logo
Share SHARE
FONT-SIZE Plus   Neg

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

Ulta Beauty (ULTA) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Activision Blizzard reported a better-than-expected increase in second-quarter profit, as the video game publisher saw robust growth in digital channels, penetration in China and improved margins. It lifted its guidance for 2015, sending its shares up... Diversified media and entertainment conglomerate Walt Disney Co. said Tuesday after the markets closed that its third quarter profit rose 11% from last year, driven mainly by strong earnings growth at its film and consumer products divisions. The company's quarterly earnings per share came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. AIG reported a plunge in second-quarter profit, hurt by a decline at its insurance business, debt-related losses and lower gains from the sale of investments. However, its earnings topped Street estimates, partly on contribution from aircraft leasing giant AerCap. AIG also announced a boost in dividend and said it would buyback an additional $5 billion stock.
comments powered by Disqus
RELATED NEWS
Trade ULTA now with 
Follow RTT