Ulta Salon Cosmetics & Fragrances Inc ULTA
Q4 2012 Earnings Call Transcript

Transcript Call Date 03/14/2013

Operator: Greetings, and welcome to the Ulta Beauty Fiscal Fourth Quarter and 2012 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Laurel Lefebvre, Vice President Investor Relations. Thank you. You may now begin.

Laurel Lefebvre - VP, IR: Thank you. Good afternoon and thank you for joining us for Ulta's fourth quarter 2012 conference call. Hosting our call are Dennis Eck, Interim Chief Executive Officer and Scott Settersten, Chief Financial Officer. Also joining us our Alex Lelli, Senior Vice President, Growth & Development; Janet Taake, Senior Vice President, Merchandising; and Jeff Severts, Senior Vice President, Marketing.

Before we begin, I'd like to remind you of the Company's Safe Harbor language. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in the Company's filings with the SEC. We may make reference during the call to the metrics free cash flow and non-GAAP to financial measure defined as cash provided by operating activities minus purchases of property and equipment.

With that, I'll turn the call over to Dennis.

Dennis K. Eck - Interim CEO: Thank you, Laurel. Good afternoon, everyone. I'm very pleased to have several members of our Senior Management here. Ulta has a strong and tenured leadership team. Scott, Alex, Janet and Jeff are among the key leaders driving Ulta's business forward. We will take you through the fourth quarter numbers. Ulta drove terrific results in the fourth quarter wrapping up another year of sales and earnings growth. We wish our expectations for continued excellent performance in 2013.

For those of you are not familiar with my background. I have been the non-Executive Chairman of the Board of Ulta for the past 10 years. I have worked closely with the management team over the last decade. I am honored to take on the role of Interim CEO. My primary focus is to maintain a high-quality business at Ulta. I will be working with other members of the Board to find the right CEO to lead Ulta in the years ahead. The search is underway. We are working with terrific minds and associates, top executive search firms to identify the best possible candidate to lead this Company. You saw our announcement about Scott Settersten's appointment to the CFO role today and I would like to congratulate him on his well-deserved promotion.

With that, I'll turn it over to Scott. Scott?

Scott Settersten - CFO: Thank you, Dennis. As you've seen in the results, we announced this afternoon, the Ulta team delivered another very strong quarter and year. Ulta remains a compelling growth story, which continues to build upon our successful five-point growth strategy.

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