Name: Ulta Beauty Inc. (NASDAQ:ULTA) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in thousands

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	2,529,809)	2,634,263)	3,226,773)	2,338,793)	2,297,113)	2,345,901)	2,729,388)	1,995,775)	1,967,207)	1,938,519)	2,198,701)	1,552,033)	1,228,009)	1,173,210)	2,305,918)	1,682,514)	1,666,607)	1,743,029)	2,124,716)	1,560,011)	1,488,221)	1,543,667)	1,937,592)	1,342,181)	1,289,854)	1,314,879)
Cost of sales	(1,536,197)	(1,579,406)	(2,014,270)	(1,375,976)	(1,368,949)	(1,404,875)	(1,702,059)	(1,206,301)	(1,169,244)	(1,184,731)	(1,427,673)	(1,006,514)	(899,002)	(869,605)	(1,499,033)	(1,059,081)	(1,060,708)	(1,098,182)	(1,383,857)	(987,733)	(952,760)	(982,954)	(1,279,245)	(849,053)	(820,528)	(838,871)
Gross profit	993,612)	1,054,857)	1,212,503)	962,817)	928,164)	941,026)	1,027,329)	789,474)	797,963)	753,788)	771,028)	545,519)	329,007)	303,605)	806,885)	623,433)	605,899)	644,847)	740,859)	572,278)	535,461)	560,713)	658,347)	493,128)	469,326)	476,008)
Selling, general and administrative expenses	(600,692)	(612,129)	(762,706)	(597,164)	(534,459)	(500,970)	(649,968)	(503,403)	(464,299)	(443,875)	(514,140)	(416,378)	(271,587)	(380,912)	(515,542)	(449,198)	(392,843)	(403,133)	(457,245)	(395,453)	(337,142)	(345,624)	(399,631)	(320,729)	(283,427)	(283,445)
Impairment, restructuring and other costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(30,398)	(23,624)	(40,758)	(19,542)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Pre-opening expenses	(1,278)	(658)	(2,179)	(3,797)	(2,277)	(2,348)	(1,739)	(1,832)	(1,357)	(4,589)	(2,218)	(4,240)	(3,907)	(4,635)	(3,587)	(6,455)	(5,038)	(4,174)	(2,404)	(7,612)	(4,504)	(5,247)	(4,297)	(9,732)	(6,099)	(4,158)
Operating income (loss)	391,642)	442,070)	447,618)	361,856)	391,428)	437,708)	375,622)	284,239)	332,307)	305,324)	224,272)	101,277)	12,755)	(101,484)	287,756)	167,780)	208,018)	237,540)	281,210)	169,213)	193,815)	209,842)	254,419)	162,667)	179,800)	188,405)
Interest income (expense), net	4,449)	7,348)	4,378)	849)	108)	(401)	(467)	(413)	(425)	(358)	(463)	(1,383)	(2,617)	(1,272)	439)	900)	1,671)	2,046)	1,275)	1,318)	1,143)	1,325)	359)	316)	555)	338)
Income (loss) before income taxes	396,091)	449,418)	451,996)	362,705)	391,536)	437,307)	375,155)	283,826)	331,882)	304,966)	223,809)	99,894)	10,138)	(102,756)	288,195)	168,680)	209,689)	239,586)	282,485)	170,531)	194,958)	211,167)	254,778)	162,983)	180,355)	188,743)
Income tax (expense) benefit	(95,989)	(102,367)	(111,245)	(88,120)	(95,859)	(105,912)	(85,789)	(68,537)	(80,989)	(74,677)	(52,315)	(25,096)	(2,086)	24,247)	(65,476)	(38,933)	(48,431)	(47,365)	(67,811)	(39,365)	(46,635)	(46,771)	(46,605)	(58,338)	(66,162)	(60,520)
Net income (loss)	300,102)	347,051)	340,751)	274,585)	295,677)	331,395)	289,366)	215,289)	250,893)	230,289)	171,494)	74,798)	8,052)	(78,509)	222,719)	129,747)	161,258)	192,221)	214,674)	131,166)	148,323)	164,396)	208,173)	104,645)	114,193)	128,223)

A long-term upward trajectory in net sales is evident from early 2017 through mid-2023, characterized by consistent growth interrupted by a significant contraction in the second quarter of 2020. Revenue patterns exhibit strong seasonality, with peak performance consistently occurring in the first calendar quarter of each year, coinciding with the fiscal fourth quarter.

Revenue and Growth Patterns: Net sales expanded from approximately 1.31 billion in April 2017 to 2.53 billion by July 2023. The most notable disruption occurred in May 2020, where sales dropped to 1.17 billion, the lowest point in the analyzed period. However, a robust recovery followed, with sales exceeding pre-pandemic levels by early 2021 and reaching a peak of 3.23 billion in January 2023.
Gross Profitability and Margin Stability: Gross profit has scaled proportionally with net sales. In April 2017, the gross margin was approximately 36.3%, which improved to approximately 39.3% by July 2023. This indicates an improvement in the cost of sales relative to revenue, suggesting either better pricing power or more efficient procurement over the six-year period.
Operating Income and Expense Management: Operating income demonstrates high volatility tied to both seasonality and external shocks. The period between April 2017 and February 2020 showed steady operating income growth, which was completely reversed in May 2020 with an operating loss of 101.48 million. This loss was exacerbated by impairment and restructuring costs totaling 19.54 million during that quarter. Post-2020, operating income recovered strongly, peaking at 447.62 million in January 2023, indicating an expansion of the operating margin beyond pre-pandemic levels.
Selling, General, and Administrative (SG&A) Trends: SG&A expenses have increased in absolute terms, rising from 283.45 million in April 2017 to 600.69 million in July 2023. While expenses grew, they did so at a slower pace than net sales in the latter half of the period, contributing to operating leverage. Pre-opening expenses, which were relatively consistent between 2 million and 9 million per quarter, saw a significant decrease in the first half of 2023, dropping to as low as 658 thousand in April 2023.
Net Income and Bottom-Line Performance: Net income mirrored the trends of operating income, with a sharp trough in May 2020 (loss of 78.51 million) and a subsequent climb to a peak of 347.05 million in April 2023. The influence of income tax expenses remained significant, generally scaling with profitability, although a tax benefit was realized during the net loss in May 2020.

The financial trajectory indicates a resilient business model capable of recovering from severe macroeconomic shocks. The transition from 2017 to 2023 is marked by an increase in both absolute profitability and margin efficiency, with the company successfully leveraging its revenue growth to drive higher net income.

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Ulta Beauty Inc. (NASDAQ:ULTA)

Income StatementQuarterly Data

Income Statement
Quarterly Data