Ulta Beauty Announces Stock Repurchase Program

  Ulta Beauty Announces Stock Repurchase Program

Business Wire

BOLINGBROOK, Ill. -- March 18, 2013

Ulta Beauty (NASDAQ: ULTA) (the “Company”) today announced that its Board of
Directors has authorized a stock repurchase program pursuant to which the
Company may repurchase up to $150 million of the Company’s common stock. The
stock repurchase program is effective immediately and will be funded from
available working capital.

The stock repurchases may be made from time to time in the open market, in
privately negotiated transactions, or otherwise, at prices that the Company
deems appropriate and subject to market conditions, applicable law and other
factors deemed relevant in the Company’s sole discretion. The repurchase
program does not obligate the Company to repurchase any dollar amount or
number of shares of common stock, and may be suspended or discontinued at any
time.

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 February 2, 2013, Ulta
operates 550 retail stores across 45 states and also distributes its products
through the Company’s website: www.ulta.com.

Forward-Looking Statements

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; our ability to
successfully execute and implement our common stock repurchase program; 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.

Contact:

Ulta Beauty
Company Contacts:
Scott Settersten, 630-410-4807
Chief Financial Officer
Laurel Lefebvre, 630-410-5230
Vice President, Investor Relations
or
Media Contact:
DKC
Juliet Horn, 212-981-5221