MBA604 Financial Analysis Report: Ulta Beauty Inc. - Comparison

This report provides a comprehensive financial analysis of Ulta Beauty, employing both trend and ratio analysis methodologies. The report begins with an introduction and a detailed company profile of Ulta Beauty, covering its history, product lines, current market position, company structure, and c...Read More

Accounting Financial Analysis Report
1

Contents
Introduction......................................................................................................................................4
Section 1: Company Profile.............................................................................................................5
1.1: Introduction...........................................................................................................................5
1.2: Data Discussion....................................................................................................................5
1.2.1: History................................................................................................................................5
1.2.2: Product Lines.....................................................................................................................5
1.2.3: Current Position.................................................................................................................5
1.2.4: Company Structure............................................................................................................6
1.2.5: Industry and Main Competitors.........................................................................................6
1.3: Conclusion............................................................................................................................6
Section 2: Company Analysis (Trend Analysis).............................................................................8
2.0: Trend Analysis of Ulta Beauty Inc. and its competitor Estee Lauder Company..................8
2.1: Introduction...........................................................................................................................8
2.2: Discussion of Data................................................................................................................8
2.2.1: Trend Analysis (Trend in Financial Data over the last three years)..................................8
2.2.1.1: Total Revenue.................................................................................................................8
2.2.1.2: Total Profit......................................................................................................................9
2.2.1.3: Total Assets...................................................................................................................10
2.2.1.4: Total Equity..................................................................................................................12
2.3: Results & Conclusion.........................................................................................................12
Section 3: Company Analysis (Ratio Analysis)............................................................................14
3.0: Description, Analysis and Interpretation of Financial Ratios of Ulta beauty in Comparison
to Estee Lauder...........................................................................................................................14
3.1: Introduction.........................................................................................................................14
2

3.2: Discussion of Data..............................................................................................................14
3.2.1: Liquidity Analysis............................................................................................................14
3.2.1.1: Current Ratio.................................................................................................................14
3.2.1.2: Quick Ratio...................................................................................................................15
3.2.2: Leverage Analysis (Solvency Analysis)..........................................................................16
3.2.2.1: Debt Ratio.....................................................................................................................16
3.2.2.2: Debt to Equity Ratio.....................................................................................................17
3.2.3: Profitability Analysis.......................................................................................................18
3.2.3.1: Gross profit ratio...........................................................................................................18
3.2.3.2: Net Profit Ratio.............................................................................................................19
3.3: Results & Conclusion.........................................................................................................21
Conclusion.....................................................................................................................................22
References......................................................................................................................................23
3

Introduction
The report has been prepared for analyzing the financial health of a selected company,
that is, Ulta Beauty, with the use of technique of trend and ratio analysis. This has been
conducted for examining the strengths and weakness of the company in terms of liquidity,
leverage and profitability. The results obtained are compared with selected competitor for
assessing its competitive position within the industry.
This report has been divided into three parts and they are company profile, trend analysis
and ratio analysis of the selected company (Listed on S&P 500) and comparison with its main
competitor. Each section has its own introduction, discussion and conclusion that provide
information in model used, results, details of spreadsheet and other details.
4

Section 1: Company Profile
1.1: Introduction
This part of the report has presented a brief discussion regarding the background of the
selected company that includes discussion about its history, industry trend, product lines and
current competitive position. This section includes an internal analysis of the company by
discussing its competitive position within industry and assessing its future potential of growth
and development.
1.2: Data Discussion
1.2.1: History
Ulta Beauty Inc is a recognized chain of beauty stores within the United States and is
involved in providing wide range of cosmetic products. It has been established in the year 1990
by Richard E. George and Terry Hanson. George has established the business plan for
introducing a retail concept and offering wide range of cosmetics and fragrance products as
compared to other cosmetic retail stores (Maros, 2018). The strong financial performance of the
company supported its growth and profitability and lead to its establishment of it’s about 949
stores across 48 states. The major success factor that contributed to the success of the company is
providing attractive mix of different products supported by good customer experience and
incorporating the use of online communication channels for its higher number of sales. It has
almost completely reinvented its stores since its establishment in the year 1990 by providing
diverse range of beauty products at a single place (Ulta Beauty, 2019).
1.2.2: Product Lines
Ulta Beauty is known to the best retailer within the US that is involved in providing
diverse range of products that includes cosmetics, fragrance, skin and hair products and salon
services. The company is involved in providing different types of beauty products to its
customers that includes from skin care, nails, skin care, hair, bath to different make up products.
It also provides full-service salon services in the segments of hair, skin, brow and make-up
services (Danzier, 2018).
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1.2.3: Current Position
Ulta Beauty is known to be the top most national retailer by providing complete beauty
experience to its customers. It is known to be a leading cosmetic retailer within the US owing to
its high commitment to providing personalized service in the beauty segment. The company has
increased its products lines of cosmetics and fragrance since its establishment. The publicly
traded company has attained a distinctive position in the competitive cosmetic retail market of
the US owing to its higher number of sales supported by evolution and adding up of significant
product lines (Zion Market Research, 2018). It is realizing higher net income at a time in the US
when other retailers are struggling to retain their market share within the cosmetic sector. The
higher sales growth is supported by its good customer experience achieved due to its high quality
online as well as offline products and services (Daily Herald, 2017).
1.2.4: Company Structure
Its organizational structure comprises of establishing divisions in different geographical
areas within the US to offer its products and services. Its different retail stores across different
states within the US to provide its diverse beauty products to the customers. It also provides its
different beauty products to the customers through its online retail channel (Ulta Beauty, 2019).
1.2.5: Industry and Main Competitors
The Beauty and Cosmetic Industry within the US is highly competitive and is dominated
by the presence of large number of competitors. The industry has realized revenue of about $2.4
bn in the financial year 2019 with increase in the number of businesses by 2.6% (Industry
Market Research Report, 2019). The major competitors of Ulta Beauty are Sephora, Oriflame,
Estee Lauder and others cosmetic retail companies. However, it has maintained its distinctive
position within the retail sector by reporting increase in sales of about 17.4% in the year 2018
(Danzier, 2018).
1.3: Conclusion
It is inferred from this section of the report that company Ulta Beauty has attained a
competitive position within the beauty and retail sector of the US owing to high quality and
variety of products offered in the beauty segment. The online retail channel used by it has further
fostered its growth within the cosmetic retailing sector with increase in the number of sales by
reaching to large number of customers. The US cosmetic industry is however highly competitive
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and therefore it is essential that Ulta Beauty should maintain customer satisfaction by promoting
its continued growth. This section of the report ahs used internal environmental analysis model
for examining the selected company position and background.
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Section 2: Company Analysis (Trend Analysis)
2.0: Trend Analysis of Ulta Beauty Inc. and its competitor Estee Lauder Company
2.1: Introduction
This part of the report has conducted an evaluation of financial health of Ulta Beauty
with the use of the financial analysis model of trend analysis. The trend analysis model of
financial evaluation is used for comparison of business data over time for identifying the
consistency in the financial results of a selected company. The trend analysis of Ulta Beauty is
conducted with the use of examining the significant changes that have occurred in its key
financial elements of total revenue, total profit, total assets and total equity.
2.2: Discussion of Data
The section has analyzed the significant changes in the key financial elements of the
company such as revenue, assets, equity and profits as compared to its competitor with the use of
the model of the trend analysis. The key assumption of the model is that the results obtained are
based on the past information provided within the financial statements and therefore cannot be
regarded as highly useful for predicting the future growth trends of the company.
2.2.1: Trend Analysis (Trend in Financial Data over the last three years)
2.2.1.1: Total Revenue
Total Revenue
Company Name 2016 2017 2018
Amount in $ Million
Ulta Beauty Inc. 3924.12 4854.74 5884.51
Estee Lauder Companies 11262.00 11824.00 13683.00
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
8

2016 2017 2018
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
16000.00
3924.12
4854.74
5884.51
11262.00 11824.00
13683.00
Trend in Total Revenue
In $ million
Ulta Beauty Inc has depicted an increase in the net revenue over the financial years 2016-
2018 as depicted from the graphical illustration. There is steady incline within the graph of the
company for total revenue whereas the graph for Estee Lauder Companies has depicted a rising
graph over the past three years. There has been larger increase in the total revenue for Estee
Lauder over the past three years as compared to Ulta Beauty that depicts its significant business
expansion and growth. However, both the companies have depicted a positive increase in total
revenues which is quite favorable for supporting the future growth prospects of both the firms.
2.2.1.2: Total Profit
Total Profit
Company Name 2016 2017 2018
Amount in $ Million
Ulta Beauty Inc. 320.01 409.76 555.23
Estee Lauder Companies 1121.00 1256.00 1117.00
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
9

2016 2017 2018
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
320.01
409.76
555.23
1121.00
1256.00
1117.00
Trend in Total Profit
Axis Title
Ulta Beauty has reported an increase in total profits from 320.01 to 552.53 over the fiscal
years 2016-2018 and this is graphically presented by a rising straight line within the graph. On
the other hand, Estee Lauder have depicted an increase in the total profit from 1121 to 1256 over
the financial years 2016-2017 but then has depicted a decline in the year 2018 to 1117 which
represents its lower profitability attained due to high operational expenses. However, it has
realized higher profits as compared to Ulta Beauty which can be a significant financial risk for
the competitive position for Ulta Beauty in the future context.
2.2.1.3: Total Assets
Total Assets
Company Name 2016 2017 2018
Amount in $ Million
Ulta Beauty Inc. 2230.92 2551.88 2908.69
Estee Lauder Companies 9223.30 11568.00 12567.00
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
10

2016 2017 2018
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
2230.92 2551.88 2908.69
9223.30
11568.00
12567.00
Trend in Total Assets
Axis Title
The graph for total assets of both the companies has depicted an upward trend over the
financial period of 2016-2018 which supports their food future growth prospects. The total asset
value for Estee Lauder is significantly higher as compared to Ulta Beauty over each of three
financial years. This means that Ulta Beauty needs to strengthen its asset base for maintaining its
distinctive competitive position within the industry.
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2.2.1.4: Total Equity
Total Equity
Company Name 2016 2017 2018
Amount in $ Million
Ulta Beauty Inc. 1442.89 1550.22 1774.22
Estee Lauder Companies 3587.30 4402.00 4710.00
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
2016 2017 2018
0.00
500.00
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
5000.00
1442.89 1550.22 1774.22
3587.30
4402.00
4710.00
Trend in Total Equity
Axis Title
The total equity base for both the companies depicted an increasing trend over the
financial years of 2016-2018 which supports good future growth prospects for them. However,
Ulta Beauty is having significantly lower total equity base in each of the past three financial
years as compared to Estee Lauder which depicts that it is attracting relatively lower funds from
the shareholders that can negatively impact its future financial performance and the competitive
position within the sector.
2.3: Results & Conclusion
It has been inferred from the use of trend analysis that Ulta Beauty has depicted a positive
trend in its key financial elements of revenue, equity, assets and profits over the past three
financial years. However, as compared to Ulta Beauty, its competitor, Estee Lauder have
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depicted a large increase in all the above key financial elements that can represent a risk for
maintaining the competitive position of the company in cosmetic and retail sector of the US.
13

Section 3: Company Analysis (Ratio Analysis)
3.0: Description, Analysis and Interpretation of Financial Ratios of Ulta beauty in
Comparison to Estee Lauder
3.1: Introduction
This section of the report has examined the financial position of Ulta Beauty by analysis
of liquidity, solvency and profitability position as compared with its competitor of Estee Lauder
with the use of ratio analysis. The ratio analysis technique uses the financial information
presented within the financial statements for calculation of key ratios in each financial aspect of
the company and comparing the results realized in accordance to its competitor. The key ratios
that are calculated for evaluation of the liquidity position are current and quick ratio. The
solvency analysis is carried with the use of debt and debt to equity ratio while profitability
analysis is conducted with the use of net profit and gross profit margin ratio calculations.
3.2: Discussion of Data
The section assesses the liquidity, solvency and profitability position of Ulta Beauty in
comparison to its key competitor with the use of ratio analysis. The model used is ratio analysis
and the key assumption of the model is that the results obtained with its use can be significantly
influenced by the conditions of market volatility such as changes in the inflation or interest rate.
These market fluctuations have an impact on the financial statements information and thereby
influencing the results achieved with the use of ratio analysis technique.
3.2.1: Liquidity Analysis
3.2.1.1: Current Ratio
Liquidity Ratios (Short Term Liquidity)
Current Ratio
Companies 2016 2017 2018
Ulta Beauty Inc. 3.47 2.90 2.64
Estee Lauder Companies 1.58 1.76 1.86
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
14

2016 2017 2018
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
3.47
2.90
2.64
1.58 1.76 1.86
Current Ratio
In Times
The ratio is used to measure the ability of a company for meeting its short-term financial
liabilities with its current assets. The formula of its calculation as follows:
Formula: Current Ratio: Current Assets/Current Liabilities
The current ratio for Ulta Beauty has depicted a decrease in from 3.47 to 2.64 in the past
three years which implies increase in the significant liquidity risk to be not to able to meet its
financial obligations in due course of time. However, the company has maintained a higher ratio
at present for the financial period of 2016-2018 which means that is it able to meet its current
obligations adequately. The ratio is also higher as compared with the competitor of Estee Lauder
Companies which means that it is good in terms of liquidity.
3.2.1.2: Quick Ratio
Liquidity Ratios (Short Term Liquidity)
Quick Ratio
Companies 2016 2017 2018
Ulta Beauty Inc. 1.55 1.12 0.93
Estee Lauder Companies 1.10 1.23 1.37
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
15

2016 2017 2018
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.55
1.12
0.93
1.10
1.23
1.37
Quick Ratio
In Times
It depicts the ability of a company to meet its financial liabilities with it quick asset base
such as accounts receivable and cash equivalents. The formula is as follows:
Formula = Quick Assets/Current Liabilities
The ratio trend for Ulta Beauty is declining from 1.55 to 0.3 over the selected financial
years. This is not good for the company as it depicts a decrease in the availability of assets that
can be transferred into cash and thus increasing risk of not able to pay of its short-term liabilities.
On the other hand, its competitor Estee Lauder Companies have depicted an increase in the ratio
from 1.10 to 1.37 over the past three financial years which depicts that it possess higher liquid
asset resources of cash and cash equivalents for paying of its short-term financial liabilities
(Brigham, and Michael, 2013).
3.2.2: Leverage Analysis (Solvency Analysis)
3.2.2.1: Debt Ratio
Leverage Ratios (Long Term Liquidity)
Debt Ratio
Companies 2016 2017 2018
Ulta Beauty Inc. 35.32% 39.25% 39.00%
Estee Lauder Companies 61.11% 61.95% 62.52%
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
16

2016 2017 2018
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
35.32% 39.25% 39.00%
61.11% 61.95% 62.52%
Debt Ratio
In Percent
The ratio depicts the percentage of assets of a company that are provided through debt.
The formula is as follows:
Formula = Total Liabilities/Total Assets
The ratio for Ulta Beauty has depicted an increase from 35.32% to 39.25% over the
financial year 2016-2017 and then has shown a light decline in the year 2018 to 39%. On the
contrary, Estee Lauder Companies has depicted an increasing trend of the ratio from 61.11% to
62.52% over the selected financial period. It can be said from the comparison that Estee Lauder
posses a higher ratio which means that it is using large proportion of debt in financing its asset
base (Krantz, 2016).
3.2.2.2: Debt to Equity Ratio
Leverage Ratios (Long Term Liquidity)
Debt to Equity Ratio
Companies 2016 2017 2018
Ulta Beauty Inc. 54.61% 64.61% 63.94%
Estee Lauder Companies 157.11% 162.79% 166.82%
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
17

2016 2017 2018
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
160.00%
180.00%
54.61% 64.61% 63.94%
157.11% 162.79% 166.82%
Debt to Equity Ratio
In Percent
The ratio provides an assessment of the percentage of debt and equity that is used for
financing the asset base of a company. The formula used for calculation is:
Formula = Total Liabilities/Total Shareholder’s Equity
Ulta Beauty has depicted an increasing trend from 54.61% to 6.94% which means that it
is increasing the debt proportion as compared to equity in its capital structure (Damodaran,
2011). However, the ratio is significantly lower as compared to Estee Lauder which has depicted
an increasing trend of the ratio from 157.11% to 166.82%. As such, Ulta Beauty has lower
proportion of debt in its capital structure as compared with its competitor.
It can be said from the analysis of leverage position of Ulta Beauty as compared to its
competitor that it is having lower financial leverage which means that it have lower financial risk
of defaulting on its debt obligations (Davies and Crawford, 2011).
3.2.3: Profitability Analysis
3.2.3.1: Gross profit ratio
Profitability Ratio
Gross Profit
Companies 2016 2017 2018
Ulta Beauty Inc. 35.28% 35.99% 35.63%
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Estee Lauder Companies 80.63% 79.39% 79.22%
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
2016 2017 2018
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
35.28% 35.99% 35.63%
80.63% 79.39% 79.22%
Gross Profit
In percent
The ratio depicts the percentage of profits realized by a company after meeting the costs
incurred in developing and selling of its products or services. The formula for calculation is:
Formula = Gross Profit/Net Sales
The ratio for Ulta Beauty over 2016-2018 has depicted a relative stable trend from
35.28% to 35.63% which means that its earning potential is relatively stable. Its competitor have
depicted a slight decline in the ratio from 80.63% to 79.22% over the past three financial years
but the ratio is higher than for Ulta Beauty for each of the past three years. This is not good for
future growth prospects of the company due to realization of lesser profits as compared to its
competitor. It should place emphasis on reducing the cost of goods sold for improving the
profitability margin (Bragg, 2010).
3.2.3.2: Net Profit Ratio
Profitability Ratio
Net profit
Companies 2016 2017 2018
19

Ulta Beauty Inc. 8.15% 8.44% 9.44%
Estee Lauder Companies 9.95% 10.62% 8.16%
(Ulta Beauty: 10K Report, 2016 & 2018) & (Estee Lauder Company: 10K Report, 2016 & 2018)
2016 2017 2018
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
8.15% 8.44%
9.44%
9.95%
10.62%
8.16%
Net Profit
In Percent
The ratio depicts the profits realized by a company after meeting its operational expenses.
The formula for calculation is:
Formula = Net Profit after tax/Sales
The ratio has depicted an increasing trend from 8.15% to 9.44% over the financial years
2016-2018 which support its good growth prospects. However, its competitor Estee Lauder
Companies has depicted a decrease in the ratio from 9.95% to 8.16% which means the increase
in its operational expenses in relation to the net sales realized.
It can be said from profitability analysis that Ulta Beauty is realizing lower gross profit
and also its net profit is not that too high as compared to its competitor which means it need to
significantly reduce its operational expenses for improving its profitability margin (Feldman and
Libman, 2011).
20

3.3: Results & Conclusion
It can be stated on the basis of the use of the technique of ratio analysis for examination
of the financial position of Ulta Beauty that it need to strengthen its profitability position for
enhancing its competitive position within the cosmetic and retailing sector if the US. In this
context, it is recommended to Ulta Beauty that it need to cut down its operational expenses for
improving its gross and net profit margin to attain a competitive edge over its key competitor
Estee Lauder.
21

Conclusion
It can be said on the basis of financial analysis of Ulta Beauty in reference to its
competitor Estee Lauder that it need to improve its total profits, equity, revenue and asset
position for improving its competitive position within the cosmetic and beauty retailing sector of
the US. Also, it needs to improve its gross profitability and quick asset position to attain a
competitive edge over Estee Lauder. The leverage position of Ulta Beauty is good and thus has
less financial risk for not able to meet its long-term obligations and thus making it attractive for
realizing funds for investors. As such, it can be said that Ulta Beauty is having a stable financial
performance but need to take key measures such as reducing the operational costs for improve its
competitive position within the cosmetic sector of the US.
22

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Krantz, M. (2016). Fundamental Analysis for Dummies. USA: John Wiley & Sons.
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Research.html
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