Ulta 2010 Annual Report Download - page 50

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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Ulta Salon, Cosmetics & Fragrance, Inc.
We have audited the accompanying balance sheets of Ulta Salon, Cosmetics & Fragrance, Inc. (the Company)
as of January 29, 2011 and January 30, 2010, and the related statements of income, cash flows, and
stockholders’ equity for each of the three years in the period ended January 29, 2011. These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of Ulta Salon, Cosmetics & Fragrance, Inc. at January 29, 2011 and January 30, 2010, and the results
of its operations and its cash flows for each of the three years in the period ended January 29, 2011, in
conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Ulta Salon, Cosmetics & Fragrance, Inc.’s internal control over financial reporting as of
January 29, 2011, based on criteria established in Internal Control — Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 30, 2011,
expressed an unqualified opinion thereon.
/s/ ERNST &YOUNG LLP
Chicago, Illinois
March 30, 2011
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