Ulta Beauty Inc (ULTA) 2021 Q1 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty's conference call to discuss results for the first quarter of fiscal 2021. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Ms. Kiley Rawlins, Vice President of Investor Relations. Ms. Rawlins, please proceed.

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 2021 財年第一季度的結果。（操作員說明）提醒一下，本次會議正在錄製中。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, Shamali. Good afternoon, everyone, and thank you for joining us today. Hosting our call are Mary Dillon, Chief Executive Officer; Dave Kimbell, President; and Scott Settersten, Chief Financial Officer. Kecia Steelman, Chief Store Operations Officer, will join us for the Q&A session.

謝謝你，沙馬里。大家下午好，感謝您今天加入我們。主持我們電話會議的是首席執行官 Mary Dillon；戴夫·金貝爾，總裁；和首席財務官 Scott Settersten。首席商店運營官 Kecia Steelman 將加入我們的問答環節。

Before we begin, I'd like to remind you that statements made on 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, May 27, 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，在本次電話會議上發表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。未來的實際結果由於許多風險和不確定因素，可能與此類聲明中的預測存在重大差異，所有這些都在公司提交給美國證券交易委員會的文件中進行了描述。我們告誡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 5 月 27 日生效。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, adjusted net income and adjusted diluted earnings per share, which have been presented to reflect our view of ongoing operations by adjusting fiscal 2020 results for store impairment charges and adjusting both 2021 and 2020 for stock compensation and other tax credits. A reconciliation of these measures for the corresponding GAAP measures can be found in our earnings release which is available in the Investor Relations section of our website at www.ulta.com.

在今天的評論中，我們將討論某些非 GAAP 財務指標，包括調整後的營業收入、調整後的淨收入和調整後的攤薄每股收益，這些指標通過調整 2020 財年商店減值費用的結果來反映我們對持續經營的看法調整 2021 年和 2020 年的股票補償和其他稅收抵免。這些措施與相應的 GAAP 措施的對賬可以在我們的收益發布中找到，該發布可以在我們網站 www.ulta.com 的投資者關係部分找到。

Following prepared comments from our leadership team, we will open the call for questions. (Operator Instructions) As always, I'll be available for any follow-up questions after the call. Now I'll turn the call over to Mary. Mary?

根據我們的領導團隊準備好的意見，我們將公開提問。 （操作員說明）一如既往，我會在通話後回答任何後續問題。現在我會把電話轉給瑪麗。瑪麗？

Thank you, Kylie, and good afternoon, everyone.

謝謝你，凱莉，大家下午好。

This afternoon, we reported record first quarter financial performance, with sales and earnings exceeding both fiscal 2020 and fiscal 2019 levels. For the first quarter, net sales increased 65.2% to $1.9 billion. Operating margin was 15.8% of sales, and GAAP diluted EPS was $4.10 per share. Adjusted diluted EPS for the quarter was $4.07 per share.

今天下午，我們公佈了創紀錄的第一季度財務業績，銷售額和收益均超過 2020 財年和 2019 財年的水平。第一季度，淨銷售額增長 65.2% 至 19 億美元。營業利潤率為銷售額的 15.8%，GAAP 稀釋每股收益為 4.10 美元。本季度調整後的攤薄每股收益為 4.07 美元。

Fiscal 2021 is off to a fantastic start at Ulta Beauty, and I want to thank all our associates for their continued efforts to deliver great experiences and support our business in an environment that continues to be very dynamic. Now as you know, this will be the final time I speak with all of you as CEO as I will transition to Executive Chair of Ulta Beauty next week after our Annual Shareholder Meeting. I cannot express how much of an honor serving as the CEO of Ulta Beauty has been for me. I'm proud of what we've accomplished over the last 8 years and the amazing team and culture that we've built.

Ulta Beauty 在 2021 財年取得了良好的開端，我要感謝我們所有的員工在一個持續充滿活力的環境中不斷努力提供出色的體驗並支持我們的業務。現在如您所知，這將是我作為首席執行官最後一次與你們所有人交談，因為我將在下週的年度股東大會後轉任 Ulta Beauty 的執行主席。我無法表達擔任 Ulta Beauty 的首席執行官對我來說有多大的榮幸。我為我們在過去 8 年中取得的成就以及我們建立的令人驚嘆的團隊和文化感到自豪。

I want to thank my leadership team for their collaboration, agility and commitment to our associates and guests. And I want to thank all of you in the investor community for your interest and support. I am really excited about Ulta Beauty's future, and I'm confident this will be a seamless leadership transition.

我要感謝我的領導團隊的協作、敏捷以及對我們的同事和客人的承諾。我要感謝投資者界的所有人，感謝你們的關注和支持。我對 Ulta Beauty 的未來感到非常興奮，我相信這將是一次無縫的領導層交接。

Dave's passion for Ulta Beauty and our associates is unmatched. And he knows the beauty category, our business and our guests very well. In fact, his role as a Chief Marketing Officer, Chief Merchandising Officer and President have given him a much better understanding of the category, demand creation and the needs of our guests than I had when I assumed the CEO role 8 years ago. I know his knowledge and commitment will position him well to lead Ulta Beauty through its next chapter of growth.

Dave 對 Ulta Beauty 和我們的同事的熱情是無與倫比的。他非常了解美容品類、我們的業務和我們的客人。事實上，與我 8 年前擔任首席執行官時相比，他擔任首席營銷官、首席營銷官和總裁的角色使他對品類、需求創造和我們客人的需求有了更好的理解。我知道他的知識和承諾將使他能夠很好地領導 Ulta Beauty 進入下一階段的增長。

And although many of you have met her, I want to take a moment to introduce Kecia Steelman, who is joining the call today and will become our Chief Operating Officer. Kecia has done an outstanding job as our Store Operations Leader for the past 7-plus years, and I'm excited that she will expand her scope to include supply chain, Ulta Beauty at Target and enterprise level continuous improvement efforts. As you get to know her in this new role, I know you'll be impressed by her knowledge, leadership style and passion for our business, associates and guests.

儘管你們中的許多人都見過她，但我想花點時間介紹一下今天加入電話會議並將成為我們的首席運營官的 Kecia Steelman。在過去 7 年多的時間裡，Kecia 作為我們的商店運營負責人做得非常出色，我很高興她將擴大她的範圍，包括供應鏈、Target 的 Ulta Beauty 和企業級的持續改進工作。當您在這個新職位上認識她時，我知道您會對她的知識、領導風格以及對我們的業務、同事和客人的熱情印象深刻。

Although this change is somewhat bittersweet for me personally, I'm excited about my new role as Executive Chair. I look forward to supporting Dave, Kecia and the rest of the Ulta Beauty leadership team as they build on what we've accomplished together and continue to lead and disrupt the beauty category for many years to come.

儘管這種變化對我個人來說有些苦樂參半，但我對擔任執行主席的新角色感到興奮。我期待著支持 Dave、Kecia 和 Ulta Beauty 領導團隊的其他成員，因為他們將在我們共同取得的成就的基礎上再接再厲，並在未來許多年繼續引領和顛覆美容行業。

Now I'll turn the call over to Dave to share more detail about the first quarter's results.

現在我將電話轉給戴夫，分享有關第一季度業績的更多細節。

Thanks, Mary, for your kind words, confidence and support. We've worked together for a long time, and I'm grateful for the opportunity I've had to learn from you and to lead with you.

瑪麗，謝謝你的客氣話、信任和支持。我們一起工作了很長時間，我很感激能有機會向你學習並與你一起領導。

Under your leadership, Ulta Beauty has established a winning, engaging culture, become the largest U.S. beauty retailer, joined the Fortune 500 and tripled its market cap. And we have solidified the company as the preferred destination for beauty enthusiasts, created an inclusive, well-regarded workplace and become a recognized leader in the business and retail community. I want to thank you personally for your leadership and mentorship, and I look forward to your ongoing support and counsel as I transition into my new role.

在您的領導下，Ulta Beauty 建立了一種致勝、引人入勝的文化，成為美國最大的美容產品零售商，躋身財富 500 強，市值翻了三倍。我們鞏固了公司作為美容愛好者首選目的地的地位，創造了一個包容、備受推崇的工作場所，並成為商業和零售社區公認的領導者。我要親自感謝您的領導和指導，並期待在我過渡到新角色時得到您的持續支持和建議。

Kecia, I'm thrilled to continue to work with you in your new role as Chief Operating Officer. We've worked closely for the last 7 years, and I look forward to leading with you and our experienced executive team in service of our associates, guests and shareholders.

Kecia，我很高興能在你擔任首席運營官的新職位上繼續與你共事。在過去的 7 年裡，我們一直密切合作，我期待著與您和我們經驗豐富的管理團隊一起為我們的員工、客人和股東提供服務。

I am excited and humbled to become the CEO of Ulta Beauty. Over the last several years, I've worked closely with Mary and the entire executive team to build our culture, strengthen our guest engagement, and develop our strategic plan, and I will work hard to ensure a seamless transition as we plan and execute the next chapter of our growth.

能夠成為 Ulta Beauty 的首席執行官，我感到既興奮又謙卑。在過去的幾年裡，我與瑪麗和整個執行團隊密切合作，建立我們的文化，加強我們的客人參與，並製定我們的戰略計劃，我將努力確保在我們計劃和執行時無縫過渡我們成長的下一章。

Over the last 60 days, I've spent time talking with and listening to our leaders and our associates across the enterprise. Most recently, Kecia and I visited our Greenwood distribution center and our new Jacksonville, Florida fast fulfillment center as well as a number of stores. And more than exceptional operations, we saw firsthand the commitment and passion our associates bring to serving our guests. Despite the challenges of maintaining COVID-related safety protocols, our DC teams continue to meet the growing demands across channels, and our store teams continue to create human connections and meaningful connections with our guests every day.

在過去的 60 天裡，我花時間與整個企業的領導和員工交談並傾聽他們的意見。最近，我和 Kecia 參觀了我們的格林伍德配送中心和佛羅里達州傑克遜維爾新的快速配送中心以及許多商店。除了出色的運營之外，我們還親眼目睹了我們的員工為服務客人所付出的承諾和熱情。儘管維護與 COVID 相關的安全協議面臨挑戰，但我們的 DC 團隊繼續滿足跨渠道不斷增長的需求，我們的商店團隊每天繼續與我們的客人建立人際關係和有意義的聯繫。

I continue to be proud of how our teams navigated the challenges of the last year with strength, grace and a commitment to our guests and to each other.

我繼續為我們的團隊如何以力量、優雅和對客人和彼此的承諾來應對去年的挑戰而感到自豪。

We are emerging from 2020 as a leader. We see this in our sales trends, market share gains, consumer sentiment, brand strength and most importantly, in our culture. I believe this is a testament to the choices we made throughout 2020 and also to the strength of our 31-year history as a vibrant company and successful category disruptor.

我們從 2020 年開始成為領導者。我們在銷售趨勢、市場份額增長、消費者情緒、品牌實力以及最重要的文化中看到了這一點。我相信這證明了我們在整個 2020 年所做的選擇，也證明了我們作為一家充滿活力的公司和成功的品類顛覆者 31 年曆史的實力。

To build on this success, I am focused on 4 key areas as I transition into the CEO role: our culture, our members, omnichannel experiences and operational excellence. Ulta Beauty has built a guest- and associate-centric, values-based and high-performance culture. We value and encourage collaboration and enterprise thinking, and we respect and listen to our associates to continually improve as a company. These tenets are core to how we lead, how we engage with our guests and partners and how we make decisions. Our culture is a key part to our success and why I am committed to protecting and enhancing our culture as we move forward.

為了在這一成功的基礎上再接再厲，在我過渡到 CEO 角色時，我專注於 4 個關鍵領域：我們的文化、我們的會員、全渠道體驗和卓越運營。 Ulta Beauty 建立了以客人和員工為中心、以價值觀為基礎的高績效文化。我們重視並鼓勵協作和企業思維，我們尊重並傾聽員工的意見，以不斷改進公司。這些原則是我們如何領導、如何與客人和合作夥伴互動以及如何做出決策的核心。我們的文化是我們成功的關鍵部分，也是為什麼我致力於在我們前進的過程中保護和加強我們的文化。

As we emerge from the challenges of the pandemic, consumers are creating new routines and habits, and we have the unique opportunity to build deeper connections and drive greater engagement with our members. Each of our more than 37,000 associates play a role in member engagement and retention. My vision is that, together, we can and will accelerate how we engage and delight our guests every day.

隨著我們從大流行的挑戰中走出來，消費者正在養成新的習慣和習慣，我們有獨特的機會與我們的會員建立更深層次的聯繫並推動更多的參與。我們 37,000 多名員工中的每一位都在會員參與和保留方面發揮著重要作用。我的願景是，通過共同努力，我們能夠而且將會加快我們每天吸引和取悅客人的方式。

And not just in stores or online, but through a seamless omnichannel lens. Consumers are quickly evolving expectations for how physical and digital platforms work together to create holistic brand experiences. As we focus on longer-term growth for Ulta Beauty, we are thinking about how we can create emotional, immersive, human experiences across all touch points and how we can evolve our organization and the ways we work together to support a buy anywhere, fill anywhere approach.

不僅僅是在商店或網上，而是通過無縫的全渠道鏡頭。消費者對物理平台和數字平台如何協同工作以創造整體品牌體驗的期望正在迅速變化。當我們專注於 Ulta Beauty 的長期增長時，我們正在考慮如何在所有接觸點上創造情感、身臨其境的人性化體驗，以及我們如何發展我們的組織以及我們合作的方式來支持隨處購買，填充任何地方的方法。

Importantly, as we navigated the pandemic, we proactively took steps to optimize our cost structure while investing in new capabilities to support future growth. Looking forward, we see opportunities to drive greater efficiencies across enterprise-wide processes, to elevate our rigor and discipline, and to focus on metrics that are most important to achieving our operational and financial goals. By expanding our focus on operational excellence, we'll be able to invest more in creating great guest experiences while also improving profitability.

重要的是，在我們應對大流行病的過程中，我們積極採取措施優化我們的成本結構，同時投資於新能力以支持未來的增長。展望未來，我們看到了提高整個企業流程效率的機會，提高了我們的嚴謹性和紀律性，並專注於對實現我們的運營和財務目標最重要的指標。通過擴大對卓越運營的關注，我們將能夠投入更多資金來創造出色的賓客體驗，同時提高盈利能力。

Now let's talk about our first quarter performance. For the quarter, comp store sales increased 65.9%. This outstanding performance was broad-based, with above plan performance across channels, categories and geographic markets. While we believe stimulus payments contributed to the quarter's strength, we also believe the relaxation of restrictions, increasing consumer confidence and a desire for newness are positively impacting consumer spending in the beauty category. Our differentiated model, combined with our efforts to create meaningful guest connections and experiences position us well to attract more guests and lead the category recovery.

現在讓我們談談我們第一季度的表現。本季度，商店銷售額增長了 65.9%。這種出色的表現具有廣泛的基礎，跨渠道、類別和地理市場的表現均高於計劃。雖然我們認為刺激性支出為本季度的強勁做出了貢獻，但我們也認為限制的放鬆、消費者信心的增強和對新鮮事物的渴望正在對美容類別的消費者支出產生積極影響。我們差異化的模式，加上我們為創造有意義的客戶聯繫和體驗所做的努力，使我們能夠很好地吸引更多的客人並引領類別復甦。

Sales were strong across channels, with stores leading the way as consumers were increasingly comfortable with shopping in stores. As local restrictions lifted, we increased our operating hours and welcome brand partners back to stores. And as store traffic trends improved, we adjusted staffing levels to support the increased demand. While the hiring market remains challenging, we are pleased with our ability to hire and staff our stores.

各渠道的銷售都很強勁，隨著消費者越來越願意在商店購物，商店處於領先地位。隨著當地限制的解除，我們增加了營業時間，並歡迎品牌合作夥伴回到商店。隨著商店客流量趨勢的改善，我們調整了人員配備水平以支持不斷增長的需求。雖然招聘市場仍然充滿挑戰，但我們很高興能夠為我們的商店招聘和配備員工。

E-commerce performance was also higher than expected. Strong traffic and higher average order value resulted in mid-teen growth on top of last year's 100% growth, with sales penetration in the mid-20s. This quarter, we continue to test ways to incentivize guests to use buy online, pickup in-store with new BOPIS-only promotions. Importantly, we drove above-trend BOPIS penetration while also continuing to drive growth through our store and ship-to-home channels.

電子商務表現也高於預期。強勁的流量和更高的平均訂單價值導致在去年 100% 的增長基礎上實現了中等增長，銷售滲透率達到 20 多歲。本季度，我們繼續測試通過新的僅限 BOPIS 的促銷活動來激勵客人使用在線購買、店內提貨的方法。重要的是，我們推動了高於趨勢的 BOPIS 滲透，同時還繼續通過我們的商店和送貨上門渠道推動增長。

For the quarter, BOPIS increased to about 16% of total e-commerce sales compared to about 4% in the first quarter last year and slightly above fourth quarter levels.

本季度，BOPIS 增加至約佔電子商務總銷售額的 16%，而去年第一季度約為 4%，略高於第四季度水平。

While we certainly expected brick-and-mortar would drive nice quarter nice comp growth in the quarter as we anniversaried store closures last year, the sales strength we're seeing in physical stores and in e-commerce continues to reinforce to us that e-commerce transactions are incremental and help drive greater overall member engagement and spend.

雖然我們當然預計實體店將在本季度推動不錯的季度收入增長，因為我們去年關閉了商店，但我們在實體店和電子商務中看到的銷售實力繼續強化我們的電子商務 -商業交易是漸進的，有助於推動整體會員參與度和支出。

From a category perspective, we increased our market share across all major prestige beauty categories based on the NPD group's point-of-sale data for the quarter ending May 1, 2021. Additionally, we saw terrific strength across our mass categories and believe we are increasing our share within mass beauty as well. Newness in our strategic tent-pole events, 21 days of Beauty and Spring Haul, continue to resonate very well with guests. All major categories delivered robust double-digit comps as we anniversaried last year's store closures.

從類別角度來看，根據 NPD 集團截至 2021 年 5 月 1 日的季度銷售點數據，我們在所有主要高端美容類別中的市場份額均有所增加。此外，我們在大眾類別中看到了驚人的實力，並相信我們也增加了我們在大眾美容中的份額。我們戰略性的帳篷活動中的新鮮事物，21 天的美麗和春運，繼續與客人產生很好的共鳴。在我們慶祝去年商店關閉的周年紀念日時，所有主要類別都提供了強勁的兩位數業績。

Compared to the first quarter of fiscal 2019, fragrance, bath, skincare and hair care all delivered robust double-digit comp growth. Now starting with one of our strategic growth categories. skincare delivered strong sales growth this quarter, driven by newness and great engagement in our tent-pole events. Guests continue to embrace skincare as a form of self-care and wellness with body care, sun protection and facial serums driving nice year-over-year growth. New brands, including Keys Soulcare, LOLI Beauty, and Urban Skin Pro as well as new products from Tula, Pacifica and [Central Pay] drove good guest engagement. And dermatologist-recommended brands, including CeraVe and La Roche-Posay, continued to see gains driven from interest and support on social media platforms.

與 2019 財年第一季度相比，香水、沐浴、護膚和護髮產品均實現了強勁的兩位數增長。現在從我們的戰略增長類別之一開始。護膚品在本季度實現了強勁的銷售增長，這得益於我們帳篷活動的新穎性和參與度。客人們繼續將護膚作為一種自我保健和健康的方式，身體護理、防曬和麵部精華推動了同比增長。 Keys Soulcare、LOLI Beauty 和 Urban Skin Pro 等新品牌以及 Tula、Pacifica 和 [Central Pay] 的新產品推動了良好的賓客參與度。皮膚科醫生推薦的品牌，包括 CeraVe 和 La Roche-Posay，繼續看到社交媒體平台上的興趣和支持帶來的收益。

Fragrance and bath was our strongest category again this quarter, demonstrating that consumers remain focused on self-care, even as they become more comfortable reentering public spaces. Newness in fragrance from Dolce & Gabbana, Versace and Carolina Herrera as well as continued strength in potty scrubs and moisturizers from brands like Truly, Tree Hut and Hempz drove exceptional category growth. Strong guest engagement with our monthly Fragrance Crush programs, Valentine's Day and Spring Haul also drove robust growth in the quarter.

香水和沐浴產品在本季度再次成為我們最強勁的類別，這表明消費者仍然關注自我保健，即使他們重新進入公共場所變得更加舒適。 Dolce & Gabbana、Versace 和 Carolina Herrera 的香水新品以及 Truly、Tree Hut 和 Hempz 等品牌的便盆磨砂膏和潤膚霜的持續強勁推動了品類的異常增長。我們每月的 Fragrance Crush 計劃、情人節和 Spring Haul 的賓客參與度很高，也推動了本季度的強勁增長。

We're seeing nice momentum in the hair care category as well, driven by newness, innovation and do-it-yourself beauty. The first quarter saw growth from new brands like Briogeo, Kristin Ess and Monday, as well as product launches from Redken, Curlsmith and Pattern. And our salon back bar takeovers helped drive growth for established brands like Living Proof, FEKKAI and Bumble and Bumble.

在新穎、創新和自己動手美容的推動下，我們在護髮品類也看到了良好的發展勢頭。第一季度增長來自 Briogeo、Kristin Ess 和 Monday 等新品牌，以及 Redken、Curlsmith 和 Pattern 的產品發布。我們對沙龍後酒吧的收購幫助推動了 Living Proof、FEKKAI 和 Bumble and Bumble 等知名品牌的增長。

Reflecting ongoing DIY trends, hair color, color care and hair styling tools also contributed to the category's strong sales performance for this quarter. Compared to 2019, comp sales in the makeup category were negative, but we are encouraged by sequential improvement in the trends from Q4. Newness and innovation, combined with strong guest engagement during our tentpole events, delivered better-than-expected performance in this category. Subcategories that focus above the mass continue to perform well, including mascara, lashes and eyeliner. We're also beginning to see guests engage with categories like lip and face, driven by newness from brands like Benefit, Tarte and Morphe, as many begin to adjust to reduce COVID-19 restrictions and look to refresh their stash.

染髮、染髮和美髮造型工具反映了持續的 DIY 趨勢，也為本季度該類別的強勁銷售業績做出了貢獻。與 2019 年相比，化妝品類別的銷售額為負，但我們對第四季度趨勢的連續改善感到鼓舞。新穎和創新，再加上我們主打活動期間賓客的強烈參與，在這一類別中取得了好於預期的表現。專注於大眾之上的子類別繼續表現良好，包括睫毛膏、睫毛膏和眼線筆。我們也開始看到客人在 Benefit、Tarte 和 Morphe 等品牌的新鮮感的推動下參與唇部和麵部等類別，因為許多人開始調整以減少 COVID-19 限制並希望更新他們的藏品。

Newness from Nicks, e.l.f. and Kiss are driving strong growth in mass cosmetics, while newer prestige brands, including KBD, Vegan Beauty, HOURGLASS and Jaclyn Cosmetics are delivering growth and prestige. Although it remains difficult to predict the specific timing of a full recovery in makeup, we are seeing early signs that guests are engaging more with the category. Confidence is growing, restrictions are lifting, and many consumers are increasingly looking forward to a fresh start in a new post-COVID normal.

來自尼克斯的新鮮事物，e.l.f.和 Kiss 正在推動大眾化妝品的強勁增長，而包括 KBD、Vegan Beauty、HOURGLASS 和 Jaclyn Cosmetics 在內的較新的知名品牌正在實現增長和聲望。儘管仍然難以預測彩妝全面恢復的具體時間，但我們看到了客人更多地參與該品類的早期跡象。信心在增強，限制在解除，許多消費者越來越期待在 COVID 後的新常態中重新開始。

As travel and wearing occasions increase, the desire for something new is growing. At the same time, engagement with social media platforms like TikTok are bringing new life to the color cosmetic category, engaging younger audiences, driving trends and reinvigorating trial and usage. These drivers, combined with an expanded pipeline of newness expected in the second half of 2021, increase our optimism about the pace of recovery of the makeup category this year.

隨著旅行和穿著場合的增加，人們對新事物的渴望也在增長。與此同時，與 TikTok 等社交媒體平台的互動為彩妝品類帶來了新的活力，吸引了年輕觀眾，推動了趨勢並重振了試用和使用。這些驅動因素，再加上預計 2021 年下半年將有更多的新品上市，增加了我們對今年彩妝品類復甦步伐的樂觀情緒。

This quarter, we continued to enhance and expand our Conscious Beauty platform, an initiative intended to help guests discover brands and products that reflect their personal values. In Q1, we certified 27 additional brands, bringing the total number of brands in the program to 250. We refreshed our Conscious Beauty end cap in stores, adding new brands like Pure, First Aid Beauty and COOLA to the presentation. And celebrated Earth Day with a unique gift with purchase offer. We also launched our circular shopping pilot with reusable packaging pioneer loop in 10 of our brand partners.

本季度，我們繼續加強和擴展我們的 Conscious Beauty 平台，該計劃旨在幫助客人發現反映其個人價值的品牌和產品。在第一季度，我們又認證了 27 個品牌，使該計劃中的品牌總數達到 250 個。我們更新了門店的 Conscious Beauty 終端上限，在展示中添加了 Pure、First Aid Beauty 和 COOLA 等新品牌。並以獨特的購買優惠禮物慶祝地球日。我們還在我們的 10 個品牌合作夥伴中啟動了循環購物試點，採用可重複使用的包裝先鋒循環。

Building on the success of this cross-category promote platform, earlier this month, we launched the Wellness Shop in a select number of stores and on ulta.com. With a focus on self-care for the mind, body and spirit, the Wellness Shop features a curated selection of products across 5 key segments to help our guests easily navigate their personal wellness journey. We built the assortment with hero brands like Love Wellness, megababe and Kitsch and also introduced new brands like BLUME, Goli and The Good Patch. From scalp care routines and bath and shower rituals to supplements and adaptogens to relaxation and sleep regimens, this new shop addresses a variety of wellness needs in a curated, easy-to-navigate presentation.

基於這個跨類別促銷平台的成功，本月早些時候，我們在部分商店和 ulta.com 上推出了 Wellness Shop。 Wellness Shop 專注於身心和精神的自我保健，精選 5 個關鍵領域的精選產品，幫助我們的客人輕鬆開啟個人健康之旅。我們打造了 Love Wellness、megababe 和 Kitsch 等英雄品牌的產品組合，還推出了 BLUME、Goli 和 The Good Patch 等新品牌。從頭皮護理常規和沐浴和淋浴儀式到補充劑和適應原，再到放鬆和睡眠方案，這家新店以精心策劃、易於瀏覽的展示滿足各種健康需求。

As the country's beauty retail leader, we have the power to shape how the world sees beauty and a responsibility to drive greater diversity, inclusivity and equity. In February, we announced tangible commitments to this effort and I am proud to share that we continue to make progress in support of our goals. This quarter, we debuted MUSE in multifaceted platform to celebrate, honor and amplify black voices in beauty and announced the partnership with CURLBOX, a subscription box service catering to [curly] and textured hair consumers, featuring some of our most coveted products and brands. We've launched 5 new black-owned brands, including BLK/OPL and Mented Cosmetics, Black Girl Sunscreen and Skincare, CAMILLE ROSE and Hair and Homebody, a wellness-focused bath and body brand. And we created new educational content for textured hair, which was deployed to our salon teams earlier this month.

作為美國美容零售業的領導者，我們有能力塑造世界對美的看法，也有責任推動更大的多樣性、包容性和公平性。 2 月，我們宣布了對這項工作的具體承諾，我很自豪地分享我們在支持我們的目標方面繼續取得進展。本季度，我們在多方面平台上推出了 MUSE，以慶祝、表彰和擴大美容領域黑人的聲音，並宣布與 CURLBOX 建立合作夥伴關係，CURLBOX 是一項面向 [捲曲] 和有質感的頭髮消費者的訂閱服務，其中包含我們一些最令人垂涎的產品和品牌。我們推出了 5 個新的黑人自有品牌，包括 BLK/OPL 和 Mented Cosmetics、Black Girl Sunscreen and Skincare、CAMILLE ROSE 和 Hair and Homebody，這是一個專注於健康的沐浴和美體品牌。我們還為有質感的頭髮創建了新的教育內容，並於本月早些時候部署到我們的沙龍團隊。

Sales from our service businesses increased nearly 50% compared to 2020, but were still lower than 2019 levels, reflecting appointment constraints due to social distancing. We are excited to welcome walk-ins for salon and brow services in states where mandates allow it and hope to reengage skin services in select stores later this year. We continue to focus on strengthening our stylist teams and where we have high demand in capacity, we're hiring experienced stylists with existing books. As a result, we are seeing nice increases in our stylist sales productivity as compared to 2019.

與 2020 年相比，我們服務業務的銷售額增長了近 50%，但仍低於 2019 年的水平，這反映出社交距離導致的預約限制。我們很高興歡迎在授權允許的州進行沙龍和眉毛服務，並希望在今年晚些時候在部分商店重新提供皮膚服務。我們繼續專注於加強我們的造型師團隊，在我們對容量有高需求的地方，我們正在聘請經驗豐富的造型師和現有書籍。因此，與 2019 年相比，我們的造型師銷售效率有了顯著提高。

Our mobile app, virtual try on and skin analysis tools continue to resonate with guests as easy and safe ways to discover and try new products. We continue to see good conversion and higher average order values from guests to engage in these experiences.

我們的移動應用程序、虛擬試穿和皮膚分析工具作為發現和試用新產品的簡單而安全的方式繼續引起客人的共鳴。我們繼續看到客人參與這些體驗的良好轉化率和更高的平均訂單價值。

This quarter, our services and events team began leveraging these tools for one-on-one consultations and small group events. In April, we launched a modified in-store event strategy aligned with COVID protocols, utilizing our virtual tools and successfully executing 350 events with 17 prestige brand partners.

本季度，我們的服務和活動團隊開始利用這些工具進行一對一諮詢和小組活動。 4 月，我們推出了符合 COVID 協議的修改後的店內活動策略，利用我們的虛擬工具並與 17 個知名品牌合作夥伴成功舉辦了 350 場活動。

Turning now to our loyalty program. We increased our loyalty members by 1.7 million members in Q1, the largest increase we've seen in a single quarter. We ended the quarter with 32.3 million members above our initial expectations. While this level is about 2% lower than Q1 last year, it is 5% higher than Q4 and only slightly below our member level in the first quarter of 2019.

現在轉向我們的忠誠度計劃。我們在第一季度增加了 170 萬會員，這是我們在單個季度中看到的最大增幅。本季度結束時，我們擁有 3230 萬會員，超出了我們最初的預期。雖然這一水平比去年第一季度低約 2%，但比第四季度高出 5%，僅略低於我們 2019 年第一季度的會員水平。

The recovery of our member base from Q4 was driven by strong reactivation back into Ulta Beauty stores as well as increased new member acquisition. Our store associates continue to deliver a compelling member experiencing, welcoming members back and converting new members at higher rates than in 2019. We are seeing strong retention across all tenures as we deepen engagement with members who continue to shop with us throughout the pandemic, manage at-risk members to prevent attrition and introduce Ulta Beauty to new or newly reactivated members. We continue to lean into our member data to target high-value audiences and apply predictive behavioral modeling while personalizing experiences with product recommendations, replenishment reminders and offers optimized for incremental response.

我們的會員群從第四季度開始恢復，是由於 Ulta Beauty 商店的強勁重新激活以及新會員獲取的增加。我們的店員繼續提供引人入勝的會員體驗，歡迎會員回來，並以比 2019 年更高的速度轉換新會員。隨著我們加深與在整個大流行期間繼續與我們一起購物的會員的互動，我們看到所有任期都有很強的保留率，管理有風險的會員，以防止流失並將 Ulta Beauty 介紹給新會員或新會員。我們繼續依靠我們的會員數據來定位高價值的受眾並應用預測行為模型，同時通過產品推薦、補貨提醒和針對增量響應優化的優惠來個性化體驗。

We're using engagement levers like the mobile app to communicate our holistic member experience and drive key moments like 21 Days of Beauty, where we featured personalized offer for every member to drive retention and increase sales per member. These efforts are helping us accelerate the recovery of our member base and give us confidence that we can get back to 2019 levels this year.

我們正在使用移動應用程序等參與槓桿來傳達我們的整體會員體驗並推動關鍵時刻，例如 21 Days of Beauty，我們為每位會員提供個性化優惠，以提高保留率並增加每位會員的銷售額。這些努力正在幫助我們加快會員基礎的恢復，並讓我們相信我們可以在今年恢復到 2019 年的水平。

Before I turn the call over to Scott, I want to provide a quick comment on Ulta Beauty at Target. We continue to make progress across all of our work streams to bring this new experience to life for our guests and we're on track to open our first shops later this summer. We remain confident that this innovative partnership with the light guest and strengthen engagement with the Ulta Beauty brand. We have very strong support from our brand partners and are confident that our assortment, which is an exciting mix of large established favorites and vibrant, often exclusive emerging brands, with the light guest when we launch. I know there are many questions about the assortment and experience, but our focus now is on building guest anticipation and excitement for the launch. Stay tuned for more details closer to launch.

在我把電話轉給 Scott 之前，我想對 Target 的 Ulta Beauty 做一個簡短的評論。我們繼續在所有工作流程中取得進展，為我們的客人帶來這種全新的體驗，我們有望在今年夏天晚些時候開設我們的第一家商店。我們仍然有信心與光客建立這種創新的合作夥伴關係，並加強與 Ulta Beauty 品牌的互動。我們得到了品牌合作夥伴的大力支持，並且有信心在我們推出時，我們的產品組合是廣受歡迎的品牌和充滿活力的、通常是獨家的新興品牌的令人興奮的組合。我知道有很多關於產品種類和體驗的問題，但我們現在的重點是培養客人對產品發布的期待和興奮。請繼續關注即將發布的更多詳細信息。

Now let me turn it over to Scott to provide more detail about our financial results. Scott?

現在讓我將其轉交給斯科特，以提供有關我們財務業績的更多詳細信息。斯科特？

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

Starting with the income statement. Q1 sales increased 65.2% as we anniversaried the temporary closure of all of our stores last year in response to COVID-19. We opened 28 new stores during the quarter, including our new Herald Square store in New York City and closed 2 stores. We also remodeled 3 stores and relocated 1 store.

從損益表開始。第一季度的銷售額增長了 65.2%，因為我們在去年為應對 COVID-19 而暫時關閉了所有商店。我們在本季度開設了 28 家新店，包括我們在紐約市的先驅廣場新店，並關閉了 2 家店。我們還改造了3家門店，搬遷了1家門店。

Total company comp increased 65.9%, driven by an 8.8% growth in average ticket and a 52.5% increase in transactions. Compared to the first quarter of fiscal 2019, total sales increased 11.2% and comp store sales increased 7%. As Dave mentioned, we saw stronger-than-expected sales growth across channels, with brick-and-mortar and e-commerce contributing to the strong comp performance.

在平均票價增長 8.8% 和交易增長 52.5% 的推動下，公司總收入增長了 65.9%。與 2019 財年第一季度相比，總銷售額增長 11.2%，同店銷售額增長 7%。正如 Dave 所提到的，我們看到跨渠道的銷售增長強於預期，實體店和電子商務為強勁的業績做出了貢獻。

From a mix perspective, cosmetics was 45% of sales compared to 50% last year. Skin care increased 200 basis points to 19% of sales, the fragrance and bath category increased 400 basis points to 11% of sales, and hair care products and styling tools increased 90 basis points to 19% of sales. As a percent of sales, the services category was down 40 basis points to about 3%. Note, the nail category is now included in cosmetics, instead of Other and we have updated 2020 results to reflect this change.

從組合的角度來看，化妝品佔銷售額的 45%，而去年為 50%。護膚品增加 200 個基點至銷售額的 19%，香水和沐浴類增加 400 個基點至銷售額的 11%，護髮產品和造型工具增加 90 個基點至銷售額的 19%。作為銷售額的百分比，服務類別下降了 40 個基點至 3% 左右。請注意，美甲類別現在包含在化妝品中，而不是其他，我們更新了 2020 年的結果以反映這一變化。

Gross profit margin increased to 38.9% of sales compared to 25.9% last year. The increase was primarily due to significant leverage of fixed costs resulting from higher sales. In addition, gross margin benefited from higher merchandise margin, lower salon expenses and a more favorable channel mix.

毛利率上升至銷售額的 38.9%，而去年為 25.9%。增加的主要原因是銷售額增加導致固定成本的顯著槓桿作用。此外，毛利率得益於更高的商品利潤率、更低的沙龍費用和更有利的渠道組合。

While the higher sales delivered some benefit on merchandise margin, the improvement also reflects lower promotional activity in the quarter and ongoing benefits from our efficiencies for growth, or EFG, cost optimization program. Salon expenses were lower compared to last year, reflecting the elimination of the salon manager role. As a reminder, we will anniversary this change in Q4.

雖然較高的銷售額為商品利潤率帶來了一些好處，但這種改善也反映了本季度促銷活動的減少以及我們的增長效率或 EFG 成本優化計劃的持續好處。與去年相比，沙龍開支有所下降，反映了沙龍經理職位的取消。提醒一下，我們將在第四季度紀念這一變化。

Comparing this year's performance to the first quarter of fiscal 2019, gross margin improved by 190 basis points. Higher merchandise margin, fixed cost leverage and lower salon expenses were partially offset by channel mix. As a percentage of sales, SG&A decreased to 22.9% compared to 32.5% last year, reflecting strong expense leverage on higher sales. Compared to the first quarter of fiscal 2019, SG&A as a percent of sales was about 20 basis points favorable. As a percentage of sales, lower corporate overhead and store expenses were partially offset by higher advertising expense.

將今年的業績與 2019 財年第一季度相比，毛利率提高了 190 個基點。較高的商品利潤率、固定成本槓桿和較低的沙龍費用被渠道組合部分抵消。作為銷售額的百分比，SG&A 從去年的 32.5% 下降到 22.9%，反映出較高的銷售額帶來的強大費用槓桿。與 2019 財年第一季度相比，SG&A 佔銷售額的百分比有利約 20 個基點。作為銷售額的百分比，較低的公司管理費用和商店費用被較高的廣告費用部分抵消。

Operating margin was 15.8% of sales compared to negative 8.7% in the first quarter of fiscal 2020 on a GAAP basis, and a negative 7% on an adjusted basis. Strong top line growth, especially in brick-and-mortar, combined with the impact of our cost optimization efforts, resulted in robust operating margin performance.

營業利潤率為銷售額的 15.8%，而 2020 財年第一季度按 GAAP 計算為負 8.7%，調整後為負 7%。強勁的收入增長，尤其是在實體店，再加上我們成本優化工作的影響，帶來了強勁的營業利潤率表現。

The tax rate increased to 24.5% compared to 23.6% last year, primarily due to a decrease in state tax credits. Diluted GAAP earnings per share was $4.10 compared to a diluted loss per share of $1.39 last year. Adjusted diluted earnings per share were $4.07 compared to a diluted loss per share of $1.13 a year ago.

稅率從去年的 23.6% 增加到 24.5%，這主要是由於州稅收抵免的減少。稀釋後的 GAAP 每股收益為 4.10 美元，而去年的稀釋後每股虧損為 1.39 美元。調整後的攤薄每股收益為 4.07 美元，而一年前的攤薄每股虧損為 1.13 美元。

Moving on to the balance sheet and cash flow. Total inventory increased 1% compared to last year, reflecting the impact of 26 additional stores as well as the opening of our Jacksonville fast fulfillment center, partially offset by lower inventory levels due to higher-than-expected sales. Capital expenditures were $34.6 million for the quarter, driven by our new store opening program, investments in IT systems and store remodels and relocations. The decrease in capital expenditures compared to the first quarter last year was primarily related to investments last year related to our planned Canadian expansion, which was suspended in the second half of fiscal 2020. Depreciation was $70.6 million compared to $76.6 million last year, primarily reflecting the impact of last year's store impairments in the 19 stores, which we permanently closed.

轉到資產負債表和現金流量。與去年相比，總庫存增加了 1%，這反映了 26 家額外門店以及我們傑克遜維爾快速配送中心開業的影響，部分被銷售額高於預期導致的庫存水平下降所抵消。本季度的資本支出為 3460 萬美元，主要受我們的新店開業計劃、IT 系統投資以及商店改造和搬遷的推動。與去年第一季度相比，資本支出減少主要與去年與我們計劃的加拿大擴張相關的投資有關，該擴張計劃在 2020 財年下半年暫停。折舊為 7060 萬美元，而去年為 7660 萬美元，主要反映去年我們永久關閉的 19 家商店的商店減值影響。

We ended the quarter with $947.5 million in cash and cash equivalents. In the first quarter, we repurchased 1.2 million shares at a cost of $392.3 million. At the end of the quarter, we had $1.1 billion 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.

我們在本季度末擁有 9.475 億美元的現金和現金等價物。第一季度，我們以 3.923 億美元的成本回購了 120 萬股股票。在本季度末，我們目前的 16 億美元回購授權還剩 11 億美元。我們繼續期望在 2021 財年回購約 8.5 億美元的股票，但一如既往，我們可以根據市場情況靈活調整回購節奏。

Turning now to our updated outlook for 2021. We are encouraged by our first quarter results and the trends we've experienced so far in the second quarter, but we are still early in the year. While the presence of vaccines and new CDC guidance gives us optimism for the recovery, our visibility into the trajectory and sustainability of recent trends is limited and the second half of the year remains difficult to forecast. We now expect net sales for the year will be between $7.7 billion and $7.8 billion, with comp sales planned in the 23% to 25% range. We continue to expect comp results will vary significantly between the front half and the back half of the year as we lap store closures that occurred in the first half of 2020. But we now anticipate comp growth will be in the high 40s to low 50s for the first half of 2021 and then moderate to high single-digit growth for the second half.

現在談談我們對 2021 年的最新展望。我們對第一季度的業績和第二季度迄今為止所經歷的趨勢感到鼓舞，但我們仍處於年初。儘管疫苗的出現和疾病預防控制中心的新指南讓我們對複蘇持樂觀態度，但我們對近期趨勢的軌跡和可持續性的了解有限，下半年仍然難以預測。我們現在預計今年的淨銷售額將在 77 億美元至 78 億美元之間，銷售額預計在 23% 至 25% 之間。我們繼續預計，隨著我們對 2020 年上半年發生的商店關閉進行重疊，上半年和下半年的業績會有很大差異。但我們現在預計 comp 增長將在 40 年代的高位到 50 年代的低位2021 年上半年，然後是下半年的中高個位數增長。

We continue to expect to open approximately 40 net new stores in fiscal 2021 and to now remodel or relocate 19 stores. We now expect operating margin for the year will be approximately 11% of sales. We continue to expect the largest driver of 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.

我們繼續預計在 2021 財年淨開設約 40 家新店，現在改造或搬遷 19 家店。我們現在預計今年的營業利潤率將約為銷售額的 11%。我們繼續預計營業利潤率增長的最大驅動力將來自毛利率，受固定成本槓桿、渠道轉移帶來的不利因素減少、商品利潤率提高和沙龍成本槓桿的推動。

Based on higher top line growth, we now expect modest SG&A leverage for the year as compared to fiscal 2020. These assumptions result in an expectation for diluted earnings per share in the range of $11.50 to $11.95 per share, including the impact of approximately $850 million in share repurchases. We plan to spend between $225 million and $250 million in CapEx in fiscal 2021, including approximately $115 million for new stores, remodels and merchandise fixtures, $90 million for supply chain and IT and about $33 million for store maintenance and other.

基於更高的收入增長，我們現在預計與 2020 財年相比，今年的 SG&A 槓桿率將適中。這些假設導致預期稀釋後每股收益在每股 11.50 美元至 11.95 美元之間，包括約 8.5 億美元的影響在股票回購中。我們計劃在 2021 財年支出 2.25 億美元至 2.5 億美元的資本支出，其中約 1.15 億美元用於新店、改造和商品固定裝置，9000 萬美元用於供應鍊和 IT，約 3300 萬美元用於店面維護和其他。

As a reminder, our guidance for 2021 assumes a consistent federal tax rate and no material increases in the federal minimum wage and does not include assumptions for any impact related to a resurgence of COVID-19.

提醒一下，我們對 2021 年的指導假設聯邦稅率保持一致，聯邦最低工資沒有實質性增加，並且不包括與 COVID-19 捲土重來相關的任何影響的假設。

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

現在我將把電話轉回給我們的接線員來主持問答環節。

(Operator Instructions) Our first question is from Rupesh Parikh with Oppenheimer.

（操作員說明）我們的第一個問題來自 Rupesh Parikh 和 Oppenheimer。

So first, Mary, wish you all the best, and you're certainly going to be missed.

所以首先，瑪麗，祝你一切順利，我們一定會想念你的。

Thank you, Rupesh.

謝謝你，魯佩什。

And then, I guess, for the team, just congrats on a really amazing quarter. So I guess the one question I have is, if you look at Q1, obviously, operating margins are now well above where they were in Q1 '19. Are there any new learnings that you can share in terms of maybe some new structural benefits you see in operating margins going forward just based on the performance we saw during the quarter?

然後，我想，對於團隊來說，祝賀一個非常棒的季度。所以我想我的一個問題是，如果你看一下第一季度，顯然，營業利潤率現在遠高於 19 年第一季度的水平。根據我們在本季度看到的業績，您是否有任何新的經驗可以分享，比如您在未來的營業利潤率中看到的一些新的結構性好處？

Yes. So we're very proud, Rupesh, of the results that we were able to post in the first quarter and our teams did a great job collaborating with our brand partners to deliver a great experience to our guests and an outstanding financial performance. Part of what was driving some of that overperformance was obviously the very strong comp, right, in the sales generation versus what our initial expectations were. So nearly a 66% versus last year and about 7% versus fiscal 2019.

是的。因此，Rupesh，我們對我們能夠在第一季度發布的結果感到非常自豪，我們的團隊與我們的品牌合作夥伴合作做得很好，為我們的客人提供了出色的體驗和出色的財務業績。推動這種超額表現的部分原因顯然是非常強大的競爭，對，在銷售一代中與我們最初的預期相比。因此，與去年相比增長了近 66%，與 2019 財年相比增長了約 7%。

So a lot of good things going into that. Besides the great tailwinds we saw from stimulus payments and optimism about the economy and the COVID vaccine rollout across the nation, there was also structural changes we made in our business model, right? So we've talked about these over the course of the last couple of calls. So there's some good things that we did, some great self-help things, but we also took advantage of a great sales environment.

所以有很多好東西。除了我們從刺激支付和對經濟的樂觀情緒以及在全國范圍內推出 COVID 疫苗中看到的巨大順風之外，我們還對我們的商業模式進行了結構性改變，對吧？所以我們在最近的幾個電話會議中討論了這些。所以我們做了一些好事，一些很棒的自助事情，但我們也利用了良好的銷售環境。

As we think about the 15.8 that we posted in the first quarter versus kind of the rest of the year and what our long-term expectations are, I would say that there was a bit of over-leverage maybe in the first quarter, right? So again, we didn't expect those sales levels obviously, as we get started in the year. And so the spending, we were unable to kind of match spending with the sales generation. So especially in the store environment, I mean, there were some longer lines at the checkout that maybe we would have preferred to see if we had that choice ahead of time. So as we're looking out to the rest -- the second half of the year, there's things around wages, store labor, some upward pressure in fuel and transportation costs. And then we're going to do some more advertising in the back half of the year than what we had initially planned to make sure we take advantage of the environment and make sure we really maximize market share gain opportunities in this environment. So longer term, very optimistic about operating margin expansion opportunities across the wide variety of elements in our business.

當我們考慮我們在第一季度發布的 15.8 與今年剩餘時間的對比以及我們的長期預期時，我會說第一季度可能有點過度槓桿化，對吧？因此，當我們在今年開始時，我們顯然沒有預料到這些銷售水平。因此，我們無法將支出與銷售一代相匹配。因此，尤其是在商店環境中，我的意思是，結賬處排起了更長的隊伍，也許我們更願意提前看看是否有這樣的選擇。因此，當我們展望其餘部分時——今年下半年，工資、商店勞動力、燃料和運輸成本的一些上漲壓力。然後我們將在今年下半年做一些比我們最初計劃的更多的廣告，以確保我們利用環境並確保我們真正在這種環境中最大化市場份額獲得機會。因此，從長遠來看，我們對業務中各種元素的營業利潤率擴張機會非常樂觀。

Our next question is from Mark Altschwager with Baird.

我們的下一個問題來自 Baird 的 Mark Altschwager。

I was hoping you could speak a little bit more to the trend you're seeing in the recovery in stores, perhaps relative to 2019, I think comps up 7%, with some of the e-commerce growth you cited, if my math is right, I think it implies stores still down versus '19, but it sounds like traffic is recovering nicely. So just any insight there. Just bigger picture, how the Q1 results have really informed your thinking on the trajectory of the store productivity recovery through the remainder of the year?

我希望你能多談談你在商店復甦中看到的趨勢，也許相對於 2019 年，我認為如果我的數學是是的，我認為這意味著商店與 19 年相比仍處於下降狀態，但聽起來客流量恢復得很好。所以那裡只有任何見解。從更大的角度來看，第一季度的結果如何真正影響了您對今年剩餘時間商店生產力恢復軌蹟的思考？

Yes, Mark, yes, we are very encouraged by the performance of our store channel. In fact, our entire omnichannel experience, even as our e-comm performed above expectations, our stores strengthened. So it just reinforces for us, the importance and the power of our model and the connections that we've built.

是的，馬克，是的，我們對商店渠道的表現感到非常鼓舞。事實上，我們的整個全渠道體驗，即使我們的電子商務表現超出預期，我們的商店也得到了加強。所以它只是加強了我們模型的重要性和力量以及我們建立的聯繫。

Yes. Yes. Stores did exceed our expectations, grew throughout the quarter. We saw -- as our guests became more comfortable in shopping in person, we certainly benefited from that and saw continued improvement throughout the quarter. Traffic was still down -- meaningfully down for the quarter, down in the 20% range. So the strength we saw in stores, we are pleased to see a lot of guests coming back in, but also strong -- saw strong ticket performance, which we think is driven by renewal reengagement in the category, trip consolidation, a lot of newness coming. But yes, so while we're encouraged by store, we know we still have opportunity ahead to get all of our guests back comfortable shopping in store, and we're continuing to see that trend.

是的。是的。商店確實超出了我們的預期，整個季度都在增長。我們看到——隨著我們的客人親自購物變得更加舒適，我們當然從中受益，並在整個季度看到了持續改進。流量仍在下降——本季度下降幅度很大，在 20% 的範圍內。所以我們在商店看到的實力，我們很高興看到很多客人回來，但也很強勁 - 看到強勁的門票表現，我們認為這是由該類別的續訂重新參與，旅行整合，很多新事物推動的未來。但是，是的，雖然我們對商店感到鼓舞，但我們知道我們仍然有機會讓所有客人回到商店舒適地購物，並且我們將繼續看到這種趨勢。

I will just say that the -- as I mentioned, the e-commerce business also exceeded our expectations, including strength in BOPIS, so it reinforces for us, not just any individual strength across either stores or e-commerce or any element, but the connected strength that we're seeing, which is a strong indicator to us that our members are getting back involved in all aspects of Ulta, and we're pleased with that and anticipate more to come. As we look out over the rest of this year, as it relates to store traffic, we would anticipate it getting -- continue to improve traffic, but there's still a lot of uncertainty about how the rest of the year will play out and exactly how that will translate into store behaviors, but we're encouraged by what we saw in Q1.

我只想說——正如我提到的，電子商務業務也超出了我們的預期，包括 BOPIS 的實力，所以它加強了我們，不僅僅是商店或電子商務或任何元素的任何個人實力，而是我們看到的相互聯繫的力量，這對我們來說是一個強有力的指標，表明我們的成員正在重新參與 Ulta 的各個方面，我們對此感到高興，並期待更多的到來。當我們展望今年剩餘時間時，因為它與商店流量有關，我們預計它會繼續改善流量，但對於今年剩餘時間將如何發揮作用以及究竟如何發揮作用仍然存在很多不確定性這將轉化為商店行為，但我們對第一季度看到的情況感到鼓舞。

That's really helpful. And maybe just as a quick follow-up to that, just the strength in BOPIS is nice to hear. Could you just maybe address e-commerce margins and how you're kind of closing the gap there relative to stores? I guess, maybe that would be for Scott.

這真的很有幫助。也許就像對此的快速跟進一樣，很高興聽到 BOPIS 的優勢。您能否解決電子商務利潤率以及您如何縮小與商店相關的差距？我想，也許那是給斯科特的。

Yes. So I guess I would start with overall versus last year, the channel shift is going to work to our advantage, right? So that's going to be a nice tailwind as we talk about gross margin specifically, but operating margins overall. So as you've heard us talk about before, Mark, many times, there's a lot of different levels we have at our disposal to help mitigate some of this -- the margin headwinds that come with that part of the business. So again, that's just part of how consumers are going to shop, and we're focused on making sure we deliver the best shopping experience regardless if it's in our stores or an online digital kind of environment.

是的。所以我想我會從整體與去年開始，渠道轉變將對我們有利，對吧？所以這將是一個很好的順風，因為我們具體談論毛利率，但總體來說是營業利潤率。因此，正如你之前多次聽到我們談論過的那樣，馬克，我們有很多不同的級別可以幫助減輕其中的一些——這部分業務帶來的利潤逆風。因此，這只是消費者購物方式的一部分，我們專注於確保提供最佳購物體驗，無論是在我們的商店還是在線數字環境中。

So BOPIS is one piece of that. We saw a nice increase this quarter. We're working on other ways we can motivate our guests to take advantage of that because that is a margin help for us on a rate basis. Again, we want to remind everyone that, as Dave mentioned during the prepared remarks, that our e-com business is largely an incremental piece. So it's driving a lot of incremental sales and the rate headwind we get from that is something we will take, all things considered, but we've got lots of ways to help improve that over the longer term. BOPIS is a piece of it, supply chain, getting closer to the guest is piece of it. And optimizing our promotional cadence overall is a big piece of it as well. So there's still a lot of ways for us to improve that as we look ahead.

所以 BOPIS 就是其中的一部分。本季度我們看到了不錯的增長。我們正在研究其他方式，我們可以激勵我們的客人利用這一點，因為這在費率基礎上對我們有幫助。再次，我們想提醒大家，正如戴夫在準備好的發言中提到的那樣，我們的電子商務業務在很大程度上是一個增量部分。因此，它推動了大量的增量銷售，而我們從中獲得的不利因素是我們將採取的措施，考慮到所有因素，但從長遠來看，我們有很多方法可以幫助改善這一點。 BOPIS 是其中的一部分，供應鏈，更接近客人是其中的一部分。整體優化我們的促銷節奏也是其中的重要組成部分。因此，展望未來，我們仍有很多方法可以改進它。

That's great. Congrats to the team on a strong start and best of luck.

那太棒了。祝賀團隊開局良好，祝你好運。

Our next question is from Oliver Chen with Cowen.

我們的下一個問題來自 Oliver Chen 和 Cowen。

Great quarter and, Mary, we'll miss you a lot. Congrats on the next steps. The inventory position looks really, really tight in terms of it being somewhat low. Were sales left on the table? And what are your thoughts on inventory versus sales going forward in an environment where supply chains have been tougher and just making sure you're as well positioned as possible to realize the market share gains?

很棒的季度，瑪麗，我們會很想念你的。祝賀接下來的步驟。庫存狀況看起來真的非常緊張，因為它有點低。銷售留在桌子上了嗎？在供應鏈更加艱難的環境中，您對庫存與銷售的未來有何看法，只是確保您盡可能處於有利地位以實現市場份額增長？

Yes. Thanks for your question, Oliver. We feel good about our inventory position, but it's certainly true that we've been working hard to ensure that we maintain a strong level of in-stocks. We've been working very closely with all of our brand partners to respond to this increased demand. And fortunately, we're having good success with that. As we look forward over the year, we would anticipate inventory levels to be higher than 2020, but at a rate lower than our comp sales.

是的。謝謝你的問題，奧利弗。我們對我們的庫存狀況感覺良好，但我們確實一直在努力確保我們保持強勁的庫存水平。我們一直與我們所有的品牌合作夥伴密切合作，以應對這種不斷增長的需求。幸運的是，我們在這方面取得了很好的成功。當我們展望這一年時，我們預計庫存水平將高於 2020 年，但低於我們的銷售額。

So as far as leaving sales on the table, we feel like we were able to deliver and meet the demand. There are pockets of brands that had just extraordinary growth that we're working hard to maintain in-stock levels. But I'd say, overall, our guests were able to -- you'll find what they were looking for, and we felt like we met their expectations. And it's probably reflected in the strong basket size we saw both in-store and online.

因此，就將銷售留在桌面上而言，我們覺得我們能夠交付並滿足需求。有一些品牌剛剛取得了非凡的增長，我們正在努力維持庫存水平。但我要說的是，總的來說，我們的客人能夠——你會找到他們想要的東西，而且我們覺得我們滿足了他們的期望。這可能反映在我們在店內和網上看到的強勁購物籃中。

So a lot of work going on to ensure this. I know our brand partners are max -- really looking to maximize their production to meet this growing demand, and we feel confident we'll be able to meet our guest demand going forward.

因此，正在進行大量工作以確保這一點。我知道我們的品牌合作夥伴是最大的 - 真的希望最大限度地提高他們的產量以滿足這種不斷增長的需求，我們相信我們能夠滿足未來客人的需求。

And a follow-up, related question for Kecia or David. Supply chain priorities, just would love your take on the major priorities on the road map ahead as there are many initiatives you're working on?

以及 Kecia 或 David 的後續相關問題。供應鏈優先事項，只是希望您在未來的路線圖上採取主要優先事項，因為您正在開展許多計劃？

Yes. That's great. Kecia, do you want to give some highlights there?

是的。那太棒了。 Kecia，你想在那裡做一些亮點嗎？

Yes. We're continuing to look for efficiencies within our supply chain and our network as we build out to support the -- not only the store business, but also the e-com business. So we'll have more to share here in the future, but we're continuing to look for efficiencies and the ways to get the products to our stores and to our consumers in the quickest, most efficient way possible.

是的。我們將繼續在我們的供應鍊和我們的網絡中尋求效率，因為我們正在努力支持——不僅是商店業務，還有電子商務業務。因此，我們將來會在這里分享更多內容，但我們將繼續尋找效率和方法，以盡可能最快、最有效的方式將產品送到我們的商店和我們的消費者手中。

And our next question is from Erinn Murphy with Piper Sandler.

我們的下一個問題來自 Erinn Murphy 和 Piper Sandler。

Mary, it's been an absolute pleasure working with you. And Dave and Kecia, congratulations. So my question is for Dave. On the cosmetics category, you mentioned it was still negative versus 2019. Could you just put a finer point on quantifying that? And then as you've kind of monitored the pace of reopening, has there been any key regional differences between markets like Florida or Texas that has been a little bit more outspoken in terms of the going out trend? And then what's implied in the guidance for cosmetics as you look at the back half of this year versus 2019 levels?

瑪麗，和你一起工作非常愉快。戴夫和凱西亞，祝賀你。所以我的問題是給戴夫的。關於化妝品類別，你提到它與 2019 年相比仍然是負面的。你能否在量化方面提出更好的觀點？然後，當你在某種程度上監控重新開放的速度時，佛羅里達州或德克薩斯州等市場之間是否存在任何關鍵的區域差異，這些差異在外出趨勢方面更加直言不諱？然後，當您查看今年下半年與 2019 年的水平時，化妝品指南中暗示了什麼？

All right, Erinn, let me -- I'll tackle some of the your cosmetics questions and as both what we're seeing as it relates to the guidance. And I'll ask Kecia to kind of talk about our regional performance here. As far as makeup, as we said, well, and we're really pleased with the performance across all categories with strong growth versus 2020. We'll get extremely specific by category other than to say our makeup category was one major category where versus 2019, in total, we were still short of 2019 performance.

好吧，Erinn，讓我——我會解決你的一些化妝品問題，以及我們所看到的與指南相關的問題。我會請 Kecia 在這裡談談我們的區域表現。至於化妝品，正如我們所說，好吧，我們對所有類別的表現都非常滿意，與 2020 年相比增長強勁。我們將按類別非常具體，而不是說我們的化妝品類別是一個主要類別，而不是2019年，總的來說，我們仍然落後於2019年的表現。

Having said that, we're seeing lots of encouraging signs. Our mass business is particularly strong. We've always been -- we've been working on for many years, building a really differentiated mass assortment with many brands that are exclusive or in limited distribution with us. Those partners have been leading innovation and driving new ways to connect with our guests, and that strength has really showed up in Q4.

話雖如此，我們看到了很多令人鼓舞的跡象。我們的大眾業務特別強大。我們一直 - 我們多年來一直在努力，建立一個真正差異化的大眾產品組合，其中包含許多與我們獨家或有限分銷的品牌。這些合作夥伴一直在引領創新並推動與客人建立聯繫的新方式，這種優勢在第四季度真正體現出來了。

We had strong positive growth on a number of our brands and brands across the assortment in our mass NICs, e.l.f., kiss, Morphe, Maybelline, really across the portfolio, really pleased with the business on that side of the business. Prestige makeup, was not quite as strong. We -- but again, encouraging signs. Newness is kicking in, and we see a lot more coming as we look into the balance of the year. The performance that we've had for a while, prepandemic on Prestige has been challenging, but so many of our brand partners have reacted with strong innovation -- strong product innovation, new marketing approaches, connection through social media. And as customers come back in, as our guests come back in, we're anticipating that part of our business really strengthening over the balance of the year.

在我們的大眾 NIC 中，我們的許多品牌和品牌都實現了強勁的正增長，e.l.f.、kiss、Morphe、美寶蓮，真的在整個投資組合中，對這方面的業務非常滿意。聲望化妝，不是那麼強烈。我們——但又是令人鼓舞的跡象。新事物正在湧現，隨著我們審視今年的餘額，我們會看到更多新事物的出現。一段時間以來，我們在 Prestige 的大流行前表現一直充滿挑戰，但我們的許多品牌合作夥伴都對強大的創新做出了反應——強大的產品創新、新的營銷方法、通過社交媒體建立聯繫。隨著客戶回來，當我們的客人回來時，我們預計我們的這部分業務將在今年餘下時間真正加強。

A couple of highlights where, again, newness, I talked about it in the script, but we're seeing some newness across different areas of the business. Anastasia and brows, Benefit with Mascara new entry -- expanded performance in our luxury segment with HOURGLASS, newer brands like KVD Vegan and Jaclyn cosmetics, performance from some of our strongest largest brands like Clinique and Tarte. So we're seeing some encouraging signs, not quite yet back to 2019 and some uncertainty, how that will play out for the rest of the year.

幾個亮點，我在劇本中再次談到了新鮮感，但我們在不同的業務領域看到了一些新鮮感。 Anastasia 和眉毛，Benefit with Mascara new entry——HOURGLASS 擴大了我們在奢侈品領域的表現，KVD Vegan 和 Jaclyn 化妝品等新品牌，Clinique 和 Tarte 等一些我們最強大的大品牌的表現。所以我們看到了一些令人鼓舞的跡象，還沒有回到 2019 年，還有一些不確定性，這將如何在今年餘下的時間裡發揮作用。

As your question about performance and how makeup performance is reflected in our guidance, we'd say we're still watching it closely. We're not anticipating a massive turnaround, but we do see some encouraging signs. And if newness strengthened throughout the rest of the year, we'd anticipate it performing even better. So good signs in makeup, great signs happening in all categories outside of makeup, and so the balance of our portfolio feels really helpful -- healthy right now. Kecia, do you want to talk about some regional?

關於性能以及化妝性能如何反映在我們的指南中的問題，我們會說我們仍在密切關注它。我們預計不會出現大規模轉變，但我們確實看到了一些令人鼓舞的跡象。如果在今年餘下的時間里新鮮感得到加強，我們預計它的表現會更好。化妝中的好跡象，化妝以外所有類別中發生的好跡象，所以我們的投資組合的平衡感覺真的很有幫助——現在是健康的。 Kecia，你想談談一些地區性的問題嗎？

Yes. Sure. We stayed really close to this as they were starting to list the mask mandates across the states. And we really didn't see the variances across the United States, like what we would have thought. It was strength across the whole U.S. in regards to traffic. And I think it was more related around the confidence of the vaccine, the vaccine rollout and people getting more confident with coming back out into the stores and also getting ready for the reemergence of getting the mask off in the near future.

是的。當然。我們非常接近這一點，因為他們開始列出各州的面具授權。我們真的沒有看到美國各地的差異，就像我們想像的那樣。就交通而言，這是整個美國的優勢。我認為這與疫苗的信心、疫苗的推出以及人們更有信心回到商店並為在不久的將來再次摘下口罩做好準備有關。

So there were no real regional variances that we saw across the U.S. There was strength in traffic really from coast to coast.

因此，我們在美國各地沒有看到真正的區域差異。從一個海岸到另一個海岸的交通確實很強勁。

That's great. And then just my quick follow-up. So 1.7 million gain in loyalty members this quarter. How did that break down between lapsed versus new consumers?

那太棒了。然後就是我的快速跟進。因此，本季度忠誠會員增加了 170 萬。流失消費者與新消費者之間的差異是如何形成的？

Yes. We don't typically break that out that specifically. I'll just say we're really proud of our team in coming together to both reengage. I've talked in previous calls about the disruption in 2020 wasn't anything necessarily that they didn't like about Ulta. They just for all the obvious reasons, weren't engaged in 2020. And so the reengagement strategy across all aspects of our business, in particular, in our stores, really paid off with a lot of lapsed guests -- recently lapsed guest coming back in. But equally encouraged by the number of new members in this environment that we attracted.

是的。我們通常不會具體說明這一點。我只想說，我們為我們的團隊聚在一起重新參與而感到自豪。我在之前的電話中談到過 2020 年的中斷並不一定是他們不喜歡 Ulta 的任何事情。出於所有顯而易見的原因，他們在 2020 年沒有參與。因此，我們業務各個方面的重新參與策略，特別是在我們的商店中，確實得到了回報，許多流失的客人——最近流失的客人回來了在。但同樣受到我們在這種環境中吸引的新成員數量的鼓舞。

And what's exciting about that is there's a lot of disruption and a lot of potential new members that are maybe reevaluating their -- the way they engage in beauty, and we think our model is perfect for that. So strength across both, and we find it really a good sign and more to come throughout the rest of this year.

令人興奮的是，有很多干擾，很多潛在的新成員可能正在重新評估他們——他們從事美容的方式，我們認為我們的模式非常適合。因此，兩者都有力量，我們發現這確實是一個好兆頭，而且在今年餘下的時間裡還會出現更多。

(Operator Instructions) Our next question is from Mike Baker with D.A. Davidson.

（操作員說明）我們的下一個問題來自 D.A. 的 Mike Baker。戴維森。

Okay. Sort of following up on something that they talked about earlier. But if I have -- if I look at your guidance right here, you still have profits down, operating profit that is versus 2019. I think by about $50 million at the midpoint, yet you were up in the first quarter by $70 million. So that implies down somewhere in the $110 million, $125 million for the next 3 quarters. So what are the reasons that the operating profits would be down over the 3-year basis versus being up in the first quarter?

好的。有點跟進他們之前談過的事情。但如果我 - 如果我在這裡查看你的指導，你仍然有利潤下降，營業利潤與 2019 年相比。我認為中點約為 5000 萬美元，但你在第一季度增加了 7000 萬美元。因此，這意味著未來 3 個季度將下降 1.1 億美元，1.25 億美元。那麼，運營利潤在 3 年基礎上下降而不是在第一季度上升的原因是什麼？

Yes. So there's a mix of things. Again, the elements that play here, whether you're comparing to last year 2020 or 2019, the drivers are largely the same. It's just the overall impact weight of those in any one particular period that you're looking at.

是的。所以有很多事情。同樣，這裡發揮作用的因素，無論您是與去年 2020 年還是 2019 年進行比較，驅動因素都基本相同。這只是您正在查看的任何特定時期內的總體影響權重。

So the primary reason is channel mix, right? When you're looking back to 2019, channel mix is a big influencer there. Again, we're doing a lot of things. Sales increase sales back into brick-and-mortar helps offset some of that headwind when you're looking to 2020. But back to 2019, that's a much larger part of our business. And as we've talked about before on a rate basis, it's definitely a pretty significant headwind for us.

所以主要原因是渠道組合，對吧？當你回顧 2019 年時，渠道組合是一個很大的影響因素。同樣，我們正在做很多事情。當您展望 2020 年時，銷售增加銷售回實體店有助於抵消一些逆風。但回到 2019 年，這是我們業務的更大部分。正如我們之前在利率基礎上談到的那樣，這對我們來說絕對是一個相當大的逆風。

Again, a reminder, those are incremental sales. So it's helping the total dollar performance and profit performance, but it hurts us on a rate basis. The other thing is you still got COVID costs in there, right? In 2021, you had none in 2019. We still have social distancing. We mentioned salons were operating at 50% capacity. TBD when all that's going to be able to open up and when we'll be able to be in our full line of businesses as we want to be. There's things in our DCs where we still have the social distance. Again, you got to look beyond the headlines on a lot of these themes. And so we're operating at reduced capacities. We have to add weekend shifts to make sure we can get our pick bins filled and keep the product moving to support an accelerated brick-and-mortar bounce back as well as a continued strong e-commerce business here above what we expected this year.

再次提醒，這些是增量銷售。所以它有助於整體美元表現和利潤表現，但它在利率基礎上傷害了我們。另一件事是你那裡還有 COVID 成本，對吧？ 2021 年，2019 年沒有。我們仍然保持社交距離。我們提到沙龍以 50% 的產能運營。 TBD 什麼時候所有這些都能夠開放，什麼時候我們能夠按照我們想要的方式開展我們的全線業務。在我們的 DC 中，有些事情我們仍然保持社交距離。同樣，您必須超越許多這些主題的頭條新聞。因此，我們的運營能力有所下降。我們必須增加週末輪班，以確保我們可以裝滿我們的揀選箱並保持產品移動以支持實體店加速反彈以及電子商務業務持續強勁，高於我們今年的預期。

We also have wage pressure. Again, these are things most people are aware of, have seen in the headlines, whether it be just recruiting people to come back and fill open roles in our stores. Or pressure in the DC network. We see what others are doing out there to try to retain and find new employees. So again, we're not -- we have to compete with those people the same way everyone else has to do. And then lastly, I'd say a big piece is incentive compensation falling on the SG&A line. Again, when you think back to 2019 and our performance there, and what the outcome was for -- as far as incentive comp goes versus the performance, the expected performance now for 2021, that's a big headwind as well. So those are kind of the major elements, Mike.

我們也有工資壓力。同樣，這些是大多數人都知道的，在頭條新聞中看到的，無論是招聘人員回來填補我們商店的空缺職位。或直流網絡中的壓力。我們看到其他人正在努力留住和尋找新員工。所以，我們不是——我們必須像其他人一樣與這些人競爭。最後，我想說很大一部分是 SG&A 線上的激勵薪酬。再一次，當你回想 2019 年和我們在那裡的表現，以及結果是什麼時——就激勵補償與表現相比，現在 2021 年的預期表現，這也是一個很大的逆風。所以這些都是主要元素，邁克。

Okay. That's helpful. And a lot of pressure there. But so as a follow-up, I think it's fair to say you got back to this 11%, or you will get back to this 11% quicker than you expected. But with all those pressures you just articulated, can we think about ever getting back to the 12% to 13% level that you ran out from, I think, like 2012 to 2019? Or do all those pressures make that not attainable?

好的。這很有幫助。那裡壓力很大。但作為後續行動，我認為可以公平地說你回到了這 11%，或者你會比預期更快地回到這 11%。但是，考慮到你剛才表達的所有這些壓力，我們是否可以考慮回到你用完的 12% 到 13% 的水平，我認為，比如 2012 年到 2019 年？還是所有這些壓力使它無法實現？

Yes. So we're not providing any long-term guidance today. We'll save that for November at our planned Investor and Analyst Day. But obviously, the trends of the business are quite strong, right? First quarter, way exceeded our expectations. The early read on second quarter is it's going well. Again, you got to keep in mind what we're lapping, right? Last year, in the first quarter, we were on a decelerating trend and then all those stores closed. Second quarter, we're starting to open stores last year in a kind of a wave action, but there was still a lot of requirements and limited capacity, things we were dealing with. And so that's phenomena. That explains the comp guidance, 40 to 50 first half and much more moderated in the second half. So that's what's driving the lower operating margin expectations versus last year.

是的。所以我們今天不提供任何長期指導。我們將在計劃的投資者和分析師日將其保存到 11 月。但顯然，業務的趨勢是相當強大的，對吧？第一季度，方式超出了我們的預期。第二季度的早期閱讀是它進展順利。再說一次，你必須記住我們在研磨什麼，對吧？去年第一季度，我們處於減速趨勢，然後所有這些商店都關門了。第二季度，我們去年開始以一種波浪式的方式開店，但仍然有很多要求和有限的容量，我們正在處理這些事情。這就是現象。這解釋了 comp 指導，上半場 40 到 50，下半場緩和得多。因此，這就是導致營業利潤率預期低於去年的原因。

Longer term, we feel like there's a lot of levers. Again, we've talked about this often with investors whether it be things around the e-commerce business with BOPIS and supply chain initiatives, our EFG work in the real estate area and other parts of our business and a lot of other -- Kecia mentioned a lot of efficiency work that's underway right now under the EFG umbrella gives us a lot of optimism for longer-term operating margin improvements.

從長遠來看，我們覺得有很多槓桿。同樣，我們經常與投資者討論這個問題，無論是圍繞電子商務業務的 BOPIS 和供應鏈計劃，我們的 EFG 在房地產領域的工作以及我們業務的其他部分以及許多其他 - Kecia提到了目前在 EFG 保護傘下正在進行的許多效率工作，這讓我們對長期運營利潤率的改善感到非常樂觀。

Our next question is from Anthony Chukumba with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Anthony Chukumba。

Let me add my congratulations to Mary as well, though I'm sure I'll see you walking your daughters in the neighborhood. So glad...

讓我也向瑪麗表示祝賀，不過我相信我會看到你在附近遛女兒。很高興...

That's right, Anthony, thank you.

是的，安東尼，謝謝你。

So my question, just a quick clarification. If I was looking at my notes from the last earnings call and it said that you're going to -- you're planning to open those first Target shops and shops in the fall. And now you're saying late summer. So I just want to make sure I heard that correctly. And if so, just any reason that you were sort of moving up the rollout to the extent that you actually are moving up the rollout date?

所以我的問題，只是一個快速的澄清。如果我在看上次財報電話會議的筆記，上面說你要——你計劃在秋天開設第一批 Target 商店和商店。現在你說的是夏末。所以我只是想確保我沒聽錯。如果是這樣，您是否有任何理由將推出時間提前到實際提前推出日期的程度？

Yes. I'd say we're just getting a little more specific. We've been kind of talking in general terms previously and now a bit more specific in late summer. I'll say we're really excited about it. And I guess I'd ask Kecia to just give a quick update. Kecia, as I think was mentioned in the call, is leading our Target initiative, and we're very excited about the opportunity. Kecia, do you want to give where we are on that?

是的。我會說我們只是變得更具體一點。我們之前一直在籠統地談論，現在在夏末談得更具體一些。我會說我們真的很興奮。我想我會請 Kecia 快速更新一下。正如我認為在電話中提到的那樣，Kecia 正在領導我們的 Target 計劃，我們對這個機會感到非常興奮。 Kecia，你想說說我們在這方面的進展嗎？

Yes. Absolutely. What's been so exciting is that it's been highly collaborative with the Target team and we've got a cross-functional team that's hard at work to bring the Ulta Beauty at Target concept to life. We've crossed some critical milestones. We've built the joint project plan. Our fulfillment plans are all completed. Brand selections and store selections for this first wave are all done. We're finalizing our IT requirements, our training of our Target team members and the joint marketing strategies. But we're on track to deliver and launch this at the end of late summer, and we're really looking forward to this coming to life and having our guests see what this is all going to bring to play for Target and Ulta Beauty together. To the 90 million loyalty members of Target and 32 million of ours, I just think that the ecosystem that this is going to deliver for the world of beauty is going to be second to none.

是的。絕對地。令人興奮的是，它與 Target 團隊高度協作，我們有一個跨職能團隊，他們正在努力將 Ulta Beauty at Target 概念變為現實。我們已經跨越了一些關鍵的里程碑。我們已經制定了聯合項目計劃。我們的履行計劃全部完成。第一波的品牌選擇和門店選擇都完成了。我們正在最終確定我們的 IT 要求、我們對 Target 團隊成員的培訓以及聯合營銷策略。但我們有望在夏末交付並推出這款產品，我們真的很期待這款產品的出現，讓我們的客人看到這一切將為 Target 和 Ulta Beauty 帶來什麼.對於 Target 的 9000 萬忠誠會員和我們的 3200 萬忠誠會員，我只是認為這將為美容世界提供的生態系統將是首屈一指的。

We have reached the end of our question-and-answer session. I'll now turn the call over to Dave Kimbell for closing remarks.

我們的問答環節已經結束。我現在將電話轉給 Dave Kimbell 作結束語。

Great. Thank you all for joining us today. Fiscal 2021 is off to a great start, and I want to close by thanking the entire Ulta Beauty team for their collective efforts to support the business and to meaningfully engage with our guests at every touch point. Our team is the secret to our success, and I'm so grateful for their impact, particularly during these disrupted times.

偉大的。感謝大家今天加入我們。 2021 財年開局良好，最後我想感謝整個 Ulta Beauty 團隊為支持業務所做的集體努力，並在每一個接觸點與我們的客人進行有意義的互動。我們的團隊是我們成功的秘訣，我非常感謝他們的影響，尤其是在這些混亂時期。

I also want to thank our brand partners for their continued support as we navigate the dynamic operating environment. We are encouraged by the momentum we're seeing in the business and excited about our opportunity as consumers gain confidence and engage in the new normal. While the sequence and sustainability of demand remains difficult to predict, our teams are prepared and actively engaged to capitalize on opportunities as they arise. We remain very excited about the opportunity for Ulta Beauty to continue leading the beauty category recovery and we look forward to speaking with all of you again in August when we report our second quarter results. Thank you.

我還要感謝我們的品牌合作夥伴在我們應對動態運營環境時的持續支持。隨著消費者獲得信心並參與新常態，我們對我們在業務中看到的勢頭感到鼓舞，並對我們的機會感到興奮。雖然需求的順序和可持續性仍然難以預測，但我們的團隊已做好準備並積極參與，以在機會出現時加以利用。我們對 Ulta Beauty 有機會繼續引領美容品類復甦感到非常興奮，我們期待在 8 月報告第二季度業績時再次與大家交談。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。