Exhibit 99.1

ULTA BEAUTY ANNOUNCES FIRST QUARTER FISCAL 2018 RESULTS

Net Sales Increased 17.4%

Comparable Sales Increased 8.1%

Diluted EPS Increased 31.7% to $2.70

Company Raises Guidance for Diluted EPS for Fiscal Year 2018

Bolingbrook, IL – May 31, 2018 – Ulta Beauty, Inc. (NASDAQ: ULTA) today announced financial results for the first quarter ended May 5, 2018. 

“Our first quarter results represent a solid start to 2018, with better than expected sales and earnings growth,” said Mary Dillon, chief executive officer. “This performance reflects our highly differentiated business model that continues to drive healthy retail comparable store sales, excellent new store productivity, and continued strength of our e-commerce business.”

Recent Accounting Pronouncement – Revenue Recognition

On February 4, 2018, the Company adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606).  The Company adopted the new revenue standard using the modified retrospective transition method applied to all contracts with the cumulative effect recorded to the opening balance of retaining earnings as of the date of adoption. The comparative information has not been restated and continues to be reported under accounting standards in effect for those periods. 

The adoption of the new revenue standard increased revenue by $14.1 million in the first quarter of fiscal 2018. This is due to income from our credit card program and gift card breakage now being included in net sales, as well as e-commerce revenue now being recognized upon shipment, versus the previous accounting treatment that was based on delivery of merchandise to the guest. These items are partly offset by the value of points earned in our loyalty program now reducing net sales. Gross profit margin increased by 50 basis points while selling, general and administrative expenses deleveraged by 70 basis points, resulting in a net impact to operating profit margin of 20 basis points. Additional information about the impact of the adoption of ASC 606 can be found in our quarterly report on Form 10-Q that will be filed on June 1, 2018 and available at http://ir.ultabeauty.com. 

For the First Quarter of Fiscal 2018

Balance Sheet

Merchandise inventories at the end of the first quarter of fiscal 2018 totaled $1,136.8 million compared to $1,048.4 million at the end of the first quarter of fiscal 2017, representing an increase of $88.4 million. The increase in total inventory was driven by 117 net new stores since April 29, 2017. Average inventory per store decreased 3.0% compared to the first quarter of fiscal 2017.

The Company ended the first quarter of fiscal 2018 with $469.1 million in cash and short-term investments.

Share Repurchase Program

During the first quarter of fiscal 2018, the Company repurchased 618,551 shares of its stock at a cost of $133.1 million. As of May 5, 2018,  $529.2 million remained available under the $625.0 million share repurchase program announced in March 2018.

Store Expansion

During the first quarter of fiscal 2018, the Company opened 34 stores located in Arlington, VA; Baton Rouge, LA; Bend, OR; Bound Brook, NJ; Greece, NY; Highland Park, IL; Hiram, GA; Hyattsville, MD; Kalamazoo, MI; Kemah, TX; Lacey, WA; Lancaster, PA; Latham, NY; Lexington, SC; Lincoln, CA; Long Beach, CA; Nashville, TN; New Bern, CA; Oldsmar, FL; Orchard Park, NY; Pace, FL; Palm Springs, CA; Pembroke Pines, FL; Philadelphia, PA; Poplar Bluff, MO; Pottstown, PA; Prosper, TX; Riverhead, NY; Santa Maria, CA; Sequim, WA; Titusville, FL; West Des Moines, IA; Westport, CT and Woodland, CA. In addition, the Company closed one store. The Company ended the first quarter of fiscal 2018 with 1,107 stores and square footage of 11,645,795, representing an 11.6% increase in square footage compared to the first quarter of fiscal 2017.

Outlook

For the second quarter of fiscal 2018, the Company expects net sales in the range of $1,475 million to $1,488 million, compared to actual net sales of $1,289.9 million in the second quarter of fiscal 2017. Comparable sales for the second quarter of fiscal 2018, including e-commerce sales, are expected to increase 6% to 7%. The Company reported a comparable sales increase of 11.7% in the second quarter of fiscal 2017.

Earnings per diluted share for the second quarter of fiscal 2018 is estimated to be in the range of $2.35 to $2.40. This compares to earnings per diluted share for the second quarter of fiscal 2017 of $1.83.

The Company is raising its previously announced 2018 guidance for earnings per share.  For fiscal 2018, the Company plans to:

Non-GAAP Financial Information

The Company has used non-GAAP financial measures in this press release. Adjusted financial measures refer to financial information adjusted to exclude from financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP) items identified in this press release. The Company believes that the presentation of adjusted financial results provides additional information on comparisons between periods by excluding certain items that affect overall comparability. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

Conference Call Information

A conference call to discuss first quarter of fiscal 2018 results is scheduled for today, May 31, 2018, at 5:00 p.m. Eastern Time / 4:00 p.m. Central Time.  Investors and analysts interested in participating in the call are invited to dial (877) 705‑6003. The conference call will also be webcast live at http://ir.ultabeauty.com.  A replay of the webcast will remain available for 90 days. A replay of the conference call will be available until 11:59 p.m. ET on June 14, 2018 and can be accessed by dialing (844) 512‑2921 and entering conference ID number 13679659.

About Ulta Beauty

Ulta Beauty 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 in 1990, 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 approximately 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 May 5, 2018, Ulta Beauty operates 1,107 retail stores across 48 states and the District of Columbia 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: changes in the overall level of consumer spending and volatility in the economy; the possibility that we may be unable to compete effectively in our highly competitive markets; the possibility that cybersecurity breaches and other disruptions could compromise our information or result in the unauthorized disclosure of confidential information; our ability to gauge beauty trends and react to changing consumer preferences in a timely manner; our ability to attract and retain key executive personnel; the possibility that the capacity of our distribution and order fulfillment infrastructure and the performance of our newly opened and to be opened distribution centers may not be adequate to support our recent growth and expected future growth plans; our ability to sustain our growth plans and successfully implement our long-range strategic and financial plan; the possibility of material disruptions to our information systems; changes in the wholesale cost of our products; the possibility that new store openings and existing locations may be impacted by developer or co-tenant issues; natural disasters that could negatively impact sales; our ability to successfully execute our common stock repurchase program or implement future common stock repurchase programs; 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 February 3, 2018, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10‑Q.  Our filings with the SEC are available at www.sec.gov.  Except to the extent required by the federal securities laws, 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 Beauty, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

Exhibit 2

Ulta Beauty, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

Exhibit 3

Ulta Beauty, Inc.

Consolidated Statements of Cash Flows

(In thousands)

Exhibit 4

2018 Store Expansion

Exhibit 5

Ulta Beauty, Inc.

Pro-forma Effect of ASC 606

(In thousands)

(Unaudited)

The Company adopted ASC 606 and the related amendments as of February 4, 2018 using the modified retrospective transition method applied to all contracts. The comparative information has not been restated and continues to be reported under accounting standards in effect for those periods.  The following table presents selected as-reported financial results and the pro-forma effect of ASC 606 as if the recognition and presentation guidance in the accounting standard had been applied in fiscal 2017. The fiscal 2017 pro-forma financial information included in the table below is presented for information purposes only.