03.12.10
Ulta posted favorable financial results for the fourth quarter and fiscal year ended Jan. 30, 2010.
For the quarter, net sales increased 16.1% to $396.4 million. Operating income jumped 60.1% to $34.3 million; net income climbed 64.6% to $20.2 million.
Lyn Kirby, Ulta's president and chief executive officer, stated: "We are very pleased with our fourth quarter performance. Our results surpassed the increased guidance we provided in January and included a 6.2% comparable store sales increase, a 60 basis point improvement in merchandise margin and continued momentum of our cost management initiatives, all of which contributed to a 61.9% increase in diluted earnings per share - a strong finish to the year."
"As we began the year, our priorities were threefold: growing profitable market share, achieving permanent cost efficiencies and delivering free cash flow," stated Kirby. "We exceeded each one of our goals in fiscal 2009. Our comparable store sales increased 1.4% for the year, or 1.6% on a two-year basis, and we continued our store expansion by increasing square footage by 12%. We also achieved $19 million in permanent cost reductions and generated free cash flow of $104.7 million."
"As we begin fiscal 2010, we continue to build on our successful 2009 game plan. We are particularly optimistic about our opportunities for market share gains through comparable store sales growth and new store expansion," Kirby continued. "We expect to continue to generate free cash flow in 2010 while we increase our capital investment in support of our long term growth and believe that we will deliver another strong earnings performance in fiscal 2010," Kirby concluded.
For the fscal year 2009, net sales increased 12.7% to $1.2 billion. Operating income rose 47.2% to $68.2 million; net income jumped 55.8% to $39.4 million.
For the quarter, net sales increased 16.1% to $396.4 million. Operating income jumped 60.1% to $34.3 million; net income climbed 64.6% to $20.2 million.
Lyn Kirby, Ulta's president and chief executive officer, stated: "We are very pleased with our fourth quarter performance. Our results surpassed the increased guidance we provided in January and included a 6.2% comparable store sales increase, a 60 basis point improvement in merchandise margin and continued momentum of our cost management initiatives, all of which contributed to a 61.9% increase in diluted earnings per share - a strong finish to the year."
"As we began the year, our priorities were threefold: growing profitable market share, achieving permanent cost efficiencies and delivering free cash flow," stated Kirby. "We exceeded each one of our goals in fiscal 2009. Our comparable store sales increased 1.4% for the year, or 1.6% on a two-year basis, and we continued our store expansion by increasing square footage by 12%. We also achieved $19 million in permanent cost reductions and generated free cash flow of $104.7 million."
"As we begin fiscal 2010, we continue to build on our successful 2009 game plan. We are particularly optimistic about our opportunities for market share gains through comparable store sales growth and new store expansion," Kirby continued. "We expect to continue to generate free cash flow in 2010 while we increase our capital investment in support of our long term growth and believe that we will deliver another strong earnings performance in fiscal 2010," Kirby concluded.
For the fscal year 2009, net sales increased 12.7% to $1.2 billion. Operating income rose 47.2% to $68.2 million; net income jumped 55.8% to $39.4 million.