Quarterly report [Sections 13 or 15(d)]

Business and basis of presentation

v3.25.2
Business and basis of presentation
6 Months Ended
Aug. 02, 2025
Business and basis of presentation  
Business and basis of presentation

1.Business and basis of presentation

Ulta Beauty, Inc. and its subsidiaries operate specialty retail stores selling cosmetics, fragrance, haircare products, skincare and wellness products, and related accessories and services. Nearly every store in the United States (U.S.) features a full-service salon.

As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta Beauty,” or the “Company” refer to Ulta Beauty, Inc. and its consolidated subsidiaries.

As of August 2, 2025, the Company operated 1,556 stores worldwide: 1,473 in the U.S. located in 50 states (detailed below), 81 in the United Kingdom (U.K.), and two in Ireland.

Number of

Number of

Location

    

stores

    

Location

    

stores

Alabama

27

Montana

6

Alaska

3

Nebraska

5

Arizona

40

Nevada

16

Arkansas

11

New Hampshire

8

California

177

New Jersey

47

Colorado

28

New Mexico

8

Connecticut

20

New York

60

Delaware

4

North Carolina

50

Florida

104

North Dakota

4

Georgia

46

Ohio

48

Hawaii

4

Oklahoma

23

Idaho

10

Oregon

21

Illinois

55

Pennsylvania

47

Indiana

27

Rhode Island

5

Iowa

13

South Carolina

27

Kansas

15

South Dakota

3

Kentucky

18

Tennessee

34

Louisiana

19

Texas

141

Maine

3

Utah

17

Maryland

29

Vermont

1

Massachusetts

27

Virginia

37

Michigan

51

Washington

37

Minnesota

22

West Virginia

7

Mississippi

12

Wisconsin

24

Missouri

27

Wyoming

5

Total

1,473


The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and the U.S. Securities and Exchange Commission’s Article 10, Regulation S-X. These financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiaries. All

significant intercompany accounts, transactions, and unrealized profit were eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to fairly state the financial position and results of operations and cash flows for the interim periods presented.

The Company’s business is subject to seasonal fluctuation, with significant portions of net sales and net income being realized during the fourth quarter of the fiscal year due to the holiday selling season. The results for the 13 and 26 weeks ended August 2, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2026, or for any other future interim period or for any future year.

These unaudited interim consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended February 1, 2025. All amounts are stated in thousands, with the exception of per share amounts and number of stores.