Ulta 2010 Annual Report Download - page 35

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Item 6. Selected Financial Data
The following table presents our selected financial data. The table should be read in conjunction with Item 7,
“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Item 8,
“Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K.
January 29,
2011
January 30,
2010
January 31,
2009
February 2,
2008
February 3,
2007
Fiscal Year Ended(1)
(In thousands, except per share and per square foot data)
Income statement:
Net sales(2) .................... $1,454,838 $1,222,771 $1,084,646 $ 912,141 $ 755,113
Cost of sales(3).................. 970,753 846,202 752,939 628,495 519,929
Gross profit................... 484,085 376,569 331,707 283,646 235,184
Selling, general and administrative
expenses(3) ................... 358,106 302,413 271,095 225,167 188,000
Pre-opening expenses ............. 7,095 6,003 14,311 11,758 7,096
Operating income . ............. 118,884 68,153 46,301 46,721 40,088
Interest expense ................. 755 2,202 3,943 4,542 3,314
Income before income taxes ........ 118,129 65,951 42,358 42,179 36,774
Income tax expense. . ............. 47,099 26,595 17,090 16,844 14,231
Net income ................... $ 71,030 $ 39,356 $ 25,268 $ 25,335 $ 22,543
Net income per common share:
Basic ....................... $ 1.20 $ 0.68 $ 0.44 $ 0.69 $ 1.38
Diluted...................... $ 1.16 $ 0.66 $ 0.43 $ 0.48 $ 0.45
Weighted average common shares
outstanding:
Basic ....................... 58,959 57,915 57,425 20,383 5,771
Diluted...................... 61,288 59,237 58,967 53,293 49,921
Other operating data:
Comparable store sales increase(4) . . . 11.0% 1.4% 0.2% 6.4% 14.5%
Number of stores end of year ....... 389 346 311 249 196
Total square footage end of year ..... 4,094,808 3,613,840 3,240,579 2,589,244 2,023,305
Total square footage per store(5) ..... 10,526 10,445 10,420 10,399 10,323
Average total square footage(6) ...... 3,811,597 3,459,628 2,960,355 2,283,935 1,857,885
Net sales per average total square
foot(7) ...................... $ 382 $ 353 $ 366 $ 399 $ 398
Capital expenditures . ............. 97,115 68,105 110,863 101,866 62,331
Depreciation and amortization ....... 64,936 62,166 51,445 39,503 29,736
Balance sheet data:
Cash and cash equivalents .......... $ 111,185 $ 4,017 $ 3,638 $ 3,789 $ 3,645
Working capital ................. 241,032 136,417 159,695 117,039 88,105
Property and equipment, net ........ 326,099 290,861 292,224 236,389 162,080
Total assets ..................... 730,488 553,635 568,932 469,413 338,597
Totaldebt(8).................... — — 106,047 74,770 55,529
Total stockholders’ equity .......... 402,533 292,608 244,968 211,503 148,760
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