Ulta 2011 Annual Report Download - page 51

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Ulta Salon, Cosmetics & Fragrance, Inc.
Statements of Income
Fiscal year ended
(In thousands, except per share data)
January 28,
2012
January 29,
2011
January 30,
2010
Net sales .................................................. $1,776,151 $1,454,838 $1,222,771
Cost of sales ............................................... 1,159,311 970,753 846,202
Gross profit .............................................. 616,840 484,085 376,569
Selling, general and administrative expenses ...................... 410,658 358,106 302,413
Pre-opening expenses ........................................ 9,987 7,095 6,003
Operating income ......................................... 196,195 118,884 68,153
Interest expense ............................................. 587 755 2,202
Income before income taxes ................................. 195,608 118,129 65,951
Income tax expense .......................................... 75,344 47,099 26,595
Net income .............................................. $ 120,264 $ 71,030 $ 39,356
Net income per common share:
Basic ................................................... $ 1.96 $ 1.20 $ 0.68
Diluted .................................................. $ 1.90 $ 1.16 $ 0.66
Weighted average common shares outstanding:
Basic ................................................... 61,259 58,959 57,915
Diluted .................................................. 63,334 61,288 59,237
See accompanying notes to financial statements.
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