Stock Switch at Ulta

The Board of Directors at Ulta has authorized a stock repurchase program pursuant to which the company may repurchase up to $150 million of its common stock. The stock repurchase program is effective immediately and will be funded from available working capital.

The stock repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices that the company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the company’s sole discretion. The repurchase program does not obligate Ulta to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time.