Selected Financial Data
since 2008
Income Statement
Ulta Beauty Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income | Net income |
|---|---|---|---|
| Jan 28, 2023 | 10,208,580) | 1,638,610) | 1,242,408) |
| Jan 29, 2022 | 8,630,889) | 1,297,492) | 985,837) |
| Jan 30, 2021 | 6,151,953) | 236,820) | 175,835) |
| Feb 1, 2020 | 7,398,068) | 901,094) | 705,945) |
| Feb 2, 2019 | 6,716,615) | 854,080) | 658,559) |
| Feb 3, 2018 | 5,884,506) | 785,291) | 555,234) |
| Jan 28, 2017 | 4,854,737) | 654,824) | 409,760) |
| Jan 30, 2016 | 3,924,116) | 506,297) | 320,008) |
| Jan 31, 2015 | 3,241,369) | 410,415) | 257,135) |
| Feb 1, 2014 | 2,670,573) | 327,588) | 202,849) |
| Feb 2, 2013 | 2,220,256) | 279,978) | 172,549) |
| Jan 28, 2012 | 1,776,151) | 196,195) | 120,264) |
| Jan 29, 2011 | 1,454,838) | 118,884) | 71,030) |
| Jan 30, 2010 | 1,222,771) | 68,153) | 39,356) |
| Jan 31, 2009 | 1,084,646) | 46,301) | 25,268) |
| Feb 2, 2008 | 912,141) | 46,721) | 25,335) |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
The financial performance from 2008 to 2023 is characterized by a long-term trajectory of aggressive expansion in both top-line revenue and bottom-line profitability, punctuated by a significant but temporary contraction in 2021.
- Revenue Growth and Scaling
- Net sales exhibited consistent year-over-year growth for over a decade, rising from 912.1 million US dollars in 2008 to a peak of 7.4 billion US dollars by 2020. While a sharp decline to 6.15 billion US dollars occurred in 2021, the subsequent recovery was rapid, with sales reaching 10.21 billion US dollars by 2023. This represents a total increase in net sales of approximately 1,018% over the analyzed period.
- Operating Income and Margin Expansion
- Operating income grew from 46.7 million US dollars in 2008 to 1.64 billion US dollars in 2023. A notable trend is the expansion of operating margins; in 2008, operating income represented approximately 5.1% of net sales, whereas by 2023, this ratio increased to approximately 16.0%. This suggests significant improvements in operational efficiency and economies of scale over time.
- Net Income Trends
- Net income followed a similar growth pattern to operating income, increasing from 25.3 million US dollars in 2008 to 1.24 billion US dollars in 2023. The growth in net earnings accelerated particularly between 2016 and 2020, indicating a period of heightened profitability before the 2021 disruption.
- Analysis of the 2021 Contraction and Recovery
- The fiscal year ending January 2021 marks a distinct anomaly in the data. Net sales decreased by approximately 16.7%, while operating income saw a more severe reduction, falling from 901.1 million US dollars in 2020 to 236.8 million US dollars in 2021. Net income experienced a corresponding drop to 175.8 million US dollars. However, the subsequent recovery in 2022 and 2023 exceeded pre-contraction levels, with net income reaching a historical high of 1.24 billion US dollars in 2023.
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Balance Sheet: Assets
Ulta Beauty Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Jan 28, 2023 | 2,709,304) | 5,370,411) |
| Jan 29, 2022 | 2,281,183) | 4,764,379) |
| Jan 30, 2021 | 2,514,777) | 5,089,969) |
| Feb 1, 2020 | 2,055,317) | 4,863,872) |
| Feb 2, 2019 | 1,914,861) | 3,191,172) |
| Feb 3, 2018 | 1,693,743) | 2,908,687) |
| Jan 28, 2017 | 1,536,237) | 2,551,878) |
| Jan 30, 2016 | 1,375,173) | 2,230,918) |
| Jan 31, 2015 | 1,260,355) | 1,983,170) |
| Feb 1, 2014 | 1,002,697) | 1,602,727) |
| Feb 2, 2013 | 789,324) | 1,275,249) |
| Jan 28, 2012 | 580,232) | 957,217) |
| Jan 29, 2011 | 404,389) | 730,488) |
| Jan 30, 2010 | 262,774) | 553,635) |
| Jan 31, 2009 | 276,708) | 568,932) |
| Feb 2, 2008 | 228,944) | 469,413) |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
The balance sheet exhibits a consistent long-term expansion in both current and total assets over the fifteen-year period ending in January 2023. Total assets grew from 469.4 million US dollars in 2008 to 5.37 billion US dollars in 2023, reflecting a substantial increase in the organization's resource base and operational scale.
- Current Asset Trajectory
- Current assets demonstrate a steady upward trend, increasing from 228.9 million US dollars in 2008 to 2.71 billion US dollars by 2023. While growth remained consistent for over a decade, a period of volatility is observed between 2021 and 2023, characterized by a peak of 2.51 billion US dollars in 2021, a contraction to 2.28 billion US dollars in 2022, and a subsequent recovery to the period high in 2023.
- Total Asset Scaling and Accelerated Growth
- Total assets followed a largely linear growth pattern from 2008 through 2019. A significant acceleration occurred between February 2019 and February 2020, where total assets surged from 3.19 billion US dollars to 4.86 billion US dollars. This sharp increase indicates a major expansion of the asset base, potentially through significant capital expenditures or acquisitions during that fiscal window.
- Asset Composition Dynamics
- The relationship between current and total assets reveals shifting liquidity structures. In 2008, current assets constituted approximately 48.8% of total assets. This proportion increased during the mid-period, notably reaching over 60% around 2014, before declining to approximately 42.3% in 2020 during the phase of rapid total asset growth. By 2023, the composition returned to a balanced state, with current assets representing approximately 50.5% of total assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Ulta Beauty Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Notes payable | Stockholders’ equity | |
|---|---|---|---|---|
| Jan 28, 2023 | 1,681,775) | 3,410,600) | —) | 1,959,811) |
| Jan 29, 2022 | 1,558,010) | 3,229,006) | —) | 1,535,373) |
| Jan 30, 2021 | 1,343,713) | 3,090,420) | —) | 1,999,549) |
| Feb 1, 2020 | 1,137,261) | 2,961,778) | —) | 1,902,094) |
| Feb 2, 2019 | 823,736) | 1,370,954) | —) | 1,820,218) |
| Feb 3, 2018 | 642,166) | 1,134,470) | —) | 1,774,217) |
| Jan 28, 2017 | 529,343) | 1,001,660) | —) | 1,550,218) |
| Jan 30, 2016 | 396,227) | 788,032) | —) | 1,442,886) |
| Jan 31, 2015 | 359,594) | 735,661) | —) | 1,247,509) |
| Feb 1, 2014 | 266,811) | 599,633) | —) | 1,003,094) |
| Feb 2, 2013 | 221,067) | 488,307) | —) | 786,942) |
| Jan 28, 2012 | 164,855) | 372,513) | —) | 584,704) |
| Jan 29, 2011 | 163,357) | 327,955) | —) | 402,533) |
| Jan 30, 2010 | 126,357) | 261,027) | —) | 292,608) |
| Jan 31, 2009 | 117,013) | 323,964) | 106,047) | 244,968) |
| Feb 2, 2008 | 111,905) | 257,910) | 74,770) | 211,503) |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
The financial data from February 2008 to January 2023 reveals a period of substantial growth in the scale of the balance sheet, characterized by a steady increase in both total obligations and shareholder value, alongside a significant shift in the liability profile starting in 2020.
- Liability Growth and Composition
- Total liabilities exhibited a consistent upward trajectory, increasing from 257.9 million USD in 2008 to 3.41 billion USD by 2023. A notable acceleration occurred between February 2019 and February 2020, where total liabilities more than doubled from 1.37 billion USD to 2.96 billion USD. Current liabilities followed a similar growth pattern, rising from 111.9 million USD in 2008 to 1.68 billion USD in 2023, representing a significant increase in short-term financial obligations.
- Equity Accumulation and Volatility
- Stockholders' equity grew steadily for over a decade, rising from 211.5 million USD in 2008 to a peak of approximately 2 billion USD in January 2021. A sharp contraction is observed in January 2022, where equity fell to 1.53 billion USD, before recovering to 1.96 billion USD in January 2023. This volatility in the later years contrasts with the stable growth observed between 2008 and 2020.
- Debt Structure Transitions
- Notes payable were only recorded in the earliest stages of the analyzed period, appearing in 2008 at 74.7 million USD and 2009 at 106 million USD, after which they were no longer reported. This suggests a transition away from specific notes payable toward other forms of liability. By 2023, current liabilities constituted approximately 49% of total liabilities, indicating a high reliance on short-term financing or operational liabilities relative to long-term obligations.
- Capitalization Trends
- The relationship between liabilities and equity shifted markedly over the 15-year period. In 2008, total liabilities were roughly 1.2 times the value of stockholders' equity. By January 2023, this ratio increased to approximately 1.7 times, reflecting a more leveraged capital structure compared to the company's initial position.
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Cash Flow Statement
Ulta Beauty Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Jan 28, 2023 | 1,481,915) | (314,584) | (861,014) |
| Jan 29, 2022 | 1,059,265) | (176,484) | (1,497,216) |
| Jan 30, 2021 | 810,355) | (48,751) | (107,934) |
| Feb 1, 2020 | 1,101,293) | (471,480) | (646,739) |
| Feb 2, 2019 | 956,127) | (215,107) | (609,214) |
| Feb 3, 2018 | 779,366) | (530,714) | (356,217) |
| Jan 28, 2017 | 634,685) | (273,747) | (321,768) |
| Jan 30, 2016 | 375,874) | (278,958) | (140,225) |
| Jan 31, 2015 | 396,592) | (399,276) | (27,643) |
| Feb 1, 2014 | 327,725) | (226,024) | (2,700) |
| Feb 2, 2013 | 239,001) | (188,578) | 16,314) |
| Jan 28, 2012 | 220,887) | (128,636) | 50,302) |
| Jan 29, 2011 | 176,543) | (97,115) | 27,740) |
| Jan 30, 2010 | 172,827) | (68,105) | (104,343) |
| Jan 31, 2009 | 75,203) | (110,863) | 35,509) |
| Feb 2, 2008 | 46,906) | (97,399) | 50,637) |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
The financial trajectory from 2008 to 2023 demonstrates a transition from an early-stage growth phase to a mature, cash-generative operation. The period is characterized by a consistent increase in liquidity generated from core business operations, which has progressively funded both capital expansions and significant returns to shareholders.
- Operating Cash Flow Trends
- A sustained upward trend in net cash provided by operating activities is observed, growing from 46.9 million US dollars in 2008 to 1.48 billion US dollars in 2023. Growth was relatively steady until 2016, after which the pace of acceleration increased significantly. A notable temporary contraction occurred in 2021, where cash flow dropped to 810 million US dollars from 1.1 billion US dollars in 2020, before rebounding to its peak in 2023.
- Investing Cash Flow Patterns
- Net cash used in investing activities remained negative throughout the entire period, indicating continuous capital deployment. Significant spikes in investment spending occurred in 2015, 2018, and 2020, reflecting periods of aggressive infrastructure or asset acquisition. A sharp reduction in investing outflows was noted in 2021, falling to 48.7 million US dollars, suggesting a temporary pivot away from capital expenditure during that fiscal year.
- Financing Cash Flow Evolution
- The financing profile shifted from a reliance on external funding to a strategy of capital distribution. Between 2008 and 2013, financing activities generally provided net cash inflows. Starting in 2014, this trend reversed into consistent net outflows. This shift culminated in substantial cash usage in 2022 and 2023, with outflows of 1.49 billion US dollars and 861 million US dollars respectively, indicating a heavy emphasis on debt repayment or shareholder distributions.
- Cash Flow Synergy and Sustainability
- The relationship between the three cash flow components suggests a self-sustaining financial model. The growth in operating cash flows has outpaced the requirements for investing activities, creating a surplus that enabled the transition to negative financing cash flows. By the final years of the period, the operating cash flow was sufficient to cover both the investment needs and the aggressive capital return strategies.
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Per Share Data
Ulta Beauty Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jan 28, 2023 | 24.17 | 24.01 | 0.00 |
| Jan 29, 2022 | 18.09 | 17.98 | 0.00 |
| Jan 30, 2021 | 3.12 | 3.11 | 0.00 |
| Feb 1, 2020 | 12.21 | 12.15 | 0.00 |
| Feb 2, 2019 | 11.00 | 10.94 | 0.00 |
| Feb 3, 2018 | 9.02 | 8.96 | 0.00 |
| Jan 28, 2017 | 6.55 | 6.52 | 0.00 |
| Jan 30, 2016 | 5.00 | 4.98 | 0.00 |
| Jan 31, 2015 | 4.00 | 3.98 | 0.00 |
| Feb 1, 2014 | 3.17 | 3.15 | 0.00 |
| Feb 2, 2013 | 2.73 | 2.68 | 1.00 |
| Jan 28, 2012 | 1.96 | 1.90 | 0.00 |
| Jan 29, 2011 | 1.20 | 1.16 | 0.00 |
| Jan 30, 2010 | 0.68 | 0.66 | 0.00 |
| Jan 31, 2009 | 0.44 | 0.43 | 0.00 |
| Feb 2, 2008 | 0.69 | 0.48 | 0.00 |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals a long-term upward trajectory in earnings per share, characterized by sustained growth over a decade, a significant short-term contraction, and a subsequent rapid acceleration in profitability.
- Earnings Growth Trends
- Basic and diluted earnings per share exhibited consistent growth from 2010 through 2020. Basic earnings per share rose from 0.68 in 2010 to 12.21 in 2020, representing a substantial increase in per-share profitability. This growth trend was particularly aggressive between 2016 and 2020, where Basic EPS more than doubled from 5.00 to 12.21.
- Volatility and Recovery
- A significant deviation from the growth trend occurred in 2021, with Basic EPS falling sharply to 3.12 from the previous year's 12.21. However, this decline was followed by an unprecedented recovery. Basic EPS surged to 18.09 in 2022 and further increased to 24.17 by 2023, surpassing pre-contraction levels and establishing a new peak in profitability.
- Dilution Analysis
- The variance between basic and diluted earnings per share remained minimal throughout the observed period. This tight correlation indicates that the impact of potentially dilutive securities, such as stock options or convertible bonds, had a negligible effect on the earnings attributable to common shareholders.
- Dividend Distribution
- Dividend payments were largely absent over the analyzed timeframe, with the exception of a single payment of 1.00 per share recorded on February 2, 2013. The lack of subsequent payments suggests a corporate strategy focused on earnings retention and reinvestment rather than a consistent dividend distribution policy.
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