Ulta 2008 Annual Report Download - page 76

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14. Selected quarterly financial data (unaudited)
The following tables set forth the Company’s unaudited quarterly results of operations for each of the quarters
in fiscal 2008 and fiscal 2007. The Company uses a 13 week fiscal quarter ending on the last Saturday of the
quarter.
First Second Third Fourth First Second Third Fourth
2008 2007
Fiscal Quarter
Net sales .............. $239,298 $249,111 $254,843 $341,394 $194,113 $200,449 $208,235 $309,344
Cost of sales . . .......... 165,377 175,965 175,368 240,002 134,600 141,417 140,156 212,322
Gross profit . .......... 73,921 73,146 79,475 101,392 59,513 59,032 68,079 97,022
Selling, general and
administrative expenses . . 62,065 61,889 65,176 78,192 47,982 51,188 55,609 70,388
Pre-opening expenses ..... 3,772 4,050 4,693 1,796 1,656 2,914 4,494 2,694
Operating income . ..... 8,084 7,207 9,606 21,404 9,875 4,930 7,976 23,940
Interest expense ......... 915 1,016 1,124 888 996 1,162 1,307 1,077
Income before income
taxes .............. 7,169 6,191 8,482 20,516 8,879 3,768 6,669 22,863
Income tax expense . . ..... 2,894 2,503 3,465 8,228 3,560 1,562 2,463 9,259
Net income . .......... $ 4,275 $ 3,688 $ 5,017 $ 12,288 $ 5,319 $ 2,206 $ 4,206 $ 13,604
Net income per common
share:
Basic ............... $ 0.08 $ 0.06 $ 0.09 $ 0.21 $ 0.22 $ (0.23) $ 0.06 $ 0.24
Diluted .............. $ 0.07 $ 0.06 $ 0.09 $ 0.21 $ 0.10 $ (0.23) $ 0.05 $ 0.23
Due to preferred stock dividends prior to the initial public offering, changes in stock prices during the year
and timing of issuance of shares, the sum of fiscal 2007 quarterly net income per common share will not
equal the fiscal 2007 annual net income per common share.
70
Ulta Salon, Cosmetics & Fragrance, Inc.
Notes to Consolidated Financial Statements — (Continued)