Ulta Beauty Announces Record Second Quarter Results

Rhea-AI Summary

Ulta Beauty reported net sales of $2.0 billion for the second quarter of fiscal 2021, a 60.2% increase from the same period last year. Comparable sales surged by 56.3%, driven by a 52.5% rise in transactions. The company posted net income of $250.9 million, or $4.56 per diluted share, compared to $8.1 million in the prior year. For the first six months, net sales reached $3.9 billion, reflecting a 62.7% increase. Ulta also raised its fiscal 2021 outlook, now expecting net sales between $8.1 billion and $8.3 billion.

Positive

• Net sales increased 60.2% to $2.0 billion compared to $1.2 billion in Q2 2020.
• Comparable sales rose 56.3%, driven by a 52.5% increase in transactions.
• Gross profit improved to $798 million, representing 40.6% of net sales.
• Operating income reached $332.3 million, or 16.9% of net sales.
• Net income surged to $250.9 million compared to $8.1 million in Q2 2020.
• The company increased its fiscal 2021 net sales outlook to $8.1 billion to $8.3 billion.

Negative

• SG&A expenses increased to $464.3 million, reflecting higher store payroll and marketing costs.
• Tax rate rose to 24.4%, impacting overall earnings.

Net Sales of $2.0 Billion Compared to $1.2 Billion in the Year-Ago Quarter

Comparable Sales Increased 56.3%

Net Income of $250.9 Million or $4.56 Per Diluted Share

BOLINGBROOK, Ill.--(BUSINESS WIRE)-- Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the thirteen-week period (“second quarter”) and twenty-six-week period (“first six months”) ended July 31, 2021 compared to the same periods ended August 1, 2020.

	13 Weeks Ended
		July 31,			August 1,			August 3,
(Dollars in millions)		2021			2020			2019
Net sales		$	1,967.2		$	1,228.0		$	1,666.6
Comparable sales			56.3%			(26.7)%			6.2%
Gross profit (as a percentage of net sales)			40.6%			26.8%			36.4%
Selling, general and administrative expenses		$	464.3		$	271.6		$	392.8
Operating income (as a percentage of net sales)			16.9%			1.1%			12.5%
Diluted earnings per share		$	4.56		$	0.14		$	2.76
New store openings, net			6			—			17

“The Ulta Beauty team delivered strong results for the second quarter. This performance reflects the recovery of the beauty category, investments and choices we’ve made over the last year to adapt to the market disruption and strengthen our leadership position, and the ongoing efforts of our associates to deliver great experiences for our guests,” said Dave Kimbell, chief executive officer. “Our value proposition is strong, and we are evolving and innovating to lead in the new beauty landscape, capture additional market share, and drive profitable growth.”

For the Second Quarter of Fiscal 2021

• Net sales increased 60.2% to $2.0 billion compared to $1.2 billion in the second quarter of fiscal 2020 due to the favorable impact from stronger consumer confidence and fewer COVID-19 restrictions, compared to the second quarter of fiscal 2020.
• Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) increased 56.3% compared to a decrease of 26.7% in the second quarter of fiscal 2020, driven by a 52.5% increase in transactions and a 2.5% increase in average ticket. Compared to the second quarter of fiscal 2019, comparable sales increased 13.1%.
• Gross profit increased to $798.0 million compared to $329.0 million in the second quarter of fiscal 2020. As a percentage of net sales, gross profit increased to 40.6% compared to 26.8% in the second quarter of fiscal 2020, primarily due to leverage of fixed costs, improvement in merchandise margins, favorable channel mix shifts, and leverage of salon expenses.
• Selling, general and administrative (SG&A) expenses increased to $464.3 million compared to $271.6 million in the second quarter of fiscal 2020. As a percentage of net sales, SG&A expenses increased to 23.6% compared to 22.1% in the second quarter of fiscal 2020, due to deleverage related to higher store payroll and benefits primarily due to less employee retention credits received under the CARES Act, and higher marketing expense, partially offset by leverage of corporate overhead and store expenses due to higher sales.
• There were no impairment, restructuring and other costs in the second quarter of 2021 compared to $40.8 million in the second quarter of 2020.
• Pre-opening expenses decreased to $1.4 million compared to $3.9 million in the second quarter of fiscal 2020.
• Operating income increased to $332.3 million, or 16.9% of net sales, compared to $12.8 million, or 1.1% of net sales, in the second quarter of fiscal 2020. Adjusted operating income for the second quarter of fiscal 2020 was $54.9 million, or 4.5% of net sales.
• Tax rate increased to 24.4% compared to 20.6% in the second quarter of fiscal 2020. The higher effective tax rate is primarily due to a decrease in the benefit of state tax credits as a result of an increase in pretax income.
• Net income was $250.9 million compared to $8.1 million in the second quarter of fiscal 2020. Adjusted net income for the second quarter of fiscal 2020 was $41.5 million.
• Diluted earnings per share was $4.56, including a $0.04 benefit due to income tax accounting for share-based compensation, compared to $0.14 in the second quarter of fiscal 2020. Adjusted diluted earnings per share for the second quarter of fiscal 2020 was $0.73.

For the First Six Months of Fiscal 2021

• Net sales increased 62.7% to $3.9 billion compared to $2.4 billion in the first six months of fiscal 2020, primarily due to the favorable impact from improving consumer confidence, government stimulus payments, and the easing of COVID-19 restrictions, as compared to the first six months of fiscal 2020.
• Comparable sales increased 60.9% compared to a decrease of 31.1% in the first six months of fiscal 2020, driven by a 52.5% increase in transactions and a 5.5% increase in average ticket. Compared to the first six months of fiscal 2019, comparable sales increased 10.0%.
• Gross profit increased to $1.6 billion compared to $632.6 million in the first six months of fiscal 2020. As a percentage of net sales, gross profit increased to 39.7% compared to 26.3% in the first six months of fiscal 2020, primarily due to leverage of fixed costs, improvement in merchandise margins, leverage of salon expenses, and favorable channel mix shifts.
• SG&A expenses increased to $908.2 million compared to $652.5 million in the first six months of fiscal 2020. As a percentage of net sales, SG&A expenses decreased to 23.3% compared to 27.2% in the first six months of fiscal 2020, due to leverage of corporate overhead and store expenses due to higher sales, partially offset by deleverage related to higher store payroll and benefits primarily due to less employee retention credits received under the CARES Act, and higher marketing expense.
• There were no impairment, restructuring and other costs recognized in the first six months of fiscal 2021, compared to $60.3 million in the first six months of fiscal 2020.
• Pre-opening expenses decreased to $5.9 million compared to $8.5 million in the first six months of fiscal 2020.
• Operating income increased to $637.6 million, or 16.3% of net sales, compared to an operating loss of $88.7 million, or (3.7)% of net sales, in the first six months of fiscal 2020. Adjusted operating loss for the first six months of fiscal 2020 was $27.0 million, or (1.1)% of net sales.
• Tax rate increased to 24.4% compared to 23.9% in the first six months of fiscal 2020. The higher effective tax rate is primarily due to a decrease in the benefit of state tax credits as a result of an increase in pretax income.
• Net income was $481.2 million compared to a net loss of $70.5 million in the first six months of fiscal 2020. Adjusted net loss for the first six months of fiscal 2020 was $23.5 million.
• Diluted earnings per share was $8.66, including a $0.07 benefit due to income tax accounting for share-based compensation, compared to a diluted loss per share of $1.25 in the first six months of fiscal 2020. Adjusted diluted loss per share for the first six months of fiscal 2020 was $0.42.

Balance Sheet

Cash and cash equivalents at the end of the second quarter of fiscal 2021 were $770.1 million.

Merchandise inventories, net at the end of the second quarter of fiscal 2021 totaled $1.44 billion compared to $1.37 billion at the end of the second quarter of fiscal 2020. The $75.14 million increase in inventory was primarily due to the addition of 32 net new stores opened since August 1, 2020, the opening of the Jacksonville, FL fast fulfillment center, and increased purchases to support strong demand.

Share Repurchase Program

During the second quarter of fiscal 2021, the Company repurchased 746,367 shares of its common stock at a cost of $243.5 million. During the first six months of fiscal 2021, the Company repurchased 1,989,576 shares of its common stock at a cost of $635.8 million. As of July 31, 2021, $886.2 million remained available under the $1.6 billion share repurchase program announced in March 2020.

Store Update

Real estate activity in the second quarter of fiscal 2021 included 7 new stores located in Dyersburg, TN; Gig Harbor, WA; Little Rock, AR; Richmond, TX; Staten Island, NY; Sunnyvale, CA; and Troy, AL. In addition, the Company relocated one store, remodeled five stores, and closed one store. In the first six months of fiscal 2021, the Company opened 35 new stores, relocated two stores, remodeled five stores, and closed three stores.

The second quarter of fiscal 2021 ended with 1,296 stores and square footage of 13.6 million, representing a 2.7% increase in square footage compared to the second quarter of fiscal 2020.

Fiscal 2021 Outlook

Based on the results for the first six months of fiscal 2021 and revised expectations for consumer demand, the Company has increased its outlook for fiscal 2021.

The Company’s updated outlook for fiscal 2021 is as follows:

			Prior FY21 Outlook		Updated FY21 Outlook
Net sales			$7.7 billion to $7.8 billion		$8.1 billion to $8.3 billion
Comparable sales			23% to 25%		30% to 32%
New stores, net			40		44
Remodel and relocation projects			19		18
Operating margin			approximately 11%		approximately 13%
Diluted earnings per share			$11.50 to $11.95		$14.50 to $14.70
Share repurchases			approximately $850 million		no change
Effective tax rate			24.8%		no change
Capital expenditures			$225 million to $250 million		no change
Depreciation and amortization expense			$270 million to $280 million		no change

The Company’s outlook for fiscal 2021 assumes no material increases in the federal minimum wage and does not include assumptions for any impact related to a resurgence of COVID-19.

Non-GAAP Financial Information

In this press release, the Company provides information regarding adjusted operating income (loss), adjusted net income (loss), and adjusted diluted earnings (loss) per share, which are not recognized terms under U.S. generally accepted accounting principles (GAAP) and do not purport to be alternatives to operating income (loss), net income (loss), and diluted earnings (loss) per share as measures of operating performance. A reconciliation of adjusted operating income (loss), adjusted net income (loss), and adjusted diluted earnings (loss) per share is provided in this release. The Company believes the presentation of these non-GAAP financial measures provides additional information on comparisons between periods by excluding certain items that affect overall comparability and provides investors with enhanced visibility into its results with respect to the impact of certain costs. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

Conference Call Information

A conference call to discuss second quarter of fiscal 2021 results is scheduled for today, August 25, 2021, at 4:30 p.m. Eastern Time / 3:30 p.m. Central Time. Investors and analysts interested in participating in the call are invited to dial (877) 705‑6003. The conference call will also be webcast live at http://ir.ultabeauty.com. A replay of the webcast will remain available for 90 days. A replay of the conference call will be available until 11:59 p.m. ET on September 8, 2021 and can be accessed by dialing (844) 512‑2921 and entering conference ID number 13721889.

About Ulta Beauty

At Ulta Beauty (NASDAQ: ULTA), the possibilities are beautiful. Ulta Beauty is the largest U.S. beauty retailer and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. In 1990, the Company reinvented the beauty retail experience by offering a new way to shop for beauty – bringing together all things beauty, all in one place. Today, Ulta Beauty operates 1,296 retail stores across 50 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.

Ulta Beauty was recently added to the Bloomberg Gender Equality Index, which tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency. More information about Ulta Beauty’s corporate responsibility efforts can be found at www.ulta.com/investor/ESG.

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 the company’s current views with respect to, among other things, future events and financial performance. These statements can be identified 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 the company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the company or any other person that the future plans, estimates, targets, strategies or expectations contemplated by the company will be achieved. Such forward-looking statements are subject to various risks and uncertainties, which include, without limitation:

• The negative impacts the COVID-19 pandemic has had, and will continue to have, on the company’s business, financial condition, profitability, cash flows and supply chain, as well as consumer spending (including future uncertain impacts);
• epidemics, pandemics like COVID-19 or natural disasters that have and could continue to negatively impact the company’s sales;
• changes in the overall level of consumer spending and volatility in the economy, including as a result of the COVID-19 pandemic and/or government aid programs;
• a decline in operating results that has and may continue to lead to asset impairment and store closures charges;
• the company’s ability to sustain its growth plans and successfully implement its long-range strategic and financial plan;
• the company’s ability to gauge beauty trends and react to changing consumer preferences in a timely manner;
• the possibility that the company may be unable to compete effectively in its highly competitive markets;
• the company’s ability to execute its Efficiencies for Growth cost optimization program;
• the possibility that cybersecurity breaches and other disruptions could compromise the company’s information or result in the unauthorized disclosure of confidential information;
• the possibility of material disruptions to the company’s information systems;
• the possibility that the capacity of the company’s distribution and order fulfillment infrastructure and the performance of its distribution centers and fast fulfillment centers may not be adequate to support its recent growth and expected future growth plans;
• changes in the wholesale cost of the company’s products;
• the possibility that new store openings and existing locations may be impacted by developer or co-tenant issues;
• the company’s ability to attract and retain key executive personnel;
• the company’s ability to successfully execute its common stock repurchase program or implement future common stock repurchase programs; and
• other risk factors detailed in the company’s public filings with the Securities and Exchange Commission (the SEC), including risk factors contained in its Annual Report on Form 10‑K for the fiscal year ended January 30, 2021, as such may be amended or supplemented in its subsequently filed Quarterly Reports on Form 10-Q.

The company’s filings with the SEC are available at www.sec.gov. Except to the extent required by the federal securities laws, 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 Beauty, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
		13 Weeks Ended
		July 31,					August 1,
		2021					2020
		(Unaudited)					(Unaudited)
Net sales		$	1,967,207		100.0%		$	1,228,009		100.0%
Cost of sales			1,169,244		59.4%			899,002		73.2%
Gross profit			797,963		40.6%			329,007		26.8%
Selling, general and administrative expenses			464,299		23.6%			271,587		22.1%
Impairment, restructuring and other costs			—		0.0%			40,758		3.3%
Pre-opening expenses			1,357		0.1%			3,907		0.3%
Operating income			332,307		16.9%			12,755		1.1%
Interest expense, net			425		0.0%			2,617		0.2%
Income before income taxes			331,882		16.9%			10,138		0.9%
Income tax expense			80,989		4.1%			2,086		0.2%
Net income		$	250,893		12.8%		$	8,052		0.7%
Net income per common share:
Basic		$	4.59				$	0.14
Diluted		$	4.56				$	0.14
Weighted average common shares outstanding:
Basic			54,675					56,318
Diluted			55,014					56,497

Exhibit 2
Ulta Beauty, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
		26 Weeks Ended
		July 31,					August 1,
		2021					2020
		(Unaudited)					(Unaudited)
Net sales		$	3,905,726		100.0%		$	2,401,219		100.0%
Cost of sales			2,353,975		60.3%			1,768,607		73.7%
Gross profit			1,551,751		39.7%			632,612		26.3%
Selling, general and administrative expenses			908,174		23.3%			652,499		27.2%
Impairment, restructuring and other costs			—		0.0%			60,300		2.5%
Pre-opening expenses			5,946		0.1%			8,542		0.3%
Operating income (loss)			637,631		16.3%			(88,729)		(3.7)%
Interest expense, net			783		0.0%			3,889		0.1%
Income (loss) before income taxes			636,848		16.3%			(92,618)		(3.8)%
Income tax expense (benefit)			155,666		4.0%			(22,161)		(0.9)%
Net income (loss)		$	481,182		12.3%		$	(70,457)		(2.9)%
Net income (loss) per common share:
Basic		$	8.71				$	(1.25)
Diluted		$	8.66				$	(1.25)
Weighted average common shares outstanding:
Basic			55,235					56,369
Diluted			55,592					56,369

Exhibit 3
Ulta Beauty, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
		July 31,			January 30,			August 1,
		2021			2021			2020
		(Unaudited)						(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	770,144		$	1,046,051		$	1,157,318
Receivables, net			154,416			193,109			127,992
Merchandise inventories, net			1,443,685			1,168,215			1,368,543
Prepaid expenses and other current assets			108,145			107,402			102,713
Prepaid income taxes			18,544			—			42,622
Total current assets			2,494,934			2,514,777			2,799,188
Property and equipment, net			909,507			995,795			1,077,825
Operating lease assets			1,470,166			1,504,614			1,548,239
Goodwill			10,870			10,870			10,870
Other intangible assets, net			2,001			2,465			2,927
Deferred compensation plan assets			36,396			33,223			28,789
Other long-term assets			30,711			28,225			29,283
Total assets		$	4,954,585		$	5,089,969		$	5,497,121
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	535,257		$	477,052		$	398,011
Accrued liabilities			313,372			296,334			201,754
Deferred revenue			265,462			274,383			216,545
Current operating lease liabilities			267,442			253,415			245,019
Accrued income taxes			—			42,529			—
Total current liabilities			1,381,533			1,343,713			1,061,329
Non-current operating lease liabilities			1,585,539			1,643,386			1,718,549
Long-term debt			—			—			800,000
Deferred income taxes			64,535			65,359			94,272
Other long-term liabilities			43,165			37,962			52,178
Total liabilities			3,074,772			3,090,420			3,726,328
Commitments and contingencies
Total stockholders’ equity			1,879,813			1,999,549			1,770,793
Total liabilities and stockholders’ equity		$	4,954,585		$	5,089,969		$	5,497,121

Exhibit 4
Ulta Beauty, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
		26 Weeks Ended
		July 31,			August 1,
		2021			2020
		(Unaudited)				(Unaudited)
Operating activities
Net income (loss)		$	481,182		$	(70,457)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			139,577			154,029
Non-cash lease expense			137,521			132,808
Long-lived asset impairment charge			—			59,997
Deferred income taxes			(824)			4,905
Stock-based compensation expense			19,097			14,595
Loss on disposal of property and equipment			1,703			2,273
Change in operating assets and liabilities:
Receivables			38,693			11,345
Merchandise inventories			(275,470)			(74,842)
Prepaid expenses and other current assets			(741)			854
Income taxes			(61,074)			(26,235)
Accounts payable			59,360			(18,486)
Accrued liabilities			17,858			(32,901)
Deferred revenue			(8,921)			(20,990)
Operating lease liabilities			(146,892)			(137,383)
Other assets and liabilities			344			16,477
Net cash provided by operating activities			401,413			15,989
Investing activities
Short-term investments, net			—			110,000
Capital expenditures			(57,305)			(77,090)
Acquisitions, net of cash acquired			—			(1,220)
Purchases of equity investments			—			(5,386)
Net cash provided by (used in) investing activities			(57,305)			26,304
Financing activities
Proceeds from long-term debt			—			800,000
Repurchase of common shares			(635,793)			(72,981)
Stock options exercised			22,808			577
Purchase of treasury shares			(6,974)			(3,065)
Debt issuance costs			—			(1,861)
Net cash provided by (used in) financing activities			(619,959)			722,670
Effect of exchange rate changes on cash and cash equivalents			(56)			30
Net increase (decrease) in cash and cash equivalents			(275,907)			764,993
Cash and cash equivalents at beginning of period			1,046,051			392,325
Cash and cash equivalents at end of period		$	770,144		$	1,157,318

Exhibit 5
Ulta Beauty, Inc.
Store Update
		Total stores open		Number of stores		Number of stores		Total stores
		at beginning of the		opened during the		closed during the		open at
Fiscal 2021		quarter		quarter		quarter		end of the quarter
1st Quarter		1,264		28		2		1,290
2nd Quarter		1,290		7		1		1,296

				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 2021		the quarter		quarter		during the quarter		quarter
1st Quarter		13,291,838		327,476		22,906		13,596,408
2nd Quarter		13,596,408		62,511		10,760		13,648,159

Exhibit 6
Ulta Beauty, Inc.
Sales by Category
The following tables set forth the approximate percentage of net sales by primary category:
		13 weeks ended
		July 31,		August 1,
		2021		2020
Cosmetics (1)		43%		45%
Skincare (1)		17%		18%
Haircare products and styling tools (1)		21%		21%
Fragrance and bath		12%		9%
Services		4%		3%
Accessories and other (1)		3%		4%
		100%		100%

		26 weeks ended
		July 31,		August 1,
		2021		2020
Cosmetics (1)		44%		47%
Skincare (1)		18%		18%
Haircare products and styling tools (1)		20%		19%
Fragrance and bath		11%		8%
Services		4%		4%
Accessories and other (1)		3%		4%
		100%		100%
(1) Certain sales departments were reclassified between categories in the prior year to conform to current year presentation.

Exhibit 7
Ulta Beauty, Inc.
Reconciliation of GAAP basis to Adjusted operating income (loss), Adjusted net income (loss)
and Adjusted diluted earnings (loss) per share
(In thousands, except per share data)
(Unaudited)
		13 weeks ended			26 weeks ended
		August 1,			August 1,
		2020			2020
Operating income (loss)		$	12,755		$	(88,729)
Add: Store asset impairment			20,886			40,428
Add: Store closures			19,872			19,872
Add: Store closures - inventory write-off			1,400			1,400
Adjusted operating income (loss)		$	54,913		$	(27,029)
Net income (loss)		$	8,052		$	(70,457)
Add: Store asset impairment			20,886			40,428
Less: Income tax benefit of store asset impairment1			(4,303)			(9,662)
Add: Store closures			19,872			19,872
Less: Income tax benefit of store closures1			(4,094)			(4,749)
Add: Store closures - inventory write-off			1,400			1,400
Less: Income tax benefit of store closures - inventory write-off1			(288)			(335)
Adjusted net income (loss)		$	41,525		$	(23,503)
Diluted earnings (loss) per share		$	0.14		$	(1.25)
Add: Store asset impairment			0.37			0.72
Less: Income tax benefit of store asset impairment1			(0.08)			(0.17)
Add: Store closures			0.35			0.35
Less: Income tax benefit of store closures1			(0.07)			(0.09)
Add: Store closures - inventory write-off			0.03			0.03
Less: Income tax benefit of store closures - inventory write-off1			(0.01)			(0.01)
Adjusted diluted earnings (loss) per share		$	0.73		$	(0.42)
1 The income tax benefit for non-GAAP adjustments was calculated using the Company's blended tax rate before discrete items.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005731/en/

Investor Contacts:

Kiley Rawlins, CFA

Vice President, Investor Relations

krawlins@ulta.com

(331) 757-2206

Media Contact:

Eileen Ziesemer

Vice President, Public Relations

eziesemer@ulta.com

(708) 305-4479

Source: Ulta Beauty, Inc.

FAQ

What were Ulta Beauty's net sales for Q2 2021?

Ulta Beauty reported net sales of $2.0 billion for the second quarter of fiscal 2021.

How did comparable sales perform for Ulta in Q2 2021?

Comparable sales increased by 56.3% compared to the same period last year.

What is the updated fiscal 2021 net sales outlook for Ulta Beauty?

Ulta Beauty's updated outlook for fiscal 2021 is net sales between $8.1 billion and $8.3 billion.

What was Ulta Beauty's net income for Q2 2021?

Ulta Beauty reported net income of $250.9 million for the second quarter of fiscal 2021.

How much did Ulta spend on share repurchases in the first half of fiscal 2021?

Ulta repurchased 1,989,576 shares at a cost of $635.8 million in the first six months of fiscal 2021.