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Ulta Beauty Announces Record Third Quarter Fiscal 2021 Results

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  • ULTA

Net Sales of $2.0 Billion Compared to $1.6 Billion in the Year-Ago Quarter

Comparable Sales Increased 25.8%

Net Income of $215.3 Million or $3.94 Per Diluted Share

Company Raises Full Year Guidance

BOLINGBROOK, Ill., December 02, 2021--(BUSINESS WIRE)--Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the thirteen-week period ("third quarter") and thirty-nine-week period ("first nine months") ended October 30, 2021 compared to the same periods ended October 31, 2020.

13 Weeks Ended

October 30,

October 31,

November 2,

(Dollars in millions)

2021

2020

2019

Net sales

$

1,995.8

$

1,552.0

$

1,682.5

Comparable sales

25.8

%

(8.9

)%

3.2

%

Gross profit (as a percentage of net sales)

39.6

%

35.1

%

37.1

%

Selling, general and administrative expenses

$

503.4

$

416.4

$

449.2

Operating income (as a percentage of net sales)

14.2

%

6.5

%

10.0

%

Diluted earnings per share

$

3.94

$

1.32

$

2.25

New store openings, net

6

(2

)

28

"The Ulta Beauty team delivered outstanding results again this quarter. For the third quarter, we delivered record sales and earnings, increased our market share, and expanded our Ultamate Rewards loyalty program to nearly 36 million members," said Dave Kimbell, chief executive officer. "This strong third quarter performance reflects the strength and resiliency of the Beauty category, the power of the Ulta Beauty differentiated model, and the impact of our winning culture and team. I want to express my sincere appreciation to all of our Ulta Beauty associates for their incredible efforts to serve our guests and deliver these excellent results."

For the Third Quarter of Fiscal 2021

  • Net sales increased 28.6% to $2.0 billion compared to $1.6 billion in the third quarter of fiscal 2020 due to the favorable impact from stronger consumer confidence and fewer COVID-19 restrictions compared to the third quarter of fiscal 2020.

  • Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) increased 25.8% compared to a decrease of 8.9% in the third quarter of fiscal 2020, driven by a 16.8% increase in transactions and a 7.7% increase in average ticket. Compared to the third quarter of fiscal 2019, comparable sales increased 14.3%.

  • Gross profit increased to $789.5 million compared to $545.5 million in the third quarter of fiscal 2020. As a percentage of net sales, gross profit increased to 39.6% compared to 35.1% in the third quarter of fiscal 2020, primarily due to leverage of fixed costs, favorable channel mix shifts, leverage of salon expenses, and improvement in merchandise margins.

  • Selling, general and administrative (SG&A) expenses increased to $503.4 million compared to $416.4 million in the third quarter of fiscal 2020. As a percentage of net sales, SG&A expenses decreased to 25.2% compared to 26.8% in the third quarter of fiscal 2020, primarily due to leverage of corporate overhead, store expenses and store payroll and benefits due to higher sales, partially offset by higher marketing expenses.

  • There were no impairment, restructuring and other costs in the third quarter of 2021 compared to $23.6 million in the third quarter of 2020.

  • Pre-opening expenses decreased to $1.8 million compared to $4.2 million in the third quarter of fiscal 2020.

  • Operating income increased to $284.2 million, or 14.2% of net sales, compared to $101.3 million, or 6.5% of net sales, in the third quarter of fiscal 2020. Adjusted operating income for the third quarter of fiscal 2020 was $124.9 million, or 8.0% of net sales.

  • The company’s tax rate decreased to 24.1% compared to 25.1% in the third quarter of fiscal 2020. The lower effective tax rate is primarily due to favorable provision to tax return adjustments, driven by federal employment tax credits, compared to third quarter of fiscal 2020.

  • Net income increased to $215.3 million compared to $74.8 million in the third quarter of fiscal 2020. Adjusted net income for the third quarter of fiscal 2020 was $92.5 million.

  • Diluted earnings per share increased to $3.94 including a $0.01 benefit due to income tax accounting for share-based compensation, compared to $1.32 in the third quarter of fiscal 2020. Adjusted diluted earnings per share for the third quarter of fiscal 2020 was $1.64.

For the First Nine Months of Fiscal 2021

  • Net sales increased 49.3% to $5.9 billion compared to $4.0 billion in the first nine months of fiscal 2020, primarily due to the favorable impact from improving consumer confidence, government stimulus payments, and the easing of COVID-19 restrictions, as compared to the first nine months of fiscal 2020.

  • Comparable sales increased 47.1% compared to a decrease of 23.8% in the first nine months of fiscal 2020, driven by a 40.7% increase in transactions and a 4.6% increase in average ticket. Compared to the first nine months of fiscal 2019, comparable sales increased 11.5%.

  • Gross profit increased to $2.3 billion compared to $1.2 billion in the first nine months of fiscal 2020. As a percentage of net sales, gross profit increased to 39.7% compared to 29.8% in the first nine months of fiscal 2020, primarily due to leverage of fixed costs, improvement in merchandise margins, leverage of salon expenses, and favorable channel mix shifts.

  • SG&A expenses increased to $1.4 billion compared to $1.1 billion in the first nine months of fiscal 2020. As a percentage of net sales, SG&A expenses decreased to 23.9% compared to 27.1% in the first nine months of fiscal 2020, due to leverage of corporate overhead and store expenses due to higher sales, partially offset by store payroll and benefits primarily due to less employee retention credits received under the CARES Act, and higher marketing expenses.

  • There were no impairment, restructuring and other costs recognized in the first nine months of fiscal 2021, compared to $83.9 million in the first nine months of fiscal 2020.

  • Pre-opening expenses decreased to $7.8 million compared to $12.8 million in the first nine months of fiscal 2020.

  • Operating income increased to $921.9 million, or 15.6% of net sales, compared to $12.5 million, or 0.3% of net sales, in the first nine months of fiscal 2020. Adjusted operating income for the first nine months of fiscal 2020 was $97.9 million, or 2.5% of net sales.

  • The company’s tax rate decreased to 24.4% compared to 40.3% in the first nine months of fiscal 2020. The lower effective tax rate is primarily due to a benefit from the income tax accounting for share-based compensation and favorable provision to tax return adjustments, driven by federal employment tax credits, compared to fiscal 2020.

  • Net income increased to $696.5 million compared to $4.3 million in the first nine months of fiscal 2020. Adjusted net income for the first nine months of fiscal 2020 was $68.8 million.

  • Diluted earnings per share increased to $12.60 including a $0.08 benefit due to income tax accounting for share-based compensation, compared to $0.08 in the first nine months of fiscal 2020. Adjusted diluted earnings per share for the first nine months of fiscal 2020 was $1.22.

Balance Sheet

Cash and cash equivalents at the end of the third quarter of fiscal 2021 were $605.1 million.

Merchandise inventories, net at the end of the third quarter of fiscal 2021 totaled $1.92 billion compared to $1.44 billion at the end of the third quarter of fiscal 2020. The $477.2 million increase in inventory was primarily due to the addition of 40 net new stores opened since October 31, 2020, and the acceleration of inventory receipts to support expected demand and mitigate anticipated global supply chain disruptions.

Share Repurchase Program

During the third quarter of fiscal 2021, the Company repurchased 340,668 shares of its common stock at a cost of $126.4 million. During the first nine months of fiscal 2021, the Company repurchased 2,330,244 shares of its common stock at a cost of $762.2 million. As of October 30, 2021, $759.8 million remained available under the $1.6 billion share repurchase program announced in March 2020.

Store Update

Real estate activity in the third quarter of fiscal 2021 included seven new stores located in Arden, NC; Atlanta, GA; Batavia, NY; Greensboro, NC; Hickory, NC; Ithaca, NY; and Johnstown, PA. In addition, the Company relocated two stores, remodeled three stores, and closed one store. In the first nine months of fiscal 2021, the Company opened 42 new stores, relocated four stores, remodeled eight stores, and closed four stores.

At the end of the third quarter of fiscal 2021, the company operated 1,302 stores totaling 13.7 million square feet.

Fiscal 2021 Outlook

Based on the results for the first nine months of fiscal 2021 and revised expectations for consumer demand, the Company has increased its outlook for fiscal 2021.

The Company’s updated outlook for fiscal 2021 is as follows:

Prior FY21 Outlook

Updated FY21 Outlook

Net sales

$8.1 billion to $8.3 billion

$8.5 billion to $8.6 billion

Comparable sales

30% to 32%

36% to 37%

New stores, net

44

no change

Remodel and relocation projects

18

17

Operating margin

approximately 13%

14.3% to 14.5%

Diluted earnings per share

$14.50 to $14.70

$16.70 to $17.10

Share repurchases

approximately $850 million

no change

Effective tax rate

24.8%

24.4%

Capital expenditures

$225 million to $250 million

$200 million to $225 million

Depreciation and amortization expense

$270 million to $280 million

no change

The Company’s outlook for fiscal 2021 assumes a consistent federal tax rate and no material increases in the federal minimum wage.

Non-GAAP Financial Information

In this press release, the Company provides information regarding adjusted operating income, adjusted net income, and adjusted diluted earnings 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, net income, and diluted earnings per share as measures of operating performance. A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted earnings per share is provided in this release. The Company believes 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 third quarter of fiscal 2021 results is scheduled for today, December 2, 2021, at 4:30 p.m. ET / 3:30 p.m. CT. 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 https://ulta.com/investor. 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 December 16, 2021 and can be accessed by dialing (844) 512-2921 and entering conference ID number 13725135.

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 operates 1,302 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.

Ulta Beauty was recently added to the Bloomberg Gender Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency. More information about Ulta Beauty’s corporate responsibility efforts can be found at www.ulta.com/investor/ESG.

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 COVID-19 pandemic 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 and/or government aid programs;

  • 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 operational excellence priorities, including continuous improvement, Project SOAR (its replacement enterprise resource planning platform), and supply chain optimization;

  • 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 distribution centers and fast fulfillment 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 January 30, 2021, as such may be 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 Income

(In thousands, except per share data)

13 Weeks Ended

October 30,

October 31,

2021

2020

(Unaudited)

(Unaudited)

Net sales

$

1,995,775

100.0

%

$

1,552,033

100.0

%

Cost of sales

1,206,301

60.4

%

1,006,514

64.9

%

Gross profit

789,474

39.6

%

545,519

35.1

%

Selling, general and administrative expenses

503,403

25.2

%

416,378

26.8

%

Impairment, restructuring and other costs

0.0

%

23,624

1.5

%

Pre-opening expenses

1,832

0.1

%

4,240

0.3

%

Operating income

284,239

14.2

%

101,277

6.5

%

Interest expense, net

413

0.0

%

1,383

0.1

%

Income before income taxes

283,826

14.2

%

99,894

6.4

%

Income tax expense

68,537

3.4

%

25,096

1.6

%

Net income

$

215,289

10.8

%

$

74,798

4.8

%

Net income per common share:

Basic

$

3.97

$

1.33

Diluted

$

3.94

$

1.32

Weighted average common shares outstanding:

Basic

54,291

56,327

Diluted

54,660

56,546

Exhibit 2

Ulta Beauty, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

39 Weeks Ended

October 30,

October 31,

2021

2020

(Unaudited)

(Unaudited)

Net sales

$

5,901,501

100.0

%

$

3,953,252

100.0

%

Cost of sales

3,560,276

60.3

%

2,775,121

70.2

%

Gross profit

2,341,225

39.7

%

1,178,131

29.8

%

Selling, general and administrative expenses

1,411,577

23.9

%

1,068,877

27.1

%

Impairment, restructuring and other costs

0.0

%

83,924

2.1

%

Pre-opening expenses

7,778

0.1

%

12,782

0.3

%

Operating income

921,870

15.6

%

12,548

0.3

%

Interest expense, net

1,196

0.0

%

5,272

0.1

%

Income before income taxes

920,674

15.6

%

7,276

0.2

%

Income tax expense

224,203

3.8

%

2,935

0.1

%

Net income

$

696,471

11.8

%

$

4,341

0.1

%

Net income per common share:

Basic

$

12.68

$

0.08

Diluted

$

12.60

$

0.08

Weighted average common shares outstanding:

Basic

54,921

56,355

Diluted

55,280

56,524

Exhibit 3

Ulta Beauty, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

October 30,

January 30,

October 31,

2021

2021

2020

(Unaudited)

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

605,053

$

1,046,051

$

560,902

Receivables, net

169,212

193,109

136,271

Merchandise inventories, net

1,916,343

1,168,215

1,439,098

Prepaid expenses and other current assets

105,584

107,402

99,810

Prepaid income taxes

37,501

8,928

Total current assets

2,833,693

2,514,777

2,245,009

Property and equipment, net

908,665

995,795

1,042,262

Operating lease assets

1,464,533

1,504,614

1,510,030

Goodwill

10,870

10,870

10,870

Other intangible assets, net

1,770

2,465

2,696

Deferred compensation plan assets

36,403

33,223

30,141

Other long-term assets

31,833

28,225

29,986

Total assets

$

5,287,767

$

5,089,969

$

4,870,994

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

747,451

$

477,052

$

478,501

Accrued liabilities

329,672

296,334

268,310

Deferred revenue

272,628

274,383

224,862

Current operating lease liabilities

274,365

253,415

252,171

Accrued income taxes

42,529

6,499

Total current liabilities

1,624,116

1,343,713

1,230,343

Non-current operating lease liabilities

1,565,921

1,643,386

1,661,750

Deferred income taxes

67,267

65,359

89,112

Other long-term liabilities

43,663

37,962

35,352

Total liabilities

3,300,967

3,090,420

3,016,557

Commitments and contingencies

Total stockholders’ equity

1,986,800

1,999,549

1,854,437

Total liabilities and stockholders’ equity

$

5,287,767

$

5,089,969

$

4,870,994

Exhibit 4

Ulta Beauty, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

39 Weeks Ended

October 30,

October 31,

2021

2020

(Unaudited)

(Unaudited)

Operating activities

Net income

$

696,471

$

4,341

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

204,734

226,386

Non-cash lease expense

206,017

196,354

Long-lived asset impairment charge

69,932

Deferred income taxes

1,908

(255

)

Stock-based compensation expense

38,217

22,979

Loss on disposal of property and equipment

3,357

5,219

Change in operating assets and liabilities:

Receivables

23,897

3,066

Merchandise inventories

(748,128

)

(145,397

)

Prepaid expenses and other current assets

1,818

3,007

Income taxes

(80,027

)

13,958

Accounts payable

266,104

62,337

Accrued liabilities

24,482

24,582

Deferred revenue

(1,755

)

(12,673

)

Operating lease liabilities

(222,451

)

(212,665

)

Other assets and liabilities

213

(2,126

)

Net cash provided by operating activities

414,857

259,045

Investing activities

Short-term investments, net

110,000

Capital expenditures

(108,418

)

(116,745

)

Acquisitions, net of cash acquired

(1,220

)

Purchases of equity investments

(5,665

)

Net cash used in investing activities

(108,418

)

(13,630

)

Financing activities

Proceeds from long-term debt

800,000

Payments on long-term debt

(800,000

)

Repurchase of common shares

(762,167

)

(72,981

)

Stock options exercised

30,297

1,346

Purchase of treasury shares

(15,511

)

(3,256

)

Debt issuance costs

(1,861

)

Net cash used in financing activities

(747,381

)

(76,752

)

Effect of exchange rate changes on cash and cash equivalents

(56

)

(86

)

Net increase (decrease) in cash and cash equivalents

(440,998

)

168,577

Cash and cash equivalents at beginning of period

1,046,051

392,325

Cash and cash equivalents at end of period

$

605,053

$

560,902

Exhibit 5

Ulta Beauty, Inc.

Store Update

Total stores open

Number of stores

Number of stores

Total stores

at beginning of the

opened during the

closed during the

open at

Fiscal 2021

quarter

quarter

quarter

end of the quarter

1st Quarter

1,264

28

2

1,290

2nd Quarter

1,290

7

1

1,296

3rd Quarter

1,296

7

1

1,302

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 2021

the quarter

quarter

during the quarter

quarter

1st Quarter

13,291,838

327,476

22,906

13,596,408

2nd Quarter

13,596,408

62,511

10,760

13,648,159

3rd Quarter

13,648,159

67,018

10,974

13,704,203

Exhibit 6

Ulta Beauty, Inc.

Sales by Category

The following tables set forth the approximate percentage of net sales by primary category:

13 weeks ended

October 30,

October 31,

2021

2020

Cosmetics (1)

45

%

47

%

Haircare products and styling tools (1)

21

%

20

%

Skincare (1)

16

%

16

%

Fragrance and bath

12

%

10

%

Services

3

%

4

%

Accessories and other (1)

3

%

3

%

100

%

100

%

39 weeks ended

October 30,

October 31,

2021

2020

Cosmetics (1)

44

%

47

%

Haircare products and styling tools (1)

20

%

20

%

Skincare (1)

17

%

17

%

Fragrance and bath

12

%

9

%

Services

4

%

4

%

Accessories and other (1)

3

%

3

%

100

%

100

%

______________________________

(1) Certain sales departments were reclassified between categories in the prior year to conform to current year presentation.

Exhibit 7

Ulta Beauty, Inc.

Reconciliation of GAAP basis to Adjusted operating income, Adjusted net income and Adjusted diluted earnings per share

(In thousands, except per share data)

(Unaudited)

13 weeks ended

39 weeks ended

October 31,

October 31,

2020

2020

Operating income

$

101,277

$

12,548

Add: Store asset impairment

40,428

Add: Store closures

2,030

21,902

Add: Store closures - inventory write-off

1,400

Add: Suspension of Canadian expansion

15,886

15,886

Add: Severance costs

5,708

5,708

Adjusted operating income

$

124,901

$

97,872

Net income

$

74,798

$

4,341

Add: Store asset impairment

40,428

Less: Income tax benefit of store asset impairment1

(9,905

)

Add: Store closures

2,030

21,902

Less: Income tax benefit of store closures1

(510

)

(5,366

)

Add: Store closures - inventory write-off

1,400

Less: Income tax benefit of store closures - inventory write-off1

(343

)

Add: Suspension of Canadian expansion

15,886

15,886

Less: Income tax benefit of suspension of Canadian expansion1

(3,987

)

(3,892

)

Add: Severance costs

5,708

5,708

Less: Income tax benefit of severance costs1

(1,433

)

(1,398

)

Adjusted net income

$

92,492

$

68,761

Diluted earnings per share

$

1.32

$

0.08

Add: Store asset impairment

0.72

Less: Income tax benefit of store asset impairment1

(0.18

)

Add: Store closures

0.04

0.39

Less: Income tax benefit of store closures1

(0.01

)

(0.09

)

Add: Store closures - inventory write-off

0.02

Less: Income tax benefit of store closures - inventory write-off1

(0.01

)

Add: Suspension of Canadian expansion

0.28

0.28

Less: Income tax benefit of suspension of Canadian expansion1

(0.07

)

(0.07

)

Add: Severance costs

0.10

0.10

Less: Income tax benefit of severance costs1

(0.02

)

(0.02

)

Adjusted diluted earnings per share

$

1.64

$

1.22

______________________________

1 The income tax benefit for non-GAAP adjustments was calculated using the Company's blended tax rate before discrete items.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005817/en/

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Vice President, Investor Relations
krawlins@ulta.com

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Vice President, Public Relations
eziesemer@ulta.com
(708) 305-4479

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