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): March 12, 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 March 12, 2015, Ulta Salon, Cosmetics & Fragrance, Inc. (the “Company”) issued a press release regarding its consolidated financial results for the fourth quarter and fiscal year ended January 31, 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 5.02	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.	
(b) On March 9, 2015, Janet Taake informed Ulta Salon, Cosmetics & Fragrance, Inc. (the “Company”) that she will retire from her position as Chief Merchandising Officer of the Company effective May 1, 2015.
 
Item 9.01	Financial Statements and Exhibits.	
(d) Exhibits

Exhibit
No.	  	Description	
		
99.1	  	Press release issued by Ulta Salon, Cosmetics & Fragrance, Inc. on March 12, 2015 announcing consolidated financial results for the fourth quarter and fiscal year ended January 31, 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: March 12, 2015						By:		/s/ Robert S. Guttman	
								Robert S. Guttman	
								Senior Vice President, General Counsel
and Secretary	

EXHIBIT INDEX

Exhibit
No.	  	Description	
		
99.1	  	Press release issued by Ulta Salon, Cosmetics & Fragrance, Inc. on March 12, 2015 announcing consolidated financial results for the fourth quarter and fiscal year ended January 31, 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 FOURTH QUARTER 2014 RESULTS
Total Sales Increased 20.7%
Comparable Sales Increased 11.1%
Diluted EPS Increased 23.9% to $1.35
Bolingbrook, IL – March 12, 2015 – ULTA Beauty [NASDAQ:ULTA] today announced financial results for the thirteen week period (“Fourth Quarter”) and fifty-two week period (“Fiscal Year”) ended January 31, 2015, which compares to the same periods ended February 1, 2014.
“ULTA Beauty wrapped up a very strong year of sales and profit growth with an excellent fourth quarter, which we are proud to celebrate as our first billion dollar sales quarter,” said Mary Dillon, Chief Executive Officer. “Our best comparable sales increase of the year was driven by accelerating traffic growth, continued strength in prestige and mass color cosmetics, a successful holiday selling season, execution of more effective marketing and CRM strategies, a double-digit comp in our salon business, and a 55% comparable sales increase in our e-commerce business.”
For the Fourth Quarter
 
 	•	 	Net sales increased 20.7% to $1,047.6 million from $868.1 million in the fourth quarter of fiscal 2013;	
 
 	•	 	Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 11.1% compared to an increase of 9.2% in the fourth quarter of fiscal 2013. The 11.1% same store sales increase was driven by 7.7% growth in transactions and 3.4% growth in average ticket;	
 
 	•	 	E-commerce sales grew 55.2%, representing 230 basis points of the total company same store sales increase of 11.1%;	

 	•	 	Salon sales increased 20.9%, and comparable salon sales grew 11.0%, contributing 10 basis points to the retail comparable sales increase of 8.8%;	
 
 	•	 	Gross profit decreased 40 basis points to 33.4% from 33.8% in the fourth quarter of fiscal 2013, driven by increased costs associated with the ULTAmate Rewards loyalty program and the impact of a higher mix of e-commerce sales;	
 
 	•	 	Selling, general and administrative (SG&A) expense as a percentage of net sales decreased 40 basis points to 20.1% compared to 20.5% in the fourth quarter of 2013;	
 
 	•	 	Pre-opening expenses decreased to $1.6 million, compared to $1.8 million in the fourth quarter of fiscal 2013. Real estate activity in the fourth quarter of fiscal 2014 included 10 new stores compared to 11 new stores in the fourth quarter of fiscal 2013;	
 
 	•	 	Operating income increased 20.4% to $137.5 million, or 13.1% of net sales, compared to $114.1 million, or 13.1% of net sales, in the fourth quarter of fiscal 2013;	
 
 	•	 	Tax rate of 36.6% reflects a $0.02 per diluted share benefit related to a non-recurring tax adjustment;	
 
 	•	 	Net income increased 23.5% to $87.3 million compared to $70.7 million in the fourth quarter of fiscal 2013. Net income increased 21.6% to $86.0 million excluding the impact of a non-recurring tax adjustment; and	
 
 	•	 	Income per diluted share increased 23.9% to $1.35 compared to $1.09 in the fourth quarter of fiscal 2013. Income per diluted share includes a non-recurring tax adjustment of approximately $0.02 resulting in a lower effective tax rate compared to the fourth quarter of fiscal 2013. Excluding this tax benefit, income per diluted share increased 22.0% to $1.33.	
For the Fiscal Year 2014
 
 	•	 	Net sales increased 21.4% to $3,241.4 million from $2,670.6 million in fiscal 2013;	
 
 	•	 	Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 9.9% compared to an increase of 7.9% in fiscal 2013. The 9.9% same store sales increase was driven by 5.6% growth in transactions and 4.3% growth in average ticket;	
 
 	•	 	E-commerce sales grew 56.4%, representing 180 basis points of the total company same store sales increase of 9.9%;	
 
 	•	 	Salon sales increased 20.4%, and comparable salon sales grew 9.5%, contributing 10 basis points to the retail comparable sales increase of 8.1%;	
 
 	•	 	Gross profit decreased 10 basis points to 35.1% compared to 35.2% in fiscal 2013;	
 
 	•	 	SG&A expense as a percentage of net sales decreased 30 basis points to 22.0% compared to 22.3% in fiscal 2013;	
 
 	•	 	Pre-opening expense decreased to $14.4 million compared to $17.3 million in fiscal 2013. Real estate activity for fiscal 2014 included 100 new stores, 2 relocations and 9 remodels compared to 127 new stores, 4 relocations and 7 remodels in fiscal 2013;	
 
 	•	 	Operating income increased 25.3% to $410.4 million, or 12.7% of net sales, compared to $327.6 million, or 12.3% of net sales, in fiscal 2013;	
 
 	•	 	Tax rate of 37.5% reflects a $0.02 per diluted share benefit related to a non-recurring deferred tax adjustment;	
 
 	•	 	Net income increased 26.8% to $257.1 million compared to $202.8 million in fiscal 2013. Net income increased 26.1% to $255.8 million excluding the impact of a non-recurring tax adjustment; and	
 
 	•	 	Income per diluted share increased 26.3% to $3.98 compared to $3.15 in fiscal 2013. Income per diluted share includes a non-recurring tax adjustment of approximately $0.02 resulting in a lower effective tax rate compared to fiscal 2013. Excluding this tax benefit, income per diluted share increased 25.7% to $3.96.	

Balance Sheet and Cash Flow
Merchandise inventories at the end of the fourth quarter of fiscal 2014 totaled $581.2 million, compared to $457.9 million at the end of the fourth quarter of fiscal 2013, representing an increase of $123.3 million. This increase was driven by 99 net new stores as well as new brand additions. Average inventory per store increased 10.7% for the fourth quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013. This increase was primarily driven by investments in inventory to ensure high in-stock levels to support strong sales growth, as well as inventory for new brands.
The Company generated $148 million of free cash flow in fiscal 2014, compared to $102 million in fiscal 2013 and ended the fiscal year 2014 with $539 million in cash and short-term investments. Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment.
Share Repurchase Program
During the fourth quarter, the Company repurchased 235,223 shares of its stock at a cost of approximately $30 million under its 10b5-1 plan. As of January 31, 2015, $260.1 million remained available under the $300 million share repurchase program.
Effective March 17, 2015, the Company’s board of directors authorized an increase of $100 million to the existing share repurchase program implemented in September of 2014.
Store Expansion
During the fourth quarter, the Company opened 10 stores located in Anaheim, CA; Bellevue, WA; Howell, NJ; Las Cruces, NM; Ontario, OH; Palm Coast, FL; Pflugerville, TX; Rocklin, CA; San Antonio, TX and Saratoga Springs, NY. In addition, the Company closed one store. The Company ended the fourth quarter with 774 stores and square footage of 8,182,404 which represents a 14% increase in square footage compared to the fourth quarter of fiscal 2013.
Outlook
For fiscal 2015, the Company plans to:
 
 	•	 	achieve comparable sales growth of approximately 6% to 8%, including the impact of the e-commerce business;	
 
 	•	 	increase total sales in the mid-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 range of 15% to 17%, including planned supply chain and system investments, excluding the $0.02 non-recurring tax benefit in Q4 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.	
For the first quarter of fiscal 2015, the Company currently expects net sales in the range of $833 million to $847 million, compared to actual net sales of $713.8 million in the first quarter of fiscal 2014. Comparable sales for the first quarter of 2015, including e-commerce sales, are expected to increase 7% to 9%. The Company reported a comparable sales increase of 8.7% in the first quarter of 2014.
Income per diluted share for the first quarter of fiscal 2015 is estimated to be in the range of $0.88 to $0.93. This compares to income per diluted share for the first quarter of fiscal 2014 of $0.77.
Conference Call Information
A conference call to discuss fourth quarter results is scheduled for today, March 12, 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 March 26, 2015 and can be accessed by dialing (877) 870-5176 and entering conference ID number 13602225.
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 January 31, 2015 ULTA Beauty operates 774 retail stores across 47 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 programs 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 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 financial and strategic plan; and other risk factors detailed in our public filings with the Securities and Exchange Commission (SEC), including risk factors contained in our Annual Report on Form 10-K for the fiscal year ended February 1, 2014. 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	 	
 	  	January 31,
2015	 	 	February 1,
2014	 	
 	  	(Unaudited)	 	 	(Unaudited)	 	
Net sales	  	$	1,047,641	  	 	 	100.0	% 	 	$	868,082	  	 	 	100.0	% 	
Cost of sales	  	 	697,904	  	 	 	66.6	% 	 	 	574,521	  	 	 	66.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit		 	349,737	  		 	33.4	% 		 	293,561	  		 	33.8	% 	
					
Selling, general and administrative expenses		 	210,702	  		 	20.1	% 		 	177,636	  		 	20.5	% 	
Pre-opening expenses		 	1,568	  		 	0.1	% 		 	1,787	  		 	0.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income		 	137,467	  		 	13.1	% 		 	114,138	  		 	13.1	% 	
Interest income, net		 	(231	) 		 	0.0	% 		 	(69	) 		 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes		 	137,698	  		 	13.1	% 		 	114,207	  		 	13.2	% 	
Income tax expense		 	50,434	  		 	4.8	% 		 	43,525	  		 	5.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income		$	87,264	  		 	8.3	% 		$	70,682	  		 	8.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per common share:																	
Basic		$	1.36	  						$	1.10	  					
Diluted		$	1.35	  						$	1.09	  					
					
Weighted average common shares outstanding:																	
Basic		 	64,300	  						 	64,232	  					
Diluted		 	64,657	  						 	64,607	  					

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

 	  	52 Weeks Ended	 	 	52 Weeks Ended	 	
 	  	January 31,
2015	 	 	February 1,
2014	 	
 	  	(Unaudited)	 	 	 	 	
Net sales	  	$	3,241,369	  	 	 	100.0	% 	 	$	2,670,573	  	 	 	100.0	% 	
Cost of sales	  	 	2,104,582	  	 	 	64.9	% 	 	 	1,729,325	  	 	 	64.8	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit		 	1,136,787	  		 	35.1	% 		 	941,248	  		 	35.2	% 	
					
Selling, general and administrative expenses		 	712,006	  		 	22.0	% 		 	596,390	  		 	22.3	% 	
Pre-opening expenses		 	14,366	  		 	0.4	% 		 	17,270	  		 	0.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income		 	410,415	  		 	12.7	% 		 	327,588	  		 	12.3	% 	
Interest income, net		 	(894	) 		 	0.0	% 		 	(118	) 		 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes		 	411,309	  		 	12.7	% 		 	327,706	  		 	12.3	% 	
Income tax expense		 	154,174	  		 	4.8	% 		 	124,857	  		 	4.7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income		$	257,135	  		 	7.9	% 		$	202,849	  		 	7.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per common share:																	
Basic		$	4.00	  						$	3.17	  					
Diluted		$	3.98	  						$	3.15	  					
					
Weighted average common shares outstanding:																	
Basic		 	64,335	  						 	63,992	  					
Diluted		 	64,651	  						 	64,461	  					

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

 	  	January 31,	 	  	February 1,	 	
 	  	2015	 	  	2014	 	
 	  	(Unaudited)	 	  	 	 	
Assets	  				  				
Current assets:	  				  				
Cash and cash equivalents	  	$	389,149	  	  	$	419,476	  	
Short-term investments	  	 	150,209	  	  	 	—  	  	
Receivables, net	  	 	52,440	  	  	 	47,049	  	
Merchandise inventories, net	  	 	581,229	  	  	 	457,933	  	
Prepaid expenses and other current assets	  	 	66,548	  	  	 	55,993	  	
Deferred income taxes	  	 	20,780	  	  	 	22,246	  	
	  	 	 	 	  	 	 	 	
Total current assets		 	1,260,355	  		 	1,002,697	  	
			
Property and equipment, net		 	717,159	  		 	595,736	  	
Deferred compensation plan assets		 	5,656	  		 	4,294	  	
	  	 	 	 	  	 	 	 	
Total assets		$	1,983,170	  		$	1,602,727	  	
	  	 	 	 	  	 	 	 	
Liabilities and stockholders’ equity									
Current liabilities:									
Accounts payable		$	190,778	  		$	148,282	  	
Accrued liabilities		 	149,412	  		 	103,180	  	
Accrued income taxes		 	19,404	  		 	15,349	  	
	  	 	 	 	  	 	 	 	
Total current liabilities		 	359,594	  		 	266,811	  	
			
Deferred rent		 	294,127	  		 	261,630	  	
Deferred income taxes		 	74,498	  		 	66,718	  	
Other long-term liabilities		 	7,442	  		 	4,474	  	
	  	 	 	 	  	 	 	 	
Total liabilities		 	735,661	  		 	599,633	  	
			
Commitments and contingencies									
			
Total stockholders’ equity		 	1,247,509	  		 	1,003,094	  	
	  	 	 	 	  	 	 	 	
Total liabilities and stockholders’ equity		$	1,983,170	  		$	1,602,727	  	

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

 	  	52 Weeks Ended	 	 	52 Weeks Ended	 	
 	  	January 31,	 	 	February 1,	 	
 	  	2015	 	 	2014	 	
 	  	(Unaudited)	 	 	 	 	
Operating activities	  				 				
Net income	  	$	257,135	  	 	$	202,849	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	131,764	  	 	 	106,283	  	
Deferred income taxes	  	 	9,246	  	 	 	3,868	  	
Non-cash stock compensation charges	  	 	14,923	  	 	 	16,003	  	
Excess tax benefits from stock-based compensation	  	 	(3,229	) 	 	 	(13,378	) 	
Loss on disposal of property and equipment	  	 	4,468	  	 	 	3,902	  	
Change in operating assets and liabilities:	  				 				
Receivables	  	 	(5,391	) 	 	 	(5,534	) 	
Merchandise inventories	  	 	(123,296	) 	 	 	(96,808	) 	
Prepaid expenses and other current assets	  	 	(10,555	) 	 	 	(5,541	) 	
Income taxes	  	 	7,284	  	 	 	18,673	  	
Accounts payable	  	 	42,496	  	 	 	29,396	  	
Accrued liabilities	  	 	37,644	  	 	 	14,215	  	
Deferred rent	  	 	32,497	  	 	 	53,627	  	
Other assets and liabilities	  	 	1,606	  	 	 	170	  	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities		 	396,592	  		 	327,725	  	
			
Investing activities									
Purchases of short-term investments		 	(200,209	) 		 	—  	  	
Proceeds from short-term investments		 	50,000	  		 	—  	  	
Purchases of property and equipment		 	(249,067	) 		 	(226,024	) 	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities		 	(399,276	) 		 	(226,024	) 	
			
Financing activities									
Repurchase of common shares		 	(39,923	) 		 	(37,337	) 	
Stock options exercised		 	10,639	  		 	21,890	  	
Excess tax benefits from stock-based compensation		 	3,229	  		 	13,378	  	
Purchase of treasury shares		 	(1,588	) 		 	(631	) 	
	  	 	 	 	 	 	 	 	
Net cash used in financing activities		 	(27,643	) 		 	(2,700	) 	
	  	 	 	 	 	 	 	 	
Net (decrease) increase in cash and cash equivalents		 	(30,327	) 		 	99,001	  	
Cash and cash equivalents at beginning of period		 	419,476	  		 	320,475	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period		$	389,149	  		$	419,476	  	

Exhibit 5
2014 Store Expansion

Fiscal 2014	  	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	  	 	675	  	  	 	21	  	  	 	0	  	  	 	696	  	
2 nd Quarter	  	 	696	  	  	 	19	  	  	 	0	  	  	 	715	  	
3 rd Quarter	  	 	715	  	  	 	50	  	  	 	0	  	  	 	765	  	
4 th Quarter	  	 	765	  	  	 	10	  	  	 	1	  	  	 	774	  	
					
Fiscal 2014	  	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	  	 	7,158,286	  	  	 	216,984	  	  	 	0	  	  	 	7,375,270	  	
2 nd Quarter	  	 	7,375,270	  	  	 	199,966	  	  	 	0	  	  	 	7,575,236	  	
3 rd Quarter	  	 	7,575,236	  	  	 	514,380	  	  	 	0	  	  	 	8,089,616	  	
4 th Quarter	  	 	8,089,616	  	  	 	102,806	  	  	 	10,018	  	  	 	8,182,404