Ulta Beauty (ULTA) FY2013 results: revenue $2.7 billion, up 20.3% on the year

Ulta Beauty, Inc. (ULTA) reported revenue of $2.7 billion for fiscal 2013, the year ended 1 February 2014, up 20.3% on the year before. Net income was $203 million, up 17.6%, and diluted earnings per share $3.15. The figures are the company's own, from the 10-K it filed with the SEC on 2 April 2014.

Revenue

$2.7 billion

+20.3% on the year

FY2009FY2013

Operating margin

12.3%

12.6% a year earlier

FY2009FY2013

Net income

$203 million

+17.6% on the year

FY2009FY2013

Diluted EPS

$3.15

+17.5% on the year

FY2009FY2013

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ million	FY2013	FY2012	FY2011	On the year
Revenue	2,671	2,220	1,776	+20.3%
Cost of revenue	1,729	1,437	1,159	+20.4%
Gross profit	941	784	617	+20.1%
Gross margin	35.2%	35.3%	34.7%
Selling, general and administrative	596	489	411	+22.0%
Operating income	328	280	196	+17.0%
Operating margin	12.3%	12.6%	11.0%
Interest expense	n/a	0.2	0.6
Pre-tax income	328	280	196	+17.1%
Income tax	125	107	75.3	+16.4%
Effective tax rate	38.1%	38.3%	38.5%
Net income	203	173	120	+17.6%
Net margin	7.6%	7.8%	6.8%
Diluted EPS	$3.15	$2.68	$1.90	+17.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2013	FY2012	FY2011	On the year
Operating cash flow	328	239	221	+37.1%
Capital expenditure	226	189	129	+19.9%
Free cash flow	102	50.4	92.3	+101.7%
Free cash flow margin	3.8%	2.3%	5.2%
Cash from investing	n/a	-189	-129
Cash from financing	n/a	16.3	50.3
Depreciation and amortisation	106	88.2	75.9	+20.5%
Share-based compensation	16.0	13.4	11.6	+19.6%
Buybacks	37.3	0.1	3.2	+47,162.0%
Dividends paid	n/a	62.5	n/a
Dividend per share	$0.00	$1.00	n/a
Diluted shares, weighted	64m	64m	63m	+0.1%
Shares outstanding at period end	64m	64m	62m	+0.3%

Balance sheet

$ million	FY2013	FY2012	FY2011	On the year
Shareholders' equity	1,003	787	585	+27.5%
Debt	0.0	n/a	n/a
Other liabilities	600	488	373	+22.8%
Total liabilities and equity	1,603	1,275	957	+25.7%
Fixed assets	596	483	377	+23.3%
Cash and equivalents	419	320	254	+30.9%
Receivables	47.0	41.5	26.2	+13.3%
Other assets	540	430	300	+25.6%
Total assets	1,603	1,275	957	+25.7%

10-K for the year ended 1 February 2014, filed 2 April 2014: the filing.