Quarterly report pursuant to Section 13 or 15(d)

Business and basis of presentation

v2.4.0.6
Business and basis of presentation
 9 Months Ended
Oct. 27, 2012
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 October 27, 2012, the Company operated 537 stores in 45 states, as shown in the table below:

 

State

    Number of
stores		        

State

    Number of
stores

Alabama

    10       Montana    1

Arizona

    23       Nebraska    3

Arkansas

    4       Nevada    6

California

    53       New Hampshire    1

Colorado

    12       New Jersey    14

Connecticut

    4       New Mexico    1

Delaware

    1       New York    18

Florida

    38       North Carolina    17

Georgia

    21       North Dakota    1

Idaho

    3       Ohio    18

Illinois

    38       Oklahoma    8

Indiana

    10       Oregon    6

Iowa

    6       Pennsylvania    20

Kansas

    3       Rhode Island    1

Kentucky

    6       South Carolina    10

Louisiana

    8       Tennessee    8

Maine

    2       Texas    65

Maryland

    9       Utah    6

Massachusetts

    7       Virginia    12

Michigan

    23       Washington    9

Minnesota

    11       West Virginia    1

Mississippi

    4       Wisconsin    7
           

 

Missouri

    8       Total    537

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 13 and 39 weeks ended October 27, 2012 are not necessarily indicative of the results to be expected for the fiscal year ending February 2, 2013, 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 fiscal year ended January 28, 2012. All amounts are stated in thousands, with the exception of per share amounts and number of stores.