Quarterly report pursuant to Section 13 or 15(d)

Business and Basis of Presentation

v2.4.0.6
Business and Basis of Presentation
 9 Months Ended
Oct. 29, 2011
Business and Basis of Presentation [Abstract]  
Business and basis of presentation

1. Business and basis of presentation

Ulta Salon, Cosmetics & Fragrance, Inc. (Company or Ulta) was incorporated in the state of Delaware on January 9, 1990, to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. The stores also feature full-service salons. As of October 29, 2011, the Company operated 442 stores in 42 states, as shown in the table below:

 

             

State

  

Number of

stores

  

State

  

Number of

stores

Alabama

     8  

Mississippi

       3

Arizona

   23  

Missouri

       4

Arkansas

     3  

Nebraska

       2

California

   39  

Nevada

       6

Colorado

   11  

New Hampshire

       1

Connecticut

     3  

New Jersey

     12

Delaware

     1  

New Mexico

       1

Florida

   31  

New York

     14

Georgia

   19  

North Carolina

     17

Idaho

     1  

Ohio

     14

Illinois

   35  

Oklahoma

       7

Indiana

     8  

Oregon

       5

Iowa

     4  

Pennsylvania

     18

Kansas

     3  

Rhode Island

       1

Kentucky

     6  

South Carolina

       6

Louisiana

     4  

Tennessee

       7

Maine

     2  

Texas

     56

Maryland

     8  

Utah

       4

Massachusetts

     6  

Virginia

     11

Michigan

   15  

Washington

       7

Minnesota

   11  

Wisconsin

       5
           

 
        Total   442

The accompanying unaudited financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and the U.S. Securities and Exchange Commission’s Article 10, Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments, which are of a normal recurring nature, necessary to fairly state the financial position and results of operations and cash flows for the interim periods presented.

The Company’s business is subject to seasonal fluctuation. Significant portions of the Company’s net sales and net income are realized during the fourth quarter of the fiscal year due to the holiday selling season. The results for the three and nine months ended October 29, 2011 are not necessarily indicative of the results to be expected for the fiscal year ending January 28, 2012, or for any other future interim period or for any future year.

These interim financial statements and the related notes should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011. All amounts are stated in thousands, with the exception of per share amounts and number of stores.