Quarterly report pursuant to Section 13 or 15(d)

Business and basis of presentation

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Business and basis of presentation
 6 Months Ended
Aug. 03, 2013
Accounting Policies [Abstract]  
Business and basis of presentation

1. Business and basis of presentation

Ulta Salon, Cosmetics & Fragrance, Inc. 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 August 3, 2013, the Company operated 609 stores in 46 states, as shown in the table below. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta” or the “Company” refer to Ulta Salon, Cosmetics & Fragrance, Inc. and its consolidated subsidiary, Ulta Inc.

 

State

    Number of
stores 		    

State

    Number of
stores 		 

Alabama

      11       Montana      3   

Arizona

      23       Nebraska      3   

Arkansas

      4       Nevada      7   

California

      64       New Hampshire      3   

Colorado

      12       New Jersey      16   

Connecticut

      5       New Mexico      2   

Delaware

      1       New York      19   

Florida

      43       North Carolina      20   

Georgia

      22       North Dakota      1   

Idaho

      4       Ohio      21   

Illinois

      40       Oklahoma      8   

Indiana

      11       Oregon      7   

Iowa

      6       Pennsylvania      22   

Kansas

      3       Rhode Island      1   

Kentucky

      7       South Carolina      12   

Louisiana

      9       South Dakota      1   

Maine

      3       Tennessee      9   

Maryland

      11       Texas      68   

Massachusetts

      8       Utah      6   

Michigan

      28       Virginia      17   

Minnesota

      11       Washington      10   

Mississippi

      4       West Virginia      2   

Missouri

      12       Wisconsin      9   
        

 

 

  
      Total      609   

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. These consolidated financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiaries.  All significant intercompany accounts, transactions and unrealized profit were eleminated in consolidation.  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 13 and 26 weeks ended August 3, 2013 are not necessarily indicative of the results to be expected for the fiscal year ending February 1, 2014, 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 year ended February 2, 2013. All amounts are stated in thousands, with the exception of per share amounts and number of stores.