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): December 4, 2014

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 December 4, 2014, Ulta Salon, Cosmetics & Fragrance, Inc. (the “Company”) issued a press release regarding its consolidated financial results for the third quarter ended November 1, 2014. 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 December 4, 2014 announcing consolidated financial results for the third quarter ended November 1, 2014 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: December 4, 2014	 		 	    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 December 4, 2014 announcing consolidated financial results for the third quarter ended November 1, 2014 furnished herewith	

Exhibit 99.1

Company Contacts:
Scott Settersten
Chief Financial Officer
(630) 410-4807
Laurel Lefebvre
Vice President, Investor Relations
(630) 410-5230
Media Contact:
Karen May
Director, Public Relations
(630) 410-5457
ULTA BEAUTY ANNOUNCES THIRD QUARTER 2014 RESULTS
Total Sales Increased 20.5%
Comparable Sales Increased 9.5%
Diluted EPS Increased 30.0% to $0.91
Company Raises Guidance for Fiscal Year 2014
Bolingbrook, IL – December 4, 2014 – Ulta Beauty [NASDAQ:ULTA] today announced financial results for the thirteen week period (“Third Quarter”) and thirty-nine week period (“First Nine Months”) ended November 1, 2014, which compares to the same periods ended November 2, 2013.
“We are pleased to announce excellent sales and earnings growth in the third quarter,” said Mary Dillon, Chief Executive Officer. “Strong same store sales were driven by a healthy balance of transaction and ticket growth. Continued strength in prestige and mass color cosmetics, the successful introduction of new products and brands, double digit comps in our salon business, a more effective and well executed marketing strategy, and rapid growth in e-commerce all contributed to our performance.”
For the Third Quarter
 
 	•	 	Net sales increased 20.5% to $745.7 million from $618.8 million in the third quarter of fiscal 2013;	
 
 	•	 	Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 9.5% compared to an increase of 6.8% in the third quarter of fiscal 2013. The 9.5% same store sales increase was driven by 5.4% growth in transactions and 4.1% growth in average ticket;	

 	•	 	E-commerce comparable sales grew 46.7%, representing 130 basis points of the total company comparable sales increase of 9.5%;	
 
 	•	 	Salon sales increased 20.5%, and comparable salon sales grew 10.1%, adding 10 basis points to the total company comparable sales increase of 9.5%;	
 
 	•	 	Gross profit increased 40 basis points to 37.8% from 37.4% in the third quarter of fiscal 2013;	
 
 	•	 	Selling, general and administrative (SG&A) expense as a percentage of net sales decreased 20 basis points to 24.3% compared to 24.5% in the third quarter of fiscal 2013. The third quarter of 2013 includes the impact of a severance charge related to management changes to strengthen the Supply Chain and Human Resources functions. Excluding the impact of the 2013 severance charge, SG&A expense as a percentage of net sales increased 10 basis points.	
 
 	•	 	Preopening expenses decreased to $6.6 million, compared to $7.5 million in the third quarter of fiscal 2013. Real estate activity in the third quarter of fiscal 2014 included 50 new stores, 2 relocations and 5 remodels compared to 55 new stores, 3 relocations and 6 remodels in the third quarter of fiscal 2013;	
 
 	•	 	Operating income increased 29.1% to $94.1 million, or 12.6% of net sales, compared to $72.9 million, or 11.8% of net sales, in the third quarter of fiscal 2013;	
 
 	•	 	Net income increased 30.1% to $59.1 million compared to $45.4 million in the third quarter of fiscal 2013; excluding the 2013 severance charge, net income increased 26.9% and	
 
 	•	 	Income per diluted share increased 30.0% to $0.91 compared to $0.70 in the third quarter of fiscal 2013, including a $0.02 per diluted share related to the 2013 severance charge. Excluding the 2013 severance charge, income per diluted share increased 26.4%.	
For the First Nine Months
 
 	•	 	Net sales increased 21.7% to $2,193.7 million from $1,802.5 million in the first nine months of fiscal 2013;	
 
 	•	 	Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 9.3% compared to an increase of 7.3% in the first nine months of fiscal 2013;	
 
 	•	 	E-commerce comparable sales grew 57.4%, representing 150 basis points of the total company comparable sales increase of 9.3%;	
 
 	•	 	Gross profit as a percentage of net sales was equal to the first nine months of fiscal 2013 at 35.9%;	
 
 	•	 	SG&A expense as a percentage of net sales decreased 30 basis points to 22.9% compared to 23.2% in the first nine months in fiscal 2013, including the impact of the 2013 severance charge. Excluding the impact of the 2013 severance charge, SG&A expense as a percentage of net sales decreased 20 basis points.	
 
 	•	 	Pre-opening expense decreased to $12.8 million compared to $15.5 million in the first nine months of fiscal 2013. Real estate activity in the first nine months of 2014 included 90 new stores, 2 relocations and 9 remodels compared to 116 new stores, 4 relocations and 7 remodels in the first nine months of fiscal 2013;	
 
 	•	 	Operating income increased 27.9% to $272.9 million, or 12.4% of net sales, compared to $213.5 million, or 11.8% of net sales, in the first nine months of fiscal 2013;	

 	•	 	Net income increased 28.5% to $169.9 million compared to $132.2 million in the first nine months of fiscal 2013; excluding the 2013 severance charge, net income increased 27.4% and	
 
 	•	 	Income per diluted share increased 28.3% to $2.63 compared to $2.05 in the first nine months of fiscal 2013, including a $0.02 per diluted share related to the 2013 severance charge. Excluding the 2013 severance charge, income per diluted share increased 27.1%.	
Balance Sheet and Cash Flow
Merchandise inventories at the end of the third quarter of fiscal 2014 totaled $709.7 million, compared to $582.3 million at the end of the third quarter of fiscal 2013, representing an increase of $127.4 million. The increase in total inventory was primarily due to the addition of 101 net new stores opened since November 2, 2013, as well as the addition of new brands. Average inventory per store increased 5.8% compared to the third quarter of fiscal 2013.
The Company repurchased approximately 86,000 shares of its stock at a cost of $10 million during the third quarter, under its recently initiated 10b5-1 plan.
Store Expansion
During the third quarter, the Company opened 50 stores located in Barboursville, WV; Beckley, WV; Bronx, NY; Brooksville, FL; Cedar Falls, IA; Charlotte, NC; Chesapeake, VA; City of Industry, CA; Concord, CA; Flemington, NJ; Forsyth, IL; Frankfort, KY; Gadsden, AL; Garden City, KS; Glendale, NY; Greeley, CO; Harlingen, TX; Hudson, MA; Ithaca, NY; Kalispell, MT; La Crosse, WI; Lakeland, FL; Macedonia, OH; Marina Del Rey, CA; Menifee, CA; Michigan City, IN; Morganton, NC; North Myrtle Beach, SC; Northridge, CA; Old Saybrook, CT; Olympia, WA; Palm Beach Gardens, FL; Paso Robles, CA; Pittsburgh, PA; Poughkeepsie, NY; Prescott Valley, AZ; Puyallup, WA; Riverbank, CA; San Antonio, TX; Seabrook, NH; Stroudsburg, PA; Summerlin, NV; Taylor, MI; Vernal, UT; Waco, TX; Washington, PA; West Covina, CA; West Palm Beach, FL; West Valley, UT and Westland, MI. The Company ended the third quarter with 765 stores and square footage of 8,089,616, which represents an 15% increase in square footage compared to the third quarter of fiscal 2013.
Fourth Quarter and FY 2014 Outlook
For the fourth quarter of fiscal 2014, the Company currently expects net sales in the range of $997 million to $1,014 million, compared to actual net sales of $868.1 million in the fourth quarter of fiscal 2013. Comparable sales for the fourth quarter of 2014 are expected to increase 6% to 8%. The Company reported a comparable sales increase of 9.2% in the fourth quarter of 2013.
Income per diluted share for the fourth quarter of fiscal 2014 is estimated to be in the range of $1.21 to $1.26. This compares to income per diluted share for the fourth quarter of fiscal 2013 of $1.09.
The Company is raising its previously announced fiscal 2014 sales and earnings guidance. The Company now plans to:

 	•	 	achieve comparable sales growth of approximately 8% to 9%, including the impact of the e-commerce business;	
 
 	•	 	expand square footage by approximately 15% with the opening of 100 new stores;	
 
 	•	 	increase total sales in the 20% range;	
 
 	•	 	remodel 12 locations;	
 
 	•	 	deliver earnings per share growth in the low 20s percentage range;	
 
 	•	 	incur capital expenditures of approximately $265 million in fiscal 2014, compared to $226 million in fiscal 2013; and	
 
 	•	 	generate free cash flow in excess of $100 million.	
Conference Call Information
A conference call to discuss third quarter results is scheduled for today, December 4, 2014, 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 December 18, 2014 and can be accessed by dialing (877) 870-5176 and entering conference ID number 13595245.
About Ulta Beauty
Ulta Beauty is the largest beauty retailer that provides one-stop shopping for prestige, mass and salon products, and salon services in the United States. Ulta Beauty provides affordable indulgences to its customers by combining unmatched product breadth, value and convenience with the distinctive environment and experience of a specialty retailer. Ulta Beauty offers a unique combination of over 20,000 prestige and mass beauty products across the categories of cosmetics, fragrance, haircare, skincare, bath and body products and salon styling tools, as well as salon haircare products. Ulta Beauty also offers a full-service salon in all of its stores. As of November 1, 2014, Ulta operates 765 retail stores across 47 states and also distributes its products through the Company’s website: 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; 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 and implement our common stock repurchase program; 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	 	
 	  	November 1,
2014	 	 	November 2,
2013	 	
 	  	(Unaudited)	 	 	(Unaudited)	 	
Net sales	  	$	745,722	  	 	 	100.0	% 	 	$	618,781	  	 	 	100.0	% 	
Cost of sales	  	 	463,967	  	 	 	62.2	% 	 	 	387,120	  	 	 	62.6	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	281,755	  	 	 	37.8	% 	 	 	231,661	  	 	 	37.4	% 	
Selling, general and administrative expense	  	 	181,093	  	 	 	24.3	% 	 	 	151,306	  	 	 	24.5	% 	
Pre-opening expenses	  	 	6,574	  	 	 	0.9	% 	 	 	7,468	  	 	 	1.2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	94,088	  	 	 	12.6	% 	 	 	72,887	  	 	 	11.8	% 	
Interest income, net	  	 	(254	) 	 	 	0.0	% 	 	 	(7	) 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	94,342	  	 	 	12.7	% 	 	 	72,894	  	 	 	11.8	% 	
Income tax expense	  	 	35,218	  	 	 	4.7	% 	 	 	27,464	  	 	 	4.4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	59,124	  	 	 	7.9	% 	 	$	45,430	  	 	 	7.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per common share:	  				 				 				 				
Basic	  	$	0.92	  	 				 	$	0.71	  	 				
Diluted	  	$	0.91	  	 				 	$	0.70	  	 				
Weighted average common shares outstanding:	  				 				 				 				
Basic	  	 	64,419	  	 				 	 	64,061	  	 				
Diluted	  	 	64,738	  	 				 	 	64,538	  	 				

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

 	  	39 Weeks Ended	 	 	39 Weeks Ended	 	
 	  	November 1,
2014	 	 	November 2,
2013	 	
 	  	(Unaudited)	 	 	(Unaudited)	 	
Net sales	  	$	2,193,728	  	 	 	100.0	% 	 	$	1,802,491	  	 	 	100.0	% 	
Cost of sales	  	 	1,406,678	  	 	 	64.1	% 	 	 	1,154,804	  	 	 	64.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	787,050	  	 	 	35.9	% 	 	 	647,687	  	 	 	35.9	% 	
Selling, general and administrative expense	  	 	501,304	  	 	 	22.9	% 	 	 	418,754	  	 	 	23.2	% 	
Pre-opening expenses	  	 	12,798	  	 	 	0.6	% 	 	 	15,483	  	 	 	0.9	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	272,948	  	 	 	12.4	% 	 	 	213,450	  	 	 	11.8	% 	
Interest income, net	  	 	(663	) 	 	 	0.0	% 	 	 	(49	) 	 	 	0.0	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	273,611	  	 	 	12.5	% 	 	 	213,499	  	 	 	11.8	% 	
Income tax expense	  	 	103,740	  	 	 	4.7	% 	 	 	81,332	  	 	 	4.5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	169,871	  	 	 	7.7	% 	 	$	132,167	  	 	 	7.3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income per common share:	  				 				 				 				
Basic	  	$	2.64	  	 				 	$	2.07	  	 				
Diluted	  	$	2.63	  	 				 	$	2.05	  	 				
Weighted average common shares outstanding:	  				 				 				 				
Basic	  	 	64,347	  	 				 	 	63,912	  	 				
Diluted	  	 	64,655	  	 				 	 	64,424	  	 				

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

 	  	November 1,
2014	 	  	February 1,
2014	 	  	November 2,
2013	 	
 	  	(Unaudited)	 	  	 	 	  	(Unaudited)	 	
Assets	  				  				  				
Current assets:	  				  				  				
Cash and cash equivalents	  	$	295,060	  	  	$	419,476	  	  	$	240,916	  	
Short-term investments	  	 	100,000	  	  	 	—  	  	  	 	—  	  	
Receivables, net	  	 	49,399	  	  	 	47,049	  	  	 	46,911	  	
Merchandise inventories, net	  	 	709,667	  	  	 	457,933	  	  	 	582,303	  	
Prepaid expenses and other current assets	  	 	60,907	  	  	 	55,993	  	  	 	54,757	  	
Prepaid income taxes	  	 	—  	  	  	 	—  	  	  	 	1,729	  	
Deferred income taxes	  	 	15,709	  	  	 	22,246	  	  	 	14,686	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total current assets	  	 	1,230,742	  	  	 	1,002,697	  	  	 	941,302	  	
Property and equipment, net	  	 	686,898	  	  	 	595,736	  	  	 	590,132	  	
Deferred compensation plan assets	  	 	5,119	  	  	 	4,294	  	  	 	3,913	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total assets	  	$	1,922,759	  	  	$	1,602,727	  	  	$	1,535,347	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Liabilities and stockholders’ equity	  				  				  				
Current liabilities:	  				  				  				
Accounts payable	  	$	236,329	  	  	$	148,282	  	  	$	190,193	  	
Accrued liabilities	  	 	128,465	  	  	 	103,180	  	  	 	97,421	  	
Accrued income taxes	  	 	4,917	  	  	 	15,349	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total current liabilities	  	 	369,711	  	  	 	266,811	  	  	 	287,614	  	
Deferred rent	  	 	293,895	  	  	 	261,630	  	  	 	259,217	  	
Deferred income taxes	  	 	65,880	  	  	 	66,718	  	  	 	55,568	  	
Other long-term liabilities	  	 	6,940	  	  	 	4,474	  	  	 	4,629	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities	  	 	736,426	  	  	 	599,633	  	  	 	607,028	  	
Commitments and contingencies	  				  				  				
Total stockholders’ equity	  	 	1,186,333	  	  	 	1,003,094	  	  	 	928,319	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities and stockholders’ equity	  	$	1,922,759	  	  	$	1,602,727	  	  	$	1,535,347	  	

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

 	  	39 Weeks Ended	 	
 	  	November 1,
2014	 	 	November 2,
2013	 	
 	  	(Unaudited)	 	
Operating activities	  				 				
Net income	  	$	169,871	  	 	$	132,167	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	96,055	  	 	 	77,572	  	
Deferred income taxes	  	 	5,699	  	 	 	278	  	
Non-cash stock compensation charges	  	 	11,436	  	 	 	11,936	  	
Excess tax benefits from stock-based compensation	  	 	(3,290	) 	 	 	(13,352	) 	
Loss on disposal of property and equipment	  	 	2,945	  	 	 	3,374	  	
Change in operating assets and liabilities:	  				 				
Receivables	  	 	(2,350	) 	 	 	(5,396	) 	
Merchandise inventories	  	 	(251,734	) 	 	 	(221,178	) 	
Prepaid expenses and other current assets	  	 	(4,914	) 	 	 	(4,305	) 	
Income taxes	  	 	(7,142	) 	 	 	1,569	  	
Accounts payable	  	 	88,047	  	 	 	71,307	  	
Accrued liabilities	  	 	7,621	  	 	 	(5,759	) 	
Deferred rent	  	 	32,265	  	 	 	51,214	  	
Other assets and liabilities	  	 	1,641	  	 	 	706	  	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	146,150	  	 	 	100,133	  	
Investing activities	  				 				
Purchases of short-term investments	  	 	(100,000	) 	 	 	—  	  	
Purchases of property and equipment	  	 	(172,498	) 	 	 	(176,966	) 	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(272,498	) 	 	 	(176,966	) 	
Financing activities	  				 				
Repurchase of common shares	  	 	(9,972	) 	 	 	(37,337	) 	
Stock options exercised	  	 	10,202	  	 	 	21,890	  	
Excess tax benefits from stock-based compensation	  	 	3,290	  	 	 	13,352	  	
Purchase of treasury shares	  	 	(1,588	) 	 	 	(631	) 	
	  	 	 	 	 	 	 	 	
Net cash provided by (used in) financing activities	  	 	1,932	  	 	 	(2,726	) 	
	  	 	 	 	 	 	 	 	
Net decrease in cash and cash equivalents	  	 	(124,416	) 	 	 	(79,559	) 	
Cash and cash equivalents at beginning of period	  	 	419,476	  	 	 	320,475	  	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period	  	$	295,060	  	 	$	240,916	  	

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	  	
					
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