Quarterly report pursuant to Section 13 or 15(d)

Business and basis of presentation

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Business and basis of presentation
 3 Months Ended
May 03, 2014
Accounting Policies [Abstract]  
Business and basis of presentation
1. Business and basis of presentation

Ulta Salon, Cosmetics & Fragrance, Inc. 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 May 3, 2014, the Company operated 696 stores in 46 states, as shown in the table below. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta” or the “Company” refer to Ulta Salon, Cosmetics & Fragrance, Inc. and its consolidated subsidiary, Ulta Inc.

 

State

    Number of
stores		  

Alabama

      11   

Arizona

      23   

Arkansas

      6   

California

      76   

Colorado

      13   

Connecticut

      7   

Delaware

      1   

Florida

      49   

Georgia

      25   

Idaho

      4   

Illinois

      44   

Indiana

      14   

Iowa

      6   

Kansas

      5   

Kentucky

      8   

Louisiana

      12   

Maine

      3   

Maryland

      12   

Massachusetts

      10   

Michigan

      34   

Minnesota

      11   

Mississippi

      5   

Missouri

      15   

 

State

    Number of
stores		  

Montana

      4   

Nebraska

      3   

Nevada

      7   

New Hampshire

      4   

New Jersey

      16   

New Mexico

      2   

New York

      22   

North Carolina

      22   

North Dakota

      1   

Ohio

      26   

Oklahoma

      8   

Oregon

      9   

Pennsylvania

      25   

Rhode Island

      2   

South Carolina

      12   

South Dakota

      2   

Tennessee

      10   

Texas

      72   

Utah

      8   

Virginia

      20   

Washington

      13   

West Virginia

      2   

Wisconsin

      12   
  

 

 

  

Total

      696   

 

The accompanying unaudited consolidated 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. These consolidated financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts, transactions and unrealized profit were eliminated in consolidation. In the opinion of management, the accompanying 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. 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 13 weeks ended May 3, 2014 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2015, or for any other future interim period or for any future year.

 

These 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, 2014. All amounts are stated in thousands, with the exception of per share amounts and number of stores.