Ulta Beauty Inc (ULTA) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty's conference call to discuss results for the Third Quarter of fiscal 2021. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 2021 財年第三季度的業績。（操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce Ms. Kiley Rawlins, Vice President of Investor Relations. Ms. Rawlins, please proceed.

現在我很高興介紹投資者關係副總裁 Kiley Rawlins 女士。羅林斯女士，請繼續。

Thank you, Laura. Good afternoon, everyone. Hosting our call today are Dave Kimbell, Chief Executive Officer; and Scott Settersten, Chief Financial Officer. Kecia Steelman, Chief Operating Officer, will join us for the Q&A.

謝謝你，勞拉。大家下午好。今天主持我們電話會議的是首席執行官 Dave Kimbell；和首席財務官 Scott Settersten。首席運營官 Kecia Steelman 將加入我們的問答環節。

This afternoon, we released our financial results for the third quarter of fiscal 2021. A copy of the press release is available in the Investor Relations section of our website.

今天下午，我們發布了 2021 財年第三季度的財務業績。新聞稿的副本可在我們網站的投資者關係部分獲得。

Before we begin, I'd like to remind you of the company's safe harbor language. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC. We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, December 2, 2021. We have no obligation to update or revise our forward-looking statements, except as required by law, and you should not expect us to do so.

在我們開始之前，我想提醒您公司的安全港語言。本次電話會議中包含的非歷史事實的陳述可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際未來結果可能與此類陳述中預測的結果大不相同，原因是公司向美國證券交易委員會提交的文件中描述了許多風險和不確定性。我們提醒您不要過分依賴這些前瞻性陳述，這些陳述僅在今天，即 2021 年 12 月 2 日發表。我們沒有義務更新或修改我們的前瞻性陳述，除非法律要求，您應該不要指望我們這樣做。

In today's comments, we will discuss certain non-GAAP financial measures, including adjusted operating income and adjusted diluted EPS for the third quarter of fiscal 2020. A reconciliation of these measures to the corresponding GAAP measures can be found in our earnings release, which is available in the Investor Relations section of our website.

在今天的評論中，我們將討論某些非 GAAP 財務指標，包括 2020 財年第三季度調整後的營業收入和調整後的攤薄每股收益。這些指標與相應的 GAAP 指標的對賬可以在我們的收益發布中找到，即可在我們網站的投資者關係部分獲取。

We'll begin this afternoon with prepared remarks from Dave and Scott. Following our prepared comments, we will open up the call for questions. (Operator Instructions) As always, [Mary Kate] and I will be available for any follow-up questions after the call.

今天下午，我們將從戴夫和斯科特准備好的發言開始。根據我們準備好的評論，我們將打開提問的電話。 （操作員說明）與往常一樣，[Mary Kate] 和我將在通話後回答任何後續問題。

Now I'd like to turn the call over to Dave. Dave?

現在我想把電話轉給戴夫。戴夫？

Thank you, Kiley, and good afternoon, everyone. The Ulta Beauty team delivered outstanding results again this quarter. For the third quarter, net sales increased 28.6% to a record $2 billion. Operating profit increased to 14.2% of sales, and diluted EPS increased to $3.94 per share.

謝謝你，Kiley，大家下午好。 Ulta Beauty 團隊本季度再次取得優異成績。第三季度，淨銷售額增長 28.6%，達到創紀錄的 20 億美元。營業利潤增至銷售額的 14.2%，攤薄後每股收益增至 3.94 美元。

In addition to producing these excellent financial results, we also delivered strong operational results. We continue to increase our market share in Prestige Beauty based on dollar sales for the 13 weeks ended October 30, 2021, compared to the same period last year. We increased the number of members in our Ultimate Rewards loyalty program by 13% to a record 35.9 million members and returned to pre-pandemic member penetration levels. And we navigated global supply chain challenges and tight labor markets and remained well positioned to meet guest needs and deliver a successful holiday season.

除了產生這些出色的財務業績外，我們還取得了強勁的運營業績。根據截至 2021 年 10 月 30 日的 13 週的美元銷售額，與去年同期相比，我們繼續增加我們在 Prestige Beauty 的市場份額。我們將 Ultimate Rewards 忠誠度計劃的會員人數增加了 13%，達到創紀錄的 3590 萬會員，並恢復到大流行前的會員滲透率水平。我們克服了全球供應鏈挑戰和緊張的勞動力市場，保持了良好的狀態來滿足客人的需求並成功地度過了一個假期。

This performance reflects the strength and resiliency of the beauty category, the power of Ulta Beauty's differentiated model and the impact of our winning culture and outstanding team. I want to express my sincere appreciation to all of our Ulta Beauty associates for their incredible efforts to serve our guests and deliver these excellent results. I'm inspired every day by our associates' passion for beauty and passion for our guests, and I am honored to lead such a great company of talented associates who continue to care for each other while driving our business forward.

這一表現反映了美妝品類的實力和韌性、Ulta Beauty差異化模式的力量以及我們獲勝文化和優秀團隊的影響。我想對我們所有的 Ulta Beauty 員工表示衷心的感謝，感謝他們為服務我們的客人並取得這些出色的成果所做的令人難以置信的努力。我每天都受到我們員工對美麗的熱情和對客人的熱情的鼓舞，我很榮幸能夠領導這樣一個由才華橫溢的員工組成的偉大公司，他們在推動我們業務發展的同時繼續互相關心。

At our Analyst Day in October, we introduced a new strategic framework, which will shape our future and enable Ulta Beauty to deliver against longer-term financial targets. Today, I'll reiterate some of the information we discussed about our strategic imperatives and share an update on progress made in the third quarter, then I'll share how we are positioning Ulta Beauty for holiday before I turn it over to Scott to discuss the financials.

在 10 月的分析師日，我們推出了一個新的戰略框架，它將塑造我們的未來，並使 Ulta Beauty 能夠實現長期財務目標。今天，我將重申我們討論過的關於我們的戰略要務的一些信息，並分享第三季度取得的最新進展，然後我將分享我們如何將 Ulta Beauty 定位為假期，然後我將其交給 Scott 討論財務。

Starting with our focus on driving breakthrough and disruptive growth through an expanded definition of All Things Beauty. Our differentiated assortment is core to our success. And we continue to innovate, evolve and expand our offering to excite the beauty enthusiast.

從我們專注於通過對萬物之美的擴展定義來推動突破性和顛覆性增長開始。我們差異化的分類是我們成功的核心。我們繼續創新、發展和擴展我們的產品，以激髮美容愛好者。

In the third quarter, all major categories delivered robust double-digit comp growth compared to the third quarter of fiscal 2020, driven by cycling last year's disruption from COVID, product newness and strong performance from our strategic promotional events, including 21 Days of Beauty, [Ahava] and our Gorgeous Hair event.

在第三季度，與 2020 財年第三季度相比，所有主要類別都實現了兩位數的強勁增長，這得益於去年因 COVID 造成的自行車運動中斷、產品新穎性以及我們的戰略促銷活動（包括 21 Days of Beauty）的強勁表現， [Ahava] 和我們的 Gorgeous Hair 活動。

Compared to the third quarter of fiscal 2019, fragrance, bath, haircare and skincare all delivered strong double-digit comp growth. While makeup was slightly below 2019 levels, we are encouraged that the trend in Prestige Makeup improved from the second quarter, and growth in mass cosmetics remained strong. Engagement with the category remains high with consumers looking to refresh their beauty stash with new products, and recent trends give us confidence the makeup category will return to growth compared to pre-pandemic levels.

與 2019 財年第三季度相比，香水、沐浴、護髮和護膚品均實現了兩位數的強勁增長。雖然彩妝略低於 2019 年的水平，但令人鼓舞的是，Prestige Makeup 的趨勢較第二季度有所改善，大眾化妝品的增長依然強勁。由於消費者希望用新產品更新他們的美容產品，對該類別的參與度仍然很高，最近的趨勢讓我們相信，與大流行前的水平相比，化妝品類別將恢復增長。

Compared to last year, eyes, face and lip continued to deliver strong growth within the makeup category. Engagement with false lashes and lash growth serums, combined with innovation like creamy eye shadow sticks, are driving continued growth within eye. Increased interest in tinted moisturizers and blush are driving growth within face. And lip color, lip gloss and lip balm continue to drive growth within lip.

與去年相比，眼部、面部和唇部在彩妝類別中繼續實現強勁增長。使用假睫毛和睫毛增長精華液，再加上奶油眼影棒等創新產品，正在推動眼部持續增長。對有色保濕霜和腮紅的興趣增加正在推動面部的增長。唇色、唇彩和潤唇膏繼續推動唇部增長。

Newness continues to excite and engage guests. New brands like Bobby Brown and Elaluz, combined with new product launches from a wide range of brands, including ColourPop, Urban Decay, Tarte and NYX drove nice growth in the quarter. In addition, this quarter, we expanded MAC into 200 additional stores.

新鮮感繼續激發和吸引客人。 Bobby Brown 和 Elaluz 等新品牌，加上 ColourPop、Urban Decay、Tarte 和 NYX 等眾多品牌推出的新產品，推動了本季度的強勁增長。此外，本季度，我們將 MAC 擴展到 200 家額外的商店。

Haircare delivered another quarter of double-digit growth driven by strong guest engagement with our strategic events, newness and our Back Bar Takeover events. In early October, we kicked off our fall Gorgeous Hair event, a semiannual event strategically focused on acquiring members who do not shop the haircare category or engage with our salon services. Building on the success of our spring event, we continue to streamline offers, focus our marketing events and create relevant storytelling around hair goals, service enhancements and holiday kits.

由於客人對我們的戰略活動、新事物和我們的 Back Bar Takeover 活動的強烈參與，護髮產品實現了又一個四分之一的兩位數增長。 10 月初，我們開始了秋季 Gorgeous Hair 活動，這是一個半年一次的活動，戰略性地專注於獲取不購買護髮產品或參與我們沙龍服務的會員。在春季活動取得成功的基礎上，我們將繼續簡化報價，重點關注我們的營銷活動，並圍繞髮型目標、服務增強和度假套件創建相關的故事講述。

We saw good growth from our core assortment and engagement with new brands like KRISTIN ESS, Briogeo, and Verb. And product newness from brands like Dyson, Living Proof, Redken and Curlsmith continued to resonate with guests. We continue to expand our assortment of prestige haircare brands, and I'm excited to share we will launch OLAPLEX, the #1 prestige hair brand in the market, in all Ulta Beauty stores and on ulta.com in January.

我們從我們的核心產品系列和與 KRISTIN ESS、Briogeo 和 Verb 等新品牌的合作中看到了良好的增長。來自 Dyson、Living Proof、Redken 和 Curlsmith 等品牌的新產品繼續引起客人的共鳴。我們將繼續擴大我們的知名護髮品牌種類，我很高興地分享我們將於 1 月在所有 Ulta Beauty 商店和 ulta.com 上推出市場上排名第一的知名護髮品牌 OLAPLEX。

Our Back Bar Takeovers give our stylists the unique opportunity to introduce new brands and products to guests. And this quarter, salon takeovers by Bondi Boost, IGK, Verb and KRISTIN ESS all drove nice sales growth during their respective takeovers.

我們的 Back Bar Takeovers 為我們的造型師提供了向客人介紹新品牌和產品的獨特機會。本季度，Bondi Boost、IGK、Verb 和 KRISTIN ESS 對沙龍的收購都推動了各自收購期間的良好銷售增長。

Skincare delivered another quarter of strong double-digit sales growth as guests continue to invest in self-care and maintain their skincare regimens. Similar to last quarter, skincare routines, including moisturizers, serums and cleansers, drove category growth. New brands, including Drunk Elephant; Fresh; Good Molecules, which is exclusive to Ulta Beauty and peach slices; as well as new products from Tula, Clinique and The Ordinary drove solid guest engagement.

隨著客人繼續投資於自我護理並維持他們的護膚方案，護膚品又實現了四分之一的強勁兩位數銷售增長。與上一季度類似，包括保濕霜、精華素和清潔劑在內的護膚程序推動了品類增長。新品牌，包括醉象；新鮮的; Good Molecules，這是Ulta Beauty和桃片獨有的；以及來自 Tula、Clinique 和 The Ordinary 的新產品推動了穩固的賓客參與度。

Finally, our fragrance and bath category continued to deliver exceptional growth. Ariana Grande's latest fragrance, God is a Woman, which is exclusive to Ulta Beauty; as well as newness from Carolina Herrera; Coach; YSL and Dior, drove strong growth during the quarter. Events included in our back-to-school gift with purchase and our monthly Fragrance Crush program also drove strong engagement. Beyond fragrance, the bath and body category continues to drive robust growth as moisturizers and scrubs remain on trend.

最後，我們的香水和沐浴品類別繼續實現了非凡的增長。 Ariana Grande 的最新香水 God is a Woman，為 Ulta Beauty 獨有；以及來自Carolina Herrera的新鮮事物；教練; YSL 和 Dior 在本季度推動了強勁增長。我們購買的返校禮物中包含的活動和我們每月的 Fragrance Crush 計劃也推動了強烈的參與。除了香水，沐浴和身體護理類別繼續推動強勁增長，因為保濕劑和磨砂膏仍然流行。

In addition to delivering growth from our core categories, we are focused on driving growth from key cross-functional platforms. Starting with Conscious Beauty, our cross-category initiative intended to help guests discover and engage with brands and products which reflect their personal values. Through this program, we identify brands across 5 key pillars: clean ingredients, cruelty free, vegan, sustainable packaging and positive impact.

除了從我們的核心類別實現增長外，我們還專注於推動關鍵跨職能平台的增長。從 Conscious Beauty 開始，我們的跨品類計劃旨在幫助客人發現並參與反映其個人價值觀的品牌和產品。通過該計劃，我們確定了 5 個關鍵支柱的品牌：清潔成分、無殘忍、純素、可持續包裝和積極影響。

During the quarter, we certified 19 new brands, including LAMIK Beauty, WLDKAT and Better Not Younger, bringing the total number of certified conscious beauty brands to 275 at the end of Q3. During the third quarter, we expanded our certification to the SKU level for clean ingredients and vegan and added in-store badging at the shelf for certified brands as well as new search filters online to help guests easily identify products, which reflect what is most important to them.

本季度，我們認證了 19 個新品牌，包括 LAMIK Beauty、WLDKAT 和 Better Not Younger，使認證的有意識美容品牌總數在第三季度末達到 275 個。在第三季度，我們將清潔成分和素食的認證擴展到 SKU 級別，並在貨架上為認證品牌添加了店內徽章，以及新的在線搜索過濾器，以幫助客人輕鬆識別產品，這反映了最重要的給他們。

Moving now to our efforts to expand our assortment of black-owned and BIPOC brands. During the third quarter, we added 2 new black-owned brands, Sunday || Sunday and Nude Sugar, and we are on track to double the number of black-owned brands in our assortment this year. In addition, I am excited to share that we have welcomed our first South Asian owned makeup brand to the Ulta Beauty family, Live Tinted. Founded by Asian influencer Deepica Mutyala, Live Tinted is a cosmetic brand that celebrates multicultural beauty. The brand is also...

現在轉向我們努力擴大我們的黑人擁有和 BIPOC 品牌的種類。第三季度，我們增加了 2 個新的黑人自有品牌，Sunday || Sunday 和 Nude Sugar，今年我們的分類中黑人擁有的品牌數量有望翻一番。此外，我很高興與大家分享，我們迎來了首個南亞自有彩妝品牌，加入 Ulta Beauty 家族，Live Tinted。 Live Tinted 由亞洲影響者 Deepica Mutyala 創立，是一個頌揚多元文化美的化妝品品牌。該品牌也是...

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（技術難度）

Hello, everyone. I think we're having -- we had a -- we were disconnected. I think we're having some phone network issues. But hopefully, you can hear me, and I'm going to pick up, I think, where we got cut off. So if I repeat a little bit, I apologize, but we'll dive right back in.

大家好。我認為我們有 - 我們有 - 我們被斷開了。我認為我們遇到了一些電話網絡問題。但希望你能聽到我的聲音，我想我會接聽我們被切斷的地方。因此，如果我再重複一遍，我很抱歉，但我們會馬上重新開始。

So moving now to our efforts to expand our assortment of black-owned and BIPOC brands. During the third quarter, we added 2 new black-owned brands, Sunday || Sunday and Nude Sugar, and we are on track to double the number of black-owned brands in our assortment this year. In addition, I'm excited to share we have welcomed our first South Asian-owned makeup brand to the Ulta Beauty family, Live Tinted. Founded by Asian influencer, Deepica Mutyala, Live Tinted is a cosmetic brand that celebrates multicultural beauty. The brand is also a part of our conscious beauty platform certified as clean, vegan and cruelty-free.

因此，現在開始努力擴大我們的黑人擁有和 BIPOC 品牌的種類。第三季度，我們增加了 2 個新的黑人自有品牌，Sunday || Sunday 和 Nude Sugar，今年我們的分類中黑人擁有的品牌數量有望翻一番。此外，我很高興與大家分享，我們迎來了第一個南亞擁有的彩妝品牌，加入了 Ulta Beauty 家族，Live Tinted。 Live Tinted 由亞洲影響者 Deepica Mutyala 創立，是一個慶祝多元文化美的化妝品品牌。該品牌也是我們有意識的美容平台的一部分，被認證為清潔、純素和無殘忍。

Based on our proprietary research, we know 65% of beauty enthusiasts believe beauty is significantly connected to wellness. Reflecting this consumer insight, in the second quarter, we launched the wellness shop online and in 450 stores. This cross-category platform offers self-care products for the mind, body and spirit in an accessible, easy-to-navigate way. In the third quarter, we refreshed the wellness shop assortment shifting from summer solutions to total body care and hydration, which is especially relevant during colder months and introduced new items from HAIRtamin, [Alum], OSEA and Josie Maran.

根據我們的專有研究，我們知道 65% 的美容愛好者認為美容與健康密切相關。為了反映這種消費者洞察力，我們在第二季度在 450 家商店推出了在線健康商店。這個跨類別的平台以易於訪問、易於導航的方式為身心和精神提供自我保健產品。在第三季度，我們更新了健康商店的品類，從夏季解決方案轉向全身護理和補水，這在寒冷的月份尤為重要，並推出了 HAIRtamin、[Alum]、OSEA 和 Josie Maran 的新產品。

Turning now to our efforts to evolve the guest experience through our personalized and connected omnichannel ecosystem, All in Your World. We know the guest journey is increasingly blurring across physical and digital channels, and we aim to deliver a cohesive omnichannel strategy to serve our guests. During Q3, we enhanced our omnichannel strategy in 4 ways.

現在轉向我們通過個性化和互聯的全渠道生態系統 All in Your World 來提升賓客體驗的努力。我們知道客人的旅程在實體和數字渠道中越來越模糊，我們的目標是提供一個有凝聚力的全渠道戰略來服務我們的客人。在第三季度，我們以 4 種方式增強了全渠道戰略。

First, we launched Beauty to Go, our promise that buy online, pick up in store orders will be picked up and ready to go within 2 hours or less, giving our guests fast, convenient access to the beauty they want most. We also continue to test incentive strategies to encourage guest utilization. During the third quarter, BOPIS orders increased 28% compared to last year, totaling 20% of e-commerce sales in the quarter compared to 16% last year.

首先，我們推出了 Beauty to Go，我們承諾在線購買、店內取貨的訂單將在 2 小時或更短的時間內取貨並準備就緒，讓我們的客人快速、方便地獲得他們最想要的美麗。我們還繼續測試激勵策略以鼓勵客人使用。第三季度，BOPIS 訂單同比增長 28%，佔該季度電子商務銷售額的 20%，而去年同期為 16%。

Second, partnering with DoorDash, we launched same-day delivery in Atlanta, Boston, Chicago, Los Angeles, Houston and Boise, and we're excited about the value and convenience that will provide guests this holiday season.

其次，與 DoorDash 合作，我們在亞特蘭大、波士頓、芝加哥、洛杉磯、休斯頓和博伊西推出了當日送達服務，我們對這個假期為客人提供的價值和便利感到興奮。

Third, in October, we launched 2 exclusive salon services in all stores and relaunched skin services in select stores. Starting with salons. We have partnered with OLAPLEX to offer guests a professional bond repair service, which reverses damage caused by hair color, chemical treatment, heat and styling and the environment. And we have partnered with Redken to introduce a new express root touch-up service that offers guests 100% gray coverage color in only 10 minutes. These new exclusive services are bringing new guests into our salon.

第三，10月份，我們在所有門店推出了2項專屬沙龍服務，並在部分門店重新推出了皮膚服務。從沙龍開始。我們與 OLAPLEX 合作，為客人提供專業的粘合修復服務，可逆轉因染髮、化學處理、熱和造型以及環境造成的損傷。我們與 Redken 合作推出了一項新的快速根部修飾服務，只需 10 分鐘即可為客人提供 100% 灰色覆蓋顏色。這些新的獨家服務正在為我們的沙龍帶來新的客人。

We also relaunched skin services in 100 locations featuring a revamped menu with new services to address specific guest concerns, such as hydration, anti-aging and acne. While it's still early, we are pleased with how guests are engaging with these new offerings.

我們還在 100 個地點重新推出了皮膚服務，其中包括更新的菜單和新的服務，以解決特定的客人問題，例如保濕、抗衰老和痤瘡。雖然現在還為時過早，但我們對客人如何使用這些新產品感到滿意。

Finally, we launched Ulta Beauty at Target in 92 stores and online during the third quarter, and I am pleased to share we have reached our fiscal year goal of opening more than 100 shops. We are excited about this innovative partnership and how, together with Target, we will change the way guests experience beauty. While it will take time for us to understand what role this new distribution point will play for our guests, we are incredibly pleased with the ongoing customer excitement and encouraged to see Ultimate Reward members linking their accounts with Target Circle as well as new members signing up through the shop.

最後，我們在第三季度在 Target 的 92 家商店和網上推出了 Ulta Beauty，我很高興地分享我們已經實現了開設 100 多家商店的財政年度目標。我們對這種創新的合作夥伴關係以及我們將如何與 Target 一起改變客人體驗美麗的方式感到興奮。雖然我們需要時間來了解這個新的分發點將為我們的客人扮演什麼角色，但我們對持續的客戶興奮感到非常高興，並鼓勵看到 Ultimate Reward 會員將他們的帳戶與 Target Circle 關聯以及新會員註冊通過商店。

Moving on to our efforts to expand and deepen our presence across the guest beauty journey as the heart of the beauty community. We are focused on how to best elevate consumer connection, supercharge, member acquisition and drive guest loyalty, love and share of wallet.

繼續努力，作為美容社區的核心，在賓客美容之旅中擴大和深化我們的影響力。我們專注於如何最好地提升消費者聯繫、增壓、獲取會員並提高客戶忠誠度、喜愛和錢包份額。

In the third quarter, we continue to elevate our storytelling with relevant content across channels to launch Ulta Beauty at Target and to support our strategic events. In addition, as students return to classrooms after more than a year of virtual learning, we saw an opportunity to deepen our engagement with Gen Z audiences across channels with insight-driven campaigns during key back-to-school moments.

在第三季度，我們繼續通過跨渠道的相關內容提升我們的故事講述能力，以在 Target 推出 Ulta Beauty 並支持我們的戰略活動。此外，隨著學生在虛擬學習一年多後重返課堂，我們看到了一個機會，可以在關鍵的返校時刻通過洞察力驅動的活動跨渠道加深我們與 Z 世代受眾的互動。

We ended the third quarter with 35.9 million active members, 13% above last year and 6% above 2019. While we continue to add new members, member growth this quarter was largely driven by a reactivation of lapsed members and active member retention.

我們在第三季度結束時擁有 3590 萬活躍會員，比去年增長 13%，比 2019 年增長 6%。雖然我們繼續增加新會員，但本季度的會員增長主要是由於重新激活失效會員和活躍會員保留。

After experiencing headwinds last year due to the disruption from the pandemic, we have accelerated personalization to create stronger life cycle strategies, build baskets and maximize business returns, and we are very pleased with the results. We are driving strong conversion of new members in stores and online. We are successfully reengaging members who lapsed during the pandemic, and we are driving stronger engagement from our existing members. Importantly, our member retention rates have recovered to pre-pandemic levels, and spend per member is at an all-time high.

在經歷了去年因大流行帶來的影響後，我們加快了個性化進程，以製定更強大的生命週期戰略、構建籃子並最大限度地提高業務回報，我們對結果感到非常滿意。我們正在推動商店和在線新會員的強勁轉化。我們正在成功地重新吸引在大流行期間離職的會員，並且我們正在推動現有會員的更強參與。重要的是，我們的會員保留率已恢復到大流行前的水平，每位會員的支出也創歷史新高。

Shifting now to our plans and expectations for holiday. Based on our consumer insights, we expected many guests would start their holiday shopping earlier this year, and we proactively took steps to ensure we were ready with holiday sets, stocking stuffers and unique collaborations to help guests get a head start on their gifting needs.

現在轉向我們對假期的計劃和期望。根據我們對消費者的洞察，我們預計許多客人將在今年早些時候開始他們的假日購物，我們積極採取措施確保我們準備好假日套裝、庫存填充物和獨特的合作，以幫助客人搶先滿足他們的禮物需求。

If holiday 2020 was about less, holiday 2021 is about more, more fun, more in real life gatherings, more gifting and more glamming. All of our teams at Ulta Beauty are ready and excited to help our guests celebrate more this year. Like last year, we kicked off the holiday season in early November with our Hello Holidays campaign, early Black Friday deals and new loyalty offers. With authentic stories of connection and joy across video, digital, social and print platforms to encourage and motivate beauty enthusiasts to shop Ulta Beauty, we'll be everywhere our guests are this holiday season.

如果說 2020 年假期少一些，那麼 2021 年假期會更多、更有趣、更多現實生活中的聚會、更多禮物和更多魅力。我們在 Ulta Beauty 的所有團隊都準備好並很高興能幫助我們的客人在今年慶祝更多。與去年一樣，我們在 11 月初通過 Hello Holidays 活動、黑色星期五早期優惠和新的忠誠度優惠拉開了假期的序幕。通過視頻、數字、社交和印刷平台上的真實聯繫和歡樂故事，鼓勵和激勵美容愛好者購買 Ulta Beauty，我們將在這個假期無處不在我們的客人。

Our merchant teams have built an outstanding holiday assortment with giftable fun items across categories and price points. With new brands like Bobby Brown, Drunk Elephant and Briogeo, expanded assortments from brands like Laura Mercier, Florence and Pattern and exciting holiday offerings from brands like Dyson, Tarte, Ariana Grande, Truly and our very own Ulta Beauty Collection, we have great gifts for everyone.

我們的商家團隊已經建立了一個出色的假期分類，其中包含各種類別和價格點的可贈送的有趣物品。有了 Bobby Brown、Drunk Elephant 和 Briogeo 等新品牌，Laura Mercier、Florence 和 Pattern 等品牌擴大了品種，Dyson、Tarte、Ariana Grande、Truly 等品牌推出了令人興奮的假日產品，還有我們自己的 Ulta Beauty Collection，我們有很棒的禮物為了每一個。

To help guests explore our best holiday gifts, we developed a unique digital experience to allow for easy discovery of holiday gifts online and in-store. When guests visit ulta.com or scan the QR codes on a banner at the front of our store, an app click will launch giving the guest an opportunity to easily explore top gifts by category. Our stores are always the center of holiday at Ulta Beauty.

為了幫助客人探索我們最好的節日禮物，我們開發了一種獨特的數字體驗，讓您可以輕鬆地在網上和店內發現節日禮物。當客人訪問 ulta.com 或掃描我們商店前面橫幅上的二維碼時，將啟動一個應用程序點擊，讓客人有機會輕鬆地按類別探索頂級禮品。我們的商店始終是 Ulta Beauty 度假的中心。

As we combine our great in-store experience with our innovative omnichannel capabilities, we'll meet every guest wherever and however they want to shop Ulta Beauty. To help guests get ready for in real-life celebrations, we've expanded salon capacity to 100% in all Ulta Beauty salons and benefit brow bars except where limited by state or local mandates, and we've relaunched skin services in select stores.

當我們將卓越的店內體驗與創新的全渠道能力相結合時，我們將隨時隨地與每位客人見面，他們想以何種方式購買 Ulta Beauty。為了幫助客人為現實生活中的慶祝活動做好準備，我們已將所有 Ulta 美容院的沙龍容量擴大到 100%，並在受州或地方規定限制的情況下受益眉吧，並且我們在特定商店重新推出了皮膚服務。

Finally, our BOPIS, curbside and same-day delivery options, will provide guests with great shopping convenience this holiday season. Our teams are excited, engaged and ready to support our guests from proactively managing inventory flow and anticipating supply chain challenges to stress testing our IT systems and digital platforms to successfully accelerating our holiday hiring. The holiday season is off to a strong start, and I am confident we are well positioned to deliver another successful holiday season at Ulta Beauty.

最後，我們的 BOPIS、路邊和當日送達選項將在這個假期為客人提供極大的購物便利。我們的團隊很興奮、很投入並準備好支持我們的客人，從主動管理庫存流和預測供應鏈挑戰到對我們的 IT 系統和數字平台進行壓力測試，以成功加快我們的假期招聘。假日季開局良好，我相信我們已做好準備，在 Ulta Beauty 迎來又一個成功的假日季。

In closing, we are excited about the strength we are seeing in our business. Our third quarter performance exceeded our initial expectations, and we are encouraged by the early holiday trends. The beauty category is recovering, and our teams are executing well. We are investing and innovating to ensure Ulta Beauty will lead the new beauty landscape, and we are confident our well-defined strategy will enable us to capture more market share and drive profitable growth.

最後，我們對我們在業務中看到的實力感到興奮。我們第三季度的表現超出了我們最初的預期，我們對提前的假期趨勢感到鼓舞。美容品類正在復蘇，我們的團隊表現良好。我們正在投資和創新，以確保 Ulta Beauty 將引領新的美容領域，我們相信我們明確的戰略將使我們能夠獲得更多的市場份額並推動盈利增長。

And now I will turn the call over to Scott for a discussion of the financial results. Scott?

現在我將把電話轉給斯科特討論財務結果。斯科特?

Thanks, Dave, and good afternoon, everyone. Today, we reported stronger-than-expected third quarter results, and I would like to echo Dave's comments and express my appreciation to all our Ulta Beauty associates for delivering another outstanding quarter.

謝謝，戴夫，大家下午好。今天，我們報告了強於預期的第三季度業績，我想回應戴夫的評論，並對我們所有的 Ulta Beauty 員工表示感謝，因為他們又交付了一個出色的季度。

Starting with the income statement. Q3 sales increased 28.6% driven by double-digit growth in comp sales and strong new store performance. Total company comp increased 25.8% primarily driven by strong transaction growth in stores. In addition to robust sales growth from stores, e-commerce exceeded our expectations delivering modest growth on top of last year's 90% growth. Total company transactions for the quarter increased 16.8%. Average ticket increased 7.7%, primarily due to an increase in average selling price, reflecting favorable category mix shifts and lower promotional levels.

從損益表開始。第三季度銷售額增長了 28.6%，這得益於復合銷售額的兩位數增長和強勁的新店業績。公司總收入增長 25.8%，主要受門店交易強勁增長的推動。除了來自商店的強勁銷售增長外，電子商務超出了我們的預期，在去年 90% 的增長基礎上實現了適度增長。本季度公司總交易量增長 16.8%。平均票價增長 7.7%，主要是由於平均售價上升，反映了有利的類別組合轉變和較低的促銷水平。

During the quarter, we opened 7 new stores and closed 1 store. We also remodeled 3 stores and relocated 2 stores. Compared to the third quarter of fiscal 2019, total sales increased 19%, and comp sales increased 14.3%. From a mix perspective, makeup was 45% of sales compared to 47% last year. Haircare products and styling tools were 21% of sales compared to 20% last year. Skincare was 16% of sales, flat with last year. And the fragrance and bath category increased 200 basis points to 12% of sales.

本季度，我們開設了 7 家新店並關閉了 1 家店。我們還改造了 3 家店，搬遷了 2 家店。與 2019 財年第三季度相比，總銷售額增長 19%，複合銷售額增長 14.3%。從組合的角度來看，化妝品佔銷售額的 45%，而去年為 47%。護髮產品和造型工具佔銷售額的 21%，而去年為 20%。護膚品佔銷售額的 16%，與去年持平。香水和沐浴品類增加了 200 個基點，達到銷售額的 12%。

Q3 gross profit margin increased 450 basis points to 39.6% of sales compared to 35.1% last year. The increase was primarily due to leverage of fixed costs, channel mix shifts, leverage of salon expenses and higher margin merchandise margin.

第三季度毛利率增長 450 個基點，佔銷售額的 39.6%，而去年為 35.1%。增長主要是由於固定成本的槓桿作用、渠道組合的轉變、沙龍費用的槓桿作用和更高的商品利潤率。

Consistent with what we experienced in the first half of this year, strong top line growth and benefits from our occupancy cost optimization efforts resulted in significant leverage of fixed costs. E-commerce sales penetration in Q3 was about 500 basis points lower than last year as we cycled last year's strong e-commerce growth. As a percentage of sales, salon expenses also leveraged, reflecting strong top line sales and lower costs from the elimination of the salon manager role. As a reminder, we will anniversary this change in Q4.

與我們今年上半年的經歷一致，強勁的收入增長和我們的入住成本優化工作帶來的好處導致了固定成本的顯著槓桿作用。由於我們循環去年強勁的電子商務增長，第三季度的電子商務銷售滲透率比去年低了約 500 個基點。作為銷售額的百分比，沙龍費用也受到影響，這反映了強勁的頂線銷售和由於取消沙龍經理角色而降低的成本。提醒一下，我們將在第四季度紀念這一變化。

The improvement in merchandise margin was primarily the result of higher sales, lower promotional activity and ongoing benefits from our category management efforts. Comparing this year's performance to the third quarter of fiscal 2019, gross margin improved by 250 basis points. Higher merchandise margin, fixed cost leverage and leverage of salon expenses were partially offset by adverse channel mix.

商品利潤率的提高主要是由於銷售額增加、促銷活動減少以及我們的品類管理工作持續受益。將今年的業績與 2019 財年第三季度相比，毛利率提高了 250 個基點。較高的商品利潤率、固定成本槓桿和沙龍費用槓桿被不利的渠道組合部分抵消。

As a percentage of sales, SG&A decreased to 25.2% and compared to 26.8% last year. Strong top line growth drove leverage of corporate overhead, store expenses and store payroll and benefits. This leverage was partially offset by deleverage from marketing expense, primarily reflecting increased spend on print advertising compared to the third quarter last year.

SG&A 佔銷售額的百分比從去年的 26.8% 下降到 25.2%。強勁的收入增長推動了企業間接費用、商店開支以及商店工資和福利的槓桿作用。這一槓桿被營銷費用的去槓桿部分抵消，主要反映了與去年第三季度相比印刷廣告支出增加。

Last year, we significantly reduced our spend on print material in Q3 due to the pandemic. This year, our cadence of print was more normalized. And as Dave mentioned earlier, we are leveraging our CRM capabilities to optimize circulation and increase the profitability of our print vehicles. Compared to Q3 of fiscal 2019, SG&A as a percentage of sales was about 150 basis points favorable. As a percentage of sales, lower store expenses, store payroll and benefits and corporate overhead were partially offset by higher marketing expense.

去年，由於大流行，我們在第三季度大幅減少了印刷材料的支出。今年，我們的印刷節奏更加規範。正如 Dave 之前提到的，我們正在利用我們的 CRM 功能來優化流通並提高我們印刷車輛的盈利能力。與 2019 財年第三季度相比，SG&A 佔銷售額的百分比約為 150 個基點。作為銷售額的百分比，較低的商店費用、商店工資和福利以及公司間接費用被較高的營銷費用部分抵消。

Operating margin was 14.2% of sales compared to 6.5% of sales in the third quarter of fiscal 2020 on a GAAP basis and 8% of sales on an adjusted basis. Strong top line growth driven primarily by stores, combined with the impact of our ongoing cost optimization efforts, including promotional optimization, delivered strong operating margin results.

營業利潤率為銷售額的 14.2%，而 2020 財年第三季度按公認會計原則計算的營業利潤率為 6.5%，調整後的營業利潤率為 8%。主要由商店推動的強勁收入增長，加上我們正在進行的成本優化工作（包括促銷優化）的影響，帶來了強勁的營業利潤率結果。

The company's tax rate decreased to 24.1% compared to 25.1% in the third quarter last year. The lower effective tax rate is primarily due to favorable provision to tax return adjustments driven by federal employment tax credits compared to the third quarter of fiscal 2020.

該公司的稅率從去年第三季度的25.1%降至24.1%。與 2020 財年第三季度相比，較低的有效稅率主要是由於聯邦就業稅收抵免推動的納稅申報調整提供了有利條件。

Diluted GAAP earnings per share increased to $3.94 compared to $1.32 last year. Adjusted diluted earnings per share in Q3 of last year was $1.64.

稀釋後的 GAAP 每股收益從去年的 1.32 美元增加到 3.94 美元。去年第三季度調整後的稀釋後每股收益為 1.64 美元。

Moving on to the balance sheet and cash flow. We ended the quarter with $1.9 billion of inventory compared to $1.4 billion last year. In addition to the impact of 40 additional stores, the increase in inventory reflects our proactive efforts to mitigate holiday sales risk due to anticipated supply chain disruptions. Where appropriate, our teams work closely with our brand partners to prioritize receipts to ensure we have adequate inventory of core and seasonal product to support expected demand for the holiday season.

轉到資產負債表和現金流。我們在本季度末的庫存為 19 億美元，而去年為 14 億美元。除了增加 40 家門店的影響外，庫存的增加反映了我們為降低預期供應鏈中斷導致的假日銷售風險所做的積極努力。在適當的情況下，我們的團隊與我們的品牌合作夥伴密切合作，確定收貨的優先順序，以確保我們有足夠的核心和季節性產品庫存來支持假日季節的預期需求。

Capital expenditures were $51.1 million for the quarter, driven by investments in new stores, remodels and relocations, supply chain and IT systems. Depreciation was $65.2 million compared to $72.4 million last year, primarily reflecting the impact of last year's store impairments and store closures.

本季度資本支出為 5110 萬美元，主要受新店、改造和搬遷、供應鍊和 IT 系統投資的推動。折舊為 6520 萬美元，而去年為 7240 萬美元，主要反映了去年商店減值和商店關閉的影響。

We ended the quarter with $605.1 million in cash and cash equivalents. In the third quarter, we repurchased 341,000 shares at a cost of $126.4 million. At the end of the quarter, we had $759.8 million remaining under our current $1.6 billion repurchase authorization. We continue to expect to repurchase approximately 850 million of shares in fiscal 2021, but as always, have the flexibility to modify the cadence of repurchases in response to market conditions.

我們在本季度結束時擁有 6.051 億美元的現金和現金等價物。第三季度，我們以 1.264 億美元的成本回購了 341,000 股股票。在本季度末，我們目前的 16 億美元回購授權下剩餘 7.598 億美元。我們繼續預計在 2021 財年回購約 8.5 億股股票，但與往常一樣，我們可以靈活地根據市場情況調整回購節奏。

Turning now to our updated outlook for 2021. We are very pleased with our year-to-date results through Q3 and are encouraged by the strong trends we've experienced so far in the fourth quarter. However, we recognize we still have several significant sales weeks left in the holiday season, and the operating environment continues to be dynamic. Despite these uncertainties, we have increased our financial expectations for the year. We now expect net sales for the year will be between $8.5 billion and $8.6 billion with comp sales growth forecasted in the 36% to 37% range. This guidance reflects our expectation that fourth quarter comp growth will be between 15% and 20%. For the year, we plan to open approximately 44 net new stores and remodel or relocate 17 stores.

現在轉向我們對 2021 年的最新展望。我們對截至第三季度的年初至今業績感到非常滿意，並對第四季度迄今為止所經歷的強勁趨勢感到鼓舞。然而，我們認識到我們在假日季節還有幾個重要的銷售週，並且經營環境繼續充滿活力。儘管存在這些不確定性，我們還是提高了今年的財務預期。我們現在預計今年的淨銷售額將在 85 億美元至 86 億美元之間，預計銷售額增長將在 36% 至 37% 之間。該指引反映了我們預計第四季度的薪酬增長將在 15% 至 20% 之間。年內，我們計劃淨開設約 44 家新店，並改造或搬遷 17 家店。

We now expect operating margin rate for fiscal 2021 will be between 14.3% and 14.5% of sales. We continue to believe the largest driver of our operating margin expansion will come from gross margin, driven by leverage of fixed costs, less headwind from channel shift, improving merchandise margin and leverage of salon costs.

我們現在預計 2021 財年的營業利潤率將在銷售額的 14.3% 至 14.5% 之間。我們仍然認為，我們營業利潤率增長的最大驅動力將來自毛利率，這是由固定成本的槓桿作用、渠道轉移帶來的不利因素減少、商品利潤率的提高和沙龍成本的槓桿作用所推動的。

Based on higher top line growth, we now expect to leverage SG&A more than previously expected as compared to fiscal 2020. Based on these assumptions, we now expect diluted earnings per share will be between $16.70 and $17.10 per share, including the impact of approximately $850 million in share repurchases.

基於較高的收入增長，與 2020 財年相比，我們現在預計 SG&A 的槓桿率將高於之前的預期。基於這些假設，我們現在預計攤薄後每股收益將在每股 16.70 美元至 17.10 美元之間，包括約 850 美元的影響萬元股份回購。

We now expect to spend between $200 million and $225 million in CapEx in fiscal 2021, including approximately $100 million for new stores, remodels and merchandise fixtures, $80 million for supply chain and IT and about $34 million for store maintenance and other. As a reminder, our guidance for fiscal 2021 assumes a consistent federal tax rate and no material increases in the federal minimum wage.

我們現在預計 2021 財年的資本支出將在 2 億至 2.25 億美元之間，其中包括約 1 億美元用於新店、改造和商品固定裝置，8000 萬美元用於供應鍊和 IT，約 3400 萬美元用於商店維護和其他。提醒一下，我們對 2021 財年的指導假設聯邦稅率保持一致，並且聯邦最低工資沒有實質性增加。

Before we open the call for questions, I'd like to address a few follow-up questions we received from our October Analyst Day event. First, our longer-term financial targets. In October, we shared targets for revenue and earnings growth, which we are confident we can deliver through fiscal 2024 based on the limited visibility we have in the dynamic operating environment. As a reminder, we are targeting net sales growth between 5% and 7% and diluted earnings per share growth in the low double-digit range on a compound annual growth basis using fiscal 2019 as base through fiscal 2024.

在我們開始提問之前，我想先解決我們從 10 月分析師日活動中收到的一些後續問題。首先，我們的長期財務目標。 10 月，我們分享了收入和盈利增長的目標，基於我們在動態運營環境中的有限可見性，我們有信心在 2024 財年實現這些目標。提醒一下，我們的目標是在以 2019 財年為基數到 2024 財年的複合年增長率基礎上，實現 5% 至 7% 的淨銷售額增長和稀釋後的每股收益增長在兩位數的低位。

In addition, we are targeting operating profit margins in the 13% to 14% range over the next 3 years. Our operating margin expectations reflect a balanced and disciplined approach to strategic investments that will support our long-term growth aspirations and deliver strong shareholder returns.

此外，我們的目標是在未來 3 年將營業利潤率保持在 13% 至 14% 的範圍內。我們的營業利潤率預期反映了一種平衡且有紀律的戰略投資方法，這將支持我們的長期增長願望並為股東帶來強勁的回報。

Regarding the timing of investments related to Project SOAR, our multiyear effort to upgrade our enterprise resource planning or ERP platform. We expect to invest $160 million to $180 million in capital over the next 3 years, with most of the investment planned for fiscal 2022 and 2023. As a reminder, in addition to providing us with more flexible and scalable operating environment, this new platform will support future growth and innovation. We expect to begin to see operational benefits from this investment in fiscal 2023.

關於與 Project SOAR 相關的投資時機，我們多年努力升級我們的企業資源規劃或 ERP 平台。我們預計未來 3 年將投資 1.6 億至 1.8 億美元的資本，其中大部分投資計劃在 2022 財年和 2023 財年進行。提醒一下，除了為我們提供更靈活和可擴展的運營環境外，這個新平台還將支持未來的增長和創新。我們預計將在 2023 財年開始從這項投資中看到運營收益。

Lastly, we are still finalizing our budget for fiscal 2022 and plan to provide financial guidance in line with our regular cadence on our March earnings call. However, we wanted to share some initial thoughts to consider as you update your financial models.

最後，我們仍在敲定 2022 財年的預算，併計劃按照我們在 3 月財報電話會議上的常規節奏提供財務指導。但是，我們想分享一些在您更新財務模型時需要考慮的初步想法。

Comp sales growth in fiscal 2021 is expected to be significantly stronger than we initially planned, but we remain confident we can deliver comp sales growth in fiscal 2022 within our longer-term targeted range of 3% to 5%. While we expect fiscal 2021 operating margin will be modestly above our longer-term target, we expect operating margin in fiscal 2022 will be within our longer-term targeted range of 13% to 14%, reflecting a more normalized pace of top line growth and capital and operational investment. We continue to target EPS growth in fiscal 2022 despite the challenge of cycling this year's stimulus payments and reopening of the economy, but acknowledge the earnings growth rate next year will likely be lower than our longer-term target.

預計 2021 財年的 Comp 銷售增長將顯著強於我們最初的計劃，但我們仍然有信心在 3% 至 5% 的長期目標範圍內實現 2022 財年的 Comp 銷售增長。雖然我們預計 2021 財年的營業利潤率將略高於我們的長期目標，但我們預計 2022 財年的營業利潤率將在我們 13% 至 14% 的長期目標範圍內，這反映了收入增長速度更加正常化，以及資本和運營投資。儘管今年的刺激支付週期和經濟重新開放面臨挑戰，但我們繼續將目標定為 2022 財年的每股收益增長，但承認明年的盈利增長率可能低於我們的長期目標。

And now I'll turn the call back over to our operator to moderate the Q&A session.

現在我將把電話轉給我們的接線員來主持問答環節。

(Operator Instructions) Our first question comes from the line of Michael Lasser with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Michael Lasser。

At the time that you provided your longer-term guidance, you were expecting to have a 13% operating margin this year. You're now on pace to have the mid-14% operating margin, and yet you still expect your operating margin to be within your guidance for next year. So will you be investing more than you had originally planned for 2022? And as part of that, if you do better than the 3% to 5% sales -- comp sales increase that you're anticipating for next year, would you let that flow to the bottom line and have better-than-expected margins?

在您提供長期指導時，您預計今年的營業利潤率為 13%。您現在的營業利潤率有望達到 14% 左右，但您仍然希望明年的營業利潤率在您的指導範圍內。那麼，您是否會比 2022 年的原計劃投資更多？作為其中的一部分，如果你的銷售額超過你預期的 3% 到 5% 的銷售額增長，那麼你會讓它流向底線並獲得好於預期的利潤率嗎？

Yes. So to the first part of your question, Michael, what we're talking about today is consistent with how we framed it up at our Analyst Day in the later part of October. So again, over the longer term, we're very confident we can deliver operating margin in the 13 to 14 percentage range. We, again, reiterated today, that's a function of what we expect to be a more moderate top line sales growth environment next year, coupled with a more normalized investment cycle for the company, and that's with people cost and all the capital costs that go along with all those new great strategic initiatives that we have well underway now.

是的。所以對於你問題的第一部分，邁克爾，我們今天談論的內容與我們在 10 月下旬分析師日的框架下是一致的。因此，從長遠來看，我們非常有信心能夠實現 13% 到 14% 的營業利潤率。我們今天再次重申，這是由於我們預計明年營收增長環境將更加溫和，加上公司投資週期更加正常化，這與人力成本和所有資本成本有關以及我們現在正在順利進行的所有那些新的重大戰略舉措。

So as we think about potential sales overperformance next year, which, again, we would hope to see that, we would continue to take what we always have as a very disciplined, pragmatic approach to long-term investment to drive healthy growth in the business balanced against short-term operating results. So again, just making sure we take a very balanced approach to that as we have in the past, and you can expect that to continue into the future.

因此，當我們考慮明年潛在的銷售超額表現時，我們希望再次看到這一點，我們將繼續採取我們一貫的做法，作為一種非常自律、務實的長期投資方法，以推動業務的健康增長與短期經營業績相平衡。再說一次，只要確保我們像過去一樣採取非常平衡的方法，你可以期望這種情況會持續到未來。

And Michael, I'd just add to what Scott said, just to reiterate what we talked about at Analyst Day that we are very optimistic about the path ahead. That's reflected in that long-term guidance. We believe we'll be growing faster than the market. The initiatives, both in our core business today as well as new programs and initiatives that we'll be adding over next year and the years ahead, give us a lot of confidence that we'll be leading the category and delivering profitable growth over that time frame. And as we shared at Analyst Day, we see a lot of confidence in that path ahead.

邁克爾，我只是補充一下斯科特所說的話，只是為了重申我們在分析師日談到的內容，我們對未來的道路非常樂觀。這反映在長期指導中。我們相信我們的增長速度將超過市場。這些舉措，無論是在我們今天的核心業務中，還是我們將在明年和未來幾年增加的新計劃和舉措，都讓我們充滿信心，我們將在該類別中處於領先地位並實現盈利增長大體時間。正如我們在分析師日分享的那樣，我們看到了對這條前進道路的很大信心。

Our next question comes from the line of Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

I wanted to follow up on the comments you made around cosmetics. Are you seeing any newness that you're excited about? And what do you think will be the catalyst to move the comp into positive territory versus 2019?

我想跟進你對化妝品的評論。您是否看到任何令您興奮的新事物？與 2019 年相比，您認為什麼將是推動競爭進入積極領域的催化劑？

Great. Thanks, Lorraine. Yes, makeup, obviously, is an important topic for us and one that we're very focused on, and I'd reiterate our confidence in the category. It is -- as I said in the remarks, it is not performing at the level that our other categories, skincare, haircare, bath, fragrance, which are all delivering double-digit comp versus 2020. It has not caught up to that level of growth. But even with that, we feel encouraged by what we're seeing.

偉大的。謝謝，洛林。是的，很明顯，化妝對我們來說是一個重要的話題，也是我們非常關注的話題，我要重申我們對該類別的信心。它是 - 正如我在評論中所說，它的表現沒有達到我們其他類別（護膚品、護髮品、沐浴露、香水）的水平，與 2020 年相比，它們都提供了兩位數的收益。它還沒有趕上那個水平的增長。但即便如此，我們對所看到的感到鼓舞。

Our mass side of the business remains double-digit growth versus 2019 and is performing well. And our prestige business improved in the quarter, and we saw some real pockets of growth and success. And I think it's a combination of things, both currently driving the business and as we look forward. We continue to see strong innovation and growth from a number of brands, brands across the spectrum from Clinique and NARS and Lancôme to NYX and Maybelline. We're expanding MAC into 200 additional stores to have it in over 500 of our stores. We've launched new brands like Bobby Brown, and we're seeing newness from Laura Mercier, ColourPop, Urban Decay, Tarte. And so it is -- there's a robust pipeline, and it's hitting across all price points.

與 2019 年相比，我們的大眾業務保持兩位數的增長，並且表現良好。我們的聲望業務在本季度有所改善，我們看到了一些真正的增長和成功。而且我認為這是目前推動業務和我們期待的事情的結合。我們繼續看到許多品牌的強勁創新和增長，從倩碧和 NARS 和蘭蔻到 NYX 和美寶蓮等各個品牌。我們正在將 MAC 擴展到另外 200 家商店，以便在我們的 500 多家商店中擁有它。我們推出了像 Bobby Brown 這樣的新品牌，我們看到了來自 Laura Mercier、ColourPop、Urban Decay、Tarte 的新品。就是這樣 - 有一個強大的管道，它正在觸及所有價格點。

When I look at some of the trends that we see in the market and we believe will drive the business into next year. There's a number of things that, again, encourage us. We see really a duality of looks that's going on right now, a combination -- many consumers looking to a combination of both natural looks and bolder looks. Looks, the bolder looks that reflect kind of this idea of individual expression, bold colors with innovation, innovative formulas, color boost that bright impactful, particularly around the eye. And that's -- that combination of people looking to do both, natural and bolder colors, is really positive.

當我看到我們在市場上看到的一些趨勢時，我們相信這將推動業務進入明年。有許多事情再次鼓勵我們。我們確實看到了現在正在發生的雙重外觀，一種組合——許多消費者希望將自然外觀和大膽外觀相結合。看起來，更大膽的外觀反映了這種個人表達的想法，大膽的色彩與創新，創新的配方，色彩增強，明亮有影響力，尤其是在眼睛周圍。這就是——希望兩者兼備的人的組合，自然和大膽的顏色，真的是積極的。

We've talked about skinification for a while, bringing moisturizing benefits or lightweight concealers or other elements that combine those categories. There's evolved application techniques, including what we kind of see as kind of next generation of contouring that's been driven by TikTok and other social media, which we think is encouraging. New product forms, including long wear lip. We've been looking at inclusive beauty for a while, and that's continuing to drive across all different types of skin tones, again, driven by influence and TikTok. And mascara and lashes is another space I've mentioned that we're seeing innovation and growth. A combination of both using more -- with more than one product or having different mascaras for different events and different times a day.

我們已經討論了一段時間的皮膚化，帶來保濕效果或輕質遮瑕膏或其他結合這些類別的元素。有不斷發展的應用技術，包括我們認為由 TikTok 和其他社交媒體驅動的下一代輪廓，我們認為這是令人鼓舞的。新產品形式，包括長磨唇。一段時間以來，我們一直在關注包容性的美，並且在影響力和 TikTok 的推動下，它繼續推動著所有不同類型的膚色。睫毛膏和睫毛是我提到的另一個領域，我們正在看到創新和增長。兩者的結合使用更多 - 使用不止一種產品或為不同的事件和一天的不同時間使用不同的睫毛膏。

So a number of things that are coming together that are helping improve the category and give us confidence as we look forward. So as we look at the -- both the trend impact in the total category and the pipeline that we have, both of existing brands and new brands on the horizon in 2022, we feel confident in the path ahead and are working every day to drive that business forward.

因此，許多事情匯集在一起 ，有助於改善該類別並在我們期待時給我們信心。因此，當我們審視 2022 年即將出現的現有品牌和新品牌對整個品類的趨勢影響和我們擁有的渠道時，我們對未來的道路充滿信心，並且每天都在努力推動該業務向前。

Our next question comes from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

Dave, I want to ask about OLAPLEX. Would you be willing to share with us how it could stack up relative to some of the prior big launches? Maybe Kylie. I wrote down Clinique and Lancôme. You also considered getting into pro hair color. And then this is Part 3, but I assume you're not going to give this product to Target right away, but curious how that works.

戴夫，我想問一下 OLAPLEX。您願意與我們分享與之前的一些大型發布相比，它是如何疊加的嗎？也許凱莉。我寫下了倩碧和蘭蔻。您還考慮過進入專業髮色。然後這是第 3 部分，但我假設您不會立即將此產品提供給 Target，但很好奇它是如何工作的。

Well, yes, I'm not going to give you real, like, exact specifics of how any one launch would match up with others, other than to say we're thrilled about our partnership with OLAPLEX. We're already in partnership. We have been for several weeks now with our salon service, and that's performing exceptionally well, exceeding our expectations. Our guests are thrilled by it. And importantly, our stylist are thrilled by it. And so it's -- that's gotten out of the gates really strong. And as we move into January to be able to launch the product line in all stores, in online, a complete assortment of OLAPLEX.

嗯，是的，我不會告訴你任何一個發布將如何與其他發布匹配的真實細節，只是說我們對與 OLAPLEX 的合作感到興奮。我們已經合作了。我們的沙龍服務已經有幾個星期了，而且表現非常好，超出了我們的預期。我們的客人對此感到非常興奮。重要的是，我們的造型師對此感到非常興奮。所以它是 - 這是非常強大的。隨著我們進入 1 月份，我們將能夠在所有商店中推出該產品線，在網上，一個完整的 OLAPLEX 分類。

As I mentioned in the remarks, and you know it's the #1 prestige haircare brand, and so we anticipate that it will have a big impact on our hair business and continue to support and drive our salon business. So we're excited about it, and we're putting the unique capabilities of Ulta Beauty behind the launch, a real 360 marketing program, leveraging our almost 36 million members and all the marketing tools and capabilities and partnership with just a fantastic OLAPLEX team. So excited about that launch and looking forward to taking the next step of that in January.

正如我在評論中提到的，您知道它是排名第一的知名護髮品牌，因此我們預計它將對我們的美髮業務產生重大影響，並繼續支持和推動我們的沙龍業務。因此，我們對此感到興奮，我們將 Ulta Beauty 的獨特功能用於推出真正的 360 度營銷計劃，利用我們近 3600 萬會員和所有營銷工具和能力，並與一支出色的 OLAPLEX 團隊合作.對這次發布感到非常興奮，並期待在一月份採取下一步行動。

And then as far as other -- extending into Target, we look at every brand and every opportunity, and nothing here to specifically talk about as it relates to OLAPLEX. But Target is -- we're excited about, and we'll continue to evolve that assortment over time.

然後至於其他 - 延伸到 Target，我們關注每一個品牌和每一個機會，這裡沒有什麼可以特別談論的，因為它與 OLAPLEX 相關。但 Target 是——我們對此感到興奮，我們將隨著時間的推移繼續發展這一分類。

Our next question comes from the line of Steve Forbes with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的史蒂夫福布斯。

Matt Norton on for Steve Forbes here. I wanted to ask about the Target partnership. We know it's early but wanted to ask if you guys have seen any categorical differences, any customer demographic differences, spend for member frequency? Anything of that nature would be helpful.

馬特諾頓在這里為史蒂夫福布斯。我想問一下 Target 的合作夥伴關係。我們知道現在還為時過早，但想問一下你們是否看到任何類別差異、任何客戶人口統計差異、會員頻率支出？這種性質的任何事情都會有所幫助。

I'll take that with one, Matt. This is Kecia. It's really too early to comment on the results as we really want to see a few purchase cycles to confirm the role of this new addition, how it plays for our guests.

我會帶上一個，馬特。這是凱西亞。現在評論結果還為時過早，因為我們真的希望看到幾個購買週期來確認這個新添加的作用，它如何為我們的客人發揮作用。

We think about purchase cycle similar to what we see with our members who really typically shop Ulta Beauty 3 to 4x a year. So it's going to take a little bit more time because we just opened these stores at the beginning of August. Longer term, we do believe this partnership is going to really enable us to expand our loyalty members, increase our engagement, ultimately increase our spend per member. But bottom line, our partnership brings together these 2 powerhouse retailers to really reimagine prestige. We're really off to a strong start. We're excited to see what the holiday season brings, but we'll be able to update you after a few more shopping cycles here.

我們考慮的購買週期類似於我們在我們的會員中看到的購買週期，這些會員通常每年購買 3 到 4 次 Ulta Beauty。所以這需要更多的時間，因為我們剛剛在 8 月初開設了這些商店。從長遠來看，我們確實相信這種夥伴關係將真正使我們能夠擴大我們的忠誠度會員，增加我們的參與度，最終增加我們每個會員的支出。但歸根結底，我們的合作夥伴關係將這兩家強大的零售商聚集在一起，真正重塑了聲望。我們真的有了一個良好的開端。我們很高興看到假期帶來了什麼，但我們將在此處再過幾個購物週期後為您更新。

Our next question comes from the line of Michael Binetti with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

Scott, can we talk a little bit more about the gross margin? You helped us a lot with some of the drivers there in merch margin, the fixed cost leverage, salon leverage and I think you said a little bit of an offset from the channel mix headwinds. But you gave some comments on the merch margin as well. But as we think of where you are today, are there elements there that you're seeing in the gross margin this year that are -- that help you form a new baseline to grow off of going forward? Or would you point us to some of those elements that you think you need to give back? And I know you've done a lot of work on things like promotional levels and merch margin. You just told us the revenues will grow, so maybe there should be some fixed cost leverage still next year. I'm just wondering, as we take your comments and try to put them out to '22, if there's things we should think about as offsets there as well?

斯科特，我們能多談談毛利率嗎？您在商品利潤率、固定成本槓桿、沙龍槓桿方面為我們提供了很多幫助，我認為您所說的抵消了渠道組合的不利因素。但是您也對商品利潤發表了一些評論。但是，當我們想到您今天所處的位置時，您是否在今年的毛利率中看到了哪些元素 - 可以幫助您形成一個新的基線以從未來發展？或者您會向我們指出您認為需要回饋的一些元素嗎？我知道你在促銷水平和商品利潤等方面做了很多工作。你剛剛告訴我們收入會增長，所以明年可能還會有一些固定成本槓桿。我只是想知道，當我們聽取您的意見並嘗試將它們發佈到 22 年時，是否還有一些我們應該考慮作為補償的事情？

Yes, I don't think there's anything incrementally new, I guess, I could share. It's really a combination of all the variables that we've been talking about with investors and with the analyst for quite some time. So it all kind of gets back to our EFG efforts, right? So a lot of great work has been done by our teams over the last couple of years across a wide variety of cost targets across our business. We talked about occupancy costs. We've been talking about promotional effectiveness. We've been talking about core end-to-end process opportunities. We've been talking about supply chain investments for the future. So there's a lot of variables at play here.

是的，我不認為有什麼新的東西，我想，我可以分享。它實際上是我們與投資者和分析師討論了相當長一段時間的所有變量的組合。所以這一切都回到了我們的 EFG 努力，對吧？因此，在過去的幾年裡，我們的團隊在我們業務的各種成本目標方面做了很多出色的工作。我們談到了入住成本。我們一直在談論促銷效果。我們一直在談論核心的端到端流程機會。我們一直在談論未來的供應鏈投資。所以這裡有很多變數在起作用。

We're, I think, producing very good results this year under very difficult circumstances. So all this good work now is starting to bear fruit for us. So again, I would say those are the building blocks that we start with as we started thinking about our longer-term plan. And then as you heard us describe at Analyst Day, now we're into 2.0, I guess, I would call it, with our continuous improvement initiatives, right? And so building highly skilled resources internally here that can help us get after some of those harder to capture benefits. And of course, some of the new infrastructure investments that we talked about as well at Analyst Day, especially in Project SOAR, which is really a multigenerational opportunity for us to reimagine business flows across the business and improve our processes and take a lot of inefficiencies out of the business here. But again, some of that takes time.

我認為，在非常困難的情況下，我們今年取得了非常好的成績。因此，現在所有這些出色的工作都開始為我們帶來成果。再說一次，我想說這些是我們開始考慮長期計劃時的基石。然後正如您在分析師日聽到我們所描述的那樣，現在我們進入了 2.0，我想，我會稱之為，通過我們的持續改進計劃，對吧？因此，在這里內部建立高技能資源可以幫助我們獲得一些更難獲得利益的資源。當然，我們在分析師日也談到了一些新的基礎設施投資，特別是在 SOAR 項目中，這對我們來說是一個真正的多代機會，可以重新構想跨業務的業務流程並改進我們的流程並消除很多低效率離開這裡的生意。但同樣，其中一些需要時間。

So as we're thinking about the next 3 years or so, EFG core benefits will continue to deliver good cost optimization for us in the near term, and then CI with SOAR will drive longer-term benefits for us. So we still think there's plenty of opportunity to keep operating margins in a very healthy 13% to 14% range here over the longer term.

因此，當我們考慮未來 3 年左右的時間時，EFG 的核心優勢將在短期內繼續為我們帶來良好的成本優化，然後 CI 與 SOAR 將為我們帶來長期的利益。因此，我們仍然認為，從長遠來看，仍有很多機會將營業利潤率保持在非常健康的 13% 至 14% 的範圍內。

Our next question comes from the line of Mark Astrachan with Stifel.

我們的下一個問題來自 Mark Astrachan 和 Stifel。

I guess maybe I could try to just squeeze in a follow-up on Target and then another question. Maybe if you could just talk about any sort of thoughts on what consumers are buying there relative to kind of expectations, that would be helpful. And then just a bigger question, the brand owners seem to be reporting, what I guess I would call, kind of stickier D2C sales on their own website relative certainly to pre-pandemic levels. It would obviously seem like given your growth, these are incremental consumers to the category. So I'm curious how you're thinking about dealing with the partners as a supplier but also the customers -- or I mean the suppliers -- your suppliers, I should say, and then how they're dealing with their own customers and how kind of those 2 things interplay in your business over time? Do you think that's incremental? Do you think that's potentially something that you've got to watch for going forward? Because, obviously, as I said, it hasn't seemed to have an impact so far.

我想也許我可以嘗試對 Target 進行後續跟進，然後再提出另一個問題。也許如果你能談談相對於期望的消費者在那裡購買什麼的任何想法，那將是有幫助的。然後是一個更大的問題，品牌所有者似乎在報告，我想我會稱之為，相對於大流行前的水平，他們自己的網站上的 D2C 銷售更具粘性。顯然，鑑於您的增長，這些是該類別的增量消費者。所以我很好奇你是如何考慮與作為供應商的合作夥伴以及客戶——或者我的意思是供應商——你的供應商打交道，我應該說，然後他們如何與自己的客戶打交道，隨著時間的推移，這兩件事如何在您的業務中相互作用？你認為這是增量嗎？你認為這可能是你必須注意的事情嗎？因為，顯然，正如我所說，到目前為止，它似乎還沒有產生影響。

Great. Thanks, Mark. I'll start with your second question and then Kecia can give any more color on the Target part of that. But on DTC, it's -- that's not new, not new this year. That's been DTC. That's been building for a while, and so we really look at that as something that we're obviously monitoring and watching but also see as a development in the competitive landscape that we can manage through. And in fact, DTC, most of -- many of the DTC brands have found the importance of physical retail, and many of them have chosen to partner with Ulta Beauty. So start DTC and come into Ulta Beauty. Ulta Beauty brands, some larger brands kind of building a DTC brand presence, which we know is happening.

偉大的。謝謝，馬克。我將從您的第二個問題開始，然後 Kecia 可以在目標部分提供更多顏色。但在 DTC 上，這不是新的，今年也不是新的。那是DTC。這已經建立了一段時間，因此我們確實將其視為我們顯然正在監控和觀察的事情，但也將其視為我們可以管理的競爭格局的發展。事實上，大多數 DTC 品牌都發現了實體零售的重要性，其中許多品牌選擇與 Ulta Beauty 合作。因此，啟動 DTC 並進入 Ulta Beauty。 Ulta Beauty 品牌，一些較大的品牌正在建立 DTC 品牌形象，我們知道這正在發生。

But we see -- our model has been very different. The guest experience, the combination of in-store and online, our loyalty program, the breadth of products across price points, the depth within brands and segments and categories, the salon services, everything that we offer. The competitive differentiation that we have really separates us from our other retailers and from DTC. And as I said, many DTC are partnering with us, whether they're long-time established brands or newer brands, and so we're watching that landscape. But for us, it's like we think with any competitive evolution in the category, we play offense. We do what we do best. We adjust and adapt, but we look to drive our business forward in a really differentiated way, and I think that's what's been driving our business so far this year. Kecia, any more color you want to add on the Target?

但是我們看到了——我們的模型非常不同。客戶體驗、店內和在線的結合、我們的忠誠度計劃、跨價格點的產品廣度、品牌、細分市場和類別的深度、沙龍服務以及我們提供的一切。我們所擁有的競爭差異化確實將我們與其他零售商和 DTC 區分開來。正如我所說，許多 DTC 都與我們合作，無論他們是長期知名品牌還是新品牌，所以我們正在關注這種情況。但對我們來說，這就像我們認為在該類別中的任何競爭演變中，我們都在進攻。我們做我們最擅長的事情。我們進行調整和適應，但我們希望以一種真正差異化的方式推動我們的業務向前發展，我認為這就是今年迄今為止推動我們業務發展的原因。 Kecia，您想在 Target 上添加更多顏色嗎？

Yes, absolutely. What we're seeing is that they're shopping the entire assortment. You have to remember, this was a highly curated assortment of pure SKUs, best-selling items, must-have minis. So we are really pleased that they are shopping the entire shop-in-shop, which is what the intention was. Was it not just to help them shop one category to get a taste of what Ulta Beauty has to offer as a whole in the shop. So I'd say bottom line, they're really shopping the entire assortment. We like what we're seeing so far.

是的，一點沒錯。我們看到的是他們正在購買整個品種。你必須記住，這是一個精心挑選的純 SKU、暢銷商品、必備迷你商品。所以我們真的很高興他們在整個店中店購物，這就是我們的初衷。這不僅僅是為了幫助他們購買一個類別，以了解 Ulta Beauty 在商店中提供的整體產品。所以我想說的底線是，他們真的在購買整個品種。我們喜歡到目前為止所看到的。

Our next question comes from the line of Omar Saad with Evercore.

我們的下一個問題來自與 Evercore 的 Omar Saad。

Great quarter. Appreciate all the color and especially the kind of initial look at what you think comps and sales could look like in 2022. I really want to kind of get a better understanding of what underlies that confidence behind what you think is a plus 3% to 5% kind of long-term algorithm on top of what's obviously going to be a very big number this year. I think investors expect some of these franchise. They've done so well this year to give back some of those gains next year. But obviously, you guys don't see it that way. Would love to know if it's -- whether it's reactivating existing customers or new customers coming in or the trends around product innovation. Would love to get a better sense of why you expect to grow on top of this great growth next year.

很棒的季度。欣賞所有顏色，尤其是對您認為 2022 年的組合和銷售情況的初步了解。我真的很想更好地了解您認為增加 3% 到 5 的信心背後的原因% 種長期算法，而今年顯然將是一個非常大的數字。我認為投資者期望其中一些特許經營權。他們今年做得很好，明年可以回饋其中的一些收益。但很明顯，你們不這麼看。很想知道它是否是——無論是重新激活現有客戶還是新客戶，還是圍繞產品創新的趨勢。希望更好地了解為什麼您希望在明年的這一巨大增長之上實現增長。

Great. Omar, thanks for the question. Yes, I'd really -- I guess I'd answer that by looking back at what we shared at Analyst Day and the comprehensive nature of our strategic approach. There isn't any one thing that gives us confidence. And yes, we are having a very strong year, recovering out of the challenges of 2020 and increasing versus 2019. But by no means do we think this is kind of the end of the road. We actually see this is us strengthening and leading the category recovery. We think the category itself is going to be healthy beauty category in 2022 and beyond. And we think our differentiated model will continue to lead that category, gain share and drive growth for us. So it is the combination of an exceptional differentiated assortment. Nobody has the collection of products that we have, and we've brought a lot of newness in this year, some of that hitting even late in the year like OLAPLEX hitting in January that we'll be driving. And we've got a pipeline that I'm excited about going into 2022, and we'll be sharing that as time is appropriate. So assortment always drives our business.

偉大的。奧馬爾，謝謝你的問題。是的，我真的 - 我想我會通過回顧我們在分析師日分享的內容以及我們戰略方法的綜合性質來回答這個問題。沒有任何一件事能讓我們充滿信心。是的，我們度過了非常強勁的一年，從 2020 年的挑戰中恢復過來，並且比 2019 年有所增加。但我們絕不認為這是道路的盡頭。我們實際上看到這是我們加強和引領品類復甦。我們認為該類別本身將在 2022 年及以後成為健康美容類別。我們認為我們的差異化模式將繼續引領該類別，為我們贏得份額並推動增長。所以它是一個特殊的差異化分類的組合。沒有人擁有我們擁有的產品系列，我們在今年帶來了很多新事物，其中一些甚至在今年晚些時候出現，比如 OLAPLEX 在 1 月份推出，我們將駕駛它。我們有一個管道，我很高興進入 2022 年，我們將在適當的時候分享它。所以分類總是推動我們的業務。

Our loyalty program recovered from 2020, frankly, faster than we thought. And we think that's a great sign that what we believe what's going on in 2020 when we took a step back was not because they didn't like Ulta, just the disruption in their lives, and they've shown us that retention is high. We're acquiring new members. We're bringing lapsed members back in, and we see many more beauty enthusiasts to capture -- we see that growth happening across age groups. You know -- you've heard us talk about our strength with Gen Z as one example, and we see a lot of opportunity to continue to gain with our loyalty program.

坦率地說，我們的忠誠度計劃從 2020 年起恢復得比我們想像的要快。我們認為這是一個很好的跡象，表明我們認為 2020 年我們退後一步時發生的事情並不是因為他們不喜歡 Ulta，而是因為他們的生活受到了乾擾，他們向我們展示了留存率很高。我們正在招募新成員。我們正在讓失效的會員重新加入，我們看到更多的美容愛好者需要捕捉——我們看到這種增長發生在各個年齡段。你知道 - 你聽說我們以 Z 世代為例談論我們的實力，我們看到了很多機會繼續通過我們的忠誠度計劃獲得收益。

And then frankly, the unique combination of digital and physical. We believe guests are showing us demonstrating with their loyalty and their spend that they really do prefer what all the data says, and they're showing us with their dollars they prefer to shop a combination of physical and digital. That's why our e-com actually grew in Q3 after such strong growth in 2020, even as our stores show exceptional growth versus 2020. So that experience and our continued innovation and evolution across both digital and physical, we believe is where the consumer is going, and we're leading in that as well. And then all the other initiatives, our program with Target, of course, is massive, new programs like Ulta Beauty UB Media. So we think we've got a pipeline. Growth won't be what it is this year, and that's reflected. But we're going to lead this category, and it's going to take -- it will be a unique combination of what makes us differentiated that gives us confidence.

然後坦率地說，數字和物理的獨特結合。我們相信客人向我們展示了他們的忠誠度和他們的消費，他們確實更喜歡所有數據所說的內容，並且他們用他們的美元向我們展示了他們更喜歡實體店和數字店的結合。這就是為什麼我們的電子商務在 2020 年實現如此強勁的增長後實際上在第三季度實現了增長，儘管我們的商店與 2020 年相比呈現出驚人的增長。因此，我們相信這種體驗以及我們在數字和實體方面的持續創新和發展，是消費者的發展方向，我們也在這方面處於領先地位。然後所有其他舉措，我們與 Target 的計劃，當然是大規模的新計劃，如 Ulta Beauty UB Media。所以我們認為我們有一個管道。增長不會是今年的樣子，這已經反映出來。但我們將引領這一類別，這將需要——這將是讓我們與眾不同的獨特組合，讓我們充滿信心。

Our last question comes from the line of Rupesh Parikh with Oppenheimer.

我們的最後一個問題來自奧本海默的 Rupesh Parikh。

So Scott, I guess I just wanted for Q4, just dig into more how you're thinking about operating margins. So maybe if you can just talk more about the puts and takes on the gross margin and SG&A line.

所以斯科特，我想我只是想在第四季度，只是深入了解你是如何考慮營業利潤率的。所以也許你可以多談談看跌期權和毛利率和 SG&A 線。

Sure. Thanks for the question. So big picture, operating margin versus 2020, it's going to be flattish in the fourth quarter. And versus 2019, we'd see some deleverage in operating margin. Again, both of those will have a mix of gross margin expansion and SG&A deleverage. So gross margin goodness coming from all the things we've talked about this year, fixed store cost leverage, merchandise margin improvements versus 2020. Channel mix is a benefit for us versus last year. Channel mix, more of a headwind versus 2019. So gross margin leverage for both years.

當然。謝謝你的問題。如此大的圖景，營業利潤率與 2020 年相比，第四季度將持平。與 2019 年相比，我們會看到營業利潤率有所下降。同樣，這兩者都將混合毛利率擴張和 SG&A 去槓桿化。因此，毛利率來自我們今年談到的所有事情，固定商店成本槓桿，商品利潤率與 2020 年相比有所提高。與去年相比，渠道組合對我們來說是一個好處。與 2019 年相比，渠道組合更像是逆風。因此這兩年的毛利率槓桿。

On the SG&A line, again, deleverage for both years. 2020 not as significant as it is versus 2019. Again, 2020, consistent with all the things we've been talking about all year with the addition of incentive compensation, I guess I would say, is more significant in the fourth quarter than earlier in the year. And then when we compare it back to 2019, store labor and wages, not only hours, but wage rates are up significantly versus 2019. Incentive comp, again, is a bigger impact versus 2019. If you remember, 2019, we were short of our targets in 2021. It's a bit of a different story, and then marketing expense as well. Again, more investment versus 2019 when we were kind of battening down the hatches, I guess I would say, in a tougher environment. And this year, we're taking advantage of tailwinds and investing in market awareness activities to, again, capture more market share over the long term. So that's what I would say a short story. Again, super excited and happy with the results so far this year through Q3 and very encouraged and excited about the kickoff to the fourth quarter.

在 SG&A 方面，兩年都去槓桿。 2020 年不如 2019 年那麼重要。同樣，2020 年與我們全年談論的所有事情一致，我想我會說，在第四季度比早些時候更重要那一年。然後，當我們將其與 2019 年進行比較時，存儲勞動力和工資，不僅是工時，而且工資率也比 2019 年顯著上升。與 2019 年相比，激勵補償的影響更大。如果你還記得，2019 年，我們還沒有我們在 2021 年的目標。這是一個不同的故事，然後是營銷費用。再一次，與 2019 年相比，我們在更艱難的環境中勉強應對時投資更多。今年，我們正在利用順風車並投資於市場意識活動，以再次在長期內獲得更多的市場份額。所以這就是我要說的一個短篇小說。再次，對今年截至第三季度的結果感到非常興奮和高興，並對第四季度的啟動感到非常鼓舞和興奮。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. I would like to turn this call back over to Mr. Dave Kimbell for closing remarks.

女士們，先生們，今天的問答環節到此結束。我想把這個電話轉回給戴夫·金貝爾先生做閉幕詞。

Great. Well, thank you for joining us today, and I want to thank all of our Ulta Beauty associates across our stores, distribution centers and corporate offices who are working hard to ensure we deliver an outstanding guest experience this holiday season and who are committed to taking good care of our guests and each other every single day. As I said in the past, we have the absolute best team in retail, and I am so proud to lead this great team.

偉大的。好吧，感謝您今天加入我們，我要感謝我們所有的 Ulta Beauty 員工，他們在我們的商店、配送中心和公司辦公室努力工作，以確保我們在這個假期提供出色的客戶體驗，並致力於採取每天都很好地照顧我們的客人和彼此。正如我過去所說，我們擁有絕對最好的零售團隊，我很自豪能夠領導這個偉大的團隊。

We hope you all have a safe and joyous holiday season, and we look forward to speaking to all of you again in March when we report our fourth quarter and full year results. Have a great evening.

我們希望你們都有一個安全和歡樂的假期，我們期待在 3 月報告第四季度和全年業績時再次與大家交談。有一個美好的夜晚。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。享受你一天的剩餘時間。