Ulta Beauty Appoints Dennis K. Eck Interim Chief Executive Officer

  Ulta Beauty Appoints Dennis K. Eck Interim Chief Executive Officer

                           Chuck Rubin to Step Down

   Company Announces Fourth Quarter Comparable Store Sales and Total Sales;
                    Reaffirms Earnings Per Share Guidance

Business Wire

BOLINGBROOK, Ill. -- February 14, 2013

Ulta Beauty (NASDAQ:ULTA) (the “Company”) today announced that Chuck Rubin
will step down as President and Chief Executive Officer and as a director,
effective February 21, 2013, to become Chief Executive Officer at Michaels
Stores, Inc., a specialty retailer of arts and crafts. The Board of Directors
has appointed Dennis K. Eck, current Non-Executive Chairman of the Board of
Directors, as Interim Chief Executive Officer. Mr. Rubin has agreed to assist
the Company during the transition period.

Ulta Beauty noted that Mr. Rubin’s departure from the Company is not related
to any disputes with management or the Board of Directors, the Company’s
operational performance, financial condition or issues regarding the integrity
of the Company’s financial statements or accounting policies and practices.

“My choice to pursue an opportunity at another company was not easy, but I
believe it is the right decision for me and my family,” said Mr. Rubin. “I
have very much enjoyed my tenure as President and CEO at Ulta Beauty, working
alongside some of the industry’s finest talent. I am proud of what we have
accomplished together and am confident that the Company will continue to drive
value creation for shareholders and other important stakeholders through the
execution of its growth strategy.”

The Board of Directors has formed a search committee comprising Mr. Eck,
Robert R. DiRomualdo, Charles Heilbronn, and Kenneth T. Stevens. The committee
has begun a search to identify a permanent CEO and is in the process of
retaining a leading executive recruiting firm to advise the Board.

“Ulta Beauty’s Board is committed to conducting a thorough and comprehensive
search to identify the best candidate to serve as our next CEO,” said Dennis
Eck, Ulta Beauty’s Interim Chief Executive Officer and Non-Executive Chairman
of the Board. “On behalf of the Board, I would like to thank Chuck for his
service to the Company. Chuck has been a valuable member of our Board and
leadership team and we wish him the very best in his future endeavors.”

“Ulta Beauty has delivered exceptional sales growth and operating margin
improvement through the successful execution of our multi-year growth
strategy,” continued Mr. Eck. “With a strong management team, a deep bench of
talent throughout the Company and the support of our Board, we will continue
to build on the positive momentum of our business with a strong focus on
executing our strategy. Having served as a member of the Ulta Beauty Board
since 2003, I have worked closely with management to develop our current
strategy and am confident in our collective ability to lead the Company
forward during this transition period.”

Company Announces Fourth Quarter Comparable Store Sales and Total Sales and
Reaffirms EPS Guidance

The Company announced that fourth quarter fiscal 2012 total sales increased
30% to $757 million and comparable store sales increased 8%.

The Company is reaffirming its guidance for income per diluted share for the
fourth quarter of fiscal 2012 to be in the range of $0.96 to $0.98. This
compares to income per diluted share for the fourth quarter of 2011 of $0.73.

About Dennis K. Eck

Mr. Eck has served as Non-Executive Chairman of the Board of Directors and a
director of Ulta Beauty since 2003. Prior to that, Mr. Eck served in various
executive roles with Coles Myer, one of Australia’s largest retailers, from
1994 to 2001 where he was Chief Executive Officer and a member of the board of
Coles Myer LTD Australia from November 1997 to September 2001. Prior to 1994,
Mr. Eck served in various executive roles with Vons Companies, Inc. and
American Stores, Inc.

About Ulta Beauty

Ulta Beauty is the largest beauty retailer that provides one-stop shopping for
prestige, mass and salon products and salon services in the United States.
Ulta Beauty provides affordable indulgence to its customers by combining
unmatched product breadth, value and convenience with the distinctive
environment and experience of a specialty retailer. Ulta Beauty offers a
unique combination of over 20,000 prestige and mass beauty products across the
categories of cosmetics, fragrance, haircare, skincare, bath and body products
and salon styling tools, as well as salon haircare products. Ulta Beauty also
offers a full-service salon in all of its stores. As of December 29, 2012,
Ulta Beauty operates 550 retail stores across 45 states and also distributes
its products through the Company’s website: www.ulta.com.

Forward Looking Statements-Safe Harbor

This press release contains “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995,
which reflect our current views with respect to, among other things, future
events and financial performance. You can identify these forward-looking
statements by the use of forward-looking words such as “outlook,” “believes,”
“expects,” “plans,” “estimates,” or other comparable words. Any
forward-looking statements contained in this press release are based upon our
historical performance and on current plans, estimates and expectations. The
inclusion of this forward-looking information should not be regarded as a
representation by us or any other person that the future plans, estimates or
expectations contemplated by us will be achieved. Such forward-looking
statements are subject to various risks and uncertainties, which include,
without limitation: the impact of weakness in the economy; changes in the
overall level of consumer spending; changes in the wholesale cost of our
products; the possibility that we may be unable to compete effectively in our
highly competitive markets; the possibility that our continued opening of new
stores could strain our resources and have a material adverse effect on our
business and financial performance; the possibility that new store openings
and existing locations may be impacted by developer or co-tenant issues; the
possibility that the capacity of our distribution and order fulfillment
infrastructure may not be adequate to support our recent growth and expected
future growth plans; the possibility of material disruptions to our
information systems; weather conditions that could negatively impact sales;
our ability to attract and retain key executive personnel; and other risk
factors detailed in our public filings with the Securities and Exchange
Commission (SEC), including risk factors contained in our Annual Report on
Form 10-K for the fiscal year ended January 28, 2012. Our filings with the SEC
are available at www.sec.gov. The Company does not undertake to publicly
update or revise its forward-looking statements, whether as a result of new
information, future events or otherwise.


Ulta Beauty
Scott Settersten, 630-410-4807
Chief Financial Officer
Laurel Lefebvre, 630-410-5230
Vice President, Investor Relations
Press spacebar to pause and continue. Press esc to stop.