Sally Beauty Holdings Inc (SBH) 2024 Q4 法說會逐字稿

And good morning, everyone and welcome to Sally Beauty Holdings conference call to discuss the company's fourth quarter and full year fiscal 2024 results.

大家早安，歡迎參加 Sally Beauty Holdings 電話會議，討論該公司第四季和 2024 財年全年業績。

All participants have been placed in listen-only mode after management's prepared remarks, there will be a question and answer session, additional instructions will be given at that time. Now, I would like to turn the call over to Jeff Harkins, Vice President of Investor Relations and Treasurer for Sally Beauty Holdings.

在管理層準備好發言後，所有參與者都被置於只聽模式，屆時將有一個問答環節，屆時將給出額外的指示。現在，我想將電話轉給 Sally Beauty Holdings 投資者關係副總裁兼財務主管 Jeff Harkins。

Thank you. Good morning, everyone and thank you for joining us with me on the call. Today are Denise Poloni, President and Chief Executive Officer and Marlo Cormier, Chief Financial Officer.

謝謝。大家早安，感謝您與我一起參加電話會議。今天的嘉賓是總裁兼執行長 Denise Poloni 和財務長 Marlo Cormier。

Before we begin, I would like to remind everyone that management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including those discussed in the risk factor section of our most recent annual report on form 10-K and other filings with the sec.

在我們開始之前，我想提醒大家，管理階層在本次電話會議上的言論可能包含 1,995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。由於各種重要因素，包括我們最近的10-K 表格年度報告和向美國證券交易委員會提交的其他文件中的風險因素部分中討論的因素，實際結果可能與這些前瞻性陳述所示的結果存在重大差異。

Any forward-looking statements made on this call represent our views only as of today and we undertake no obligations to update them.

本次電話會議中所做的任何前瞻性陳述僅代表我們今天的觀點，我們不承擔更新這些陳述的義務。

The company has provided a detailed explanation and reconciliations of its adjusting items and non-GAAP financial measures in its earnings press release and on its website.

該公司在其收益新聞稿和網站上提供了對其調整項目和非公認會計準則財務指標的詳細解釋和調節。

Now, I'd like to turn the call over to Denise to begin the full remarks.

現在，我想將電話轉給丹尼斯，讓她開始完整的演講。

Thank you, Jeff and.

謝謝你，傑夫和。

Good morning everyone.

大家早安。

We're pleased to conclude our fiscal year with strong results in our fourth quarter which met our expectations on the top one and exceeded our expectations on the bottom line. The results reflect our fourth consecutive quarter of positive comp sales in our BS G segment and our second consecutive quarter of positive comp sales at Sally Beauty.

我們很高興在第四季度以強勁的業績結束本財年，其業績達到了我們對第一季的預期，並超越了我們對淨利潤的預期。這一結果反映了我們 BS G 部門連續第四個季度的正同業銷售以及 Sally Beauty 連續第二季的正同業銷售。

This is a testament to our team who have been navigating a dynamic environment with agility while meaningfully advancing our strategic pillars as we anticipated our business strengthened in the second half of the year as our initiatives continue to mature and gain traction, contributing more than 250 basis points to our comparable sales in the fourth quarter on top of a 250 basis point contribution in the third quarter.

這證明了我們的團隊一直在靈活地應對動態環境，同時有意義地推進我們的戰略支柱，因為我們預計，隨著我們的計劃不斷成熟並獲得牽引力，我們的業務將在下半年得到加強，貢獻了超過250 個基礎指出我們在第三季貢獻了 250 個基點的基礎上第四季的可比較銷售額。

In addition to this topline momentum, Q4 represented another quarter of strong gross margins, effective cost control and improved profitability with adjusted operating margin expansion of 80 basis points over the prior year to 9.4%.

除了這一營收動能之外，第四季度還體現了毛利率強勁、成本控制有效和盈利能力提高的另一個季度，調整後的營業利潤率比上年同期增長了80 個基點，達到9.4% 。

It is clear that our actions around performance, marketing, product innovation, digital marketplaces, expanded distribution and new services are driving operating and financial improvements across the business.

顯然，我們圍繞著績效、行銷、產品創新、數位市場、擴大分銷和新服務的行動正在推動整個企業的營運和財務改善。

Touching on the financial highlights of the fiscal year, we delivered consolidated net sales of $3.7 billion.

談到本財年的財務亮點，我們實現了 37 億美元的綜合淨銷售額。

Strong gross margins of 51% an adjusted operating income of $315 million enabling us to generate $247 million of cash flow from operations.

51% 的強勁毛利率和 3.15 億美元的調整後營業收入使我們能夠從營運中產生 2.47 億美元的現金流。

We significantly strengthened our balance sheet with the refinancing of our senior notes and the repayment of our outstanding a bl balance while also returning value to shareholders through $60 million of share repurchases throughout the year.

透過對優先票據進行再融資和償還未償還的預付帳款餘額，我們顯著增強了資產負債表，同時也透過全年 6,000 萬美元的股票回購為股東回報了價值。

There are also a number of operating successes to highlight we built new and lasting relationships with customers through effective engagement, education and marketing initiatives.

還有許多營運成功凸顯我們透過有效的參與、教育和行銷措施與客戶建立了新的、持久的關係。

In fiscal year, 2024 s use in Canada generated 78% of sales from our 16 million loyalty customers.

在本財年，2024 年在加拿大的使用為我們的 1,600 萬忠誠客戶帶來了 78% 的銷售額。

We delivered product innovation in both segments across third party and owned brands, driving growth and customer engagement.

我們在第三方和自有品牌的兩個細分市場提供產品創新，推動成長和客戶參與。

We successfully expanded our marketplace initiative that is fueling digital sales growth and attracting new customers to the Sally brand through our partnerships with high visibility platforms including Amazon doordash, Instacart, and Walmart.

我們成功擴大了我們的市場計劃，透過與 Amazon Doordash、Instacart 和 Walmart 等高知名度平台的合作，推動數位銷售成長並吸引 Sally 品牌的新客戶。

And lastly in the fourth quarter, BS G completed the strategic acquisition of exclusive beauty supplies of Florida, a highly regarded professional beauty distributor.

最後在第四季度，BS G完成了對備受推崇的專業美容經銷商Florida獨家美容用品的策略性收購。

The acquisition adds three store locations and seven direct sales consultants to our existing presence in this important market. We're also bringing several key brands such as Moroccan oil, Olaplex Rusk and verb to our 75 cost of prop locations throughout Florida.

此次收購為我們在這個重要市場的現有業務增加了三個商店地點和七名直銷顧問。我們還將摩洛哥石油、Olaplex Rusk 和 verb 等多個主要品牌引入佛羅裡達州 75 個成本道具地點。

It is evident that our commitment to our core pillars is working enabling us to enter fiscal 2025 with strong operating and financial momentum.

顯然，我們對核心支柱的承諾正在發揮作用，使我們能夠以強勁的營運和財務勢頭進入 2025 財年。

The business has returned to positive top line performance and we're continuing to drive increased efficiency through our fuel for growth program, which is helping us improve profitability.

該業務已恢復積極的營收業績，我們將繼續透過成長燃料計劃提高效率，這有助於我們提高獲利能力。

By the end of fiscal 2025 we expect to capture cumulative gross margin and SGN a benefits of approximately $70 million building on $28 million in benefit in fiscal 2024 and positioning us to generate up to $120 million of cumulative run rate benefits by the end of fiscal 2026 with a strengthened foundation in place. The business is on the path to our long term low double digit operating margin target as we enter a new fiscal year, our priorities are clear. We'll be focusing on several initiatives under our strategic pillars of enhancing our customer Centricity, growing our high margin owned brands and amplifying innovation and increasing the efficiency of our operations.

到 2025 財年末，我們預計將在 2024 財年收益 2800 萬美元的基礎上，獲得約 7000 萬美元的累計毛利率和 SGN 收益，並到 2026 財年末實現高達 1.2 億美元的累計運行率收益具有堅實的基礎。隨著我們進入新的財政年度，該業務正在朝著我們的長期低兩位數營業利潤率目標邁進，我們的優先事項很明確。我們將重點放在策略支柱下的多項舉措，包括增強以客戶為中心、發展高利潤自有品牌、擴大創新和提高營運效率。

One of the initiatives we're particularly excited about is a Sally Beauty brand refresh designed to move us from a trusted beauty supplier to a more dynamic beauty powerhouse.

我們特別興奮的舉措之一是 Sally Beauty 品牌更新，旨在將我們從值得信賴的美容供應商轉變為更具活力的美容巨頭。

It's clear to us we have significant opportunity to leverage our rich heritage brand, equity And loyal.

我們很清楚，我們有很大的機會利用我們豐富的傳統品牌、資產和忠誠度。

Customer base to evolve Sally Beauty into a go to destination for brand and product discovery.

客戶群將 Sally Beauty 發展成為品牌和產品發現的首選目的地。

Our work will include an updated brand expression that is modern, sophisticated and scalable that will begin rolling out across all our brand media touch points in store marketing and digital assets in the second half of fiscal 2025.

我們的工作將包括現代、複雜和可擴展的更新品牌表達，將於 2025 財年下半年開始在商店行銷和數位資產中的所有品牌媒體接觸點推廣。

At the same time, we'll be piloting a store refresh that incorporates key takeaways from our studio by Sally initiative, which was our first foray into changing the perception of our stores.

同時，我們將試行商店更新，其中包含莎莉倡議工作室的主要收穫，這是我們第一次嘗試改變商店的看法。

We've made the decision not to move forward with the services component of studios, but rather take the highest and best learning to reimagine our Sally stores, creating a new shopping experience that inspires our customers to find joy in their beauty journey from discovery to results.

我們決定不再推進工作室的服務部分，而是採取最高、最好的學習來重新構想我們的Sally 商店，創造一種新的購物體驗，激勵我們的顧客在從發現到發現的美麗旅程中找到樂趣。

We'll be starting with the Orlando market, bringing our customers a significantly enhanced shopping experience that reflects our newly modernized branding, expanded assortments, new floor plans and fixtures and moments for discovery.

我們將從奧蘭多市場開始，為客戶帶來顯著增強的購物體驗，體現我們新的現代化品牌、擴大的品種、新的平面圖和固定裝置以及探索時刻。

We will evaluate the results of our Orlando initiative with a view towards potentially refreshing up to two thirds of our Sally fleet in the US.

我們將評估奧蘭多計畫的結果，以期可能更新我們在美國多達三分之二的 Sally 機隊。

With this commitment to refreshing the Sally brand and experience. We are continuing to build for the long term making strategic investments that build on our core strengths.

憑藉這一承諾，刷新莎莉品牌和體驗。我們將繼續進行長期策略投資，以建立我們的核心優勢。

Deepen Our Connection to.

加深我們的聯繫。

Our customers and Extend our reach to new consumers.

我們的客戶並將我們的影響力擴展到新消費者。

Another important initiative that continues to gain momentum is licensed colors on demand, which provides our customers with high touch service and professional consultation, ensuring they're set up for success throughout their hair color journey.

另一個持續勢頭強勁的重要舉措是按需授權顏色，它為我們的客戶提供高品質服務和專業諮詢，確保他們在整個染髮之旅中取得成功。

We're incredibly pleased with how this offer is scaling with over 60 licensed colors on the platform. We're providing inspiration to our diy customers and attracting new customers to the Sally brand while driving higher average ticket value larger baskets, recurring color purchases and more frequent visits.

我們對平台上 60 多種授權顏色的擴展感到非常滿意。我們為 DIY 客戶提供靈感，吸引新客戶使用 Sally 品牌，同時推動更高的平均票價、更大的購物籃、重複購買顏色和更頻繁的訪問。

In Q4, the percentage of customers new to the brand eclipsed 45%.

第四季度，該品牌的新客戶比例下降了 45%。

The average order was 33% higher than non LCOD customers. And the number of consultations continued to build rapidly averaging more than 4,000 per week, up 20% from Q3.

平均訂單量比非 LCOD 客戶高出 33%。諮詢量持續快速成長，平均每週超過 4,000 人次，較第三季成長 20%。

Looking at our marketplace initiative, we're incredibly pleased with the level of success we've had in fiscal 2024 and look forward to accelerating growth in 2025 and beyond.

縱觀我們的市場計劃，我們對 2024 財年的成功水準感到非常滿意，並期待在 2025 年及以後加速成長。

We are currently partnered with Amazon doordash, Instacart and Walmart.

我們目前與 Amazon Doordash、Instacart 和沃爾瑪合作。

This strategy is bringing new customers to s to sally while the ability to utilize instore fulfillment is driving more profitable sales growth.

這項策略為銷售帶來了新客戶，同時利用店內履行的能力正在推動更有利可圖的銷售成長。

Turning now to product innovation which has proven to be a significant driver of growth and provides a meaningful competitive advantage to both value and BS G.

現在轉向產品創新，事實證明，產品創新是成長的重要推動力，並為價值和 BS G 提供了有意義的競爭優勢。

In this 2024 we delivered a consistent pipeline of innovation across our own and third party brands and we have plans to further accelerate this in the new fiscal year at VSG. We're expanding our presence with major brands, for example, Amica, which was already fully rolled out to all COSR stores just recently expanded to all of our full service direct sales consultants in October.

2024 年，我們在自有品牌和第三方品牌中提供了一致的創新管道，並計劃在 VSG 的新財年進一步加速這一進程。我們正在擴大我們在主要品牌的影響力，例如 Amica，它已經全面推廣到所有 COSR 商店，最近在 10 月擴展到我們所有的全方位服務直銷顧問。

Additionally, Moroccan Oil recently expanded into California and Nevada and KWE is now available in all of our stores in New York, New Jersey and Pennsylvania. As well as to our full service team in North and South Carolina Salli Beauty will also see innovation across color bonding, nails and appliances.

此外，摩洛哥石油最近擴展到加州和內華達州，KWE 現已在我們位於紐約、新澤西和賓州的所有商店出售。除了我們在北卡羅來納州和南卡羅來納州的全方位服務團隊外，Salli Beauty 還將看到色彩粘合、美甲和器具方面的創新。

Some of the key highlights include an expanded partnership with soft beauty coming in Q2 and a new Ion eight in one Air styler that launched November 1st.

一些主要亮點包括第二季與 Soft Beauty 擴大合作夥伴關係，以及 11 月 1 日推出的新型 Ion 八合一 Air 造型器。

Looking at Happy Beauty Code, we are continuing to build this concept and we'll have our next tranche of 10 pilot stores open before Black Friday, strategically located in strip centers and mall locations. This next group of stores in the Dallas and Phoenix markets is expected to provide an expanded data set and key learnings related to the location format and demographics that we will integrate into future planning.

看看 Happy Beauty Code，我們正在繼續建立這個概念，我們將在黑色星期五之前開設下一批 10 家試點商店，戰略性地位於地帶中心和購物中心位置。達拉斯和菲尼克斯市場的下一組商店預計將提供擴展的數據集以及與位置格式和人口統計相關的關鍵知識，我們將整合到未來的規劃中。

As we approach the holidays, we are prepared for a strong gifting season supported by creative marketing and traffic driving strategies including social media, grassroots initiatives and in store events.

隨著節日的臨近，我們準備迎接一個強勁的送禮季節，並輔以創意行銷和流量驅動策略，包括社群媒體、草根倡議和店內活動。

From a high level perspective. We feel good about the results of the pilot program in its 1st year and we'll continue to take a test and learn approach as we consider a more broadbased longterm rollout.

從高層次的角度來看。我們對試點計劃第一年的結果感到滿意，並且在考慮更廣泛的長期推廣時，我們將繼續採取測試和學習方法。

We're pleased to be entering fiscal 2025 with a position of strength. Sally is regained momentum. Driving customer reactivations and new customer acquisition as performance, marketing, education, product innovation, and virtual services or scaling while also providing customers with an enhanced level of convenience. Through our marketplace offering at BS G, we have a strong foundation from which to continue growing, fueled by a robust pipeline of product innovation, expanded distribution and healthy underlying purchasing patterns. Among our professional stylist community, we have confidence that our industry leadership position, talented teams and strong cash flow will continue to drive with the flexibility to define our future and return value to shareholders over the long term.

我們很高興以強勢地位進入 2025 財年。莎莉又恢復動力了。透過績效、行銷、教育、產品創新和虛擬服務或擴展來推動客戶重新激活和新客戶獲取，同時也為客戶提供更高水準的便利。透過我們在 BS G 提供的市場服務，在強大的產品創新管道、擴大的分銷和健康的基礎採購模式的推動下，我們擁有了繼續發展的堅實基礎。在我們的專業造型師社群中，我們相信我們的行業領導地位、才華橫溢的團隊和強勁的現金流將繼續靈活地定義我們的未來並為股東長期回報價值。

We are grateful for the hard work of our associates throughout the organization to bring an enthusiastic customer centric mindset to work every day and we appreciate the support of our shareholders and look forward to updating you on our continued progress in fiscal 2025.

我們感謝整個組織內員工的辛勤工作，他們將熱情的以客戶為中心的心態投入到每天的工作中，我們感謝股東的支持，並期待向您通報我們在 2025 財年的持續進展。

I'll turn the call over to Marlo to discuss the financials.

我會把電話轉給馬洛討論財務問題。

Thank you, Denise and good morning everyone. We are pleased to be wrapping up a strong second half of the year with continuing momentum across our key financial metrics.

謝謝你，丹尼斯，大家早安。我們很高興以關鍵財務指標的持續成長勢頭結束今年下半年的強勁表現。

Our Q4 results mark our second consecutive quarter of positive top line performance in both business segments.

我們第四季的業績標誌著我們兩個業務部門連續第二個季度實現了積極的營收業績。

Additionally, we delivered healthy growth margins well above our 50% target range adjusted operating margins ahead of our guidance and strong operating cash flow allowed us to reduce our debt levels and return value to shareholders.

此外，我們實現了遠高於 50% 目標範圍調整後營業利潤率的健康成長利潤率，強勁的營運現金流使我們能夠降低債務水平並為股東回報價值。

Fourth quarter, consolidated net sales of $935 million increased 1.5% while consolidated comparable sales grew 2% reflecting an improvement in new and reactivated customer trends at Sally Beauty as key strategic initiatives continued to mature and continued momentum at BS T driven by expanded brand and territory distribution.

第四季度，綜合淨銷售額為9.35 億美元，成長1.5%，綜合可比銷售額成長2%，反映出Sally Beauty 的新客戶和重新活化的客戶趨勢有所改善，因為關鍵策略舉措不斷成熟，BS T 在品牌和領土擴張的推動下持續保持成長勢頭分配。

Global e-commerce sales were $91 million and represented 10% of total net sales.

全球電子商務銷售額為 9,100 萬美元，佔總淨銷售額的 10%。

Fourth quarter, gross margin expanded 60 basis points to 51.2% reflecting lower distribution and freight costs from supply chain efficiencies adjusted SG and A expenses in the quarter totaled $391 million down slightly from the third quarter and up 1% versus a year ago, which was in line with our expectations.

第四季度，毛利率擴大60 個基點，達到51.2%，反映出供應鏈效率帶來的分銷和貨運成本下降，該季度的SG 和A 費用總計3.91 億美元，較第三季度略有下降，較去年同期成長1%，符合我們的預期。

The modest increase from the prior year primarily reflects higher labor and other compensation related expenses. As well as planned increases in advertising spend partially offset by $5.5 million in savings from our fuel for growth program.

與前一年相比的小幅成長主要反映了勞動力和其他補償相關費用的增加。我們的成長動力計劃節省了 550 萬美元，部分抵消了計劃增加的廣告支出。

On a full year basis, we achieved $28 million of pretax benefits to gross margins and sen a in fiscal 2024 and expect to capture a cumulative $70 million of savings in fiscal 2025.

就全年而言，我們在 2024 財年實現了 2,800 萬美元的毛利率和參議員稅前效益，預計在 2025 財年累計節省 7,000 萬美元。

Additionally, we expect to incur approximately $10 million in charges related to our fuel for growth initiative in fiscal 2025 which are expected to be excluded from adjusted earnings.

此外，我們預計將在 2025 財年產生約 1000 萬美元的與我們的成長動力計劃相關的費用，預計這些費用將不包括在調整後的收益中。

As Denise mentioned, we remain on track to achieve up to $120 million of cumu cumulative run rate benefits by the end of fiscal 2026 from our fuel for growth program, the strength of our sales and margin performance in the quarter coupled with savings from our fuel for growth program enabled us to deliver an adjusted operating margin of 9.4% an adjusted ebita margin of 12.6% and adjusted diluted earnings per share of 50¢. All increases over the prior year.

正如 Denise 所提到的，我們仍有望在 2026 財年末透過我們的成長燃料計劃、本季度的銷售實力和利潤率表現以及燃料節省來實現高達 1.2 億美元的累積運行率收益增長計劃使我們能夠實現9.4 % 的調整後營業利益率、12.6% 的調整後息稅前利潤率和50 美分的調整後攤薄每股收益。均較上年增加。

Moving to segment results, sales growth at Sally Beauty accelerated from Q3 with comparable sales of 2.6% and net sales growth of 1.8% versus a year ago.

至於分部業績，Sally Beauty 的銷售成長從第三季開始加速，與去年同期相比，可比銷售額成長 2.6%，淨銷售額成長 1.8%。

Comparable transactions were down 0.6% and average ticket was up 2.2% driven by growth in average unit retail at constant currency. Sally e-commerce sales were $38 million and represented 7% of segment net sales for the quarter.

由於以固定匯率計算的平均單位零售量成長，可比交易量下降 0.6%，平均票價上漲 2.2%。Sally 電子商務銷售額為 3,800 萬美元，佔該季度部門淨銷售額的 7%。

We are pleased to see ongoing traction from our marketing tactics, marketplace expansion and digital enhancements for the global Sally Beauty segment. Color and care both increased by 2% and nails were up 9% compared to the prior year.

我們很高興看到我們的行銷策略、市場擴張和全球 Sally Beauty 細分市場的數位增強不斷取得進展。與前一年相比，顏色和護理均增加了 2%，指甲護理增加了 9%。

I tell the US and Canada color increased. 3%. Care was up 2% and nails were up 12% gross margin in our Sally segment increased 120 basis points to 60.4%.

我告訴美國和加拿大顏色增加了。3%。我們的 Sally 細分市場的護理產品成長了 2%，美甲產品成長了 12%，毛利率成長了 120 個基點，達到 60.4%。

The year over year improvement reflects higher product margins and lower distribution and freight costs resulting from supply chain efficiency.

同比改善反映了供應鏈效率帶來的更高的產品利潤以及更低的分銷和貨運成本。

Second segment operating margin was strong coming in at 17.4% up 240 basis points to last year.

第二部門營業利益率強勁，達 17.4%，比去年成長 240 個基點。

Looking at the BSG segment, we delivered 1/4 consecutive quarter of sales growth reflecting expanded distribution, product innovation and healthy underlying stylist demand trends, comparable sales increased 1.3%. While net sales were up 1% comparable transactions were up 4.6% and average ticket was down to 2.6% driven by a decrease in units per transaction on a constant currency basis. BS G e-commerce sales were $53 million representing 13% of segment net sales for the quarter.

看看 BSG 細分市場，我們連續季度實現 1/4 的銷售額成長，反映出分銷範圍擴大、產品創新和健康的潛在造型師需求趨勢，可比銷售額增長 1.3%。雖然淨銷售額成長 1%，但可比交易量成長 4.6%，平均票價下降至 2.6%，原因是以固定匯率計算每筆交易的單位數減少。BS G 電子商務銷售額為 5,300 萬美元，佔該季度部門淨銷售額的 13%。

From a category perspective, color was up 4% and care was flat.

從品類角度來看，彩妝類別成長了 4%，而護理類別則持平。

Gross margin at BS G was 39% down 30 basis points versus last year primarily reflecting lower product margin related to brand mix, partially offset by lower distribution and freight costs resulting from supply chain efficiencies.

BS G 的毛利率為 39%，比去年下降 30 個基點，主要反映與品牌組合相關的產品利潤率下降，部分被供應鏈效率帶來的分銷和貨運成本下降所抵消。

Segment operating margin was 11% down 50 basis points to the prior year.

部門營業利益率為 11%，較上年下降 50 個基點。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

We ended the year with $108 million of cash and cash equivalents and no outstanding borrowings, borrowings under our asset based revolving line of credit as announced in today's earnings release during the fourth quarter, we utilized our strong cash flow to repay the $45 million. ABL balance, bringing our net debt leverage ratio down to two times.

截至年底，我們擁有1.08 億美元的現金和現金等價物，沒有未償還的借款，正如今天第四季度收益發布中所宣布的，我們利用基於資產的循環信貸額度借款，我們利用強勁的現金流償還了4500 萬美元。ABL 餘額，使我們的淨債務槓桿率降至兩倍。

As we previously noted, we believe a leverage ratio in the range of 1.5 to 2 times is appropriate for our business year end inventory levels were slightly over a billion dollars up 6% to last year, which is in line with our expectations and reflects a healthy overall position.

正如我們之前指出的，我們認為 1.5 至 2 倍的槓桿率適合我們的業務，年末庫存水準略高於 10 億美元，比去年增長 6%，這符合我們的預期，並反映了整體狀況健康。

The business generated strong cash flow from operations of $111 million in Q4 and $247 million for the full year.

該業務第四季的營運現金流為 1.11 億美元，全年營運現金流為 2.47 億美元。

Capital expenditures totaled $37 million in the fourth quarter and $101 million for the full year.

第四季資本支出總額為 3,700 萬美元，全年資本支出為 1.01 億美元。

Throughout the year, we deployed capital toward our core growth initiatives, strategic acquisitions and debt reduction while also returning value to shareholders through $60 million of share repurchases.

全年，我們將資金用於核心成長計畫、策略性收購和債務削減，同時也透過 6,000 萬美元的股票回購為股東回報價值。

Now I'll turn to a brief update on a subsequent event that occurred in our first quarter in October. We completed the sale of our home office in Denton, Texas and we have plans to move into a new building. Next summer, the new building will contain more of the modern amenities that are customary in today's corporate headquarters which allows for more flexibility and collaboration as well as central location in DFW for our employees and recruiting efforts.

現在我將簡要介紹十月第一季發生的後續事件。我們完成了位於德克薩斯州丹頓的家庭辦公室的出售，並計劃搬進新大樓。明年夏天，新大樓將包含更多當今公司總部常見的現代化設施，從而實現更大的靈活性和協作性，並為我們的員工和招聘工作提供位於 DFW 的中心位置。

The sale of the building included net proceeds of $43 million and will include a net gain of approximately $25 million in our first quarter reported GAAP earnings. However, the net gain of $25 million will be excluded from our adjusted earnings before going into our outlet for fiscal 2025. I would like to reiterate our capital allocation priorities and provide some insights into how we intend to utilize our balance sheet.

該建築的出售包括 4,300 萬美元的淨收益，並將包括我們第一季報告的 GAAP 收益中約 2,500 萬美元的淨收益。然而，在 2025 財年進入我們的門市之前，2,500 萬美元的淨收益將不包括在我們的調整後收益中。我想重申我們的資本配置優先事項，並就我們打算如何利用資產負債表提供一些見解。

The business continues to be a strong cash flow generator. In fiscal 2025 we expect a combination of operating cash flow and net proceeds from the sale of our building to provide us with $300 million to $325 million of cash to deploy towards capital expenditures including investing for growth, returning value to shareholders and strengthening our balance sheet.

該業務仍然是強大的現金流發生器。到 2025 財年，我們預計營運現金流和出售大樓的淨收益將為我們提供 3 億至 3.25 億美元的現金，用於資本支出，包括投資成長、為股東回報價值和加強我們的資產負債表。

Let me dimensionalize that for you full year. Capital expenditures are planned to be approximately $120 million. This includes our historical annual spend of about $90 million and approximately $30 million to support the build out of our corporate office. Move in the first half, we anticipate having approximately $60 million in cash to deploy. After we invest in capital expenditures in our new building location, we anticipate that share repurchases will comprise about third of this cash deployment. With the remaining two thirds going towards debt reduction in the second half of the year. We will evaluate the progress of our Happy Beauty co concept as well as our Sally brand refresh initiative and provide an update on the use of cash between our strategic investments as well as returning value to shareholders and any further debt reduction.

讓我為您詳細介紹一下全年的情況。資本支出計畫約為1.2億美元。這包括我們每年約 9,000 萬美元的支出以及用於支持公司辦公室建設的約 3,000 萬美元。上半年，我們預計將有大約 6000 萬美元的現金可供部署。在我們投資新大樓的資本支出後，我們預期股票回購將佔現金部署的約三分之一。剩下的三分之二將在下半年削減債務。我們將評估我們的 Happy Beauty 聯合概念以及 Sally 品牌更新計劃的進展，並提供我們戰略投資之間現金使用情況的最新信息，以及向股東回報價值和任何進一步的債務削減。

Turning now to our full year outlook for fiscal 2025. We are introducing the following guidance, consolidated net sales and comparable sales in the range of flat to up 2% and adjusted operating margin in the range of 8.5 to 9%.

現在轉向我們對 2025 財年的全年展望。我們引入以下指導，合併淨銷售額和可比銷售額在持平至成長 2% 的範圍內，調整後的營業利潤率在 8.5% 至 9% 的範圍內。

As we consider the shape of fiscal 2025 we expect our strong top line momentum to continue in the first half followed by more difficult comparisons in the second half of the year. Looking further down the P&L benefits from our fuel for growth program are expected to drive modest gross margin expansion and enable us to hold S DNA as a percentage of sales relatively flat to the prior year.

在考慮 2025 財年的情況時，我們預計上半年將繼續保持強勁的營收勢頭，下半年的比較將更加困難。進一步向下看，我們的成長動力計畫帶來的損益效益預計將推動毛利率適度擴張，並使我們能夠保持 S DNA 佔銷售額的百分比與上一年相對持平。

Our guidance for the first quarter of fiscal 2025 includes net sales and comparable sales in the range of flat to up 2% and adjusted operating margin of 8% to 8.4% reflecting an improvement of 10 to 50 basis points versus the first quarter of fiscal 2024.

我們對2025 財年第一季的指引包括淨銷售額和可比銷售額持平到成長2%，調整後的營業利潤率為8% 到8.4%，反映出比2024 財年第一季提高10 到50個基點。

We are pleased to be entering fiscal 2025 with strong momentum and believe we are well positioned to maintain our industry leadership as we continue to advance our initiatives.

我們很高興以強勁的勢頭進入 2025 財年，並相信，隨著我們繼續推進我們的舉措，我們有能力保持行業領先地位。

We appreciate your time this morning. Now, I'll ask the operator to open the call for Q&A.

我們非常感謝您今天早上的寶貴時間。現在，我將要求接線員打開問答電話。

Ladies and gentlemen, if you wish to ask a question, please press one and then zero on your telephone keypad. You may withdraw your question at any time by repeating the one then zero command. If using a speaker phone, please pick up the handset before pressing the numbers. Once again. If you have a question, please press one and then zero at this time and one moment please for our first question.

女士們先生們，如果您想提問，請按電話鍵盤上的“1”，然後按“0”。您可以隨時透過重複「一然後零」命令來撤回您的問題。如果使用免持電話，請在按號碼之前拿起聽筒。再次。如果您有問題，請此時按 1，然後按 0，請稍後回答我們的第一個問題。

And our first question today comes from the line of Oliver Chen with TD Cowen. Please go ahead.

我們今天的第一個問題來自 Oliver Chen 和 TD Cowen 的對話。請繼續。

Hi, Denise and Marla. The brand refresh sounds really encouraging. Why, why is now the right time? And what are your thoughts on how that will manifest in comps and traffic and the timing of how we should think about that as you phase it in.

嗨，丹尼斯和瑪拉。品牌更新聽起來確實令人鼓舞。為什麼，為什麼現在是正確的時間？您對這將如何在競爭和流量中體現有何想法，以及當您逐步實施時我們應該如何考慮這一點的時機。

Also a across the comp metrics as we think about the forecast at at either in both divisions. Do you expect a ur to continue to be positive and would love commentary on color nails and hair as we think about those forecasts at the divisions as well going forward? Really nice momentum and, and all of those categories. Thank you.

當我們考慮兩個部門的預測時，也是跨比較指標的。當我們考慮未來各部門的預測時，您是否期望您繼續保持積極態度，並喜歡對彩色指甲和頭髮的評論？非常好的勢頭，以及所有這些類別。謝謝。

Good morning Oliver. I appreciate the question. This is Denise, let me start with brand refresh on the Sally side. We are excited about the potential that we have here and you specifically asked about the the timing and why now is right? I I think you've been on the journey with us, but we, we made the strategic decision.

早上好，奧利佛。我很欣賞這個問題。我是丹尼斯，讓我從莎莉方面的品牌更新開始。我們對我們在這裡擁有的潛力感到興奮，您特別詢問了時機以及為什麼現在合適？我認為您一直與我們一起踏上旅程，但我們做出了戰略決策。

To close a set of stores a few years ago to really reposition us.

幾年前關閉了一系列商店，以真正重新定位我們。

Into all the markets that We Needed to be in and wanted to be in. We returned to positive growth coming to the end of our fiscal '24 as, as we've just discussed and we've been doing a lot of test and learn whether that was through our studio by Sally initiative or other small.

進入我們需要進入和想要進入的所有市場。正如我們剛剛討論的那樣，我們在 24 財年末恢復了正增長，並且我們一直在進行大量測試並了解這是否是透過 Sally 倡議的工作室或其他小型項目實現的。

Pilots. So.

飛行員。所以。

We feel like we're well armed with the information now on what can move the needle and engage our existing customers as well as new customers. So what we're really working on is is changing.

我們覺得我們現在已經掌握了哪些資訊可以推動發展並吸引我們的現有客戶和新客戶。所以我們真正要做的是改變。

The way customers can experience the store as well as how they talk, we talk about.

我們談論顧客體驗商店的方式以及他們如何交談。

The brand externally.

品牌對外。

The store will be.

商店將會。

About new floor plans.

關於新的平面圖。

And fixtures, more opportunity for discovery, really.

和固定裝置，更多的發現機會，真的。

Moving away from a supply house to a beauty experience. You know, we're going to have the opportunity to test some new assortment, which we're excited about when we think about what we're testing in Orlando right now on the storefront. You know, we're testing a range of options at different levels of investment. That average investment is about 150,000 a store.

從供應店轉向美容體驗。你知道，我們將有機會測試一些新品種，當我們想到我們現在在奧蘭多店面測試的產品時，我們感到很興奮。您知道，我們正在測試不同投資等級的一系列選擇。每家店的平均投資約為15萬。

But.

但。

Testing a range around that, we'll see.

測試周圍的範圍，我們會看到。

How that works through. We'll see how those different.

這是如何運作的。我們將看看它們有何不同。

Tests come out, but we're optimistic that we'll be able to expand on what we're doing as we would look into fiscal '26 on that front. And importantly, we're going to complement that with marketing, really coming online in a different way in the second half of fiscal '25. So really bringing that modern persona that we want tied to Sally, the experiences that you can get a community bent in and how that's going to come to life. So, a good progress that we're excited about there. And when we look to the comp forecast, we see continued strength across all the three categories that you mentioned on color care and nails. And when we're, when we're looking at both businesses, you know, on the sally side, really nice momentum with nails with some new assortment of the breadth of that assortment and brings in a customer and, and we do see.

測驗已經出來，但我們樂觀地認為，我們將能夠擴展我們正在做的事情，因為我們將在這方面研究 26 財年。重要的是，我們將透過行銷來補充這一點，並在 25 財年下半年以不同的方式真正上線。因此，真正將我們想要與莎莉聯繫在一起的現代角色、可以讓社區參與的體驗以及如何實現這些體驗。所以，我們對此感到興奮的良好進展。當我們查看比較預測時，我們看到您提到的色彩護理和指甲的所有三個類別都持續強勁。當我們，當我們關注這兩項業務時，你知道，從積極的一面來看，美甲的勢頭非常好，有一些新的品種，並帶來了客戶，我們確實看到了。

Some customers come shop first with us for nails, which is quite an encouraging.

有些顧客先到我們這裡來買指甲，這是相當令人鼓舞的。

Trend that we're seeing. Color is our bread and butter and with care, we.

我們看到的趨勢。顏色是我們的麵包和黃油，我們要小心。

Have some new products coming.

有一些新產品即將到來。

In And some new assortment changes there that we are.

我們正在改變一些新的品種。

We're moving along with and I'd be remiss not to mention that Bobar has actually become our fifth largest owned brand over the course of the year. So a nice piece to build on there. And when we look to the pro side of the business and Bs G, you know, color and care both remain good sources of strength. Color continues to outperform and we're really happy to see the results there with the brands that we have in our cadre and with care with all the expansion into the new brands that we've had, whether that's Amica color. Wow, Moroccan Oil, you know, we're seeing good traction with our customers. We're seeing transactions increase, which is really encouraging. We saw a little bit of softness in care in the fourth quarter as we came out of that, there were really two drivers for that one and we did see a little bit more slowdown in Olaplex. But we also intentionally pushed the timing of some of our holiday packs to go to market shifting that from the end of September into early October. So planned timing change there for some sell through is as we look to holiday. So all in all really pleased where we're headed and we do expect a UR will remain modestly positive as we go through the year as well.

我們正在繼續前進，如果我不提 Bobar 實際上已經成為我們在這一年中第五大自有品牌，那就太失職了。這是一個很好的基礎。當我們著眼於業務的專業方面和 Bs G 時，您知道，顏色和護理仍然是良好的力量來源。顏色繼續表現出色，我們真的很高興看到我們核心品牌的成果，並小心翼翼地擴展到我們擁有的新品牌，無論是 Amica 顏色。哇，摩洛哥石油，你知道，我們看到了客戶的良好吸引力。我們看到交易量增加，這確實令人鼓舞。當我們走出困境時，我們在第四季度看到了護理方面的一些疲軟，這實際上有兩個驅動因素，我們確實看到 Olaplex 的速度有所放緩。但我們也故意延後了部分假日套裝的上市時間，從 9 月底延後到 10 月初。因此，我們計劃在假期期間改變一些銷售的時間。總而言之，我們對前進的方向感到非常滿意，並且我們確實預計 UR 在我們度過這一年的過程中也將保持適度的積極態度。

Okay. One follow up, You've competed really strongly in a promotional environment and the middle and lower. Definitely continues to have pressure in volatility and confidence, consumer confidence. What are your thoughts on the promo environment and Marla the compares get tougher as you mentioned in the back half. Does that imply that comp will likely be negative on, on the back half? I know you embed a lot of conservative in the guidance as well generally. Thank you.

好的。後續，你們在促銷環境和中低端的競爭非常激烈。波動性和信心、消費者信心肯定繼續面臨壓力。您對促銷環境和瑪拉有何看法，正如您在後半部分提到的，比較變得更加艱難。這是否意味著下半場的比賽可能會出現負數？我知道您總體上在指導中也包含了很多保守的內容。謝謝。

Sure. So on, on the promo front. We're really seeing a consistency.

當然。等等，在促銷方面。我們確實看到了一致性。

Over the last couple quarters.

在過去的幾個季度裡。

Value continues to be important on both sides of the house. In the quarter.

價值對房屋的兩面仍然很重要。在本季度。

Was actually down a bit in terms of promotional frequency compared to the prior year. And, you know, it just reflects some.

與去年相比，促銷頻率實際上有所下降。而且，你知道，它只是反映了一些。

Of the strategic choices we made on how to navigate a promotional penetration. BS G was pretty consistent. You know, we're looking, we're looking.

我們就如何引導促銷滲透所做的策略選擇。BS G 非常一致。你知道，我們正在尋找，我們正在尋找。

For that to continue into the new year. I think we feel like we have the right levers to be able to pivot as we need to not materially change our promotional cadence.

為了讓這種情況持續到新的一年。我認為我們覺得我們擁有正確的槓桿來進行調整，因為我們不需要實質地改變我們的促銷節奏。

But still give customers that value that they want.

但仍然為客戶提供他們想要的價值。

Yeah, and thanks for the the question on the quarterly cadence of the, the top line comp from a top line perspective, we don't see necessarily going negative, but you know, certainly lower than the front half where those compares get a bit harder. But we do see the momentum coming out of 2024 into 2025. Continuing strong. So stronger first half than we see back half, but that's only from a, a compare point of view from a dollars point of view. We still see the volumes are very strong.

是的，感謝關於季度節奏的問題，從營收的角度來看，我們認為營收不一定會出現負數，但你知道，肯定低於前半部分，因為這些比較有點更難。但我們確實看到了從 2024 年到 2025 年的勢頭。持續強勢。上半場比我們看到的後半場更強，但這只是從美元角度進行比較的角度來看。我們仍然看到成交量非常強勁。

Thank you. Bench regards.

謝謝。板凳問候。

And our next question comes to the line of Ken Wolfmeyer with Piper Sandler. Please go ahead.

我們的下一個問題涉及肯·沃爾夫邁爾 (Ken Wolfmeyer) 和派珀·桑德勒 (Piper Sandler) 的關係。請繼續。

Hi, good morning. This is Sarah on just one on transaction versus ticket at the beginning and end of the quarter and how that has trended for BS G and then for the Happy Beauty Stores, what you're seeing in terms of transaction versus ticket trends there.

嗨，早安。這是 Sarah 的一篇關於季度初和季度末的交易與門票趨勢的報道，以及 BS G 和 Happy Beauty Stores 的趨勢，以及您在交易與門票趨勢方面看到的情況。

Sure, I'm happy to talk about that. So on the BSG front, transactions were quite strong in the quarter. We definitely saw a frequency increase in terms of stylists coming to shop up up low single digits, which we felt really good about that. We saw a little lighter upt but not unexpected given that we saw the frequency build. So net net coming out to be that that positive one comp which we felt nice, nice about and complements the rest of the year that we had there, you know, on the Happy Beauty front, you know, we continue to see great strength in our average unit retails, which is a testament to the upt of what people are putting in their basket and seeing and shopping across the stores they come into the store. We continue to see transaction trends improve and we are excited as we launch our next 10 stores that will be open before Black Friday to continue to test into locations where we believe that transaction strength can come through, which includes some strip mall locations, but also includes testing in traditional mall environments that have a built in traffic with them. So I'm seeing nice progress, but we'd like to see more there. And that's what we're working through in the next phase of the test.

當然，我很高興談論這個。因此，在 BSG 方面，本季的交易相當強勁。我們確實看到造型師來購買低個位數商品的頻率增加，我們對此感覺非常好。我們看到了一點點上升，但鑑於我們看到了頻率的增加，這並不令人意外。因此，淨淨的結果是我們感覺很好的積極的一個比較，並且補充了我們今年剩下的時間，你知道，在快樂美麗方面，你知道，我們繼續看到強大的力量我們的平均單位零售量，這證明了人們在購物籃中放入的商品以及在進入商店的商店中瀏覽和購物的商品的增加。我們繼續看到交易趨勢有所改善，我們很高興推出下 10 家商店，這些商店將在黑色星期五之前開業，繼續測試我們認為交易強度可以發揮作用的地點，其中包括一些露天購物中心地點，但也包括在具有內建流量的傳統購物中心環境中進行測試。所以我看到了很好的進展，但我們希望看到更多。這就是我們在下一階段測試中要做的事。

And our next question comes from the line of Olivia Tong with Raymond James. Please go ahead.

我們的下一個問題來自 Olivia Tong 和 Raymond James 的對話。請繼續。

Great, thanks. Good morning. I was wondering if you could talk about the building blocks to margin improvement and whether you think the 50 basis point expansion that you're seeing this this year for fiscal '25 excuse me is the right way to think about long term.

太好了，謝謝。早安.我想知道您是否可以談談利潤率改善的基礎，以及您是否認為今年 25 財年看到的 50 個基點的擴張是考慮長期的正確方法。

Sure. So it's probably one for both Marlow and I, you know, I think that the starting point of that is really the sales growth and the sales growth.

當然。所以這對馬洛和我來說可能都是一個，你知道，我認為起點實際上是銷售成長和銷售成長。

Trajectory. You know, we're, we're definitely on that path to delivering low single digit top line growth. We exhibited that in the third quarter and the fourth quarter of this past year and with that continuity that we get there, we certainly can get some leverage. What's behind that is behind all the things that we've talked about with Sally around product innovation, marketplaces, license colors on demand personalization, you know, and what we hope we'll be building into with the brand refresh and the marketing side of that that will come in the second half of the year. And then Bs G, we continue to show strength as a leader in the distribution space. The brands that we're bringing in the distribution expansion and the M&A that we have in front of us, get us into that low single digit range, which as I said is the foundation to getting us to margin improvement. Marlo, do you want to talk a little bit about fuel for growth?

彈道。你知道，我們肯定正在走上實現低個位數收入成長的道路。我們在去年第三季和第四季展示了這一點，憑藉我們所達到的連續性，我們當然可以獲得一些槓桿作用。這背後的原因是我們與莎莉討論的所有事情的背後，圍繞著產品創新、市場、按需個性化許可顏色，你知道，以及我們希望透過品牌更新和行銷方面構建的內容。半年實現。然後 Bs G，我們繼續展現出作為分銷領域領導者的實力。我們在分銷擴張和併購方面引入的品牌，使我們進入了較低的個位數範圍，正如我所說，這是使我們提高利潤率的基礎。馬洛，你想談談成長的動力嗎？

In addition to the the low single digit range that we're working over the long term that contributes to sen a leverage in the near term we're working towards is our field for growth program, which in 2025 we have slated to deliver over 40 million on our way to a cumulative run rate of 70 million over the program life. In 2025 it'll come mainly, well, not 60% of that will come through gross margin, 40% in S DNA. So as we look to the near term, we see leverage building through operating our gross margin expansion with sales or selling SS DNA expenses. Basically at the same percentage last year over the long term, we see further leverage in S DNA. So as we look into our field for growth program, we're expecting about $100 million and $20 million of run rate by 2026. So that will create leverage both through growth margin expansion as well as SG&A leverage over time.

除了我們長期努力的低個位數範圍之外，我們正在努力實現成長計畫領域，到 2025 年，我們計劃交付超過 40 個在整個程式生命週期內，我們的累積運行率將達到 7000 萬次。到 2025 年，這將主要來自毛利率，而不是 60%，40% 來自 S DNA。因此，展望近期，我們看到透過銷售或出售 SS DNA 費用來擴大毛利率，從而建立槓桿作用。從長期來看，我們看到 S DNA 的槓桿作用與去年基本相同。因此，當我們研究我們的領域的成長計劃時，我們預計到 2026 年，運行率將達到 1 億美元和 2000 萬美元左右。因此，隨著時間的推移，這將透過成長利潤率擴張以及銷售、管理和行政費用槓桿來創造槓桿。

And I think when we wrap all that up, you know, the, the trends that we're on right now, we look at our long range horizon which is about a three year planning cycle to be well within our algorithm of a low double digit operating margin as we get to the end of that cycle.

我認為，當我們總結所有這些時，你知道，我們現在所處的趨勢，我們著眼於我們的長期視野，大約是三年的規劃週期，以完全符合我們的低雙算法當我們到達該週期結束時，數位營業利潤率。

Thank you. That's very helpful. And then just to follow up first, given the challenging macros that we're seeing, are you seeing any benefit from consumers who haven't historically shopped your store coming in to find value, whether switching to diy color or any other initiatives like that. And then in terms of the digital side, the e-commerce side, could you talk a little bit more about some of the initiatives that you have? We talked a lot about the store less so on e-comm. We're just wondering what what additions you're planning for Cisco 25 there. Thanks so much.

謝謝。這非常有幫助。然後首先跟進，考慮到我們所看到的具有挑戰性的宏觀因素，您是否看到歷史上沒有在您的商店購物的消費者來尋找價值，無論是轉向DIY顏色還是任何其他類似的舉措，有什麼好處嗎？然後在數位方面、電子商務方面，您能多談談您所採取的一些措施嗎？我們談了很多關於商店的事情，但在電子商務上卻談得很少。我們只是想知道您計劃為 Cisco 25 添加哪些內容。非常感謝。

Yeah, sure.

是的，當然。

I'm happy to do that. When we think about our customer base on the Sally side, the trajectory changes that we've seen in the last.

我很高興這樣做。當我們考慮莎莉方面的客戶群時，我們看到的軌跡發生了變化。

Two quarters Come both come from both new and reactivated customers. Certainly some of those new customers are coming and getting introduced to us through licensed colorists on demand, which is our online platform to be able to give education and coaching to customers about coloring their hair and the journey they can be on. We do think some of those are.

兩個季度均來自新客戶和重新啟動的客戶。當然，其中一些新客戶會透過有執照的染髮師按需向我們介紹，這是我們的線上平台，能夠向客戶提供有關染髮和他們可以踏上的旅程的教育和指導。我們確實認為其中一些是。

First time colors of their hair.

第一次染頭髮的顏色。

So to the point of bringing in that new customer, we're seeing some nice traction there and then reactivated customers. I think the messaging about the assortment that we have that customer service of what we can deliver to customers new and things like nails. It's nice to see the reengagement of, of customers happening there as well.

因此，在引入新客戶方面，我們看到了一些不錯的吸引力，然後重新啟動了客戶。我認為我們的客戶服務傳達了我們可以向客戶提供新產品和美甲等產品的訊息。很高興看到客戶的重新參與也在那裡發生。

So we always have that great.

所以我們總是那麼棒。

Loyal base, but those other two populations are, are exciting for us to see and we think that that's going to continue and we have the momentum with our initiatives to make that happen, you know, on the digital e-comm front, I certainly didn't mean to not do justice there compared to what we're doing in the stores, we have a lot going on. And so when you think about different component parts of that over the last couple of months, you know, the biggest.

忠誠的基礎，但另外兩個群體，對我們來說是令人興奮的，我們認為這種情況將繼續下去，我們有動力透過我們的舉措來實現這一目標，你知道，在數位電子商務方面，我當然與我們在商店裡所做的相比，這並不是說不公正，我們有很多事情要做。因此，當你考慮過去幾個月的不同組成部分時，你知道，最大的部分。

Launch has been the expansion of our marketplace program into doordash and Instacart.

發布是我們將市場計劃擴展到doordash 和Instacart。

Which uses our SO.

它使用我們的SO。

Stores as the.

商店作為。

Point of distribution. But we do think also.

分佈點。但我們確實也在思考。

Reaches some new customers who.

吸引了一些新客戶。

Might not be thinking Sally first or might not have a Sally in their backyard but need or want that product in a, in a timely fashion. So we've seen nice growth there. And in fact.

可能不會首先想到莎莉，或者他們的後院可能沒有莎莉，但需要或想要及時獲得該產品。所以我們在那裡看到了良好的成長。事實上。

For the full fiscal year, this past year, we saw about 13 million in total growth coming from marketplaces, which feels.

在過去一年的整個財年中，我們看到來自市場的總成長量約為 1300 萬美元，這感覺是這樣的。

Like a good number to us. But we're also growing going and focusing on growing against our own platforms as well. Our app is getting some really nice engagement. We complement that with our S MS and CRM activities becoming more personalized and the journey we're on to continue to deliver on that personalized communication is there. And then we're going to be working on the digital side with our own platforms as well to roll out that brand refresh and kind of updated.

對我們來說是一個很好的數字。但我們也在不斷發展並專注於在我們自己的平台上發展。我們的應用程式得到了一些非常好的參與。我們透過 S MS 和 CRM 活動變得更加個人化來補充這一點，並且我們將繼續提供個人化溝通。然後我們將透過我們自己的平台在數位方面開展工作，並推出品牌更新和更新。

Sally persona still Sally to the core, but maybe.

莎莉的性格仍然是莎莉的核心，但也許吧。

A Little bit More modern, a little bit more.

更現代一點，更現代一點。

Sophisticated view of how customers will see us and enact, enact with.

關於客戶將如何看待我們以及如何行動的複雜觀點。

Us online. So when we combine personalization and CRM with continued expansion of marketplaces and, and the improvements against our own sites, you know, it's certainly an important area of growth for us.

我們在線。因此，當我們將個人化和 CRM 與市場的持續擴展以及我們自己網站的改進結合起來時，您知道，這對我們來說無疑是一個重要的成長領域。

And our next question comes from the line of Linda Bolton Weiser from D A Davidson. Please go ahead.

我們的下一個問題來自 D A Davidson 的 Linda Bolton Weiser。請繼續。

Yes, hi. So it, it sounds from your tone that you're really, you're, you've made these changes in the business and you're finding success in many areas that you're and you're talking about the consecutive quarters of positive comp growth. So I'm wondering if that's like, like your goal? I mean, I don't mean to put you on the spot, but are you kind of saying that you want to have like more consistency where you actually produce a positive comp overall, you know, every quarter, I mean, is that kind of like a goal of yours? Thanks.

是的，嗨。所以，從你的語氣中可以看出，你真的、你、你已經在業務中做出了這些改變，並且你在你正在談論的連續幾個季度的許多領域都取得了成功。 。所以我想知道這是否像你的目標一樣？我的意思是，我並不是想讓你難堪，但你是不是在說你想要有更多的一致性，你實際上在整體上產生積極的補償，你知道，每個季度，我的意思是，是這樣的你的目標是什麼？謝謝。

I think our.

我認為我們的.

We, I just go back to our guidance and how we think about our guidance our guidance really is a low single digit comp comp growth, expanding our margin underneath that. So, delivering operating growth, you know, a little bit faster than that sales growth and getting back to a double digit operating margin, we are building towards and expect that we will drive comp growth in both of our segments contributing to the to the entire portfolio and, and see us on a good path to do that as we've talked about all of our initiatives. So absolutely, the path we're on have a lot of conviction about how we're managing through that and, and the plans we have in place.

我們，我只是回到我們的指導，以及我們如何看待我們的指導，我們的指導實際上是低個位數的複合成長，從而擴大了我們的利潤率。因此，您知道，實現營業成長，比銷售成長快一點，並回到兩位數的營業利潤率，我們正在努力並期望我們將推動兩個部門的競爭成長，為整個行業做出貢獻投資組合，並且看到我們在實現這一目標方面走上了一條良好的道路，因為我們已經討論了我們的所有舉措。所以絕對，我們所走的道路對我們如何管理這個問題以及我們所製定的計劃充滿信心。

And can I can I just follow up to about on the sale side, I know long term strategy does involve increasing the percentage from owned or private label type brands. But you didn't really mention that on the call in terms of any percentages. How do you marry that idea of having your own private label brands with trying to modernize the concept a little bit and have a more test and learn kind of thing. It seems to me that that might mean having a reorientation toward more popular outside non owned brands. Can you, can you talk about that?

我可以跟進銷售方面的情況嗎？但你在電話會議上並沒有真正提到任何百分比。您如何將擁有自己的自有品牌的想法與嘗試使概念現代化一點並進行更多測試和學習的想法結合起來。在我看來，這可能意味著重新定位於更受歡迎的外部非自有品牌。你能，你能談談嗎？

We think the marriage of own brands and national brands and up and coming brands is a great one. And when we think about the, the business that we're building in Sally, it's, it's about giving people brands they recognize. It's also about giving them great high quality brands that at good price points that are things we can generate in our own brands, business, our own brands business in penetration grew modestly in fiscal '20 four in line with our expectations. And we felt great that as an example of bond of modernizing with own brands like Bond Bar is a great example of how we're actually utilizing own brands. As part of that modernization, Bobar grew to be our number five owned brand in the store. And you know, only 18 to 24 months since we originally launched that.

我們認為自主品牌與國家品牌以及新興品牌的聯姻是一件很棒的事。當我們想到我們在莎莉建立的業務時，就是為人們提供他們認可的品牌。它還以良好的價格為他們提供優質的品牌，這些品牌是我們可以在我們自己的品牌、業務中產生的東西，我們的自有品牌業務的滲透率在20 世紀40 財年略有增長，符合我們的預期。我們感覺很棒，作為與像 Bond Bar 這樣的自有品牌進行現代化結合的例子，是我們如何實際利用自有品牌的一個很好的例子。作為現代化改造的一部分，Bobar 逐漸成為我們店裡排名第五的自有品牌。你知道，距離我們最初推出該功能僅 18 到 24 個月。

Very.

非常。

First skew and so.

首先傾斜等等。

A nice trajectory there. But, you know, deep partnerships.

那裡有一個很好的軌跡。但是，你知道，深厚的夥伴關係。

With other brands out in the industry, we talked about launching more products with Sft Beauty. We have a great partnership with Soapbox to name just a few as well as some of our largest partnerships with, with folks like WELLA. And all of those really build a robust engine behind what we can offer our customers. And we think marrying the both together is, is a great outcome for a specialty beauty play.

與業內其他品牌一起，我們討論了與 Sft Beauty 推出更多產品的事宜。我們與 Soapbox 建立了良好的合作夥伴關係（僅舉幾例），並與 WELLA 等公司建立了一些最大的合作夥伴關係。所有這些確實為我們為客戶提供的服務建立了強大的引擎。我們認為將兩者結合在一起對於專業美容劇來說是一個很好的結果。

Great. And then my final, my final question, if I could fit it in is, is on the drug store closures that we're seeing in that channel. And I know that in some ways you view yourself as competing with drug stores, at least on the diy color area are the Drugto Closures benefiting your business in any way.

偉大的。然後我的最後一個問題，我是否可以將其納入其中，是關於我們在該頻道中看到的藥局關閉問題。我知道，在某些方面，您認為自己與藥局競爭，至少在 DIY 顏色領域，Drugto 瓶蓋以任何方式使您的業務受益。

You know, we don't really look at the.

你知道，我們並沒有真正關注。

Data specifically in that way. I, I think we look at saying here's the customer.

數據具體就是這樣。我，我想我們應該說這是客戶。

Base, we serve.

基地，我們服務。

78% of our sales come from 16 million customers that we know and are part of our loyalty program. You know, the more that we can continue to build that customer base. And as I mentioned, we're seeing new and reactivated customers trending well in our portfolio, you know, we'll we'll take advantage of of all of those opportunities where they exist, but we're really running our own play to be winning in these categories. A little more so than trying to think about, you know, specific closures that we might go target to pick up any volume. But you feel great about the customer trends that we're seeing.

我們 78% 的銷售額來自我們認識且參與我們忠誠度計畫的 1,600 萬客戶。你知道，我們越能繼續建立這個客戶群。正如我所提到的，我們看到新客戶和重新激活的客戶在我們的產品組合中趨勢良好，您知道，我們將利用所有這些存在的機會，但我們確實正在發揮自己的作用在這些類別中獲勝。你知道，比試圖考慮我們可能會瞄準的特定關閉以增加任何數量更重要一點。但您對我們所看到的客戶趨勢感覺很好。

Thank you.

謝謝。

And our next question goes to the line of Ashley Helgen with Jeffries. Please go ahead.

我們的下一個問題涉及阿什利·赫爾根 (Ashley Helgen) 和傑弗里斯 (Jeffries) 的關係。請繼續。

Hi, this is Sydney. I'm for Ashley. Thank you for taking our question. You mentioned studio by Sally informing this new brand refresh. I was just wondering if you can give a bit more color on what some of those key takeaways or findings have been that you'll be carrying over.

嗨，這是雪梨。我是為了阿什利。感謝您提出我們的問題。您提到 Sally 的工作室告知這項新的品牌更新。我只是想知道您是否可以對您將繼承的一些關鍵要點或發現進行更多說明。

Absolutely. You know, studio by Sally was a wonderful test for us to understand how a customer could engage differently with both the thought of diy kind of hands on education as well as some changes in the store format, you know, starting with the store format piece, you know, some of the things that we were doing in studio, we lowered the height of the gondolas and fixtures so you could see across the entire end of the store. And we.

絕對地。你知道，Sally 的工作室對我們來說是一個很好的測試，讓我們了解客戶如何以不同的方式參與 DIY 實踐教育的想法以及商店格式的一些變化，你知道，從商店格式開始。 ，我們在工作室裡做的一些事情，我們降低了吊船和固定裝置的高度，這樣你就可以看到商店的整個末端。還有我們。

We actually reduced our skew count and.

我們實際上減少了​​傾斜計數。

Put More.

放更多。

Education, navigation and information in the store as customers were shopping to understand brands, to understand how to get great results.

店內的教育、導航和資訊讓顧客在購物時了解品牌，並了解如何獲得出色的效果。

We increased a bit the impulse.

我們增加了一點衝動。

Fixture in space.

空間中的固定裝置。

In the stores.

在商店裡。

And we oriented nail in a little bit better.

我們把釘子的方向調整得更好一點。

Way for the customer to really fully experience the.

讓客戶真正充分體驗的方式。

Category.

類別。

All of those are things that we're.

所有這些都是我們的本質。

Carrying through into, into the new experience that we're looking at and excited about that, you know, and.

融入我們正在關注的新體驗中，並對此感到興奮，你知道，並且。

What we learned from the service side of the studio store has really come to life and license.

我們從工作室商店的服務方面學到的東西已經真正實現並獲得許可。

Color is on demand. So our ability to offer that consultation about how to get the right results.

顏色按需自訂。因此，我們有能力提供有關如何獲得正確結果的諮詢。

We have our store associate.

我們有我們的商店助理。

And our beauty advisor.

還有我們的美容顧問。

Who can do some of that in store real time. But taking the.

誰可以在店裡實時做一些事情。但採取。

Opportunity to actually have a colorist, licensed colorist on staff.

有機會真正擁有調色師、持有執照的調色師。

Who We Can engage, who customers can engage with online. Really grew out.

我們可以與誰互動，客戶可以與誰在線上互動。真的長大了。

A lot of how the services.

很多服務怎麼樣。

Component of studio evolved as well. So, so fantastic learnings out of that that we are carrying forward.

工作室的組成部分也不斷發展。因此，我們正在發揚從中學到的精彩知識。

Thank you. That's really Helpful.

謝謝。這真的很有幫助。

And our next question comes from the line of Simeon Gutman with Morgan Stanley. Please go ahead.

我們的下一個問題來自西蒙·古特曼與摩根士丹利的對話。請繼續。

Hi, this is Zach on for Simeon. Thanks for taking your questions. Apologies if this was asked already. But with respect to pricing, can you give us a little color on what's happening at retail?

大家好，我是西蒙的紮克。感謝您提出問題。如果已經有人問過這個問題，我深感抱歉。但在定價方面，您能為我們介紹一下零售業的狀況嗎？

Yeah, overall for us.

是的，對我們來說總體而言。

We're seeing modest increases.

我們看到了適度的成長。

In a ur on both Sides of our business and you know, at this point, we do some tactical pricing activity. But we are not we're not seeing a significant price increases.

在我們業務的雙方，你知道，在這一點上，我們進行了一些戰術性定價活動。但我們並沒有看到價格大幅上漲。

From our vendors and things like that. So pricing overall can stay at a moderate pace.

來自我們的供應商和類似的事情。因此，整體定價可以保持在適度的速度。

And given we are growing a you are in that environment.

鑑於我們正在成長，您就處於這種環境中。

We're doing a Great job.

我們做得很好。

Containing promotions and making sure that the promotions we're offering are really value.

包含促銷活動並確保我們提供的促銷活動確實有價值。

Added to both our retail customer and our, our stylist community. So.

添加到我們的零售客戶和我們的造型師社群。所以。

Good healthy place to be. I.

健康的好地方。我。

Expect that that will continue in fiscal '25 as we continue to grow the business.

隨著我們繼續發展業務，預計這種情況將在 25 財年繼續下去。

That's helpful. Thank you. And then just as a quick follow up, Can you also talk about what's happening with, with product costs and and some puts and takes there as well?

這很有幫助。謝謝。然後，作為快速跟進，您能否也談談產品成本以及一些看跌期權和拿貨的情況？

Yeah, product costs are really quite.

是的，產品成本確實相當高。

In control. I think that we've seen inflation broadly start to moderate and.

處於控制之中。我認為我們已經看到通膨普遍開始放緩。

That's happening with our product costs coming through.

我們的產品成本正在發生這種情況。

As well. We do not see product cost.

也是如此。我們沒有看到產品成本。

Decreases coming through in any meaningful way.

以任何有意義的方式減少。

Right?

正確的？

We watch commodities and work against that. And so we're in a, we're in a pretty good environment and, you know, I know there's one question out.

我們關注大宗商品並與之對抗。所以我們處於一個非常好的環境中，我知道有一個問題需要解決。

There that what could happen with tariffs, you.

關稅可能會發生什麼，你。

Know, I think what I'd point out.

知道，我想我會指出什麼。

Is less than 10% of our product comes from China. So our exposure is.

我們的產品不到10%來自中國。所以我們的曝光度是。

Pretty Limited.

相當有限。

And we think it's within the same set of, of of actions that were taken a few years ago to manage if that.

我們認為，這與幾年前為解決這個問題而採取的一系列行動是一樣的。

Comes through which we can look at our vendor choices. We can look at sites where we source from.

透過它我們可以查看我們的供應商選擇。我們可以查看我們來源的網站。

Could take some modest pricing if it came to bear. But I think the most important part, there is really limited exposure for us.

如果可行的話，可能會採取一些適度的定價。但我認為最重要的是，我們的曝光度確實有限。

Got it. Thank you.

知道了。謝謝。

And once again, if there are any additional questions at this time, please press one followed by the zero on your touchtone phone.

再次強調，如果此時還有任何其他問題，請在您的按鍵式電話上按 1，然後按 0。

And at this time, it does appear there are no further questions from the phone lines.

目前，電話線路中似乎沒有進一步的問題。

Well, to wrap up today, a thank you to all of our associates across the globe.

好吧，作為今天的總結，我要感謝我們全球各地的所有同事。

Thank you to our.

謝謝我們的.

Shareholders. You know.

股東。你知道。

The fourth quarter for us.

我們的第四季。

Really capped a successful year where.

確實是成功的一年。

We delivered financial results within our expectations, strengthened the balance.

我們的財務表現符合我們的預期，加強了平衡。

Sheet returned value to shareholders.

板材為股東回報了價值。

And meaningfully advanced our strategic initiatives. And we think we have great momentum entering fiscal '25 to continue on on this track. So once again, thank you to everyone and we'll talk to you next. Quarter.

並有意義地推動了我們的策略舉措。我們認為進入 25 財年我們有很大的動力繼續沿著這條軌道前進。再次感謝大家，我們接下來再和大家聊聊。四分之一.

And ladies and gentlemen, this conference will be available for replay after 930 central today through November 28th. You may access the AT&T replay system at any time by dialing 18,662,071,041. Entering the access code 1,471,652. International participants may dial 4,029,700,847. And those numbers again are 18,662,071,041 and 4,029,700,847. Again, entering the access code 1,471,652. That does conclude your conference for today. Thank you for your participation and for using AT&T teleconference. You may now disconnect.

女士們、先生們，本次會議將於今天 930 中心後至 11 月 28 日期間重播。您可以隨時撥打 18,662,071,041 存取 AT&T 重播系統。輸入訪問代碼 1,471,652。國際參與者可撥打 4,029,700,847。這些數字又是 18,662,071,041 和 4,029,700,847。再次輸入存取代碼 1,471,652。今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連線。