Ulta Beauty Sees Q1 Sales of $474M vs $452-460M Prior Guidance; EPS $0.52-0.53 vs $0.46-0.48 Prior Guidance

Ulta Beauty ULTA today announced preliminary first quarter fiscal 2012 results. Ulta Beauty's first quarter fiscal 2012 ended on April 28, 2012. The Company's results of operations for first quarter fiscal 2012 have not been finalized; the following preliminary, unaudited information reflects the Company's expectations with respect to results of operations for the first quarter based on currently available information. These preliminary results are subject to completion and review of the Company's financial statements for the period, and actual results may vary materially from our estimates. This preliminary financial data has been prepared by, and is the responsibility of, management of Ulta Beauty. Ernst & Young LLP has not audited, reviewed, compiled or performed any procedures with respect to such preliminary financial data. The Company now expects to report that total net sales for first quarter fiscal 2012 were $474 million, compared to previous guidance of $452 million to $460 million. This represents a 22.8% increase from total net sales of $386 million for first quarter fiscal 2011. Comparable store sales for first quarter fiscal 2012 are now expected to increase 10.1%, exceeding the Company's previous guidance for comparable store sales to increase in a range of 6% to 8%. Following first quarter fiscal 2011 comparable store sales increase of 11.1%, the expected result for first quarter fiscal 2012 represents a two year comparable store sales increase of 21.2%. Income per diluted share for first quarter fiscal 2012 is now expected to be in the range of $0.52 to $0.53, reflecting an increase of approximately 42% compared to income per diluted share of $0.37 for first quarter fiscal 2011. As planned, the expected income per diluted share for first quarter fiscal 2012 includes incremental pre-opening expense from the Company's accelerated new store program which will have a negative impact of $0.01 on income per diluted share compared to first quarter fiscal 2011. The Company's previous guidance for income per diluted share was $0.46 to $0.48. The Company opened 18 new stores in first quarter fiscal 2012 compared to five in first quarter fiscal 2011.