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

September 02, 2010 | About:
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ULTA SALON, COSMETICS & FRAGRANCE, INC. (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.
This is the annual revenues and earnings per share of ULTA over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ULTA.


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

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