Ulta 2013 Annual Report Download - page 54

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Ulta Salon, Cosmetics & Fragrance, Inc.
Consolidated Statements of Income
Fiscal year ended
(In thousands, except per share data)
February 1,
2014
February 2,
2013
January 28,
2012
Net sales .................................................. $2,670,573 $2,220,256 $1,776,151
Cost of sales ............................................... 1,729,325 1,436,582 1,159,311
Gross profit .............................................. 941,248 783,674 616,840
Selling, general and administrative expenses ...................... 596,390 488,880 410,658
Pre-opening expenses ........................................ 17,270 14,816 9,987
Operating income ......................................... 327,588 279,978 196,195
Interest (income) expense ..................................... (118) 185 587
Income before income taxes ................................. 327,706 279,793 195,608
Income tax expense .......................................... 124,857 107,244 75,344
Net income .............................................. $ 202,849 $ 172,549 $ 120,264
Net income per common share:
Basic ................................................... $ 3.17 $ 2.73 $ 1.96
Diluted .................................................. $ 3.15 $ 2.68 $ 1.90
Weighted average common shares outstanding:
Basic ................................................... 63,992 63,250 61,259
Diluted .................................................. 64,461 64,396 63,334
Dividends declared per common share ........................... $ — $ 1.00 $ —
See accompanying notes to financial statements.
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