Ulta 2011 Annual Report Download - page 28

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Item 2. Properties
All of our retail stores, corporate offices and distribution and warehouse facilities are leased or subleased. Our
retail stores are predominately located in convenient, high-traffic, locations such as power centers. Our typical
store is approximately 10,000 square feet, including approximately 950 square feet dedicated to our full-service
salon. Most of our retail store leases provide for a fixed minimum annual rent and generally have a fixed 10-year
initial term with options for two or three extension periods of five years each, exercisable at our option. As of
January 28, 2012, we operated 449 retail stores in 43 states, as shown in the table below:
State
Number of
stores
Alabama ................................................................................... 9
Arizona .................................................................................... 23
Arkansas ................................................................................... 3
California .................................................................................. 39
Colorado ................................................................................... 11
Connecticut ................................................................................. 3
Delaware ................................................................................... 1
Florida ..................................................................................... 31
Georgia .................................................................................... 19
Idaho ...................................................................................... 1
Illinois ..................................................................................... 37
Indiana .................................................................................... 8
Iowa ...................................................................................... 4
Kansas ..................................................................................... 3
Kentucky ................................................................................... 6
Louisiana .................................................................................. 4
Maine ..................................................................................... 2
Maryland ................................................................................... 8
Massachusetts ............................................................................... 6
Michigan ................................................................................... 15
Minnesota .................................................................................. 11
Mississippi ................................................................................. 3
Missouri ................................................................................... 4
Nebraska ................................................................................... 2
Nevada .................................................................................... 6
New Hampshire ............................................................................. 1
New Jersey ................................................................................. 13
New Mexico ................................................................................ 1
New York .................................................................................. 15
North Carolina .............................................................................. 17
North Dakota ............................................................................... 1
Ohio ...................................................................................... 14
Oklahoma .................................................................................. 7
Oregon .................................................................................... 5
Pennsylvania ................................................................................ 18
Rhode Island ................................................................................ 1
South Carolina .............................................................................. 6
Tennessee .................................................................................. 7
Texas ...................................................................................... 57
Utah ...................................................................................... 4
Virginia .................................................................................... 11
Washington ................................................................................. 7
Wisconsin .................................................................................. 5
Total ...................................................................................... 449
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