321,789 324,314 Deferred income taxes 62,669 59,527 72,646 Other long-term liabilities 20,141 10,489 10,903 Total liabilities 1,099,117 788,032 865,839 Commitments and contingencies Total stockholders’ equity 1,452,084 1,442,886 1,374,159 Total liabilities and stockholders’ equity $ 2,551,201 $ 2,230,918 $ 2,239,998
Exhibit 4
Ulta Salon, Cosmetics & Fragrance, Inc. Consolidated Statements of Cash Flows (In thousands) 39 Weeks Ended October 29, October 31, 2016 2015 (Unaudited) Operating activities Net income $ 269,542 $ 212,185 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 151,014 119,051 Deferred income taxes 3,142 (1,555 ) Non-cash stock compensation charges 14,203 11,126 Excess tax benefits from stock-based compensation (9,001 ) (8,608 ) Loss on disposal of property and equipment 6,822 2,647 Change in operating assets and liabilities: Receivables (716 ) 1,501 Merchandise inventories (375,230 ) (303,178 ) Prepaid expenses and other current assets (13,063 ) (3,919 ) Income taxes (10,716 ) (12,929 ) Accounts payable 228,897 100,491 Accrued liabilities 11,247 427 Deferred rent 39,878 30,187 Other assets and liabilities 6,999 1,547 Net cash provided by operating activities 323,018 148,973 Investing activities Purchases of short-term investments (60,000 ) (50,000 ) Proceeds from short-term investments 80,000 50,000 Purchases of property and equipment (281,203 ) (231,909 ) Net cash used in investing activities (261,203 ) (231,909 ) Financing activities Repurchase of common shares (296,994 ) (121,272 ) Stock options exercised 16,188 17,877 Excess tax benefits from stock-based compensation 9,001 8,608 Purchase of treasury shares (2,742 ) (1,874 ) Net cash used in financing activities (274,547 ) (96,661 ) Net decrease in cash and cash equivalents (212,732 ) (179,597 ) Cash and cash equivalents at beginning of period 345,840 389,149 Cash and cash equivalents at end of period $ 133,108 $ 209,552Exhibit 5
2016 Store Expansion
Total stores open at Number of stores Number of stores beginning of the opened during the closed during the Total stores open at Fiscal 2016 quarter quarter quarter end of the quarter 1st Quarter 874 13 1 886 2nd Quarter 886 24 3 907 3rd Quarter 907 42 0 949 Gross square feet for Total gross square stores opened or Gross square feet Total gross square feet at beginning expanded during the for stores closed feet at end of the Fiscal 2016 of the quarter quarter during the quarter quarter 1st Quarter 9,225,957 132,812 10,192 9,348,577 2nd Quarter 9,348,577 253,023 46,408 9,555,192 3rd Quarter 9,555,192 456,950 0 10,012,142
View source version on businesswire.com: http://www.businesswire.com/news/home/20161201006392/en/
Ulta BeautyScott SetterstenChief Financial Officer(630) 410-4807orLaurel LefebvreVice President, Investor Relations(630) 410-5230orKaren MayDirector, Public Relations(630) 410-5457
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