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Q2 2008 earnings http://www.ikoart.co.uk/burberry-men/burberry-coats.html call records http://www.ikoart.co.uk/ Greetings and this is the ulta salon, cosmetics fragrance incorporated second quarter 2008 results business call.During this period, all competitors are in a listen only mode.A brief question and answer session will follow the formal introduction. (Recommendations).Once again, this consultation is being recorded.Thanks for your time.Good morning.Before we start out, i'd like to remind you of send out safe harbor language, which i'm sure you're all informed about.The statements contained in this business call which are not historical facts may be deemed to constitute forward looking statements within the meaning of the private securities litigation reform act of 1995.Actual future results may differ materially from those projected in such statements due to a number of risks and questions, all of which are described in you can actually filings with the sec.With respect to each reference we make on this call to adjusted net income per diluted share by means of the october 2007 ipo, a winning your ex back of net income per share on a gaap basis to adjusted net income per share has been provided in exhibit 4 of our earnings release, which is out there on our website and has been filed with the sec on form 8 k.And, let me turn the call over to ulta's president and ceo, lyn kirby.Lyn v.Kirby president and leader officerthank you, allison.Good day, one and all.Many thanks for joining us to discuss our second quarter fiscal 2008 results.On the call with me today is our chief unforeseen officer, gregg bodnar and here my opening remarks, gregg will review our financial highlights and then i will give you closing comments and turn the call over to the operator, so that we can answer concerns you have for us today.We are satisfied with the second quarter performance that we are announcing today.We supplied a 3.7% comp strengthen and earnings 1 penny above guidance.We believe these results in a difficult economy reflect the ongoing strength of our feature to provide women with an approachable beauty store experience that combines great value while satisfying all her beauty needs.Essential, we still execute on our core strategies, flexing our unique web internet marketing strategy to drive traffic, expanding our varied portfolio of 500 plus brands across the prestige and mass categories, executing balanced new store growth and effectively operating our store base and support national facilities.The shows for the quarter included, net item of $249.1 million, Sending increase of 24.3% from yr after.Our very much the same store sales increase of 3.7%, Going income growth of 46.2% from last year's levels and revised income per diluted share of $0.06, Including incremental cost of $0.01 per share relating to pre opening expense.This consists of a 50% increase from last year's second quarter adjusted income per diluted share of $0.04.While we are proud of our successes this quarter, we would have expected stronger functioning in a more robust economy.Having said that, the solid sales growth in spite of the economy continues to demonstrate that ulta is becoming increasingly preferred destination for beauty.We are not dependent on any one brand for our growth and have prevailed by proactively monitoring trends and responding with the programs that maximize brands to strong performance, to offset any brands with soft overall efficiency.Our normal results, which includes 34 consecutive quarters of positive comp sales growth further validates the strength of having a diversified offering with over 500 brands across color, facial skincare, cologne, hair and styling tool and prices that fit any size wallet from prestige to mass.The main 3.7% comp increase was driven equally by traffic and average purchase growth.We achieved balanced sales with beneficial properties from both new and existing brands, with prestige color and skincare again in the lead in driving average ticket increases.We have continued to leverage the appeal of our consumer come across, our new services, our value proposition and use of our unique online online strategy to deliver increases in customer traffic.Our comp sales presentation was achieved without additional investment in margin, ways to advertise or inventory.Inventory was well managed in the quarter, providing a flat average store inventory level compared to last year, while transmitting a 3.7% comp stores sales give a boost to.We remain excited about the performance of many of our longstanding brands as well as new brands including pureology and lorac, which were introduced during the first quarter this year and also running from new fragrances launched in the second quarter, like for example burberry the beat, notara wang, flower little princess or queen and ed hardy.In regard to our store expansion, we opened a record number of second quarter stores with 18 new stores and 5 remodels carried out the quarter.We keep on being pleased with the performance of our new stores, which stick to track with our new store model.Our openings were also nicely balanced, 8 were in primary metro markets, 2 in mid-Sized markets and 8 opened in smaller markets.We entered 10 untouched markets and ended the quarter with 283 stores in 34 states, including community.Stores in utah and rhode island.Our store expansion is integral to our strategy and importantly our new stores are delivering to our visions despite the difficult economy.We remain on track to obtain our goal of 63 new stores and 8 remodels for the year.Despite an arduous economy, we remain committed to our square footage growth given the effectiveness of our new stores, our strong pipeline for new sites and because this continues to position us as an attractive alternative channel to new brands.Happen to be in the third quarter, we have opened further 10 new stores and executed 2 remodels, while the opening of our first store in the state of missouri.We are proud of the early trends on this group of stores.Our new movement center in phoenix, arizona is constantly on the operate as expected.We are still distributing to 113 stores from this location.Regarding internet commerce, we continue to enhance the consumer connection with our site.We believe we are well positioned to optimize this site during the winter season.As we begin the other half of the year, we believe the economy will still be challenging.Nevertheless, we expect the continuing execution of our strategy will leave us well positioned to deliver to our growth targets.We believe the key drivers that drove our first half results continues to deliver results in the second half of 2008.Really, the roll-Out of new brands launched in the first half of the year combined with our prospect to introduce additional new brands in the second half of the year has us well positioned to deliver newness and excitement to our customers.In that way, we plan to launch the napoleon perdis signature cosmetics brand chain wide prior to an end of third quarter.For those of you new to napoleon, napoleon is a hollywood based makeup artist generating a lot of buzz in the wonder industry.He would be your star of a new reality show called 'get your face on' debuting on the tlc network this fall and we expect this brand to be an exciting addition to our prestige portfolio.While we do not normally touch upon tests, we are delighted by the all round of[good], which we have been testing with the boutique strategy in brief number of doors.We plan to rollout advantage of our website in the third quarter and select additional doors in 2009.Moreover, we have exciting new scent launches such as estee lauder sensuous, ralph lauren known, jessica simpson fancy and viva la delicious.We will continue the execution of our proven web internet marketing strategy.This has delivered solid increases in customer traffic in the first half of the season.As we have discussed throughout, we have several proven elements of our web internet marketing strategy to motivate both new customers and our http://www.ikoart.co.uk/burberry-accessories/burberry-handbags.html existing six million loyalty club customers to come in, browse and buy.We expect our solid execution in new and existing stores and in the support structure will help us manage costs and will give continued sg leverage.And eventually, we continue to explore new systems in our efforts to expand our reach.As a consequence, in october let's open an 18, 000 sq.Ft.Store on state street and chicago.It is community.Urban location and a vertical format on four levels.We do not have plans for more urban sites this year.Nonetheless, we are excited about the improved awareness that the state street store will bring us both with consumers and existing and potential brands.Bring back, i will turn the call over to gregg to review the financials in more detail.Gregg r.Bodnar chief fiscal officerthanks, lyn.As lyn says, our second quarter results reflected solid double digit sales growth and any moreso than http://www.ikoart.co.uk/burberry-women/burberry-hoodies.html expected expense leverage, which enabled us to realize earnings a penny above our guidance range.

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