Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Ulta Beauty President And CEO Chuck Rubin To Step Down; Reaffirms Q4 EPS View

RELATED NEWS
Trade ULTA now with 
2/14/2013 8:19 AM ET

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.

Register
To receive FREE breaking news email alerts for Ulta Salon, Cosmetics & Fragrance, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Stocks have moved mostly higher in early trading on Wednesday, adding to the gains posted in the two previous sessions. The major averages have all moved to the upside, although buying interest has waned since the open. Industrial production in the U.S. rose by more than expected in the month of March, the Federal Reserve revealed in a report on Wednesday, with the report also showing a notable upward revision to the pace of production growth in the previous month. The report said industrial production increased by 0.7 percent in March after surging up by an upwardly revised 1.2 percent in February. Housing starts in the U.S. showed a notable increase in the month of March, according to a report released by the Commerce Department on Wednesday, although starts still came in well below economist estimates. The report showed that housing starts climbed 2.8 percent to an annual rate of 946,000 in March from the revised February estimate of 920,000.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.