Total Sales Increased 22.1%
Comparable Sales Increased 12.8%
Diluted EPS Increased 22.0% to $1.11
Company Raises Guidance for Fiscal Year 2015
Ulta Beauty (NASDAQ:ULTA) today announced financial results for the
thirteen week period (“Third Quarter”) and thirty-nine week period
(“First Nine Months”) ended October 31, 2015, which compares to the same
periods ended November 1, 2014.
“Ulta Beauty’s excellent performance in the third quarter was
highlighted by top line momentum driven by double digit traffic growth,
leading to above-plan earnings growth,” said Mary Dillon, Chief
Executive Officer. “Delivering against our six strategic imperatives
continues to drive our business forward. We believe our efforts to build
awareness of the Ulta Beauty brand are bringing more guests to discover
our differentiated assortment and the benefits of our loyalty program,
now boasting 17 million active members. As a result of our financial
performance in the third quarter and our position of strength heading
into the holiday season, we are raising our guidance and now expect our
2015 full year earnings growth rate to be in the low twenties.”
For the Third Quarter
-
Net sales increased 22.1% to $910.7 million from $745.7 million in the
third quarter of fiscal 2014;
-
Comparable sales (sales for stores open at least 14 months and
e-commerce sales) increased 12.8% compared to an increase of 9.5% in
the third quarter of fiscal 2014. The 12.8% comparable sales increase
was driven by 10.6% growth in transactions and 2.2% growth in average
ticket;
-
Retail comparable sales increased 10.9%, including salon comparable
sales growth which also increased 10.9%;
-
Salon sales increased 20.0% to $51.7 million from $43.1 million in the
third quarter of fiscal 2014;
-
E-commerce sales grew 56.3% to $46.2 million from $29.6 million in the
third quarter of fiscal 2014, representing 190 basis points of the
total company comparable sales increase of 12.8%;
-
Gross profit decreased 90 basis points to 36.9% from 37.8% in the
third quarter of fiscal 2014 primarily due to supply chain initiatives
including the new Greenwood, Indiana distribution center;
-
Selling, general and administrative (SG&A) expenses as a percentage of
net sales decreased 30 basis points to 24.0% compared to 24.3% in the
third quarter of fiscal 2014 primarily due to lower variable store
expenses and variable compensation offset by planned investments in
marketing to drive brand awareness;
-
Pre-opening expenses decreased to $6.1 million, compared to $6.6
million in the third quarter of fiscal 2014. Real estate activity in
the third quarter of fiscal 2015 included 45 new stores, two
relocations and two remodels compared to 50 new stores, two
relocations and five remodels in the third quarter of fiscal 2014;
-
Operating income increased 17.7% to $110.8 million, or 12.2% of net
sales, compared to $94.1 million, or 12.6% of net sales, in the third
quarter of fiscal 2014;
-
Tax rate decreased to 36.0% compared to 37.3% in the third quarter of
fiscal 2014 primarily due to changes in state income taxes;
-
Net income increased 20.2% to $71.1 million compared to $59.1 million
in the third quarter of fiscal 2014; and
-
Income per diluted share increased 22.0% to $1.11 compared to $0.91 in
the third quarter of fiscal 2014.
For the First Nine Months
-
Net sales increased 21.1% to $2,655.8 million from $2,193.7 million in
the first nine months of fiscal 2014;
-
Comparable sales (sales for stores open at least 14 months and
e-commerce sales) increased 11.4% compared to an increase of 9.3% in
the first nine months of fiscal 2014. The 11.4% comparable sales
increase was driven by 8.3% growth in transactions and 3.1% growth in
average ticket;
-
Retail comparable sales increased 9.9%, including salon comparable
sales growth of 10.4%;
-
Salon sales increased 20.1% to $154.7 million from $128.8 million in
the first nine months of fiscal 2014;
-
E-commerce comparable sales grew 50.2% to $126.3 million from $84.1
million in the first nine months of fiscal 2014, representing 150
basis points of the total company comparable sales increase of 11.4%;
-
Gross profit decreased 30 basis points to 35.6% from 35.9% in the
first nine months of fiscal 2014 primarily due to supply chain
initiatives including the new Greenwood, Indiana distribution center;
-
SG&A expenses as a percentage of net sales decreased 50 basis points
to 22.4% compared to 22.9% in the first nine months in fiscal 2014;
-
Pre-opening expenses increased to $13.3 million compared to $12.8
million in the first nine months of fiscal 2014. Real estate activity
in the first nine months of 2015 included 89 new stores, four
relocations and four remodels compared to 90 new stores, two
relocations and nine remodels in the first nine months of fiscal 2014;
-
Operating income increased 23.4% to $336.8 million, or 12.7% of net
sales, compared to $272.9 million, or 12.4% of net sales, in the first
nine months of fiscal 2014;
-
Net income increased 24.9% to $212.2 million compared to $169.9
million in the first nine months of fiscal 2014; and
-
Income per diluted share increased 25.5% to $3.30 compared to $2.63 in
the first nine months of fiscal 2014.
Balance Sheet
Merchandise inventories at the end of the third quarter of fiscal 2015
totaled $884.4 million, compared to $709.7 million at the end of the
third quarter of fiscal 2014, representing an increase of $174.7
million. This increase was driven by 95 net new stores, the opening of
the Company’s fourth distribution center in Greenwood, Indiana, as well
as new brand additions. Average inventory per store increased 10.9%,
compared to the third quarter of fiscal 2014. This increase was
primarily driven by the new Greenwood, Indiana distribution center,
investments in inventory to ensure high in-stock levels to support sales
growth and incremental inventory for new brands and in-store prestige
brand boutiques.
The Company ended the third quarter of fiscal 2015 with $359.8 million
in cash and short-term investments.
Share Repurchase Program
During the third quarter, the Company repurchased 288,427 shares of its
stock at a cost of approximately $47.5 million under its 10b5-1 plan. As
of October 31, 2015, $238.8 million remained available under the $400
million share repurchase program.
Store Expansion
During the third quarter, the Company opened 45 stores located in
Euless, TX; Greenwood, SC; Las Vegas, NV; Mt. Pleasant, WI; Selinsgrove,
PA; Spring Hill, TN; Superior, CO; Tigard, OR; Upper Arlington, OH;
Anchorage, AK; Bastrop, TX; Bel Air, MD; Butler, PA; Chicago, IL;
Chillicothe, OH; Chula Vista, CA; Columbus, MS; Dulles, VA; Emeryville,
CA; Grove City, OH; Harrisonburg, VA; Indianapolis, IN; Janesville, WI;
La Habra, CA; Livingston, NJ; San Diego, CA; Springfield, OR; St.
Clairsville, OH; Statesboro, GA; Tarpon Springs, FL; Warrington, PA;
Newport News, VA; Alabaster, AL; Bellevue, WA; Bismarck, ND; Bridgeport,
WV; Cape Coral, FL; Guilford, CT; Kingston, NY; Lawrence, KS; Newark,
DE; Niagara Falls, NY; Rosemead, CA; Sevierville, TN and Silverdale, WA.
In addition, the Company closed two stores. The Company ended the third
quarter with 860 stores and square footage of 9,080,084, representing a
12% increase in square footage compared to the third quarter of fiscal
2014.
Outlook
For the fourth quarter of fiscal 2015, the Company currently expects net
sales in the range of $1,212 million to $1,233 million, compared to
actual net sales of $1,047.6 million in the fourth quarter of fiscal
2014. Comparable sales for the fourth quarter of 2015, including
e-commerce sales, are expected to increase 8% to 10%. The Company
reported a comparable sales increase of 11.1% in the fourth quarter of
2014.
Income per diluted share for the fourth quarter of fiscal 2015 is
estimated to be in the range of $1.48 to $1.53. This compares to income
per diluted share for the fourth quarter of fiscal 2014 of $1.35.
The Company is raising its previously announced fiscal 2015 guidance.
The Company plans to:
-
achieve comparable sales growth of approximately 10% to 11%, including
the impact of the e-commerce business, compared to previous guidance
of 8% to 10%;
-
increase total sales growth percentage range to the low twenties,
compared to previous guidance of a mid to high teens percentage range;
-
grow e-commerce sales in the 40% range;
-
expand square footage by approximately 13% with the opening of 100 net
new stores;
-
remodel four locations;
-
deliver earnings per share growth in the low twenties percentage
range, compared to previous guidance of high teens percentage range.
This includes planned supply chain and system investments, excludes
the $0.02 non-recurring tax benefit in the fourth quarter of 2014, and
assumes continued share repurchases to offset dilution; and
-
incur capital expenditures in the $300 million range in fiscal 2015,
compared to $249 million in fiscal 2014.
Conference Call Information
A conference call to discuss third quarter results is scheduled for
today, December 3, 2015, at 5:00 p.m. Eastern Time. Investors and
analysts interested in participating in the call are invited to dial
(877) 705-6003. The conference call will also be web-cast live at http://ir.ulta.com
and remain available for 90 days. A replay of this call will be
available until 11:59 p.m. (ET) on December 17, 2015 and can be accessed
by dialing (877) 870-5176 and entering conference ID number 13624162.
About Ulta Beauty
Ulta Beauty (NASDAQ: ULTA) is the largest beauty retailer in the United
States and the premier beauty destination for cosmetics, fragrance,
skin, hair care products and salon services. Since opening its first
store 25 years ago, Ulta Beauty has grown to become the top national
retailer providing All Things Beauty, All in One Place™. The Company
offers more than 20,000 products from over 500 well-established and
emerging beauty brands across all categories and price points, including
Ulta Beauty’s own private label. Ulta Beauty also offers a full-service
salon in every store featuring hair, skin and brow services. Ulta Beauty
is recognized for its commitment to personalized service, fun and
inviting stores and its industry-leading ULTAmate Rewards loyalty
program. As of October 31, 2015 Ulta Beauty operates 860 retail stores
across 48 states and also distributes its products through its website,
which includes a collection of tips, tutorials and social content. For
more information, visit 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,” “targets,” “strategies” 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, targets, strategies 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; customer acceptance of our rewards
program and technological and marketing initiatives; 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 and the performance of our newly opened distribution
center 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 our common stock repurchase program or
implement future common stock repurchase programs; our ability to
sustain our growth plans and successfully implement our long-range
strategic and financial plan; and other risk factors detailed in our
public filings with the Securities and Exchange Commission (the “SEC”),
including risk factors contained in our Annual Report on Form 10-K for
the fiscal year ended January 31, 2015, as such may be amended or
supplemented in our subsequently filed Quarterly Reports on Form 10-Q.
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.
|
|
|
Exhibit 1
|
|
Ulta Salon, Cosmetics & Fragrance, Inc.
|
|
Consolidated Statements of Income
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
13 Weeks Ended
|
|
|
13 Weeks Ended
|
|
|
|
|
October 31,
|
|
|
November 1,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net sales
|
|
|
$
|
910,700
|
|
|
100.0
|
%
|
|
|
$
|
745,722
|
|
|
100.0
|
%
|
|
Cost of sales
|
|
|
|
575,062
|
|
|
63.1
|
%
|
|
|
|
463,967
|
|
|
62.2
|
%
|
|
Gross profit
|
|
|
|
335,638
|
|
|
36.9
|
%
|
|
|
|
281,755
|
|
|
37.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
|
218,763
|
|
|
24.0
|
%
|
|
|
|
181,093
|
|
|
24.3
|
%
|
|
Pre-opening expenses
|
|
|
|
6,106
|
|
|
0.7
|
%
|
|
|
|
6,574
|
|
|
0.9
|
%
|
|
Operating income
|
|
|
|
110,769
|
|
|
12.2
|
%
|
|
|
|
94,088
|
|
|
12.6
|
%
|
|
Interest income, net
|
|
|
|
(283
|
)
|
|
0.0
|
%
|
|
|
|
(254
|
)
|
|
0.0
|
%
|
|
Income before income taxes
|
|
|
|
111,052
|
|
|
12.2
|
%
|
|
|
|
94,342
|
|
|
12.7
|
%
|
|
Income tax expense
|
|
|
|
39,982
|
|
|
4.4
|
%
|
|
|
|
35,218
|
|
|
4.7
|
%
|
|
Net income
|
|
|
$
|
71,070
|
|
|
7.8
|
%
|
|
|
$
|
59,124
|
|
|
7.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
1.11
|
|
|
|
|
|
$
|
0.92
|
|
|
|
|
Diluted
|
|
|
$
|
1.11
|
|
|
|
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
63,882
|
|
|
|
|
|
|
64,419
|
|
|
|
|
Diluted
|
|
|
|
64,196
|
|
|
|
|
|
|
64,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 2
|
|
Ulta Salon, Cosmetics & Fragrance, Inc.
|
|
Consolidated Statements of Income
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
39 Weeks Ended
|
|
|
39 Weeks Ended
|
|
|
|
|
October 31,
|
|
|
November 1,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net sales
|
|
|
$
|
2,655,821
|
|
|
100.0
|
%
|
|
|
$
|
2,193,728
|
|
|
100.0
|
%
|
|
Cost of sales
|
|
|
|
1,710,524
|
|
|
64.4
|
%
|
|
|
|
1,406,678
|
|
|
64.1
|
%
|
|
Gross profit
|
|
|
|
945,297
|
|
|
35.6
|
%
|
|
|
|
787,050
|
|
|
35.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
|
595,185
|
|
|
22.4
|
%
|
|
|
|
501,304
|
|
|
22.9
|
%
|
|
Pre-opening expenses
|
|
|
|
13,301
|
|
|
0.5
|
%
|
|
|
|
12,798
|
|
|
0.6
|
%
|
|
Operating income
|
|
|
|
336,811
|
|
|
12.7
|
%
|
|
|
|
272,948
|
|
|
12.4
|
%
|
|
Interest income, net
|
|
|
|
(870
|
)
|
|
0.0
|
%
|
|
|
|
(663
|
)
|
|
0.0
|
%
|
|
Income before income taxes
|
|
|
|
337,681
|
|
|
12.7
|
%
|
|
|
|
273,611
|
|
|
12.5
|
%
|
|
Income tax expense
|
|
|
|
125,496
|
|
|
4.7
|
%
|
|
|
|
103,740
|
|
|
4.7
|
%
|
|
Net income
|
|
|
$
|
212,185
|
|
|
8.0
|
%
|
|
|
$
|
169,871
|
|
|
7.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
3.31
|
|
|
|
|
|
$
|
2.64
|
|
|
|
|
Diluted
|
|
|
$
|
3.30
|
|
|
|
|
|
$
|
2.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
64,050
|
|
|
|
|
|
|
64,347
|
|
|
|
|
Diluted
|
|
|
|
64,383
|
|
|
|
|
|
|
64,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3
|
|
Ulta Salon, Cosmetics & Fragrance, Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
|
|
|
|
|
October 31,
|
|
|
January 31,
|
|
|
November 1,
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(Unaudited)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
209,552
|
|
|
$
|
389,149
|
|
|
$
|
295,060
|
|
Short-term investments
|
|
|
|
150,209
|
|
|
|
150,209
|
|
|
|
100,000
|
|
Receivables, net
|
|
|
|
50,939
|
|
|
|
52,440
|
|
|
|
49,399
|
|
Merchandise inventories, net
|
|
|
|
884,407
|
|
|
|
581,229
|
|
|
|
709,667
|
|
Prepaid expenses and other current assets
|
|
|
|
70,467
|
|
|
|
66,548
|
|
|
|
60,907
|
|
Prepaid income taxes
|
|
|
|
2,133
|
|
|
|
–
|
|
|
|
–
|
|
Deferred income taxes
|
|
|
|
20,483
|
|
|
|
20,780
|
|
|
|
15,709
|
|
Total current assets
|
|
|
|
1,388,190
|
|
|
|
1,260,355
|
|
|
|
1,230,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
844,238
|
|
|
|
717,159
|
|
|
|
686,898
|
|
Deferred compensation plan assets
|
|
|
|
7,570
|
|
|
|
5,656
|
|
|
|
5,119
|
|
Total assets
|
|
|
$
|
2,239,998
|
|
|
$
|
1,983,170
|
|
|
$
|
1,922,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
291,269
|
|
|
$
|
190,778
|
|
|
$
|
236,329
|
|
Accrued liabilities
|
|
|
|
166,707
|
|
|
|
149,412
|
|
|
|
128,465
|
|
Accrued income taxes
|
|
|
|
–
|
|
|
|
19,404
|
|
|
|
4,917
|
|
Total current liabilities
|
|
|
|
457,976
|
|
|
|
359,594
|
|
|
|
369,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred rent
|
|
|
|
324,314
|
|
|
|
294,127
|
|
|
|
293,895
|
|
Deferred income taxes
|
|
|
|
72,646
|
|
|
|
74,498
|
|
|
|
65,880
|
|
Other long-term liabilities
|
|
|
|
10,903
|
|
|
|
7,442
|
|
|
|
6,940
|
|
Total liabilities
|
|
|
|
865,839
|
|
|
|
735,661
|
|
|
|
736,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
|
1,374,159
|
|
|
|
1,247,509
|
|
|
|
1,186,333
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
2,239,998
|
|
|
$
|
1,983,170
|
|
|
$
|
1,922,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 4
|
|
Ulta Salon, Cosmetics & Fragrance, Inc.
|
|
Consolidated Statements of Cash Flows
|
|
(In thousands)
|
|
|
|
|
39 Weeks Ended
|
|
|
|
|
October 31,
|
|
|
|
November 1,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
(Unaudited)
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
212,185
|
|
|
|
|
$
|
169,871
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
119,051
|
|
|
|
|
|
96,055
|
|
|
Deferred income taxes
|
|
|
|
(1,555
|
)
|
|
|
|
|
5,699
|
|
|
Non-cash stock compensation charges
|
|
|
|
11,126
|
|
|
|
|
|
11,436
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
|
(8,608
|
)
|
|
|
|
|
(3,290
|
)
|
|
Loss on disposal of property and equipment
|
|
|
|
2,647
|
|
|
|
|
|
2,945
|
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
1,501
|
|
|
|
|
|
(2,350
|
)
|
|
Merchandise inventories
|
|
|
|
(303,178
|
)
|
|
|
|
|
(251,734
|
)
|
|
Prepaid expenses and other current assets
|
|
|
|
(3,919
|
)
|
|
|
|
|
(4,914
|
)
|
|
Income taxes
|
|
|
|
(12,929
|
)
|
|
|
|
|
(7,142
|
)
|
|
Accounts payable
|
|
|
|
100,491
|
|
|
|
|
|
88,047
|
|
|
Accrued liabilities
|
|
|
|
427
|
|
|
|
|
|
7,621
|
|
|
Deferred rent
|
|
|
|
30,187
|
|
|
|
|
|
32,265
|
|
|
Other assets and liabilities
|
|
|
|
1,547
|
|
|
|
|
|
1,641
|
|
|
Net cash provided by operating activities
|
|
|
|
148,973
|
|
|
|
|
|
146,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
Purchases of short-term investments
|
|
|
|
(50,000
|
)
|
|
|
|
|
(100,000
|
)
|
|
Proceeds from short-term investments
|
|
|
|
50,000
|
|
|
|
|
|
–
|
|
|
Purchases of property and equipment
|
|
|
|
(231,909
|
)
|
|
|
|
|
(172,498
|
)
|
|
Net cash used in investing activities
|
|
|
|
(231,909
|
)
|
|
|
|
|
(272,498
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common shares
|
|
|
|
(121,272
|
)
|
|
|
|
|
(9,972
|
)
|
|
Stock options exercised
|
|
|
|
17,877
|
|
|
|
|
|
10,202
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
|
8,608
|
|
|
|
|
|
3,290
|
|
|
Purchase of treasury shares
|
|
|
|
(1,874
|
)
|
|
|
|
|
(1,588
|
)
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(96,661
|
)
|
|
|
|
|
1,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
(179,597
|
)
|
|
|
|
|
(124,416
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
389,149
|
|
|
|
|
|
419,476
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
209,552
|
|
|
|
|
$
|
295,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 5
|
|
2015 Store Expansion
|
|
|
|
|
|
|
|
Total stores open
|
|
|
Number of stores
|
|
|
Number of stores
|
|
|
|
|
|
|
|
|
at beginning of the
|
|
|
opened during the
|
|
|
closed during the
|
|
|
Total stores open
|
|
Fiscal 2015
|
|
|
|
quarter
|
|
|
quarter
|
|
|
quarter
|
|
|
at end of the quarter
|
|
1st Quarter
|
|
|
|
774
|
|
|
24
|
|
|
1
|
|
|
797
|
|
2nd Quarter
|
|
|
|
797
|
|
|
20
|
|
|
0
|
|
|
817
|
|
3rd Quarter
|
|
|
|
817
|
|
|
45
|
|
|
2
|
|
|
860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross square feet for
|
|
|
|
|
|
|
|
|
|
|
|
Total gross square
|
|
|
stores opened or
|
|
|
Gross square feet for
|
|
|
Total gross square
|
|
|
|
|
|
feet at beginning of
|
|
|
expanded during the
|
|
|
stores closed
|
|
|
feet at end of the
|
|
Fiscal 2015
|
|
|
|
the quarter
|
|
|
quarter
|
|
|
during the quarter
|
|
|
quarter
|
|
1st Quarter
|
|
|
|
8,182,404
|
|
|
253,429
|
|
|
10,452
|
|
|
8,425,381
|
|
2nd Quarter
|
|
|
|
8,425,381
|
|
|
202,832
|
|
|
0
|
|
|
8,628,213
|
|
3rd Quarter
|
|
|
|
8,628,213
|
|
|
474,278
|
|
|
22,407
|
|
|
9,080,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151203006217/en/
Copyright Business Wire 2015