Exhibit 99.1

Company Contact:
Gregg Bodnar
Chief Financial Officer
(630) 410-4633

Investors/Media Contacts:
Integrated Corporate Relations
Allison Malkin/Stephanie Sampiere
(203) 682-8225/(646) 277-1222

ULTA ANNOUNCES FIRST QUARTER FISCAL YEAR 2008 RESULTS
First Quarter Net Sales Increased 23.3%
Comparable Store Sales Increased 3.9%
First Quarter Diluted EPS of $0.08 (Excluding $0.01 in Severance Costs)
Maintains Fiscal 2008 Outlook

     Romeoville, IL – June 4, 2008 – Ulta Salon, Cosmetics & Fragrance, Inc. [NASDAQ:ULTA], today announced financial results for the thirteen-week period (“First Quarter”) ended May 3, 2008, which compares to the first quarter ended May 5, 2007.

For the First Quarter:

	•		Net sales increased 23.3% to $239.3 million from $194.1 million in the first quarter of fiscal 2007;
	•		Comparable store sales (sales for stores open at least 14 months) increased 3.9%, compared to an increase of 9.2% in the first quarter of fiscal 2007;
	•		Gross profit increased 24.2% to $73.9 million, or 30.9% of net sales, from $59.5 million, or 30.7% of net sales in the first quarter of fiscal 2007;
	•		Operating income was $8.1 million and included incremental pre-opening expenses of $2.1 million, $1.1 million in advertising costs related to an additional marketing event, and $0.7 million, or $0.01 per share, of severance expense related to the previously announced management change. This compares to operating income of $9.9 million in the first quarter of fiscal 2007;
	•		Net income was $4.3 million, compared to $5.3 million in the first quarter of fiscal 2007;
	•		Income per diluted share was $0.07, including $0.01 per share of severance costs, and $0.08 per diluted share excluding the severance costs, compared to income per

			diluted share of $0.10 in the first quarter of fiscal 2007; the severance costs were not included in the Company’s first quarter guidance; and
	•		Adjusted income per diluted share was $0.07, including $0.01 of severance costs, compared to adjusted income per diluted share of $0.09 in the first quarter of fiscal 2007. Adjusted income per diluted share excludes the effects of preferred stock dividends and equalizes the dilutive effects of the preferred shares and IPO shares for the period. See Exhibit 3 for a complete description of adjusted income per basic and diluted share and reconciliation to the GAAP equivalents.

     Lyn Kirby, Ulta’s President and Chief Executive Officer, stated: “We continued our positive momentum from fourth quarter reporting strong first quarter results that included 23.3% net sales growth, 3.9% comparable store sales growth, increased gross profit margins and earnings at the top end of our guidance range. Our sales increase was well balanced with notable strength in both new and long established brands. During the period, we also opened a record number of new stores, which are performing to our new store model, and in support of our expansion, successfully began shipping from our second distribution center in Phoenix, Arizona. Our core strategies in product, marketing and store expansion are proving to be the correct consumer proposition in today’s environment.”

     “As we look ahead, we recognize the economy remains difficult, yet we continue to be optimistic regarding our ability to deliver a strong year having prudently and appropriately planned sales and expenses. We have created a truly unique beauty superstore and consumers are responding favorably to our experience and value proposition, which is leading to consistent growth and exciting new opportunities.”

Balance Sheet

     Merchandise inventories at the end of the first quarter totaled $212.6 million, compared to $152.9 million last year, representing an increase of $59.7 million. $44.7 million of the increase is due to the addition of 62 net new stores opened since May 5, 2007, approximately $9.0 million represents incremental inventory related to our newly opened distribution center, and $6.0 million relates to inventory for 12 stores planned to open in the second quarter of 2008. Average inventory per store was flat compared to the prior year quarter after excluding the $9.0 million of incremental inventory related to the new distribution center.

Store Expansion

     During the first quarter, the Company opened 17 stores, one each in Hoover, AL; Huntsville, AL; Tuscaloosa, AL; San Jose, CA; Destin, FL; Jacksonville, FL; Panama City Beach, FL; Noblesville, IN; Shreveport, LA; North Attleboro, MA; Baltimore, MD; Mooresville, NC; Las Vegas, NV; Myrtle Beach, SC; Rockwall, TX; and two in El Paso, TX. In addition, the Company closed 1 store in Mesa, AZ and remodeled 1 store in Merrillville, IN. The Company ended the first quarter with 265 stores and square footage of 2,750,247, which represents a 31.2% increase compared to the first quarter fiscal 2007.

Outlook

     The Company is introducing second quarter guidance for fiscal 2008, which reflects the Company’s current business trends and the current retail and economic environment. For the second quarter of fiscal 2008, the Company estimates net sales in the range of $248 million to $252 million, compared to actual second quarter fiscal 2007 net sales of $200.4 million. Comparable store sales are expected to increase in the range of 3% to 5%, compared to a 6.5% increase in the prior year quarter. Income per diluted share is estimated in the range of $0.04 to $0.05, which is impacted by expected additional pre-opening costs of $2.1 million, or $0.02 per diluted share, due to the increased number of store openings in the quarter, as compared to the prior year quarter. The Company plans to open approximately 18 new stores during the second quarter of fiscal 2008 compared to 8 stores in the second quarter of fiscal 2007.

     The Company is reiterating full year guidance for fiscal 2008. For the full year fiscal 2008, the Company continues to estimate net sales in the range of $1.12 billion to $1.14 billion, compared to actual fiscal 2007 net sales of $912.1 million. Comparable store sales are expected to increase by 3% to 5%, compared to a 6.4% increase last year. Income per diluted share is estimated in the range of $0.52 to $0.57. The Company’s full year guidance excludes the $0.01 per share severance expense. The Company expects to open approximately 63 new stores and remodel 8 stores in fiscal 2008. Capital expenditures for fiscal 2008 are expected to be in a range of $115 million to $120 million.

     The Company’s annual long term growth targets include: (i) comparable store sales increase in the 3% to 5% range; (ii) square footage expansion of 20% — 25%; and (iii) net income growth of 25% - - 30%.

Conference Call Information

     A conference call to discuss first quarter results is scheduled for today June 4, 2008 at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 407-0784 approximately ten minutes prior to the start of the call. The conference call will also be web-cast live at http://ir.ulta.com and remain available for 90 days. A replay of this call will be available until midnight (ET) on June 11, 2008 and can be accessed by dialing (877) 660-6853 and entering account number 3055 and conference ID number 277688.

About Ulta

     Ulta is the largest beauty retailer that provides one-stop shopping for prestige, mass and salon products and salon services in the United States. Ulta provides affordable indulgence to its customers by combining the product breadth, value and convenience of a beauty superstore with the distinctive environment and experience of a specialty retailer.  Ulta offers a unique combination of over 21,000 prestige and mass beauty products across the categories of cosmetics, fragrance, haircare, skincare, bath and body products and salon styling tools, as well as salon haircare products. Ulta also offers a full-service salon in all of its stores. The Company currently operates 265 retail stores across 32 states and also distributes its products through the Company’s website: www.ulta.com.

Forward-Looking Statements

     This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation: the impact of weakness in the economy; changes in the overall level of consumer spending; changes in the wholesale cost of our products; the possibility that we may be unable to compete effectively in our highly competitive markets; the possibility that our continued opening of new stores could strain our resources and have a material adverse effect on our business and financial performance; the possibility that new store openings may be impacted by developer or co-tenant issues; the possibility that the capacity of our distribution and order fulfillment infrastructure may not be adequate to support our recent growth and expected future growth plans; the possibility of material disruptions to our information systems; weather conditions that could negatively impact sales and other risk factors detailed in our public filings with the Securities and Exchange Commission (the “SEC”), including risk factors contained in our Annual Report on Form 10-K for the year ended February 2, 2008. Our filings with the SEC are available at www.sec.gov. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Exhibit 1

Ulta Salon, Cosmetics & Fragrance, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)

		13 Weeks Ended								13 Weeks Ended
		May 3,								May 5,
		2008								2007
Net sales		$	239,298				100.0	%		$	194,113				100.0	%
Cost of sales			165,377				69.1	%			134,600				69.3	%
Gross profit			73,921				30.9	%			59,513				30.7	%
Selling, general and administrative expense			62,065				25.9	%			47,982				24.7	%
Pre-opening expenses			3,772				1.6	%			1,656				0.9	%
Operating income			8,084				3.4	%			9,875				5.1	%
Interest expense			915				0.4	%			996				0.5	%
Income before income taxes			7,169				3.0	%			8,879				4.6	%
Income tax expense			2,894				1.2	%			3,560				1.8	%
Net income		$	4,275				1.8	%		$	5,319				2.7	%
Less preferred stock dividends			—								3,743
Net income available to common stockholders		$	4,275							$	1,576
Net income per common share:
Basic		$	0.08							$	0.22
Diluted		$	0.07							$	0.10
Weighted average common shares outstanding:
Basic			56,956								7,185
Diluted			58,979								50,973

Exhibit 2

Ulta Salon, Cosmetics & Fragrance, Inc.
Condensed Consolidated Balance Sheets
(Subject to Reclassification)
(In thousands)

		May 3,				February 2,				May 5,
		2008				2008				2007
		(Unaudited)								(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	3,975			$	3,789			$	3,161
Receivables, net			19,533				20,643				17,137
Merchandise inventories, net			212,564				176,109				152,867
Prepaid expenses and other current assets			22,435				19,184				19,041
Deferred income taxes			9,129				9,219				5,694
Total current assets			267,636				228,944				197,900
Property and equipment, net			255,123				236,389				174,916
Deferred income taxes			4,080				4,080				4,728
Other assets			—				—				308
Total assets		$	526,839			$	469,413			$	377,852
Liabilities and stockholders’ equity
Current liabilities:
Current portion — notes payable		$	18,143			$	—			$	28,053
Accounts payable			66,508				52,122				50,922
Accrued liabilities			49,618				54,719				33,055
Accrued income taxes			6,872				5,064				—
Total current liabilities			141,141				111,905				112,030
Notes payable — less current portion			86,391				74,770				55,038
Deferred rent			80,411				71,235				52,633
Total liabilities			307,943				257,910				219,701
Commitments and contingencies
Series III redeemable preferred stock			—				—				4,792
Total stockholders’ equity			218,896				211,503				153,359
Total liabilities and stockholders’ equity		$	526,839			$	469,413			$	377,852

Exhibit 3

Ulta Salon, Cosmetics & Fragrance, Inc.
Unaudited Non-GAAP Income per Basic and Diluted Share
(A Non-GAAP Financial Measure)

On October 30, 2007, the Company completed an initial public offering (IPO) in which it sold 7,666,667 shares of common stock. Also in connection with the offering, the Company converted 41,524,002 preferred shares into common shares and paid in full approximately $93.0 million of accumulated dividends in arrears on its preferred stock.

The Company has provided non-GAAP adjusted income per basic and diluted share for the fiscal first quarters ended May 3, 2008 and May 5, 2007 in this release, in addition to providing financial results in accordance with GAAP. This information reflects, on a non-GAAP adjusted basis, the Company’s net income and income per basic and diluted share after adjusting for the effects of the Company’s IPO. The As Adjusted net income per basic and diluted share reflects the following for all periods presented: (i) elimination of preferred stock dividends, (ii) conversion of the preferred shares as of the beginning of the period, and (iii) weighted average effect of the IPO shares. The Company believes the non-GAAP adjusted income per basic and diluted share provides useful information to investors by reflecting income per share on a more representative basis with future operations. A reconciliation of this non-GAAP information to the Company’s actual results for the fiscal first quarters ended May 3, 2008 and May 5, 2007 are as follows:

		(In thousands, except per share amounts)
		13 Weeks Ended												13 Weeks Ended
		May 3, 2008												May 5, 2007
		As Reported				Adjustments				As Adjusted				As Reported				Adjustments				As Adjusted
Net income		$	4,275			$	—			$	4,275			$	5,319			$	—			$	5,319
Less preferred stock dividends			—				—				—				3,743				3,743	(i)			—
Net income available to common stockholders		$	4,275			$	—			$	4,275			$	1,576			$	3,743			$	5,319
Net income per common share:
Basic		$	0.08							$	0.08			$	0.22							$	0.09
Diluted		$	0.07							$	0.07			$	0.10							$	0.09
Weighted average common shares outstanding:
Basic			56,956				—				56,956				7,185			49,259		(ii)			56,444
Diluted			58,979				—				58,979				50,973			7,667		(iii)			58,640

Exhibit 4

2008 Store Expansion

Total stores open

Number of stores

Number of stores

Total stores open

at beginning of the

opened during the

closed during the

at end of the

Fiscal 2008

quarter

quarter

quarter

quarter

1st Quarter

249

17

1

265

Gross square feet

Total gross square

for stores opened or

Gross square feet

Total gross square

feet at beginning of

expanded during the

for stores closed

feet at end of the

Fiscal 2008

the quarter

quarter

during the quarter

quarter

1st Quarter

2,589,244

170,599

9,596

2,750,247