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ULTA SALON, COSMETICS & FRAGRANCE, INC. Reports Operating Results (10-Q)

September 02, 2010 | About:

ULTA SALON, COSMETICS & FRAGRANCE, INC. (NASDAQ:ULTA) filed Quarterly Report for the period ended 2010-07-31.

Ulta Salon, Cosmetics & Fragrance, Inc. has a market cap of $1.3 billion; its shares were traded at around $22.26 with a P/E ratio of 27.6 and P/S ratio of 1.1. ULTA is in the portfolios of RS Investment Management, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

Net sales increased $48.3 million, or 17.6%, to $321.8 million for the three months ended July 31, 2010, compared to $273.5 million for the three months ended August 1, 2009. The increase is primarily due to comparable stores driving an increase of $28.6 million in net sales when compared to last year and an additional 23 new stores operating since August 1, 2009 which contributed $19.7 million to net sales.

Gross profit increased $25.3 million, or 32.1%, to $104.0 million for the three months ended July 31, 2010, compared to $78.7 million for the three months ended August 1, 2009. Gross profit as a percentage of net sales increased 350 basis points to 32.3% for the three months ended July 31, 2010, compared to 28.8% for the three months ended August 1, 2009. The increases in gross profit margin were primarily driven by:

Net income increased $7.3 million, or 127.2%, to $13.1 million for the three months ended July 31, 2010, compared to $5.8 million for the three months ended August 1, 2009. The increase is primarily related to the $25.3 million increase in gross profit, offset by a $13.4 million increase in SG&A expenses.

Net sales increased $99.6 million, or 18.4%, to $642.0 million for the six months ended July 31, 2010, compared to $542.4 million for the six months ended August 1, 2009. The increase is primarily due to comparable stores driving an increase of $57.0 million in net sales when compared to last year and an additional 23 new stores operating since August 1, 2009 which contributed $42.6 million to net sales.

Gross profit increased $50.2 million, or 31.7%, to $208.5 million for the six months ended July 31, 2010, compared to $158.3 million for the six months ended August 1, 2009. Gross profit as a percentage of net sales increased 330 basis points to 32.5% for the six months ended July 31, 2010, compared to 29.2% for the six months ended August 1, 2009. The increase in gross profit margin was primarily driven by:

Net income increased $16.0 million, or 150.4%, to $26.7 million for the six months ended July 31, 2010, compared to $10.7 million for the six months ended August 1, 2009. The increase is primarily related to the $50.2 million increase in gross profit, offset by a $24.7 million increase in SG&A expenses.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now pre-order his book Invest Like a Guru on Amazon.

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