Net Sales of $1.2 billion compared to $1.7
billion in the year-ago quarter Comparable Sales decreased
(26.7%) Sales from e-commerce operations increased more than
200% Net income of $8.1 million or $0.14 per dilutive
share Adjusted net income of $41.5 million or $0.73 adjusted
per dilutive share
Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial
results for the thirteen-week period (“Second Quarter”) and
twenty-six-week period (“First Six Months”) ended August 1, 2020
compared to the same periods ended August 3, 2019. During the
second quarter of fiscal 2020, the Company recorded store
impairment and closure related costs that reduced reported net
income by $33.5 million or $0.59 per diluted share. A
reconciliation of non-GAAP financial measures to the respective
GAAP measures is included in this release.
“We have navigated the disruption and uncertainty of COVID-19
with our associates and guests at the heart of every decision.
After closing our stores in the first quarter, we reopened our
fleet in the second quarter with Shop Safe Standards and new
operating procedures in place to protect the health and safety of
all. I remain thankful and proud of our teams for their response
and leadership throughout this challenging time and for their
grace, agility and commitment to serving our guests,” said Mary
Dillon, chief executive officer. “While the pandemic continues to
impact our business, we are encouraged by improving trends.
Comparable sales trends improved significantly throughout the
quarter, from decreasing 37% in early May, as we began reopening
stores, to decreasing 10% in July, when most of our stores were
re-opened. Notably, sales trends have continued to improve, with
comparable sales down in the mid-single digit range for the first
three weeks of August.”
“We believe the near-term operating environment will continue to
be dynamic and challenging, but I remain optimistic and excited
about the long-term opportunity for Ulta Beauty. We know beauty
enthusiasts remain passionate and engaged with the category, and we
have great talent, a strong culture, a differentiated operating
model, and the right strategy to drive growth,” continued Dillon.
“As we transition into the new normal, I am confident the Ulta
Beauty team will continue to innovate, move with agility and
efficiency, and grow as the largest and most admired beauty
retailer in the U.S.”
COVID-19 Response and
Impact
On March 19, 2020, Ulta Beauty temporarily closed all of its
stores in response to the spread of COVID-19. On April 19, 2020,
the Company introduced curbside pickup in select stores, and on May
11, 2020, the Company started a phased store reopening process. By
the end of June, more than 90% of stores were open for retail, and
by July 20, 2020, the full fleet of Ulta Beauty stores were
operational. As of August 1, 2020, salon services were available in
approximately 88% of stores, and brow services were offered in
approximately 85% of stores. Reflecting operational limitations
related to COVID-19 and the partial resumption of services, the
Company has reactivated approximately 17,000 furloughed
associates.
The Company continues to take actions to manage the business in
response to COVID-19, including:
- Reopening stores with limited capacity to accommodate social
distancing, and reduced operating hours;
- Implementing Shop Safe Standards in all of its stores,
including required facial coverings for all guests and associates
in stores;
- Beginning a thoughtful, phased approach to the reopening of its
corporate offices, with a commitment to protecting health and
safety and to providing associates needed flexibility, all while
maintaining a culture of high performance;
- Resuming new store openings in August 2020 after a temporary
pause;
- Accelerating the opening of its Jacksonville fast fulfillment
facility, increasing order processing capacity in existing
distribution centers, and expanding ship-from-store capabilities to
an additional 100 stores, all to increase shipping capacity in
support of continued strong e-commerce sales;
- Incurring incremental costs related to COVID-19 of
approximately $135 million during the first six months of fiscal
2020;
- Recorded $48.2 million reduction of selling, general and
administrative expenses (SG&A) in the second quarter as a
result of the employee retention credits made available under the
Coronavirus Aid, Relief and Economic Security Act (CARES Act);
and
- Reducing spending across store payroll, variable store expense,
marketing, and corporate overhead expenses.
For the Second Quarter of Fiscal
2020
- Net sales decreased 26.3% to $1.2 billion compared to $1.7
billion in the second quarter of fiscal 2019 due to the impact of
COVID-19.
- Comparable sales (sales for stores open at least 14 months,
including stores temporarily closed due to COVID-19, and e-commerce
sales) decreased 26.7% compared to an increase of 6.2% in the
second quarter of fiscal 2019. In the second quarter, transactions
declined 36.2% and average ticket increased 14.9%.
- Gross profit decreased to $329.0 million compared to $605.9
million in the second quarter of fiscal 2019. As a percentage of
net sales, gross profit decreased to 26.8% compared to 36.4% in the
second quarter of fiscal 2019, primarily due to deleverage of fixed
costs due to lower sales, channel mix shifts, deleverage of salon
expenses due to lower sales, and an increase in inventory reserves.
These pressures were partially offset by lower promotional
activity.
- SG&A expenses decreased to $271.6 million compared to
$392.8 million in the second quarter of fiscal 2019. As a
percentage of net sales, SG&A expenses decreased to 22.1%
compared to 23.6% in the second quarter of fiscal 2019 primarily
due to leverage related to lower store payroll and benefits,
including the employee retention credits made available under the
CARES Act, and lower marketing expense, partially offset by
increased expenses related to strategic growth investments made in
2019 and deleverage of store expenses due to lower sales resulting
from the impact of COVID-19.
- Impairment, store closure and other costs of $40.8 million
includes $20.9 million due to the impairment of tangible long-lived
assets and operating lease assets associated with certain retail
stores and $19.9 million related to the permanent closure of 19
stores.
- Pre-opening expenses decreased to $3.9 million compared to $5.0
million in the second quarter of fiscal 2019. New store activity
was temporarily paused due to COVID-19. As a result, real estate
activity in the second quarter of fiscal 2020 included no new
stores, compared to 20 new stores, eight remodels, and four
relocations in the second quarter of fiscal 2019.
- Operating income decreased to $12.8 million, or 1.1% of net
sales, compared to $208.0 million, or 12.5% of net sales, in the
second quarter of fiscal 2019. Adjusted operating income was $54.9
million, or 4.5% of net sales.
- Tax rate decreased to 20.6% compared to 23.1% in the second
quarter of fiscal 2019. The lower effective tax rate is primarily
due to a decrease in operating income.
- Net income was $8.1 million compared to $161.3 million in the
second quarter of fiscal 2019. Adjusted net income was $41.5
million compared to adjusted net income of $159.0 million in the
second quarter of fiscal 2019.
- Diluted earnings per share was $0.14, compared to diluted
earnings per share of $2.76 in the second quarter of fiscal 2019.
Adjusted diluted earnings per share was $0.73, compared to adjusted
diluted earnings per share of $2.72 in the second quarter of fiscal
2019.
For the First Six Months of Fiscal 2020
- Net sales decreased 29.6% to $2.4 billion compared to $3.4
billion in first six months of fiscal 2019 due to the impact of
COVID-19.
- Comparable sales decreased 31.1% compared to an increase of
6.6% in the first six months of fiscal 2019. During the first six
months of fiscal 2020, transactions declined 37.4% and average
ticket increased 10.1%.
- Gross profit decreased to $632.6 million compared to $1.3
billion in the first six months of fiscal 2019. As a percentage of
net sales, gross profit decreased to 26.3% compared to 36.7% in the
first six months of fiscal 2019, primarily due to deleverage of
fixed costs due to lower sales, channel mix shifts, deleverage of
salon expenses due to lower sales, and an increase in inventory
reserves. These pressures were partially offset by lower
promotional activity.
- SG&A expenses decreased to $652.5 million compared to
$796.0 million in the first six months of fiscal 2019. As a
percentage of net sales, SG&A increased to 27.2% compared to
23.3% in the first six months of fiscal 2019, primarily due to
deleverage in store expenses due to lower sales resulting from the
impact of COVID-19 and increased expenses related to strategic
growth investments made in 2019, partially offset by leverage
related to the store payroll and benefits, including the employee
retention credits made available under the CARES Act.
- Impairment, store closure and other costs of $60.3 million
includes $40.4 million due to the impairment of tangible long-lived
assets and operating lease assets associated with certain retail
stores and $19.9 million related the permanent closure of 19
stores.
- Pre-opening expenses decreased to $8.5 million compared to $9.2
million in the first six months of fiscal 2019. New store activity
was temporarily paused due to COVID-19. Real estate activity in the
first six months of fiscal 2020 included 11 new stores and one
relocation, compared to 42 new stores, nine remodels, and four
relocations in first six months of 2019.
- Operating loss was $88.7 million, or -3.7% of net sales,
compared to operating income of $445.6 million, or 13.1% of net
sales, in the first six months of fiscal 2019. Adjusted operating
loss was $27.0 million, or -1.1% of net sales.
- Tax rate increased to 23.9% compared to 21.3% in fiscal 2019.
The higher effective tax rate is primarily due to a reduction of
tax-deductible stock option expense in the first six months of
fiscal 2020.
- Net loss was $70.5 million compared to net income of $353.5
million in the first six months of fiscal 2019. Adjusted net loss
was $23.5 million compared to adjusted net income of $340.9 million
in the first six months of fiscal 2019.
- Diluted loss per share was $1.25, compared to diluted earnings
per share of $6.02 in the first six months of fiscal 2019. Adjusted
diluted loss per share was $0.42, compared to adjusted dilutive
earnings per share of $5.81 in the first six months of fiscal
2019.
Balance Sheet
The Company ended the second quarter of fiscal 2020 with $1.2
billion in cash and cash equivalents. During the first quarter of
fiscal 2020, as a precautionary measure during the economic
uncertainty due to COVID-19 and to enhance financial flexibility,
the Company drew down $800 million under its $1.0 billion credit
facility.
Merchandise inventories, net at the end of the second quarter of
fiscal 2020 totaled $1.4 billion compared to $1.3 billion at the
end of the second quarter of fiscal 2019. The increase in total
inventory was primarily driven by 51 net new stores opened since
August 3, 2019. Average inventory per store decreased slightly
compared to the second quarter of fiscal 2019.
Store Expansion
New store activity was temporarily paused during the quarter due
to COVID-19. The Company ended the second quarter of fiscal 2020
with 1,264 stores and square footage of 13,294,607, representing a
4.2% increase in square footage compared to the second quarter of
fiscal 2019. In addition, during the second quarter of fiscal 2020,
the Company announced that it would permanently close 19 stores.
These previously announced store closures will occur during the
third quarter of fiscal 2020.
Fiscal 2020 Outlook
“We are encouraged by the recent
improvement in sales trends, but we believe it will take time to
fully return to pre-COVID levels. Given continued disruption from
the pandemic, new operational protocols, and near-term employment
and economic uncertainty, we expect sales will continue to be
challenged for the rest of the year,” continued Dillon.
“Longer-term, we are confident that Beauty will recover and thrive,
given continued strong engagement and emotional connection with the
category.”
The Company withdrew its guidance
for fiscal 2020 on March 17, 2020 and is not providing an earnings
outlook at this time. However, the Company is providing the
following updated assumptions for fiscal 2020:
- The Company expects to incur between $35 million and $40
million in PPE and COVID-19 related costs in the second half of
fiscal 2020;
- The Company expects to open approximately 30 new stores and
execute approximately five relocation projects. Although plans for
fiscal 2021 have not been finalized, the Company expects to open at
least 30 new stores in fiscal 2021. The Company will continue to
evaluate these plans based on demand and location economics,
including committed costs incurred; and
- The Company anticipates capital expenditures will be between
$180 million and $200 million, compared to the previous expectation
of between $200 million and $210 million.
Non-GAAP Financial
Information
In this press release, the Company
provides information regarding adjusted operating income (loss),
adjusted net income (loss), and adjusted diluted earnings (loss)
per share, which are not recognized terms under U.S. generally
accepted accounting principles (GAAP) and do not purport to be
alternatives to operating income (loss), net income (loss), and
diluted earnings (loss) per share as a measure of operating
performance. A reconciliation of adjusted operating income (loss),
adjusted net income (loss), and adjusted diluted earnings (loss)
per share is provided in this release. The Company believes that
the presentation of these non-GAAP financial measures provides
additional information on comparisons between periods by excluding
certain items that affect overall comparability and provides
investors with enhanced visibility into its results with respect to
the impact of certain costs. Non-GAAP financial measures should be
considered in addition to, and not as an alternative for, the
Company’s reported results prepared in accordance with GAAP.
Conference Call
Information
A conference call to discuss second
quarter of fiscal 2020 results is scheduled for today, August 27,
2020, at 5:00 p.m. Eastern Time / 4:00 p.m. Central Time. Investors
and analysts interested in participating in the call are invited to
dial (877) 705‑6003. The conference call will also be webcast live
at http://ir.ultabeauty.com. A replay of the webcast will remain
available for 90 days. A replay of the conference call will be
available until 11:59 p.m. ET on September 10, 2020 and can be
accessed by dialing (844) 512‑2921 and entering conference ID
number 13707860.
About Ulta Beauty
At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful.
Ulta Beauty is the largest U.S. beauty retailer and the premier
beauty destination for cosmetics, fragrance, skin care products,
hair care products and salon services. In 1990, the Company
reinvented the beauty retail experience by offering a new way to
shop for beauty – bringing together all things beauty, all in one
place. Today, Ulta Beauty has grown to become the top national
retailer offering the complete beauty experience.
Ulta Beauty brings possibilities to life through the power of
beauty each and every day in our stores and online with more than
25,000 products from approximately 500 well-established and
emerging beauty brands across all categories and price points,
including Ulta Beauty’s own private label. Ulta Beauty also offers
a full-service salon in every store featuring hair, skin, brow, and
make-up services.
Ulta Beauty is recognized for its commitment to personalized
service, fun and inviting stores and our industry-leading Ultamate
Rewards loyalty program. Ulta Beauty operates retail stores across
50 states and also distributes its products through its website,
which includes a collection of tips, tutorials, and social content.
For more information, visit www.ulta.com.
Forward‑Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, which reflect the
company’s current views with respect to, among other things, future
events and financial performance. These statements can be
identified by the use of forward-looking words such as “outlook,”
“believes,” “expects,” “plans,” “estimates,” “targets,”
“strategies” or other comparable words. Any forward-looking
statements contained in this press release are based upon the
company’s historical performance and on current plans, estimates
and expectations. The inclusion of this forward-looking information
should not be regarded as a representation by the company or any
other person that the future plans, estimates, targets, strategies
or expectations contemplated by the company will be achieved. Such
forward-looking statements are subject to various risks and
uncertainties, which include, without limitation:
- The negative impacts the coronavirus (COVID-19) has had, and
will continue to have, on the company’s business, financial
condition, profitability, cash flows and supply chain, as well as
consumer spending (including future uncertain impacts);
- epidemics, pandemics like COVID-19 or natural disasters that
have and could continue to negatively impact the company’s
sales;
- changes in the overall level of consumer spending and
volatility in the economy, including as a result of the COVID-19
pandemic;
- a decline in operating results that has and may continue to
lead to asset impairment and store closures charges;
- the company’s ability to sustain its growth plans and
successfully implement its long-range strategic and financial
plan;
- the company’s ability to gauge beauty trends and react to
changing consumer preferences in a timely manner;
- the possibility that the company may be unable to compete
effectively in its highly competitive markets;
- the company’s ability to execute its Efficiencies for Growth
cost optimization program;
- the possibility that cybersecurity breaches and other
disruptions could compromise the company’s information or result in
the unauthorized disclosure of confidential information;
- the possibility of material disruptions to the company’s
information systems;
- the possibility that the capacity of the company’s distribution
and order fulfillment infrastructure and the performance of its
newly opened and to be opened distribution centers may not be
adequate to support its recent growth and expected future growth
plans;
- changes in the wholesale cost of the company’s products;
- the possibility that new store openings and existing locations
may be impacted by developer or co-tenant issues;
- the company’s ability to attract and retain key executive
personnel;
- the company’s ability to successfully execute its common stock
repurchase program or implement future common stock repurchase
programs; and
- other risk factors detailed in the company’s public filings
with the Securities and Exchange Commission (the SEC), including
risk factors contained in its Annual Report on Form 10‑K for the
fiscal year ended February 1, 2020, as such were amended and
supplemented in the Company’s Quarterly Report of Form 10-Q for the
quarterly period ended May 2, 2020, and which may be further
amended or supplemented in its subsequently filed Quarterly Reports
on Form 10-Q.
The company’s filings with the SEC are available at www.sec.gov.
Except to the extent required by the federal securities laws, the
Company does not undertake to publicly update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Exhibit 1
Ulta Beauty, Inc.
Consolidated Statements of
Operations
(In thousands, except per
share data)
13 Weeks Ended
August 1,
August 3,
2020
2019
(Unaudited)
(Unaudited)
Net sales
$
1,228,009
100.0
%
$
1,666,607
100.0
%
Cost of sales
899,002
73.2
%
1,060,708
63.6
%
Gross profit
329,007
26.8
%
605,899
36.4
%
Selling, general and administrative
expenses
271,587
22.1
%
392,843
23.6
%
Impairment charges, store closures and
other costs
40,758
3.3
%
—
0.0
%
Pre-opening expenses
3,907
0.3
%
5,038
0.3
%
Operating income
12,755
1.1
%
208,018
12.5
%
Interest expense (income), net
2,617
(0.2
%)
(1,671
)
0.1
%
Income before income taxes
10,138
0.9
%
209,689
12.6
%
Income tax expense
2,086
0.2
%
48,431
2.9
%
Net income
$
8,052
0.7
%
$
161,258
9.7
%
Net income per common share:
Basic
$
0.14
$
2.77
Diluted
$
0.14
$
2.76
Weighted average common shares
outstanding:
Basic
56,318
58,171
Diluted
56,497
58,446
Exhibit 2
Ulta Beauty, Inc.
Consolidated Statements of
Operations
(In thousands, except per
share data)
26 Weeks Ended
August 1,
August 3,
2020
2019
(Unaudited)
(Unaudited)
Net sales
$
2,401,219
100.0
%
$
3,409,636
100.0
%
Cost of sales
1,768,607
73.7
%
2,158,890
63.3
%
Gross profit
632,612
26.3
%
1,250,746
36.7
%
Selling, general and administrative
expenses
652,499
27.2
%
795,976
23.3
%
Impairment charges, store closures and
other costs
60,300
2.5
%
—
0.0
%
Pre-opening expenses
8,542
0.3
%
9,212
0.3
%
Operating income (loss)
(88,729
)
(3.7
%)
445,558
13.1
%
Interest expense (income), net
3,889
(0.1
%)
(3,717
)
0.1
%
Income (loss) before income taxes
(92,618
)
(3.8
%)
449,275
13.2
%
Income tax expense (benefit)
(22,161
)
(0.9
%)
95,796
2.8
%
Net income (loss)
$
(70,457
)
(2.9
%)
$
353,479
10.4
%
Net income (loss) per common share:
Basic
$
(1.25
)
$
6.05
Diluted
$
(1.25
)
$
6.02
Weighted average common shares
outstanding:
Basic
56,369
58,401
Diluted
56,369
58,718
Exhibit 3
Ulta Beauty, Inc.
Condensed Consolidated Balance
Sheets
(In thousands)
August 1,
February 1,
August 3,
2020
2020
2019
(Unaudited)
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
1,157,318
$
392,325
$
177,398
Short-term investments
—
110,000
150,000
Receivables, net
127,992
139,337
107,263
Merchandise inventories, net
1,368,543
1,293,701
1,315,999
Prepaid expenses and other current
assets
102,713
103,567
131,171
Prepaid income taxes
42,622
16,387
38,769
Total current assets
2,799,188
2,055,317
1,920,600
Property and equipment, net
1,077,825
1,205,524
1,219,948
Operating lease assets
1,548,239
1,537,565
1,499,556
Goodwill
10,870
10,870
10,870
Other intangible assets, net
2,927
3,391
3,854
Deferred compensation plan assets
28,789
27,849
24,665
Other long-term assets
29,283
23,356
30,882
Total assets
$
5,497,121
$
4,863,872
$
4,710,375
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
398,011
$
414,009
$
450,117
Accrued liabilities
201,754
246,088
224,202
Deferred revenue
216,545
237,535
182,354
Current operating lease liabilities
245,019
239,629
208,261
Total current liabilities
1,061,329
1,137,261
1,064,934
Non-current operating lease
liabilities
1,718,549
1,698,718
1,683,743
Long-term debt
800,000
—
—
Deferred income taxes
94,272
89,367
86,598
Other long-term liabilities
52,178
36,432
35,649
Total liabilities
3,726,328
2,961,778
2,870,924
Commitments and contingencies
Total stockholders’ equity
1,770,793
1,902,094
1,839,451
Total liabilities and stockholders’
equity
$
5,497,121
$
4,863,872
$
4,710,375
Exhibit 4
Ulta Beauty, Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
26 Weeks Ended
August 1,
August 3,
2020
2019
(Unaudited)
(Unaudited)
Operating activities
Net income (loss)
$
(70,457
)
$
353,479
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
154,029
144,951
Non-cash lease expense
132,808
152,134
Impairment charges, store closures and
other costs
59,997
—
Deferred income taxes
4,905
2,734
Stock-based compensation expense
14,595
12,766
Loss on disposal of property and
equipment
2,273
3,215
Change in operating assets and
liabilities:
Receivables
11,345
11,437
Merchandise inventories
(74,842
)
(101,670
)
Prepaid expenses and other current
assets
854
(18,315
)
Income taxes
(26,235
)
(21,772
)
Accounts payable
(18,486
)
46,101
Accrued liabilities
(32,901
)
(2,629
)
Deferred revenue
(20,990
)
(16,700
)
Operating lease liabilities
(137,383
)
(138,557
)
Other assets and liabilities
16,477
20,162
Net cash provided by operating
activities
15,989
447,336
Investing activities
Short-term investments, net
110,000
(150,000
)
Capital expenditures
(77,090
)
(151,213
)
Acquisitions, net of cash acquired
(1,220
)
—
Purchases of equity investments
(5,386
)
(33,339
)
Net cash provided by (used in) investing
activities
26,304
(334,552
)
Financing activities
Proceeds from long-term debt
800,000
—
Repurchase of common shares
(72,981
)
(378,300
)
Stock options exercised
577
42,935
Purchase of treasury shares
(3,065
)
(9,272
)
Debt issuance costs
(1,861
)
—
Net cash provided by (used in) financing
activities
722,670
(344,637
)
Effect of exchange rate changes on cash
and cash equivalents
30
—
Net increase (decrease) in cash and cash
equivalents
764,993
(231,853
)
Cash and cash equivalents at beginning of
period
392,325
409,251
Cash and cash equivalents at end of
period
$
1,157,318
$
177,398
Exhibit 5
Ulta Beauty, Inc.
2020 Store Expansion
Total stores open
Number of stores
Number of stores
Total stores
at beginning of the
opened during the
closed during the
open at
Fiscal 2020
quarter
quarter
quarter
end of the quarter
1st Quarter
1,254
11
1
1,264
2nd Quarter
1,264
0
0
1,264
Gross square feet for
Total gross square
stores opened or
Gross square feet for
Total gross square
feet at beginning of
expanded during the
stores closed
feet at end of the
Fiscal 2020
the quarter
quarter
during the quarter
quarter
1st Quarter
13,193,076
111,894
10,363
13,294,607
2nd Quarter
13,294,607
0
0
13,294,607
Exhibit 6
Ulta Beauty, Inc.
Reconciliation of GAAP basis
to Adjusted operating income (loss), Adjusted net income (loss) and
Adjusted diluted earnings (loss) per share
(In thousands, except per
share)
(Unaudited)
13 weeks ended
26 weeks ended
August 1,
August 3,
August 1,
August 3,
2020
2019
2020
2019
Operating income (loss)
$
12,755
$
208,018
$
(88,729
)
$
445,558
Add: Store asset impairment
20,886
—
40,428
—
Add: Store closures and other costs1
21,272
—
21,272
—
Adjusted operating income (loss)
$
54,913
$
208,018
$
(27,029
)
$
445,558
Net income (loss)
$
8,052
$
161,258
$
(70,457
)
$
353,479
Add: Store asset impairment
20,886
—
40,428
—
Less: Income tax benefit of store asset
impairment
(4,303
)
—
(9,662
)
—
Add: Store closures and other costs1
21,272
—
21,272
—
Less: Income tax benefit of store closures
and other costs
(4,382
)
—
(5,084
)
—
Less: Stock compensation and other tax
credits
—
(2,216
)
—
(12,597
)
Adjusted net income (loss)
$
41,525
$
159,042
$
(23,503
)
$
340,882
Diluted earnings (loss) per share
$
0.14
$
2.76
$
(1.25
)
$
6.02
Add: Store asset impairment
0.37
—
0.72
—
Less: Income tax benefit of store asset
impairment
(0.08
)
—
(0.17
)
—
Add: Store closures and other costs1
0.38
—
0.38
—
Less: Income tax benefit of store closures
and other costs
(0.08
)
—
(0.10
)
—
Less: Stock compensation and other tax
credits
—
(0.04
)
—
(0.21
)
Adjusted diluted earnings (loss) per
share:
$
0.73
$
2.72
$
(0.42
)
$
5.81
1 Store closures and other costs includes $1,400 related to
inventory write-offs and $303 in severance charges due to the
permanent closure of 19 stores.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200827005678/en/
Investor Contacts: Kiley Rawlins, CFA Vice President, Investor
Relations krawlins@ulta.com (331) 757-2206
Patrick Flaherty Senior Manager, Investor Relations
pflaherty@ulta.com (331) 253-3521
Media Contact: Eileen Ziesemer Vice President, Public Relations
eziesemer@ulta.com (708) 305-4479
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