Ulta Beauty (ULTA: Quote) announced that Chuck Rubin will step down as President and Chief Executive Officer and as a director, effective February 21, 2013, to become Chief Executive Officer at Michaels Stores Inc., a specialty retailer of arts and crafts.
The company said that its board has appointed Dennis Eck, current Non-Executive Chairman of the Board of Directors, as Interim Chief Executive Officer. Rubin has agreed to assist the Company during the transition period.
Eck has served as Non-Executive Chairman of the Board of Directors and a director of Ulta Beauty since 2003. Prior to that, Eck served in various executive roles with Coles Myer, one of Australia's largest retailers, from 1994 to 2001 where he was Chief Executive Officer and a member of the board of Coles Myer LTD Australia from November 1997 to September 2001. Prior to 1994, Eck served in various executive roles with Vons Companies, Inc. and American Stores, Inc.
The company noted that its Board has formed a search committee comprising Eck, Robert DiRomualdo, Charles Heilbronn, and Kenneth Stevens. The committee has begun a search to identify a permanent CEO and is in the process of retaining a leading executive recruiting firm to advise the Board.
The company announced that fourth quarter fiscal 2012 total sales increased 30% to $757 million and comparable store sales increased 8%.
The company reaffirmed its guidance for income per share for the fourth quarter of fiscal 2012 to be in the range of $0.96 to $0.98. This compares to income per diluted share for the fourth quarter of 2011 of $0.73. Analysts polled by Thomson Reuters expect the company to report earnings of $0.98 per share for the fourth-quarter. Analysts' estimates typically exclude special items.
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by RTT Staff Writer
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