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Business and Basis of Presentation
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Apr. 30, 2011
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| Business and basis of presentation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business and basis of presentation |
1. Business and basis of presentation
Ulta Salon, Cosmetics & Fragrance, Inc. (Company or Ulta) was incorporated in the state of Delaware
on January 9, 1990, to operate specialty retail stores selling cosmetics, fragrance, haircare and
skincare products, and related accessories and services. The stores also feature full-service
salons. As of April 30, 2011, the Company operated 394 stores in 40 states, as shown in the table
below:
The accompanying unaudited financial statements and related notes have been prepared in accordance
with U.S. generally accepted accounting principles (GAAP) 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. In the opinion of management, the accompanying 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. Significant portions of the Company’s
net sales and net income are realized during the fourth quarter of the fiscal year due to the
holiday selling season. The results for the three months ended April 30, 2011 are not necessarily
indicative of the results to be expected for the fiscal year ending January 28, 2012, or for any
other future interim period or for any future year.
These interim financial statements and the related notes should be read in conjunction with the
financial statements and notes included in the Company’s Annual Report on Form 10-K for the year
ended January 29, 2011. All amounts are stated in thousands, with the exception of per share
amounts and number of stores.
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