Ulta Beauty Files 10-Q for Q2 2024

TL;DR

ULTA 10-Q filed: Financials for Q2 2024 out. Balance sheet details look solid.

AI Summary

Ulta Beauty, Inc. filed its 10-Q for the period ending August 3, 2024. The company reported its financial performance and position, including details on its balance sheet items such as Treasury Stock, Retained Earnings, and Additional Paid-In Capital as of August 3, 2024. The filing also references previous periods, including the quarter ending July 29, 2023, and the fiscal year ending February 1, 2024.

Why It Matters

This filing provides investors with a detailed look at Ulta Beauty's financial health and operational performance during the second quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 0001403568 — Central Index Key (Unique identifier for Ulta Beauty, Inc.)
• 20240803 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)

Key Players & Entities

• Ulta Beauty, Inc. (company) — Filer of the 10-Q
• August 3, 2024 (date) — End of reporting period
• 0001403568 (company) — Central Index Key for Ulta Beauty, Inc.
• 20240803 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share ULTA The NASDAQ Global Se

Filing Documents

• ulta-20240803x10q.htm (10-Q) — 1394KB
• ulta-20240803xex31d1.htm (EX-31.1) — 16KB
• ulta-20240803xex31d2.htm (EX-31.2) — 16KB
• ulta-20240803xex32.htm (EX-32) — 11KB
• 0001558370-24-012542.txt ( ) — 5202KB
• ulta-20240803.xsd (EX-101.SCH) — 28KB
• ulta-20240803_cal.xml (EX-101.CAL) — 35KB
• ulta-20240803_def.xml (EX-101.DEF) — 119KB
• ulta-20240803_lab.xml (EX-101.LAB) — 290KB
• ulta-20240803_pre.xml (EX-101.PRE) — 210KB
• ulta-20240803x10q_htm.xml (XML) — 799KB

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Stockholders' Equity 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

- Other Information

Part II - Other Information 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 26

SIGNATURES

SIGNATURES 27 2 Table of Contents

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements Ulta Beauty, Inc. Consolidated Balance Sheets August 3, February 3, July 29, (In thousands, except per share data) 2024 2024 2023 Assets (Unaudited) (Unaudited) Current assets: Cash and cash equivalents $ 413,962 $ 766,594 $ 388,627 Receivables, net 200,863 207,939 174,444 Merchandise inventories, net 1,998,286 1,742,136 1,815,539 Prepaid expenses and other current assets 132,023 115,598 110,524 Prepaid income taxes 53,607 4,251 30,114 Total current assets 2,798,741 2,836,518 2,519,248 Property and equipment, net 1,225,850 1,182,335 1,073,144 Operating lease assets 1,599,735 1,574,530 1,549,146 Goodwill 10,870 10,870 10,870 Other intangible assets, net 357 510 718 Deferred compensation plan assets 46,280 43,516 40,087 Other long-term assets 55,575 58,732 55,547 Total assets $ 5,737,408 $ 5,707,011 $ 5,248,760 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 566,904 $ 544,001 $ 521,315 Accrued liabilities 348,042 382,468 328,247 Deferred revenue 394,987 436,591 354,253 Current operating lease liabilities 281,301 283,821 287,359 Accrued income taxes — 11,310 — Total current liabilities 1,591,234 1,658,191 1,491,174 Non-current operating lease liabilities 1,647,698 1,627,271 1,593,040 Deferred income taxes 88,461 85,921 56,012 Other long-term liabilities 61,855 56,300 56,657 Total liabilities 3,389,248 3,427,683 3,196,883 Commitments and contingencies (Note 6) Stockholders' equity: Common stock, $ 0.01 par value, 400,000 shares authorized; 48,143 , 49,123 , and 50,139 shares issued; 47,300 , 48,324 , and 49,341 shares outstanding; at August 3, 2024 (unaudited), February 3, 2024, and July 29, 2023 (unaudited), respectively 481 491 501 Treasury stock-common, at cost ( 106,491 ) ( 83,032 ) ( 82,229 ) Addition

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (In thousands, except per share and store count data) (Unaudited) 1. Business and basis of presentation Ulta Beauty, Inc. was founded in 1990 to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. Nearly every store 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 3, 2024, the Company operated 1,411 stores across 50 states, as shown in the table below. Number of Number of Location stores Location stores Alabama 27 Montana 6 Alaska 3 Nebraska 5 Arizona 37 Nevada 16 Arkansas 11 New Hampshire 8 California 173 New Jersey 46 Colorado 27 New Mexico 7 Connecticut 19 New York 56 Delaware 4 North Carolina 46 Florida 100 North Dakota 4 Georgia 44 Ohio 47 Hawaii 4 Oklahoma 22 Idaho 10 Oregon 19 Illinois 55 Pennsylvania 45 Indiana 26 Rhode Island 5 Iowa 11 South Carolina 26 Kansas 14 South Dakota 3 Kentucky 16 Tennessee 32 Louisiana 18 Texas 133 Maine 3 Utah 15 Maryland 29 Vermont 1 Massachusetts 27 Virginia 35 Michigan 49 Washington 37 Minnesota 20 West Virginia 7 Mississippi 12 Wisconsin 21 Missouri 26 Wyoming 4 Total 1,411 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 inte