Ulta 2010 Annual Report Download - page 53

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Ulta Salon, Cosmetics & Fragrance, Inc.
Statements of Income
(In thousands, except per share data)
January 29,
2011
January 30,
2010
January 31,
2009
Fiscal Year Ended
Netsales ............................................ $1,454,838 $1,222,771 $1,084,646
Cost of sales ......................................... 970,753 846,202 752,939
Gross profit ........................................ 484,085 376,569 331,707
Selling, general and administrative expenses .................. 358,106 302,413 271,095
Pre-opening expenses ................................... 7,095 6,003 14,311
Operating income .................................... 118,884 68,153 46,301
Interest expense ....................................... 755 2,202 3,943
Income before income taxes ............................ 118,129 65,951 42,358
Income tax expense .................................... 47,099 26,595 17,090
Net income ......................................... $ 71,030 $ 39,356 $ 25,268
Net income per common share:
Basic ............................................. $ 1.20 $ 0.68 $ 0.44
Diluted............................................ $ 1.16 $ 0.66 $ 0.43
Weighted average common shares outstanding:
Basic ............................................. 58,959 57,915 57,425
Diluted............................................ 61,288 59,237 58,967
See accompanying notes to financial statements.
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