Exhibit 99.1

Company Contact:
Gregg Bodnar
Chief Financial Officer
(630) 410-4633

Investors/Media Contacts:
ICR, Inc.
Allison Malkin/Alecia Pulman
(203) 682-8225/(646) 277-1220

ULTA ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2009 RESULTS
Fourth Quarter Comparable Store Sales Increase 6.2%
Fourth Quarter Diluted EPS of $0.34, a 61.9% Increase
Fiscal 2009 Diluted EPS of $0.66, a 53.5% Increase
Expects Q1 2010 Comp Sales Up 4%-6% and Diluted EPS of $0.14 — $0.16

     Bolingbrook, IL — March 11, 2010 — Ulta Salon, Cosmetics & Fragrance, Inc. [NASDAQ:ULTA], today announced financial results for the thirteen week period (“Fourth Quarter”) and fifty-two week period (“Fiscal Year”) ended January 30, 2010, which compare to the same periods ended January 31, 2009.

For the Fourth Quarter:

	•		Net sales increased 16.1% to $396.4 million from $341.4 million in the fourth quarter of fiscal 2008;
	•		Comparable store sales (sales for stores open at least 14 months) increased 6.2% compared to a decrease of 5.5% in the fourth quarter of fiscal 2008;
	•		Pre-opening expenses decreased $1.2 million to $0.6 million in the fourth quarter fiscal 2009 due to the planned decrease in the Company’s new store program;
	•		Operating income increased 60.1% to $34.3 million compared to $21.4 million in the fourth quarter of fiscal 2008;
	•		Net income increased 64.6% to $20.2 million compared to $12.3 million in the fourth quarter of fiscal 2008;
	•		Income per diluted share increased to $0.34, compared to $0.21 in the fourth quarter of fiscal 2008.

Lyn Kirby, Ulta’s President and Chief Executive Officer, stated: “We are very pleased with our fourth quarter performance. Our results surpassed the increased guidance we provided in January and included a 6.2% comparable store sales increase, a 60 basis point improvement in merchandise margin and continued momentum of our cost management initiatives, all of which contributed to a 61.9% increase in diluted earnings per share — a strong finish to the year.”

“As we began the year, our priorities were threefold: growing profitable market share, achieving permanent cost efficiencies and delivering free cash flow,” stated Ms. Kirby. “We exceeded each one of our goals in fiscal 2009. Our comparable store sales increased 1.4% for the year, or 1.6% on a two-year basis, and we continued our store expansion by increasing square footage by 12%. We also achieved $19 million in permanent cost reductions and generated free cash flow of $104.7 million.”

“As we begin fiscal 2010, we continue to build on our successful 2009 game plan. We are particularly optimistic about our opportunities for market share gains through comparable store sales growth and new store expansion,” Ms. Kirby continued. “We expect to continue to generate free cash flow in 2010 while we increase our capital investment in support of our long term growth and believe that we will deliver another strong earnings performance in fiscal 2010,” Ms. Kirby concluded.

For the Fiscal Year 2009:

	•		Net sales increased 12.7% to $1,222.8 million from $1,084.6 million in fiscal 2008;
	•		Comparable store sales (sales for stores open at least 14 months) increased 1.4% compared to an increase of 0.2% in fiscal 2008;
	•		Pre-opening expenses decreased $8.3 million to $6.0 million in fiscal 2009 due to the planned decrease in the Company’s new store program;
	•		Operating income increased 47.2% to $68.2 million compared to $46.3 million in fiscal 2008;
	•		Net income increased 55.8% to $39.4 million compared to $25.3 million in fiscal 2008;
	•		Income per diluted share increased to $0.66 compared to $0.43 in fiscal 2008.

Balance Sheet and Cash Flow

     Merchandise inventories at the end of the fourth quarter totaled $206.9 million, compared to $213.6 million at the end of fourth quarter fiscal 2008, representing a decrease of $6.7 million. The decrease is due to a 12.9% decrease in average inventory per store driven by management initiatives focused on leveraging supply chain inventories, offset by the addition of 35 net new stores opened since January 31, 2009.

     For the fiscal year 2009, the Company generated free cash flow of $104.7 million through a combination of increased earnings, working capital management, reduced new store program and lower initial new store investment. Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment. A reconciliation of free cash flow, a non-GAAP measure, is included at Exhibit 5.

Store Expansion

     During the fourth quarter, the Company opened 3 stores including Tupelo, MS; Summerville, SC; and Longview, TX. In addition, the Company closed 2 stores. The Company ended the fourth quarter with 346 stores and square footage of 3,613,840, which represents a 12% increase compared to the fourth quarter of fiscal 2008.

Outlook

     For the first quarter of fiscal 2010, the Company currently expects net sales in the range of $301 million to $307 million, compared to actual net sales of $268.8 million in the first quarter of fiscal 2009. This assumes comparable stores sales increase 4% to 6%, compared to a decrease of 2.3% in the first quarter last year.

     Income per diluted share for the first quarter of fiscal 2010 is estimated to be in the range of $0.14 to $0.16. This compares to income per diluted share for first quarter fiscal 2009 of $0.08.

For fiscal 2010, the Company plans to:

	•		open approximately 46 new stores, remodel 13 stores and relocate 6 stores;
	•		incur capital expenditures of approximately $100 million, compared to $68.1 million in fiscal 2009;
	•		reduce inventory by approximately 5% on an average per store basis by year end 2010
	•		permanently reduce expenses by $5 million; and
	•		generate free cash flow.

Conference Call Information

     A conference call to discuss third quarter results is scheduled for today, March 11, 2010, at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 407-0784 approximately ten minutes prior to the start of the call. 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 18, 2010 and can be accessed by dialing (877) 660-6853 and entering account number 3055 and conference ID number 345778.

About Ulta

     Ulta is the largest beauty retailer that provides one-stop shopping for prestige, mass and salon products and salon services in the United States. Ulta provides affordable indulgence to its customers by combining the product breadth, value and convenience of a beauty superstore with the distinctive environment and experience of a specialty retailer. Ulta offers a unique combination of over 22,000 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 also offers a full-service salon in all of its stores. The Company currently operates 346 retail stores across 38 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 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,” 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 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 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 year ended January 31, 2009. 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.
Statements of Income
(In thousands, except per share amounts)

		13 Weeks Ended								13 Weeks Ended
		January 30,								January 31,
		2010								2009
		(Unaudited)								(Unaudited)
Net sales		$	396,364				100.0	%		$	341,394				100.0	%
Cost of sales			271,714				68.6	%			240,002				70.3	%
Gross profit			124,650				31.4	%			101,392				29.7	%
Selling, general and administrative expense			89,763				22.6	%			78,192				22.9	%
Pre-opening expenses			615				0.2	%			1,796				0.5	%
Operating income			34,272				8.6	%			21,404				6.3	%
Interest expense			445				0.1	%			888				0.3	%
Income before income taxes			33,827				8.5	%			20,516				6.0	%
Income tax expense			13,601				3.4	%			8,228				2.4	%
Net income		$	20,226				5.1	%		$	12,288				3.6	%
Net income per common share:
Basic		$	0.35							$	0.21
Diluted		$	0.34							$	0.21
Weighted average common shares outstanding:
Basic			58,116								57,715
Diluted			59,774								58,853

Exhibit 2

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

		52 Weeks Ended								52 Weeks Ended
		January 30,								January 31,
		2010								2009
		(Unaudited)
Net sales		$	1,222,771				100.0	%		$	1,084,646				100.0	%
Cost of sales			849,722				69.5	%			756,712				69.8	%
Gross profit			373,049				30.5	%			327,934				30.2	%
Selling, general and administrative expense			298,893				24.4	%			267,322				24.6	%
Pre-opening expenses			6,003				0.5	%			14,311				1.3	%
Operating income			68,153				5.6	%			46,301				4.3	%
Interest expense			2,202				0.2	%			3,943				0.4	%
Income before income taxes			65,951				5.4	%			42,358				3.9	%
Income tax expense			26,595				2.2	%			17,090				1.6	%
Net income		$	39,356				3.2	%		$	25,268				2.3	%
Net income per common share:
Basic		$	0.68							$	0.44
Diluted		$	0.66							$	0.43
Weighted average common shares outstanding:
Basic			57,915								57,425
Diluted			59,237								58,967

Exhibit 3

Ulta Salon, Cosmetics & Fragrance, Inc.
Condensed Balance Sheets
(Subject to Reclassification)
(In thousands)

		January 30,				January 31,
		2010				2009
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	4,017			$	3,638
Receivables, net			13,477				18,268
Merchandise inventories, net			206,948				213,602
Prepaid expenses and other current assets			30,272				24,294
Prepaid income taxes			—				8,628
Deferred income taxes			8,060				8,278
Total current assets			262,774				276,708
Property and equipment, net			290,861				292,224
Total assets		$	553,635			$	568,932
Liabilities and stockholders’ equity
Current liabilities:
Current portion — notes payable		$	—			$	18,000
Accounts payable			56,387				47,811
Accrued liabilities			59,189				51,202
Accrued income taxes			10,781				—
Total current liabilities			126,357				117,013
Notes payable — less current portion			—				88,047
Deferred rent			113,718				101,288
Deferred income taxes			20,952				17,616
Total liabilities			261,027				323,964
Commitments and contingencies
Total stockholders’ equity			292,608				244,968
Total liabilities and stockholders’ equity		$	553,635			$	568,932

Exhibit 4

Ulta Salon, Cosmetics & Fragrance, Inc.
Statements of Cash Flows
(Subject to Reclassification)
(In thousands)

		52 Weeks Ended
		January 30,				January 31,
		2010				2009
		(Unaudited)
Operating activities
Net income		$	39,356			$	25,268
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			62,166				51,445
Deferred income taxes			3,143				22,583
Non-cash stock compensation charges			5,949				3,877
Excess tax benefits from stock-based compensation			(476	)			(1,774	)
(Gain) loss on disposal of property and equipment			(51	)			267
Change in operating assets and liabilities:
Receivables			4,791				2,375
Merchandise inventories			6,654				(37,493	)
Prepaid expenses and other assets			(5,978	)			(5,110	)
Income taxes			19,409				(11,918	)
Accounts payable			8,576				(4,311	)
Accrued liabilities			16,858				(59	)
Deferred rent			12,430				30,053
Net cash provided by operating activities			172,827				75,203
Investing activities
Purchases of property and equipment			(68,105	)			(110,863	)
Net cash used in investing activities			(68,105	)			(110,863	)
Financing activities
Proceeds on long-term borrowings			1,161,673				1,217,969
Payments on long-term borrowings			(1,267,720	)			(1,186,692	)
Proceeds from issuance of common stock under stock plans			1,228				2,517
Excess tax benefits from stock-based compensation			476				1,774
Initial public offering issuance costs			—				(59	)
Net cash (used in) provided by financing activities			(104,343	)			35,509
Net increase (decrease) in cash and cash equivalents			379				(151	)
Cash and cash equivalents at beginning of period			3,638				3,789
Cash and cash equivalents at end of period		$	4,017			$	3,638

Exhibit 5

Ulta Salon, Cosmetics & Fragrance, Inc.
SEC Regulation G Disclosure
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
(In thousands)

		52 Weeks Ended
		January 30,				January 31,
		2010				2009
		(Unaudited)
Net cash provided by operating activities		$	172,827			$	75,203
Less: purchases of property and equipment			(68,105	)			(110,863	)
Free cash flow (a)		$	104,722			$	(35,660	)

Exhibit 6

2009 Store Expansion

		Total stores open				Number of stores				Number of stores
		at beginning of the				opened during the				closed during the				Total stores open
Fiscal 2009		quarter				quarter				quarter				at end of the quarter
1st Quarter			311				9				0				320
2nd Quarter			320				13				0				333
3rd Quarter			333				12				0				345
4th Quarter			345				3				2				346

						Gross square feet for
		Total gross square				stores opened or				Gross square feet for				Total gross square
		feet at beginning of				expanded during the				stores closed				feet at end of the
Fiscal 2009		the quarter				quarter				during the quarter				quarter
1st Quarter			3,240,579				93,906				0				3,334,485
2nd Quarter			3,334,485				134,963				0				3,469,448
3rd Quarter			3,469,448				123,808				0				3,593,256
4th Quarter			3,593,256				37,227				16,643				3,613,840