References in this Annual Report on Form 10-K to “we,” “us,” “our,” “Ulta Beauty,” the “Company” and similar references mean Ulta Beauty, Inc. and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.
This Annual Report on Form 10-K 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 Form 10-K 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:
| ● | macroeconomic conditions, including inflation, elevated interest rates and recessionary concerns, as well as continuing labor cost pressures, and transportation and shipping cost pressures, have had, and may continue to have, a negative impact on our business, financial condition, profitability, and cash flows (including future uncertain impacts); |
| ● | changes in the overall level of consumer spending and volatility in the economy, including as a result of macroeconomic conditions and geopolitical events; |
| ● | our ability to sustain our growth plans and successfully implement our long-range strategic and financial plan; |
| ● | the ability to execute our operational excellence priorities, including continuous improvement, Project SOAR (the replacement of our enterprise resource planning platform), and supply chain optimization; |
| ● | our ability to gauge beauty trends and react to changing consumer preferences in a timely manner; |
| ● | the possibility that we may be unable to compete effectively in our highly competitive markets; |
| ● | the possibility of significant interruptions in the operations of our distribution centers, fast fulfillment centers, and market fulfillment centers; |
| ● | the possibility that cybersecurity or information security breaches and other disruptions could compromise our information or result in the unauthorized disclosure of confidential information; |
| ● | the possibility of material disruptions to our information systems, including our Ulta.com website and mobile applications; |
| ● | the failure to maintain satisfactory compliance with applicable privacy and data protection laws and regulations; |
| ● | changes in the good relationships we have with our brand partners, our ability to continue to obtain sufficient merchandise from our brand partners, and/or our ability to continue to offer permanent or temporary exclusive products of our brand partners; |
| ● | our ability to effectively manage our inventory and protect against inventory shrink; |
| ● | changes in the wholesale cost of our products and/or interruptions at our brand partners’ or third-party vendors’ operations; |
| ● | epidemics, pandemics or natural disasters, which could negatively impact sales; |
| ● | the possibility that new store openings and existing locations may be impacted by developer or co-tenant issues; |
| ● | our ability to attract and retain key executive personnel; |
| ● | the impact of climate change on our business operations and/or supply chain; |
| ● | our ability to successfully execute our common stock repurchase program or implement future common stock repurchase programs; |
| ● | a decline in operating results which could lead to asset impairment and store closure charges; and |
| ● | other risk factors detailed in our public filings with the Securities and Exchange Commission (the SEC), including risk factors contained in Item 1A, “Risk Factors” of this Annual Report on Form 10-K for the year ended February 3, 2024, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. |
Except to the extent required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Part I
