UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 27, 2015

ULTA SALON, COSMETICS & FRAGRANCE, INC.
(Exact Name of Registrant as Specified in its Charter)

 
					
Delaware	 	001-33764	 	36-3685240	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
1000 Remington Blvd., Suite 120
Bolingbrook, Illinois 60440
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (630) 410-4800
Not Applicable
(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
 	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02	Results of Operations and Financial Condition.	
On August 27, 2015, Ulta Salon, Cosmetics & Fragrance, Inc. (the “Company”) issued a press release regarding its consolidated financial results for the second quarter ended August 1, 2015. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
 
Item 9.01	Financial Statements and Exhibits.	
(d) Exhibits

Exhibit No.	  	Description	
		
99.1	  	Press release issued by Ulta Salon, Cosmetics & Fragrance, Inc. on August 27, 2015 announcing consolidated financial results for the second quarter ended August 1, 2015 furnished herewith	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 		 	ULTA SALON, COSMETICS & FRAGRANCE, INC.	
				
Date: August 27, 2015	 		 	        By:	 	    /s/ Jodi Caro	
	 		 		 	    Jodi Caro
    Senior Vice President, General Counsel and
    Corporate Secretary	

EXHIBIT INDEX

Exhibit No.	  	Description	
		
99.1	  	Press release issued by Ulta Salon, Cosmetics & Fragrance, Inc. on August 27, 2015 announcing consolidated financial results for the second quarter ended August 1, 2015 furnished herewith	

Exhibit 99.1

Company Contacts:
Scott Settersten
Chief Financial Officer
(630) 410-4807
Laurel Lefebvre
Vice President, Investor Relations
(630) 410-5230
Karen May
Director, Public Relations
(630) 410-5457
ULTA BEAUTY ANNOUNCES SECOND QUARTER 2015 RESULTS
Total Sales Increased 19.4%
Comparable Sales Increased 10.1%
Diluted EPS Increased 22.3% to $1.15
Company Raises Guidance for Fiscal Year 2015
Bolingbrook, IL – August 27, 2015 – ULTA Beauty [NASDAQ:ULTA] today announced financial results for the thirteen week period (“Second Quarter”) and twenty-six week period (“First Six Months”) ended August 1, 2015, which compares to the same periods ended August 2, 2014.
“The Ulta Beauty team achieved outstanding results in the second quarter, with top line momentum delivering better than expected earnings growth,” said Mary Dillon, Chief Executive Officer. “Strong traffic growth drove healthy comparable sales increases across stores, salon and e-commerce, while average ticket growth also contributed. An exciting pipeline of new products, combined with increasing effectiveness of our marketing strategies, drove market share gains across all categories. In light of the excellent performance of the business in the first half of the year, we are raising our outlook for the full year and now expect to achieve earnings per share growth in the high teens.”
For the Second Quarter
 
 	•	 	Net sales increased 19.4% to $877.0 million from $734.2 million in the second quarter of fiscal 2014;	
 
 	•	 	Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 10.1% compared to an increase of 9.6% in the second quarter of fiscal 2014. The 10.1% comparable sales increase was driven by 7.0% growth in transactions and 3.1% growth in average ticket;	

 	•	 	Retail comparable sales increased 8.9%, including salon comparable sales growth of 10.1%;	
 
 	•	 	Salon sales increased 19.7% to $51.6 million from $43.1 million in the second quarter of fiscal 2014;	
 
 	•	 	E-commerce sales grew 43.4% to $36.1 million from $25.2 million in the second quarter of fiscal 2014, representing 120 basis points of the total company comparable sales increase of 10.1%;	
 
 	•	 	Gross profit decreased 40 basis points to 34.9% from 35.3% in the second quarter of fiscal 2014 primarily due to supply chain initiatives including the new Greenwood, Indiana distribution center;	
 
 	•	 	Selling, general and administrative (SG&A) expense as a percentage of net sales decreased 50 basis points to 21.0% compared to 21.5% in the second quarter of fiscal 2014 primarily due to marketing efficiencies;	
 
 	•	 	Pre-opening expenses increased to $4.1 million, compared to $3.6 million in the second quarter of fiscal 2014. Real estate activity in the second quarter of fiscal 2015 included 20 new stores, one relocation and two remodels compared to 19 new stores and four remodels in the second quarter of fiscal 2014;	
 
 	•	 	Operating income increased 20.9% to $118.5 million, or 13.5% of net sales, compared to $98.0 million, or 13.3% of net sales, in the second quarter of fiscal 2014;	
 
 	•	 	Net income increased 22.0% to $74.2 million compared to $60.8 million in the second quarter of fiscal 2014; and	
 
 	•	 	Income per diluted share increased 22.3% to $1.15 compared to $0.94 in the second quarter of fiscal 2014.	
For the First Six Months
 
 	•	 	Net sales increased 20.5% to $1,745.1 million from $1,448.0 million in the first six months of fiscal 2014;	
 
 	•	 	Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 10.8% compared to an increase of 9.2% in the first six months of fiscal 2014. The 10.8% comparable sales increase was driven by 7.2% growth in transactions and 3.6% growth in average ticket;	
 
 	•	 	Retail comparable sales increased 9.3%, including salon comparable sales growth of 10.2%;	
 
 	•	 	Salon sales increased 20.1% to $102.9 million from $85.7 million in the first six months of fiscal 2014;	
 
 	•	 	E-commerce comparable sales grew 46.8% to $80.1 million from $54.5 million in the first six months of fiscal 2014, representing 150 basis points of the total company comparable sales increase of 10.8%;	
 
 	•	 	Gross profit as a percentage of net sales was equal to the first six months of fiscal 2014 at 34.9%;	
 
 	•	 	SG&A expense as a percentage of net sales decreased 50 basis points to 21.6% compared to 22.1% in the first six months in fiscal 2014;	
 
 	•	 	Pre-opening expense increased to $7.2 million compared to $6.2 million in the first six months of fiscal 2014. Real estate activity in the first six months of 2015 included 44 new stores, two relocations and two remodels compared to 40 new stores and four remodels in the first six months of fiscal 2014;	

 	•	 	Operating income increased 26.4% to $226.0 million, or 13.0% of net sales, compared to $178.9 million, or 12.4% of net sales, in the first six months of fiscal 2014;	
 
 	•	 	Net income increased 27.4% to $141.1 million compared to $110.7 million in the first six months of fiscal 2014; and	
 
 	•	 	Income per diluted share increased 28.1% to $2.19 compared to $1.71 in the first six months of fiscal 2014.	
Balance Sheet
Merchandise inventories at the end of the second quarter of fiscal 2015 totaled $705.7 million, compared to $541.5 million at the end of the second quarter of fiscal 2014, representing an increase of $164.2 million. This increase was driven by 102 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 14%, compared to the second 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 strong sales growth and incremental inventory for new brands and in-store prestige brand boutiques. Average inventory per store, excluding the investment in the new Greenwood, Indiana distribution center, increased 10.9%.
The Company ended the second quarter of fiscal 2015 with $475.4 million in cash and short-term investments.
Share Repurchase Program
During the second quarter, the Company repurchased 291,227 shares of its stock at a cost of approximately $46 million under its 10b5-1 plan. As of August 1, 2015, $286.3 million remained available under the $400 million share repurchase program.
Store Expansion
During the second quarter, the Company opened 20 stores located in Albuquerque, NM; Ammon, ID; Bristol, TN; Chattanooga, TN; Clark, NJ; Federal Way, WA; Jacksonville Beach, FL; Laurel, MD; Miami, FL; Myrtle Beach, SC; Rancho Cordova, CA; Redlands, CA; Reno, NV; Roseville, MI; San Francisco, CA; San Luis Obispo, CA; Shawnee, OK; Sioux City, IA; Twin Falls, ID and Waterford, CT. The Company ended the second quarter with 817 stores and square footage of 8,628,213, representing a 14% increase in square footage compared to the second quarter of fiscal 2014.
Outlook
For the third quarter of fiscal 2015, the Company currently expects net sales in the range of $869 million to $883 million, compared to actual net sales of $745.7 million in the third quarter of fiscal 2014. Comparable sales for the third quarter of 2015, including e-commerce sales, are expected to increase 8% to 10%. The Company reported a comparable sales increase of 9.5% in the third quarter of 2014.
Income per diluted share for the third quarter of fiscal 2015 is estimated to be in the range of $1.00 to $1.05. This compares to income per diluted share for the third quarter of fiscal 2014 of $0.91. As previously communicated, earnings growth in the second half of 2015 is expected to moderate compared to the first half of the year, reflecting the timing of marketing expenses and supply chain investments including a new distribution center in Greenwood, Indiana which opened on August 3, 2015.

The Company is raising its previously announced fiscal 2015 guidance. The Company plans to:
 
 	•	 	achieve comparable sales growth of approximately 8% to 10%, including the impact of the e-commerce business, compared to previous guidance of 7% to 9%;	
 
 	•	 	increase total sales in the 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 high teens, compared to previous guidance of the high end of the range of 15% to 17%. This includes planned supply chain and system investments, excluding the $0.02 non-recurring tax benefit in the fourth quarter of 2014, and assuming 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 second quarter results is scheduled for today, August 27, 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 September 10, 2015 and can be accessed by dialing (877) 870-5176 and entering conference ID number 13617296.
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 August 1, 2015 ULTA Beauty operates 817 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. 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	 	
 	  	August 1, 2015	 	 	August 2, 2014	 	
 	  	(Unaudited)	 	 	(Unaudited)	 	
Net sales	  	$	876,999	  	 	 	100.0	% 	 	$	734,236	  	 	 	100.0	% 	
Cost of sales	  	 	570,524	  	 	 	65.1	% 	 	 	474,894	  	 	 	64.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	306,475	  	 	 	34.9	% 	 	 	259,342	  	 	 	35.3	% 	
					
Selling, general and administrative expenses	  	 	183,937	  	 	 	21.0	% 	 	 	157,768	  	 	 	21.5	% 	
Pre-opening expenses	  	 	4,078	  	 	 	0.5	% 	 	 	3,595	  	 	 	0.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	118,460	  	 	 	13.5	% 	 	 	97,979	  	 	 	13.3	% 	
Interest income, net	  	 	(276	) 	 	 	0.0	% 	 	 	(209	) 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	118,736	  	 	 	13.5	% 	 	 	98,188	  	 	 	13.4	% 	
Income tax expense	  	 	44,567	  	 	 	5.1	% 	 	 	37,394	  	 	 	5.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	74,169	  	 	 	8.5	% 	 	$	60,794	  	 	 	8.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per common share:	  				 				 				 				
Basic	  	$	1.16	  	 				 	$	0.94	  	 				
Diluted	  	$	1.15	  	 				 	$	0.94	  	 				
					
Weighted average common shares outstanding:	  				 				 				 				
Basic	  	 	64,087	  	 				 	 	64,349	  	 				
Diluted	  	 	64,410	  	 				 	 	64,636	  	 				

Exhibit 2
Ulta Salon, Cosmetics & Fragrance, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)

 	  	26 Weeks Ended	 	 	26 Weeks Ended	 	
 	  	August 1, 2015	 	 	August 2, 2014	 	
 	  	(Unaudited)	 	 	(Unaudited)	 	
Net sales	  	$	1,745,121	  	 	 	100.0	% 	 	$	1,448,006	  	 	 	100.0	% 	
Cost of sales	  	 	1,135,462	  	 	 	65.1	% 	 	 	942,711	  	 	 	65.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	609,659	  	 	 	34.9	% 	 	 	505,295	  	 	 	34.9	% 	
					
Selling, general and administrative expenses	  	 	376,422	  	 	 	21.6	% 	 	 	320,211	  	 	 	22.1	% 	
Pre-opening expenses	  	 	7,195	  	 	 	0.4	% 	 	 	6,224	  	 	 	0.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	226,042	  	 	 	13.0	% 	 	 	178,860	  	 	 	12.4	% 	
Interest income, net	  	 	(587	) 	 	 	0.0	% 	 	 	(409	) 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	226,629	  	 	 	13.0	% 	 	 	179,269	  	 	 	12.4	% 	
Income tax expense	  	 	85,514	  	 	 	4.9	% 	 	 	68,522	  	 	 	4.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	141,115	  	 	 	8.1	% 	 	$	110,747	  	 	 	7.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per common share:	  				 				 				 				
Basic	  	$	2.20	  	 				 	$	1.72	  	 				
Diluted	  	$	2.19	  	 				 	$	1.71	  	 				
					
Weighted average common shares outstanding:	  				 				 				 				
Basic	  	 	64,134	  	 				 	 	64,311	  	 				
Diluted	  	 	64,484	  	 				 	 	64,618	  	 				

Exhibit 3
Ulta Salon, Cosmetics & Fragrance, Inc.
Condensed Consolidated Balance Sheets
(In thousands)

 	  	August 1,
2015	 	  	January 31,
2015	 	  	August 2,
2014	 	
 	  	(Unaudited)	 	  	 	 	  	(Unaudited)	 	
Assets	  				  				  				
Current assets:	  				  				  				
Cash and cash equivalents	  	$	325,214	  	  	$	389,149	  	  	$	363,058	  	
Short-term investments	  	 	150,209	  	  	 	150,209	  	  	 	100,146	  	
Receivables, net	  	 	45,277	  	  	 	52,440	  	  	 	42,110	  	
Merchandise inventories, net	  	 	705,660	  	  	 	581,229	  	  	 	541,508	  	
Prepaid expenses and other current assets	  	 	67,076	  	  	 	66,548	  	  	 	58,859	  	
Prepaid income taxes	  	 	1,883	  	  	 	—  	  	  	 	—  	  	
Deferred income taxes	  	 	20,766	  	  	 	20,780	  	  	 	22,012	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total current assets	  	 	1,316,085	  	  	 	1,260,355	  	  	 	1,127,693	  	
				
Property and equipment, net	  	 	791,904	  	  	 	717,159	  	  	 	646,890	  	
Deferred compensation plan assets	  	 	7,921	  	  	 	5,656	  	  	 	5,229	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total assets	  	$	2,115,910	  	  	$	1,983,170	  	  	$	1,779,812	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Liabilities and stockholders’ equity	  				  				  				
Current liabilities:	  				  				  				
Accounts payable	  	$	215,720	  	  	$	190,778	  	  	$	163,459	  	
Accrued liabilities	  	 	154,494	  	  	 	149,412	  	  	 	126,792	  	
Accrued income taxes	  	 	—  	  	  	 	19,404	  	  	 	9,890	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total current liabilities	  	 	370,214	  	  	 	359,594	  	  	 	300,141	  	
				
Deferred rent	  	 	315,931	  	  	 	294,127	  	  	 	281,348	  	
Deferred income taxes	  	 	75,167	  	  	 	74,498	  	  	 	65,842	  	
Other long-term liabilities	  	 	10,809	  	  	 	7,442	  	  	 	6,440	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities	  	 	772,121	  	  	 	735,661	  	  	 	653,771	  	
				
Commitments and contingencies	  				  				  				
				
Total stockholders’ equity	  	 	1,343,789	  	  	 	1,247,509	  	  	 	1,126,041	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities and stockholders’ equity	  	$	2,115,910	  	  	$	1,983,170	  	  	$	1,779,812	  	

Exhibit 4
Ulta Salon, Cosmetics & Fragrance, Inc.
Consolidated Statements of Cash Flows
(In thousands)

 	  	26 Weeks Ended	 	
 	  	August 1, 2015	 	 	August 2, 2014	 	
 	  	(Unaudited)	 	
Operating activities	  				 				
Net income	  	$	141,115	  	 	$	110,747	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	76,738	  	 	 	62,372	  	
Deferred income taxes	  	 	683	  	 	 	(642	) 	
Non-cash stock compensation charges	  	 	7,578	  	 	 	7,603	  	
Excess tax benefits from stock-based compensation	  	 	(7,257	) 	 	 	(1,423	) 	
Loss on disposal of property and equipment	  	 	1,629	  	 	 	2,582	  	
Change in operating assets and liabilities:	  				 				
Receivables	  	 	7,163	  	 	 	4,939	  	
Merchandise inventories	  	 	(124,431	) 	 	 	(83,575	) 	
Prepaid expenses and other current assets	  	 	(528	) 	 	 	(2,866	) 	
Income taxes	  	 	(14,030	) 	 	 	(4,036	) 	
Accounts payable	  	 	24,942	  	 	 	15,177	  	
Accrued liabilities	  	 	(10,812	) 	 	 	1,601	  	
Deferred rent	  	 	21,804	  	 	 	19,718	  	
Other assets and liabilities	  	 	1,102	  	 	 	1,031	  	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	125,696	  	 	 	133,228	  	
			
Investing activities	  				 				
Purchases of short-term investments	  	 	(50,000	) 	 	 	(100,146	) 	
Proceeds from short-term investments	  	 	50,000	  	 	 	—  	  	
Purchases of property and equipment	  	 	(137,218	) 	 	 	(94,097	) 	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(137,218	) 	 	 	(194,243	) 	
			
Financing activities	  				 				
Repurchase of common shares	  	 	(73,753	) 	 	 	—  	  	
Stock options exercised	  	 	15,561	  	 	 	4,510	  	
Excess tax benefits from stock-based compensation	  	 	7,257	  	 	 	1,423	  	
Purchase of treasury shares	  	 	(1,478	) 	 	 	(1,336	) 	
	  	 	 	 	 	 	 	 	
Net cash (used in) provided by financing activities	  	 	(52,413	) 	 	 	4,597	  	
	  	 	 	 	 	 	 	 	
Net decrease in cash and cash equivalents	  	 	(63,935	) 	 	 	(56,418	) 	
Cash and cash equivalents at beginning of period	  	 	389,149	  	 	 	419,476	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period	  	$	325,214	  	 	$	363,058	  	

Exhibit 5
2015 Store Expansion

Fiscal 2015	  	Total stores open
at beginning of the
quarter	 	  	Number of stores
opened during the
quarter	 	  	Number of stores
closed during the
quarter	 	  	Total stores open
at end of the quarter	 	
1 st Quarter	  	 	774	  	  	 	24	  	  	 	1	  	  	 	797	  	
2 nd Quarter	  	 	797	  	  	 	20	  	  	 	0	  	  	 	817	  	

Fiscal 2015	  	Total gross square
feet at beginning of
the quarter	 	  	Gross square feet for
stores opened or
expanded during the
quarter	 	  	Gross square feet for
stores closed
during the quarter	 	  	Total gross square
feet at end of the
quarter	 	
1 st Quarter	  	 	8,182,404	  	  	 	253,429	  	  	 	10,452	  	  	 	8,425,381	  	
2 nd Quarter	  	 	8,425,381	  	  	 	202,832	  	  	 	0	  	  	 	8,628,213