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Ulta Beauty Inc. (NASDAQ:ULTA)

This company has been moved to the archive! The financial data has not been updated since August 24, 2023.

Common-Size Income Statement
Quarterly Data

Ulta Beauty Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019 Feb 2, 2019 Nov 3, 2018 Aug 4, 2018 May 5, 2018 Feb 3, 2018 Oct 28, 2017 Jul 29, 2017 Apr 29, 2017
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -60.72 -59.96 -62.42 -58.83 -59.59 -59.89 -62.36 -60.44 -59.44 -61.12 -64.93 -64.85 -73.21 -74.12 -65.01 -62.95 -63.64 -63.00 -65.13 -63.32 -64.02 -63.68 -66.02 -63.26 -63.61 -63.80
Gross profit 39.28% 40.04% 37.58% 41.17% 40.41% 40.11% 37.64% 39.56% 40.56% 38.88% 35.07% 35.15% 26.79% 25.88% 34.99% 37.05% 36.36% 37.00% 34.87% 36.68% 35.98% 36.32% 33.98% 36.74% 36.39% 36.20%
Selling, general and administrative expenses -23.74 -23.24 -23.64 -25.53 -23.27 -21.36 -23.81 -25.22 -23.60 -22.90 -23.38 -26.83 -22.12 -32.47 -22.36 -26.70 -23.57 -23.13 -21.52 -25.35 -22.65 -22.39 -20.63 -23.90 -21.97 -21.56
Impairment, restructuring and other costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.38 -1.52 -3.32 -1.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Pre-opening expenses -0.05 -0.02 -0.07 -0.16 -0.10 -0.10 -0.06 -0.09 -0.07 -0.24 -0.10 -0.27 -0.32 -0.40 -0.16 -0.38 -0.30 -0.24 -0.11 -0.49 -0.30 -0.34 -0.22 -0.73 -0.47 -0.32
Operating income (loss) 15.48% 16.78% 13.87% 15.47% 17.04% 18.66% 13.76% 14.24% 16.89% 15.75% 10.20% 6.53% 1.04% -8.65% 12.48% 9.97% 12.48% 13.63% 13.24% 10.85% 13.02% 13.59% 13.13% 12.12% 13.94% 14.33%
Interest income (expense), net 0.18 0.28 0.14 0.04 0.00 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.09 -0.21 -0.11 0.02 0.05 0.10 0.12 0.06 0.08 0.08 0.09 0.02 0.02 0.04 0.03
Income (loss) before income taxes 15.66% 17.06% 14.01% 15.51% 17.04% 18.64% 13.75% 14.22% 16.87% 15.73% 10.18% 6.44% 0.83% -8.76% 12.50% 10.03% 12.58% 13.75% 13.30% 10.93% 13.10% 13.68% 13.15% 12.14% 13.98% 14.35%
Income tax (expense) benefit -3.79 -3.89 -3.45 -3.77 -4.17 -4.51 -3.14 -3.43 -4.12 -3.85 -2.38 -1.62 -0.17 2.07 -2.84 -2.31 -2.91 -2.72 -3.19 -2.52 -3.13 -3.03 -2.41 -4.35 -5.13 -4.60
Net income (loss) 11.86% 13.17% 10.56% 11.74% 12.87% 14.13% 10.60% 10.79% 12.75% 11.88% 7.80% 4.82% 0.66% -6.69% 9.66% 7.71% 9.68% 11.03% 10.10% 8.41% 9.97% 10.65% 10.74% 7.80% 8.85% 9.75%

Based on: 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29).

The financial trajectory over the analyzed period reveals a pattern of stability, a significant disruption during the 2020 calendar year, and a subsequent recovery that exceeded pre-disruption profitability levels.

Gross Profitability and Cost of Sales
Gross profit margins remained relatively consistent between 34% and 37% from April 2017 through February 2020. A sharp contraction occurred in May 2020, where gross profit fell to 25.88% as cost of sales spiked to 74.12% of net sales. Following this trough, a sustained expansion in margins is observed, with gross profit peaking at 41.17% in October 2022. The most recent data indicates a stabilized gross margin range of 39% to 40%, representing a structural improvement over the 2017-2019 baseline.
Operating Expense Management
Selling, general and administrative (SG&A) expenses typically fluctuated between 20% and 26% of net sales. A notable anomaly occurred in May 2020, when SG&A expenses surged to 32.47%. Additionally, impairment and restructuring costs emerged exclusively between May 2020 and January 2021, peaking at 3.32% of net sales in August 2020. Pre-opening expenses remained a negligible factor throughout the period, generally staying below 0.5% and trending toward near-zero levels by 2023.
Operating and Net Income Trends
Operating income margins were stable in the 10% to 15% range prior to 2020. The company experienced a significant operating loss of 8.65% in May 2020, which was the only period of operating deficit in the dataset. A strong recovery followed, with operating income reaching a peak of 18.66% in April 2022. Net income followed a similar trajectory, recovering from a low of -6.69% in May 2020 to end the period at 11.86% in July 2023, indicating a return to and improvement upon historical profitability norms.
Taxation and Interest Impacts
Income tax expenses as a percentage of net sales have remained largely consistent, typically ranging between 2% and 4.5%, with a brief tax benefit appearing during the operating loss in May 2020. Interest income and expenses have had a minimal impact on the common-size results, generally remaining near zero or slightly positive, though a slight shift toward positive interest income is observed in the most recent quarters of 2023.

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