Sales Surge at Ulta in Fiscal Third Quarter

2008-12-08 | 04:01

Company overcomes a weak October.

Ulta Salon, Cosmetics & Fragrance, a beauty retailer, has reported that net income for the third quarter ended November 1, 2008 increased 19.3% to $5 million, or $0.09 per diluted share, compared to $4.2 million, or $0.05 per diluted share, in the third quarter of fiscal 2007.

For the third quarter of fiscal 2008, net sales increased 22.4% to $254.8 million from $208.2 million in the third quarter of fiscal 2007. Comparable store sales increased 2%, compared to an increase of 6.7% in the third quarter of fiscal 2007.

For the first nine months of fiscal 2008, net sales increased 23.3% to $743.3 million from $602.8 million in the first nine months of fiscal 2007. Comparable store sales increased 3.2%, compared to an increase of 7.4% in the first nine months of fiscal 2007. Net income was $13 million, or $0.22 per diluted share, compared to $11.7 million, or $0.05 per diluted share, in the first nine months of fiscal 2007.

Lyn Kirby, president and CEO of Ulta Salon, Cosmetics & Fragrance, said: "Our positive third quarter performance reflects the strong fundamentals of our business and our ability to manage to the sudden change in consumer behavior that occurred in October. Despite news of the financial crisis, economic uncertainty and store closures in Houston, Texas due to the hurricane, we delivered a 2% comparable store increase, representing our 35th consecutive quarter of comparable store sales gains, and posted a 28.6% increase in adjusted earnings per share.