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

December 02, 2010 | About:
10qk

10qk

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ULTA SALON, COSMETICS & FRAGRANCE, INC. (ULTA) filed Quarterly Report for the period ended 2010-10-30.

Ulta Salon, Cosmetics & Fragrance, Inc. has a market cap of $2.15 billion; its shares were traded at around $36.47 with a P/E ratio of 39.2 and P/S ratio of 1.8. ULTA is in the portfolios of RS Investment Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
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 $55.2 million, or 19.4%, to $339.2 million for the three months ended October 30, 2010, compared to $284.0 million for the three months ended October 31, 2009. The increase is primarily due to comparable stores driving an increase of $33.2 million in net sales when compared to last year and an additional 39 net new stores operating since October 31, 2009 which contributed $22.0 million to net sales.

Gross profit increased $27.2 million, or 29.7%, to $118.9 million for the three months ended October 30, 2010, compared to $91.7 million for the three months ended October 31, 2009. Gross profit as a percentage of net sales increased 280 basis points to 35.1% for the three months ended October 30, 2010, compared to 32.3% for the three months ended October 31, 2009. The increases in gross profit margin were primarily driven by:

Net income increased $5.7 million, or 67.9%, to $14.2 million for the three months ended October 30, 2010, compared to $8.5 million for the three months ended October 31, 2009. The increase is primarily related to the $27.2 million increase in gross profit, offset by a $15.5 million increase in SG&A expenses and a $4.0 million increase in income tax expense.

Net sales increased $154.8 million, or 18.7%, to $981.2 million for the nine months ended October 30, 2010, compared to $826.4 million for the nine months ended October 31, 2009. The increase is primarily due to comparable stores driving an increase of $90.2 million in net sales when compared to last year and an additional 39 net new stores operating since October 31, 2009 which contributed $64.6 million to net sales.

Gross profit increased $77.5 million, or 31.0%, to $327.4 million for the nine months ended October 30, 2010, compared to $249.9 million for the nine months ended October 31, 2009. Gross profit as a percentage of net sales increased 320 basis points to 33.4% for the nine months ended October 30, 2010, compared to 30.2% for the nine months ended October 31, 2009. The increase in gross profit margin was primarily driven by:

Net income increased $21.8 million, or 113.9%, to $40.9 million for the nine months ended October 30, 2010, compared to $19.1 million for the nine months ended October 31, 2009. The increase is primarily related to the $77.5 million increase in gross profit, offset by a $40.2 million increase in SG&A expenses and a $15.4 million increase in income tax expense.

Read the The complete Report

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