Ulta 2010 Annual Report Download - page 69

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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 2010 and fiscal 2009. The Company uses a 13 week fiscal quarter ending on the last Saturday of the
quarter.
First Second Third Fourth First Second Third Fourth
2010 2009
Net sales .............. $320,196 $321,804 $339,179 $473,659 $268,825 $273,539 $284,043 $396,364
Cost of sales . . .......... 215,661 217,846 220,273 316,973 189,283 194,825 192,372 269,722
Gross profit . .......... 104,535 103,958 118,906 156,686 79,542 78,714 91,671 126,642
Selling, general and
administrative expenses . . 80,729 79,909 90,309 107,159 69,393 66,468 74,797 91,755
Pre-opening expenses ..... 474 1,793 4,305 523 1,195 2,010 2,183 615
Operating income . ..... 23,332 22,256 24,292 49,004 8,954 10,236 14,691 34,272
Interest expense ......... 118 214 244 179 671 645 441 445
Income before income
taxes .............. 23,214 22,042 24,048 48,825 8,283 9,591 14,250 33,827
Income tax expense . . ..... 9,553 8,980 9,845 18,721 3,363 3,841 5,790 13,601
Net income . .......... $ 13,661 $ 13,062 $ 14,203 $ 30,104 $ 4,920 $ 5,750 $ 8,460 $ 20,226
Net income per common
share:
Basic ............... $ 0.23 $ 0.22 $ 0.24 $ 0.50 $ 0.09 $ 0.10 $ 0.15 $ 0.35
Diluted .............. $ 0.23 $ 0.22 $ 0.23 $ 0.49 $ 0.08 $ 0.10 $ 0.14 $ 0.34
The sum of the quarterly net income per common share may not equal the annual total due to quarterly
changes in the weighted average shares and share equivalents outstanding.
65
Ulta Salon, Cosmetics & Fragrance, Inc.
Notes to Financial Statements — (Continued)