Ulta Beauty, Inc. Files 2024 10-K Report

TL;DR

<b>Ulta Beauty, Inc. has filed its 2024 10-K report detailing financial performance and operations for the fiscal year ending February 3, 2024.</b>

AI Summary

Ulta Beauty, Inc. (ULTA) filed a Annual Report (10-K) with the SEC on March 26, 2024. Ulta Beauty, Inc. filed its annual 10-K report for the fiscal year ending February 3, 2024. The company is identified by Central Index Key 0001403568 and operates in the Retail Stores sector (SIC 5990). The filing covers the fiscal year 2023, with data points for fiscal years 2021, 2022, and 2023. Key financial statement items like Sales, Selling, General & Administrative Expenses, Inventory Valuation Reserve, and Allowance for Credit Loss are included. The report also references share repurchase programs initiated in 2020, 2022, and 2024.

Why It Matters

For investors and stakeholders tracking Ulta Beauty, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ulta Beauty's financial health and operational activities for the past fiscal year, crucial for investors to assess performance and future outlook. The inclusion of historical data and references to share repurchase programs offers insights into the company's capital allocation strategies and commitment to shareholder returns.

Risk Assessment

Risk Level: low — Ulta Beauty, Inc. shows low risk based on this filing. The filing is a standard 10-K report, which is a routine disclosure for public companies and does not inherently contain new, high-risk information.

Analyst Insight

Review the detailed financial statements and segment information within the 10-K to understand Ulta Beauty's revenue drivers and cost structures for the fiscal year 2023.

Key Numbers

• 2024-02-03 — Fiscal Year End (2024-02-03)
• 2023-01-29 — Previous Fiscal Year End (2023-01-29)
• 2022-01-30 — Prior Fiscal Year End (2022-01-30)
• 2021-01-31 — Prior Prior Fiscal Year End (2021-01-31)
• 0001403568 — Central Index Key (0001403568)
• 5990 — SIC Code (5990)
• 2024-03-26 — Filing Date (2024-03-26)
• 2024-03-12 — Share Repurchase Program Date (2024-03-12)

Key Players & Entities

• Ulta Beauty, Inc. (company) — COMPANY CONFORMED NAME
• 0001403568 (company) — CENTRAL INDEX KEY
• 5990 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-02-03 (date) — FISCAL YEAR END
• 2024-03-26 (date) — FILED AS OF DATE
• Ulta Salon, Cosmetics & Fragrance, Inc. (company) — FORMER COMPANY NAME
• 2007-06-18 (date) — DATE OF NAME CHANGE
• 2024-03-12 (date) — ShareRepurchaseProgram2024Member

FAQ

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share ULTA The NASDAQ Global Se
• $181 billion — , this market represented approximately $181 billion in sales, according to forecasted Eurom
• $112 billion — products industry totaled approximately $112 billion and included cosmetics, haircare, fragr
• $69 billion — services industry totaled approximately $69 billion and included hair, skin, and nail servi
• $2.0 m — new Ulta Beauty store is approximately $2.0 million, which includes capital investmen

Filing Documents

• ulta-20240203x10k.htm (10-K) — 2837KB
• ulta-20240203xex4d4.htm (EX-4.4) — 12KB
• ulta-20240203xex10d2.htm (EX-10.2) — 1843KB
• ulta-20240203xex21.htm (EX-21) — 9KB
• ulta-20240203xex23.htm (EX-23) — 5KB
• ulta-20240203xex31d1.htm (EX-31.1) — 15KB
• ulta-20240203xex31d2.htm (EX-31.2) — 15KB
• ulta-20240203xex32d1.htm (EX-32.1) — 7KB
• ulta-20240203xex32d2.htm (EX-32.2) — 8KB
• ulta-20240203xex97.htm (EX-97) — 38KB
• ulta-20240203x10k005.jpg (GRAPHIC) — 49KB
• 0001558370-24-003941.txt (&nbsp;) — 13846KB
• ulta-20240203.xsd (EX-101.SCH) — 61KB
• ulta-20240203_cal.xml (EX-101.CAL) — 70KB
• ulta-20240203_def.xml (EX-101.DEF) — 253KB
• ulta-20240203_lab.xml (EX-101.LAB) — 608KB
• ulta-20240203_pre.xml (EX-101.PRE) — 469KB
• ulta-20240203x10k_htm.xml (XML) — 2336KB

Forward Looking Statements

Forward Looking Statements 4 Part I Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 Item 4A. Executive Officers 31 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79 Item 9A.

Controls and Procedures

Controls and Procedures 79 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 Part III Item 10. Directors, Executive Officers and Corporate Governance 80 Item 11.

Executive Compensation

Executive Compensation 80 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80 Item 13. Certain Relationships and Related Transactions, and Director Independence 80 Item 14. Principal Accountant Fees and Services 80 Part IV Item 15. Exhibits and Financial Statement Schedules 81 Item 16. Form 10-K Summary 84

Signatures

Signatures 85 3 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS References in this Annual Report on Form 10-K to "we," "us," "our," "Ulta Beauty," the "Company" and similar references mean Ulta Beauty, Inc. and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires. This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, 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," "targets," "strategies" or other comparable words. Any forward-looking statements contained in this Form 10-K 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, targets, strategies, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation: macroeconomic conditions, including inflation, elevated interest rates and recessionary concerns, as well as continuing labor cost pressures, and transportation and shipping cost pressures, have had, and may continue to have, a negative impact on our business, financial condition, profitability, and cash flows (including future uncertain impacts); changes in the overall level of consumer spending and volatility in the economy, including as a result of macroeconomic conditions and geopolitical events; our ability to sustain our growth plans and successfully implement our long-range strategic and financial plan; the ability to execute our operational excellence prio

Business

Item 1. Business Overview Ulta Beauty is the largest specialty beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products, and salon services. Key aspects of our business include: One-of-a-kind Assortment. We offer guests a differentiated assortment of approximately 25,000 products from approximately 600 established and emerging beauty brands across a variety of categories and price points. We believe we offer the widest selection of beauty categories, from mass to prestige price points, across cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools. Store Footprint. We operate more than 1,350 stores predominantly located in convenient, high-traffic locations. With a bright and open store environment, we make it easy for guests to discover new products and services. Our store design, fixtures, and open layout provide the flexibility to respond to consumer trends and changes in our merchandising strategy. We also offer beauty services in nearly every store, including a full-service hair salon and a Benefit TM Brow Bar. In addition to our free-standing locations, through our partnership with Target Corporation we have more than 500 Ulta Beauty at Target shop-in-shops which provide guests with a highly-curated, prestige beauty assortment in a unique and elevated presentation in 1,000 square feet of dedicated space within certain Target locations. Leading Digital Experiences. Through our website, Ulta.com, and our mobile applications, we offer guests convenient, interactive, and personalized digital experiences. Our digital channels enable always-on shopping and discovery, and our diverse fulfillment options, including buy online pick-up in store, buy online pick-up curbside, ship from store, ship from distribution center, and same-day delivery, provide guests with value and convenience. In addition to e-commerce platforms,