Ulta Beauty Inc (ULTA) 2020 Q4 法說會逐字稿

Greetings, and welcome to the Ulta Beauty Fourth Quarter 2020 Earnings Results Conference Call.

您好，歡迎來到 Ulta Beauty 2020 年第四季度收益結果電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Ms. Kiley Rawlins, Vice President, Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁 Kiley Rawlins 女士。

Please proceed.

請繼續。

Thank you, Laura, and good afternoon, everyone.

謝謝你，勞拉，大家下午好。

Joining me on the call today are Mary Dillon, Chief Executive Officer; Scott Settersten, Chief Financial Officer; and Dave Kimbell, President.

今天和我一起參加電話會議的是首席執行官 Mary Dillon； Scott Settersten，首席財務官；和總裁戴夫金貝爾。

Before we begin, I'd like to remind you that statements 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.

在我們開始之前，我想提醒您，本次電話會議上的陳述並非歷史事實，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。

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.

由於存在許多風險和不確定性，實際的未來結果可能與此類聲明中預測的結果存在重大差異，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。

We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, March 11, 2021.

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 3 月 11 日發表。

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.

除非法律要求，否則我們沒有義務更新或修改我們的前瞻性陳述，您不應期望我們這樣做。

In today's comments, we will discuss certain non-GAAP financial measures, including adjusted operating income, adjusted net income and adjusted diluted EPS, which have been presented to reflect our view of our ongoing operations by adjusting fiscal 2020 results for store impairment charges, costs associated with the permanent closure of 19 stores and the decision to suspend our expansion into Canada as well as other restructuring costs, and adjusting both 2020 and 2019 for stock compensation and other tax credits.

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、成本的結果來反映我們對持續運營的看法與永久關閉 19 家商店和暫停我們向加拿大擴張的決定以及其他重組成本有關，並調整 2020 年和 2019 年的股票補償和其他稅收抵免。

A reconciliation of these measures to the corresponding GAAP measures can be found in our earnings release, which is available on -- in the Investor Relations section of our website at www.ulta.com.

這些措施與相應的 GAAP 措施的協調可以在我們的收益發布中找到，該發布可在我們網站 www.ulta.com 的投資者關係部分找到。

Following prepared remarks from our leadership team, we will open the call for questions.

在我們的領導團隊準備好發言後，我們將開始提問。

As our prepared remarks will be longer than usual, we plan to end our call today at 5:15 Central Time.

由於我們準備好的發言會比平時更長，我們計劃在今天中部時間 5:15 結束通話。

(Operator Instructions) As always, the IR team will be available for any follow-up questions you have after the call.

（操作員說明）與往常一樣，IR 團隊將在通話後回答您的任何後續問題。

Now I'd like to turn the call over to Mary.

現在我想把電話轉給瑪麗。

Mary?

瑪麗？

Thank you, Kiley, and good afternoon, everyone.

謝謝 Kiley，大家下午好。

I'll start today with comments about our leadership transition plans and then share highlights from our fourth quarter and full year results.

我將從今天開始評論我們的領導層交接計劃，然後分享我們第四季度和全年業績的亮點。

Then Dave will discuss our priorities for 2021, and Scott will review the financial results and our outlook.

然後 Dave 將討論我們 2021 年的優先事項，Scott 將審查財務結果和我們的展望。

Starting with the succession plans we announced this afternoon.

從我們今天下午宣布的繼任計劃開始。

I am very excited to announce that in June, Dave Kimbell will become CEO of Ulta Beauty, and I will transition to Executive Chair of the Board.

我非常高興地宣布，6 月，Dave Kimbell 將成為 Ulta Beauty 的首席執行官，而我將轉任董事會執行主席。

In addition, Kecia Steelman will be elevated to Chief Operating Officer in June.

此外，Kecia Steelman 將於 6 月晉升為首席運營官。

In conjunction with these changes, Bob DiRomualdo will retire from his role as Chair of the Board as planned, and Lorna Nagler will assume the role of Lead Independent Director.

結合這些變化，Bob DiRomualdo 將按計劃從董事會主席一職退休，而 Lorna Nagler 將擔任首席獨立董事。

These changes reflect a thorough and thoughtful succession planning process I have engaged in with our Board of Directors over multiple years and are designed to ensure strategic and leadership continuity as Ulta Beauty moves into its next chapter of growth.

這些變化反映了我多年來與董事會一起參與的全面而周到的繼任計劃流程，旨在確保隨著 Ulta Beauty 進入下一階段的增長而實現戰略和領導的連續性。

I personally want to thank our Board for their care, consideration and oversight of this important process.

我個人要感謝我們的董事會對這一重要流程的關心、考慮和監督。

After serving as CEO for nearly 8 years, I believe the time is right for me and for Ulta Beauty to make this change.

在擔任首席執行官近 8 年之後，我相信我和 Ulta Beauty 是時候做出這一改變了。

We have a differentiated business model that has proven its strength over and over again throughout our 30-plus year history and position Ulta Beauty as a leader in the beauty industry.

我們擁有差異化的商業模式，在我們 30 多年的歷史中一次又一次地證明了它的實力，並將 Ulta Beauty 定位為美容行業的領導者。

We've developed and sustained a world-class, guest-centric, values-based, high-performance culture.

我們已經發展並維持了世界一流、以客人為中心、以價值觀為基礎的高績效文化。

We're emerging from the 2020 pandemic with a strong foundation and good operational momentum, and we have a talented, diverse and experienced team of leaders to drive our next phase of growth.

我們正以堅實的基礎和良好的運營勢頭走出 2020 年的大流行病，我們擁有一支才華橫溢、多元化且經驗豐富的領導團隊來推動我們下一階段的增長。

While I'm proud of what we've achieved over these past 8 years, I truly believe now is the time for my successor and their leadership team to continue the journey.

雖然我為我們在過去 8 年中取得的成就感到自豪，但我堅信現在是我的繼任者和他們的領導團隊繼續前進的時候了。

Since joining Ulta Beauty as Chief Marketing Officer in 2014, Dave has continued to expand his leadership responsibilities, ultimately assuming the role of President in 2019.

自 2014 年加入 Ulta Beauty 擔任首席營銷官以來，Dave 不斷擴大其領導職責，最終於 2019 年擔任總裁一職。

Highly regarded in the beauty industry, Dave is a results-driven, guest-focused, inclusive leader who've to motivate teams and activate strategies to move our business forward.

Dave 在美容行業備受推崇，他是一位以結果為導向、以客戶為中心、具有包容性的領導者，他必須激勵團隊並激活戰略以推動我們的業務向前發展。

Dave's passion for Ulta Beauty, our guests and our associates is extraordinary, and I believe there was no one more prepared or better suited to lead Ulta Beauty into the future.

Dave 對 Ulta Beauty、我們的客人和我們的同事充滿熱情，我相信沒有人比他更有準備或更適合帶領 Ulta Beauty 走向未來。

Kecia Steelman joined Ulta Beauty in 2014 as Senior Vice President of Operations before assuming the role of Chief Store Operations Officer in 2015.

Kecia Steelman 於 2014 年加入 Ulta Beauty，擔任運營高級副總裁，之後於 2015 年擔任首席門店運營官。

In this role, she has overseen all aspects of store and salon operations, leading passionate associates to consistently deliver great experiences for our guests, even as we nearly doubled our footprint.

在這個職位上，她負責監督商店和沙龍運營的各個方面，帶領熱情的員工始終如一地為我們的客人提供卓越的體驗，即使我們的足跡幾乎翻了一番。

As Chief Operating Officer, Kecia will have responsibility for store and services operations, supply chain, external partnerships, including Ulta Beauty at Target and key enterprise-wide continuous improvement initiatives.

作為首席運營官，Kecia 將負責商店和服務運營、供應鏈、外部合作夥伴關係，包括 Target 的 Ulta Beauty 和關鍵的企業範圍持續改進計劃。

Dave and Kecia will be supported by an executive team with deep expertise and Ulta Beauty experience.

Dave 和 Kecia 將得到一支擁有深厚專業知識和 Ulta Beauty 經驗的執行團隊的支持。

My focus has been and will continue to be on Ulta Beauty.

我一直並將繼續關注 Ulta Beauty。

And in my new role as Executive Chair, I'll advise and support Dave on key issues, including strategy, external relationships and organizational development.

在我擔任執行主席的新職位上，我將在戰略、外部關係和組織發展等關鍵問題上為 Dave 提供建議和支持。

My plan is to remain in the Executive Chair role for 1 year.

我的計劃是繼續擔任執行主席一職 1 年。

I am optimistic and excited about the long-term growth opportunity for Ulta Beauty, and I'm confident that under Dave's leadership, Ulta Beauty will keep shaping and leading the beauty industry for many years to come.

我對 Ulta Beauty 的長期增長機會感到樂觀和興奮，我相信在 Dave 的領導下，Ulta Beauty 將在未來許多年繼續塑造和引領美容行業。

Now let's talk about our fourth quarter performance.

現在讓我們談談我們第四季度的表現。

The Ulta Beauty team delivered better-than-expected results for the fourth quarter.

Ulta Beauty 團隊第四季度的業績好於預期。

For the quarter, net sales were $2.2 billion, and GAAP diluted EPS was $3.03 per share.

本季度淨銷售額為 22 億美元，GAAP 攤薄後每股收益為 3.03 美元。

Adjusted diluted EPS for the quarter was $3.41 per share.

本季度調整後的攤薄每股收益為 3.41 美元。

Strong enterprise-wide execution of our plans, combined with improving trends in consumer demand, resulted in momentum across multiple metrics, including sales, transactions and profitability.

我們計劃在整個企業範圍內的強有力執行，加上消費者需求趨勢的改善，導致了包括銷售、交易和盈利在內的多個指標的增長勢頭。

We experienced less disruption from COVID than we anticipated in the quarter, and top line trends improved across all channels and all categories, resulting in a comp store sales decline of 4.8%, an improvement compared to the 8.9% decline in the third quarter.

我們在本季度受到 COVID 的干擾比我們預期的要少，並且所有渠道和所有類別的收入趨勢都有所改善，導致商店銷售額下降 4.8%，與第三季度 8.9% 的下降相比有所改善。

We kicked off the holiday season in early November with our multichannel See the Joy campaign, targeted marketing and promotional activity and an extended Black Friday event.

我們在 11 月初以多渠道 See the Joy 活動、有針對性的營銷和促銷活動以及延長的黑色星期五活動拉開了假期的序幕。

We continue to lean into our successful We Love Our Members events throughout holiday, rewarding guests with member-only offers promoted broadly across channels to reinforce the value of the program and to engage our members.

我們將繼續在整個假期期間開展成功的“We Love Our Members”活動，通過跨渠道廣泛推廣的會員專享優惠來獎勵客人，以加強該計劃的價值並吸引我們的會員。

And we leveraged our CRM and analytics capabilities to expand our reach and maximize productivity.

我們利用我們的 CRM 和分析功能來擴大我們的影響範圍並最大限度地提高生產力。

We drove strong sell-through of holiday merchandise and core product, and transitioned quickly after holiday to support our strategic Love Your Skin and Jumbo Love events.

我們推動了節日商品和核心產品的強勁銷售，並在節後迅速過渡以支持我們的戰略性 Love Your Skin 和 Jumbo Love 活動。

The planned expansion of our gift card program drove robust year-over-year growth in gift card sales during the holiday period and delivered elevated redemption activity in stores post-holiday.

我們計劃擴展的禮品卡計劃推動了節日期間禮品卡銷售額的同比強勁增長，並在節後提高了商店的兌換活動。

Our e-commerce business increased more than 70%.

我們的電子商務業務增長超過 70%。

With increased fulfillment capacity in place, our DC and store teams did an excellent job supporting record level of e-commerce demand.

隨著履行能力的提高，我們的 DC 和商店團隊在支持創紀錄水平的電子商務需求方面做得非常出色。

Limitations on in-store capacity and reduced operating hours are still in place, but we're encouraged by the momentum we're seeing in store traffic.

店內容量限制和營業時間減少仍然存在，但我們對店內客流量的增長勢頭感到鼓舞。

From a category perspective, we continue to increase our market share across most major prestige beauty categories.

從類別的角度來看，我們繼續增加我們在大多數主要知名美容類別中的市場份額。

Starting with one of our strategic growth categories, skincare delivered a low double-digit comp.

從我們的戰略增長類別之一開始，護膚品實現了兩位數的低收入。

In addition to broader self-care and wellness trends, newness and engagement and social media platforms are driving interest in newer brands like The Ordinary and Urban Skin Rx as well as established brands like CeraVe and First Aid Beauty.

除了更廣泛的自我護理和健康趨勢外，新穎性和參與度以及社交媒體平台正在推動人們對 The Ordinary 和 Urban Skin Rx 等新品牌以及 CeraVe 和 First Aid Beauty 等知名品牌的興趣。

Fragrance and bath delivered strong double-digit comp growth delivered -- driven by newness and a strong base fragrance business from brands like Chanel and Dior.

香水和沐浴產品實現了兩位數的強勁增長——這得益於香奈兒和迪奧等品牌的新穎性和強大的基礎香水業務。

Bath also continued to benefit from self-care trends, newness and social media engagement.

巴斯還繼續受益於自我保健趨勢、新鮮事物和社交媒體參與。

Comp sales in haircare were down slightly in the quarter, primarily reflecting planned changes to our Jumbo Love event, which negatively impacted top line growth but delivered significant profit improvement.

本季度護髮產品的銷售額略有下降，主要反映了我們計劃對 Jumbo Love 活動進行的更改，這對收入增長產生了負面影響，但帶來了顯著的利潤改善。

Excluding the event, comp sales in the haircare category were positive for the quarter, driven by hair color, color care, texture and innovation.

不包括該活動，受染髮、護色、質地和創新的推動，本季度護髮品類的銷售額為正。

Prestige hair continues to be an area of focus.

高貴的頭髮仍然是一個重點領域。

And in January, we launched Briogeo, a black-owned clean brand formulated for all hair types in all stores and online.

1 月份，我們推出了 Briogeo，這是一個黑人擁有的清潔品牌，適用於所有商店和網上的所有頭髮類型。

Comp sales in the makeup category were negative but improved sequentially, reflecting less year-over-year product newness and continued mask wearing and limitations on makeup wearing occasions.

化妝品類別的比較銷售額為負，但環比有所改善，反映出同比產品新品較少、持續佩戴口罩和化妝場合的限制。

While new launches were limited, we do see guests eager to engage with newness from established brands like Too Faced and NYX as well as new brands, including Laura Mercier, KVD Beauty and HOURGLASS.

雖然新推出的產品有限，但我們確實看到客人渴望接觸 Too Faced 和 NYX 等知名品牌以及 Laura Mercier、KVD Beauty 和 HOURGLASS 等新品牌的新鮮事物。

Sales from our services business were down more than 40% in the fourth quarter due to a decline in transactions, while average ticket continued to be higher.

由於交易量下降，我們服務業務的銷售額在第四季度下降了 40% 以上，而平均票價繼續走高。

Our services business remains adversely impacted by COVID-related capacity constraints and local restrictions, but we're starting to see some local markets increase capacity thresholds.

我們的服務業務仍然受到與 COVID 相關的產能限制和當地限制的不利影響，但我們開始看到一些當地市場提高了產能門檻。

While we ended fiscal 2020 with 30.7 million loyalty members, about 10% fewer than last year, we maintained strong retention levels of our high-value platinum and diamond members.

雖然我們在 2020 財年結束時擁有 3070 萬忠誠會員，比去年減少約 10%，但我們保持了高價值白金和鑽石會員的強勁保留水平。

The reduction in total members was anticipated given store closures earlier in the year and ongoing store traffic challenges.

考慮到今年早些時候商店關閉和持續的商店流量挑戰，預計會員總數會減少。

Importantly, we saw a rebound in new membership this quarter as our store associates delivered stronger conversion versus last year.

重要的是，本季度我們看到新會員數量出現反彈，因為我們的門店員工實現了比去年更高的轉化率。

Reactivation trends also rebounded due to amplified marketing and promotional efforts across print and digital channels.

由於印刷和數字渠道的營銷和促銷力度加大，重新激活趨勢也出現反彈。

We also saw good growth in our credit card program, increasing our member penetration by about 400 basis points versus last year, reflecting strong acquisition and retention of our highly engaged credit card members.

我們的信用卡計劃也取得了良好的增長，與去年相比，我們的會員普及率提高了約 400 個基點，這反映了我們高度參與的信用卡會員的強勁收購和保留。

We ended the year with noteworthy changes in our member channel mix.

我們以會員渠道組合的顯著變化結束了這一年。

While 2/3 of our members continue to be in-store-only shoppers this year, our mix of omnichannel members nearly doubled to 23% of members, and our online-only members grew to 12% of members.

今年我們有 2/3 的會員仍然是實體店購物者，但我們的全渠道會員組合幾乎翻了一番，達到 23%，我們的在線會員增長到 12%。

While Scott will take you through the details of the P&L in a few minutes, I want to highlight 2 areas of focus that are delivering tangible results for our profitability.

雖然 Scott 將在幾分鐘內向您詳細介紹損益表，但我想強調 2 個重點領域，它們為我們的盈利能力帶來了切實的成果。

First, we continue to see strong success in optimizing our promotions.

首先，我們在優化促銷活動方面繼續取得巨大成功。

We offered a number of compelling promotions during holiday, but we further leveraged our CRM capabilities to be more targeted and more profitable with our offers.

我們在假期期間提供了許多引人注目的促銷活動，但我們進一步利用我們的 CRM 功能來更有針對性地提供更多利潤。

Post-holiday, we saw an opportunity to be more strategic and employ relevant storytelling to drive guest engagement.

節後，我們看到了一個更具戰略性的機會，並利用相關的故事來推動客人的參與。

For our Love Your Skin and Jumbo Love event, we took a content-forward approach across print and digital channels to focus on education and routines, highlighted newness like never before and refined the focus of offers in brand participation.

對於我們的 Love Your Skin 和 Jumbo Love 活動，我們採用了跨印刷和數字渠道的內容轉發方法，專注於教育和日常活動，以前所未有的方式突出新鮮感，並完善了品牌參與活動的重點。

As a result of these efforts, we delivered meaningful improvement in our merchandise margin.

由於這些努力，我們在商品利潤率方面取得了有意義的改善。

Second, we continued to take steps to reset our cost structure.

其次，我們繼續採取措施重置我們的成本結構。

After a thorough and thoughtful evaluation of work and capabilities across every corporate function, this quarter, we eliminated approximately 340 roles, resulting in a charge in the quarter of approximately $10 million.

在對每個公司職能部門的工作和能力進行全面和深思熟慮的評估之後，本季度，我們裁減了大約 340 個職位，導致本季度的費用約為 1000 萬美元。

Even as we made difficult decisions to eliminate certain roles, we also reorganized select teams, expanded some roles and introduced a number of new positions in key investment areas aligned to our strategic priorities.

即使我們做出了取消某些角色的艱難決定，我們也重組了精選團隊，擴大了一些角色，並在符合我們戰略重點的關鍵投資領域引入了許多新職位。

We expect these decisions will result in approximately $50 million of SG&A savings in 2021.

我們預計這些決定將在 2021 年節省大約 5000 萬美元的 SG&A。

These decisions were incredibly difficult, but I'm proud of the respect, care and compassion that went into the process.

這些決定非常困難，但我為過程中的尊重、關懷和同情感到自豪。

I'm confident these changes, combined with planned investments to enhance our enterprise capabilities, will position Ulta Beauty for continued success in the short and long term.

我相信這些變化，加上計劃投資以增強我們的企業能力，將使 Ulta Beauty 在短期和長期內取得持續成功。

And now turning to the full year.

現在轉向全年。

From a financial perspective, total sales were $6.2 billion; comp store sales decreased 17.9%; and GAAP diluted EPS was $3.11 per share.

從財務角度來看，總銷售額為 62 億美元；商店銷售額下降 17.9%； GAAP 稀釋每股收益為 3.11 美元。

Adjusted diluted EPS for the year was $4.68 per share.

全年調整後的攤薄每股收益為 4.68 美元。

While fiscal 2020 was not the year we originally planned, I am proud of how our teams adjusted and responded to the unprecedented challenges, and I want to express my sincere appreciation to my leadership team and all Ulta Beauty associates for their flexibility, agility and unwavering commitment to our guests and to each other.

雖然 2020 財年不是我們最初計劃的一年，但我為我們的團隊如何調整和應對前所未有的挑戰感到自豪，我要對我的領導團隊和所有 Ulta Beauty 員工的靈活性、敏捷性和堅定不移表示衷心的感謝對客人和彼此的承諾。

Facing a very dynamic operating environment early in 2020, we moved quickly to align on 6 strategic priorities intended to expand our market share and extend our competitive advantages.

面對 2020 年初充滿活力的運營環境，我們迅速採取行動，將 6 個戰略重點放在一起，以擴大我們的市場份額並擴大我們的競爭優勢。

We made meaningful progress across each of these priorities in 2020.

2020 年，我們在所有這些優先事項上都取得了有意義的進展。

Our teams continue to deliver great omnichannel experiences for our guests.

我們的團隊繼續為我們的客人提供出色的全渠道體驗。

After temporarily closing all of our stores in March in response to the spread of the virus, we began welcoming back guests and associates to stores in May with our new shop safe standards in all stores and enhanced digital shopping capabilities to keep our guests and our associates safe.

在 3 月份為應對病毒傳播而暫時關閉了我們所有的商店之後，我們在 5 月份開始歡迎客人和員工回到商店，我們在所有商店實施了新的商店安全標準，並增強了數字購物功能，以留住我們的客人和員工安全的。

While store traffic remained challenged, sales through our digital channels doubled in fiscal 2020.

儘管商店客流量仍然面臨挑戰，但我們數字渠道的銷售額在 2020 財年翻了一番。

To meet this increased demand, we expanded our e-commerce fulfillment capabilities, including the opening of our Jacksonville fast fulfillment center, expansion of our ship from store capabilities and introduction of curbside pickup.

為了滿足這種不斷增長的需求，我們擴展了我們的電子商務履行能力，包括開設我們的傑克遜維爾快速履行中心、擴大我們的商店發貨能力以及引入路邊取貨。

Reflecting increased safety concerns, we restricted the use of testers in stores but accelerated our virtual try-on capabilities.

為反映日益增加的安全問題，我們限制了店內測試人員的使用，但加快了我們的虛擬試穿能力。

We expanded GLAMlab, our virtual try-on tool, beyond cosmetics to include hair color, false lashes and the Benefit Brow Bar.

我們擴展了 GLAMlab，我們的虛擬試戴工具，除了化妝品，還包括頭髮顏色、假睫毛和 Benefit Brow Bar。

We expanded our shade library to include more than 11,000 shades.

我們擴展了我們的色調庫以包含超過 11,000 種色調。

We introduced QR code so that guests could virtually try on shades while in store.

我們引入了二維碼，這樣客人就可以在店內虛擬試色。

We also introduced a digital skin analysis tool to assess guest skincare needs and offer personalized product and regimen recommendations.

我們還推出了數字皮膚分析工具來評估客人的護膚需求，並提供個性化的產品和養生建議。

In 2020, more than 11 million guests engaged with these tools, trying on more than 100 million shades through the app and ulta.com.

2020 年，超過 1100 萬客人使用了這些工具，通過該應用程序和 ulta.com 嘗試了超過 1 億種色調。

In a year that saw the contraction of the U.S. prestige beauty market, Ulta Beauty gained dollar share, specifically in key categories, such as makeup, skincare and fragrance based on NPD's point-of-sale data for the 52 weeks ending January 30, 2021.

根據 NPD 截至 2021 年 1 月 30 日的 52 週銷售點數據，在美國高端美容市場萎縮的一年中，Ulta Beauty 獲得了美元份額，特別是在化妝品、護膚品和香水等關鍵類別.

We expanded our assortment in key growth categories like skincare, haircare and wellness to provide guests with engaging newness and innovation.

我們擴大了護膚品、護髮品和保健品等主要增長品類的品類，為客人提供引人入勝的新穎和創新產品。

And we launched Conscious Beauty at Ulta Beauty in stores and at ulta.com, certifying more than 230 brands across 4 key pillars: clean ingredients; cruelty-free; vegan; and sustainable packaging.

我們在 Ulta Beauty 的商店和 ulta.com 上推出了 Conscious Beauty，認證了 4 個關鍵支柱的 230 多個品牌：清潔成分；無殘忍；素食主義者；和可持續包裝。

Our marketing teams pivoted quickly to reflect the environment.

我們的營銷團隊迅速調整以反映環境。

And as a result, we maintained our unaided awareness in the mid-50% range and increased our aided awareness.

因此，我們將獨立意識保持在 50% 左右的範圍內，並提高了輔助意識。

We drove innovation in our Ultamate Rewards loyalty program, launching new member appreciation events, implementing new reactivation campaigns and reinforcing the value of the program across all communication channels.

我們推動了 Ultamate Rewards 忠誠度計劃的創新，發起了新會員答謝活動，實施了新的重新激活活動，並在所有溝通渠道中加強了該計劃的價值。

Behind the scenes, we expanded our CRM capabilities, leveraging new propensity modeling applications to optimize the return on print investment and reengage with labs and at-risk members in our marketing outreach.

在幕後，我們擴展了我們的 CRM 功能，利用新的傾向建模應用程序來優化印刷投資回報，並在我們的營銷推廣中與實驗室和高風險成員重新接觸。

We took actions in fiscal 2020 also to adjust our cost structure.

我們在 2020 財年也採取了行動來調整我們的成本結構。

We delivered meaningful reductions in occupancy costs through aggressive negotiations and effective portfolio management, and we permanently closed 19 stores to further strengthen our store portfolio.

我們通過積極的談判和有效的投資組合管理顯著降低了入住成本，並且我們永久關閉了 19 家門店，以進一步加強我們的門店組合。

We made changes to our store management structure to improve efficiency and productivity, and we took steps to rightsize our corporate structure.

我們改變了我們的商店管理結構以提高效率和生產力，並採取措施調整我們的公司結構。

We announced, of course, an exclusive partnership with Target Corporation that will disrupt the beauty category and change how guests experience beauty.

當然，我們宣布與 Target Corporation 建立獨家合作夥伴關係，這將顛覆美容品類並改變客人體驗美容的方式。

And finally, we published our first ESG report, sharing our efforts and commitments in 4 key pillars: people, product, community and the environment.

最後，我們發布了第一份 ESG 報告，分享了我們在 4 個關鍵支柱方面的努力和承諾：人員、產品、社區和環境。

While we're early in our journey, I am proud of the progress we've made in these areas, particularly as it relates to diversity and inclusion.

雖然我們的旅程還處於早期階段，但我為我們在這些領域取得的進展感到自豪，尤其是在多元化和包容性方面。

Diversity and inclusion have always been important at Ulta Beauty as we want all associates to feel they can be their true authentic selves.

多元化和包容性在 Ulta Beauty 一直很重要，因為我們希望所有員工都覺得他們可以做真正的自己。

Given the events that unfolded throughout 2020, addressing racial and social injustice has become more important than ever.

鑑於整個 2020 年發生的事件，解決種族和社會不公正問題變得比以往任何時候都更加重要。

At the end of fiscal 2020, 91% of our associates were women and 47% of our associates were people of color.

到 2020 財年末，我們 91% 的員工是女性，47% 的員工是有色人種。

On our leadership team, 64% were female and 18% were people of color.

在我們的領導團隊中，64% 是女性，18% 是有色人種。

We recently announced new commitments to help us progress further in our journey to support greater diversity, inclusivity and equity.

我們最近宣布了新的承諾，以幫助我們在支持更大多樣性、包容性和公平性的旅程中取得進一步進展。

Our team is deeply committed to leading purposefully with and for underrepresented voices across retail and beauty.

我們的團隊堅定地致力於有目的地領導零售和美容行業中未被充分代表的聲音。

Fiscal 2020 was a difficult year, but the progress we've made positions us well to grow and lead in a post-COVID environment.

2020 財年是艱難的一年，但我們取得的進展使我們能夠在後 COVID 環境中成長和領先。

And now I'd like to introduce Dave Kimbell, who will share more about our plans and priorities for fiscal '21.

現在我想介紹 Dave Kimbell，他將分享更多關於我們 21 財年的計劃和優先事項。

Dave?

戴夫？

Thanks, Mary.

謝謝，瑪麗。

Before I discuss our priorities for 2021, I want to thank you, Mary, for your world-class and exceptional leadership of Ulta Beauty, and personally, for your mentorship.

在我討論 2021 年的優先事項之前，我要感謝你，瑪麗，感謝你對 Ulta Beauty 的世界級和卓越的領導，並親自感謝你的指導。

Your impact on our company has been tremendous.

你對我們公司的影響是巨大的。

Under your leadership, Ulta Beauty has grown to become a beloved beauty destination, known as a welcoming and accessible place for guests and an inclusive workplace, offering outstanding career opportunities for associates.

在您的領導下，Ulta Beauty 已發展成為一個深受喜愛的美容目的地，被譽為賓客熱情好客的場所和包容性的工作場所，為員工提供出色的職業機會。

I'm grateful to have worked alongside you for many years and look forward to your ongoing support and guidance as I transition to my new role in June.

我很高興與您一起工作多年，並期待在我 6 月份過渡到新職位時繼續得到您的支持和指導。

I also want to express my sincere appreciation to our Board of Directors for the opportunity to become Ulta Beauty's next CEO and to all of our associates and partners for their continued support.

我還想對我們的董事會表示衷心的感謝，感謝他們有機會成為 Ulta Beauty 的下一任首席執行官，並感謝我們所有的同事和合作夥伴的持續支持。

In addition, I want to offer congratulations to Kecia on her well-deserved promotion to Chief Operating Officer.

此外，我要祝賀 Kecia 當之無愧地晉升為首席運營官。

I look forward to leading with Kecia and our experienced diverse executive team in service of our Ulta Beauty associates, our guests and our shareholders.

我期待與 Kecia 和我們經驗豐富的多元化管理團隊一起領導，為我們的 Ulta Beauty 員工、我們的客人和我們的股東提供服務。

I am passionate about the beauty category, the vibrant and dynamic business we have built, and the role we play in the beauty industry and in our guests' lives.

我對美容品類、我們建立的充滿活力和活力的業務以及我們在美容行業和客人生活中扮演的角色充滿熱情。

Ulta Beauty is the leading destination for beauty discovery and meaningful human experiences, and I am excited and humbled by the opportunity to lead such a strong organization through the next phase of its growth.

Ulta Beauty 是美容髮現和有意義的人類體驗的主要目的地，我很高興有機會領導這樣一個強大的組織進入下一階段的發展。

As Mary said earlier, fiscal 2020 was a difficult year, but our teams met the challenges with agility, creativity and an unwavering focus on serving our guests.

正如 Mary 早些時候所說，2020 財年是艱難的一年，但我們的團隊以敏捷、創造力和堅定不移地專注於為客人服務來迎接挑戰。

As a result, we begin 2021 with a strong foundation from which we can accelerate our growth and shape how guests experience beauty in the post-COVID environment.

因此，我們在 2021 年打下了堅實的基礎，從中我們可以加速發展並塑造客人在後 COVID 環境中體驗美的方式。

As we think about growth opportunities in the new normal, we are focused on 6 strategic priorities to continue expanding our market share gains and extending our competitive advantages.

當我們考慮新常態下的增長機會時，我們專注於 6 個戰略重點，以繼續擴大我們的市場份額收益並擴大我們的競爭優勢。

First, we are committed to meeting guests wherever they want to shop, whether it's in physical stores or on digital platforms.

首先，我們致力於在客人想購物的任何地方與他們會面，無論是在實體店還是在數字平台上。

To support this commitment, we're building capabilities to win in an increasingly omnichannel world.

為了支持這一承諾，我們正在培養在日益全渠道的世界中取勝的能力。

This is not a new journey for us.

這對我們來說不是新的旅程。

And as Mary noted, we made a lot of progress in 2020.

正如 Mary 指出的那樣，我們在 2020 年取得了很大進展。

As we look forward to 2021, we plan to continue to expand and refresh our store fleet, including opening approximately 40 net new stores this year; further accelerate our e-commerce business through elevated marketing, loyalty engagement and advancement on our journey to create a more personalized experience for our guests on all our digital platforms; continue to evolve our supply chain to enable more flexibility while also supporting our omnichannel strategies; and as the newest pillar in our omnichannel strategy, successfully open Ulta Beauty at Target.

展望 2021 年，我們計劃繼續擴大和更新我們的門店數量，包括今年淨開設約 40 家新店；通過提升營銷、忠誠度參與和推進我們的旅程，進一步加速我們的電子商務業務，為我們所有數字平台上的客人創造更加個性化的體驗；繼續發展我們的供應鏈，以實現更大的靈活性，同時支持我們的全渠道戰略；作為我們全渠道戰略的最新支柱，在 Target 成功開設了 Ulta Beauty。

Since our November announcement about the new partnership with Target, our teams continue to make progress to bring our vision to life.

自我們 11 月宣布與 Target 建立新的合作夥伴關係以來，我們的團隊不斷取得進展，以實現我們的願景。

Our brands are excited to partner with us, and we have more brands than originally considered for the space, with strong support from our largest brand partners as well as several brands, which are exclusive to Ulta Beauty across makeup, skin, skincare, haircare and fragrance.

我們的品牌很高興與我們合作，在我們最大的品牌合作夥伴以及幾個品牌的大力支持下，我們擁有比原先考慮的更多的品牌，這些品牌是 Ulta Beauty 在彩妝、皮膚、護膚、護髮和香味。

We remain confident that this partnership is an innovative, forward-looking approach to further delight our existing members while also acquiring new members from the millions of guests shop in Target every day.

我們仍然相信，這種合作夥伴關係是一種創新的、具有前瞻性的方法，可以進一步取悅我們現有的會員，同時還可以從每天在 Target 購物的數百萬客人中獲得新會員。

We continue to see great social engagement and enthusiasm for Ulta Beauty at Target, and we're on track to launch online in about 100 stores in the fall, scaling to hundreds of stores in the next few years.

我們繼續看到 Target 對 Ulta Beauty 的巨大社會參與和熱情，我們有望在秋季在大約 100 家商店在線推出，並在未來幾年內擴展到數百家商店。

Our second strategic priority is to reimagine how guests experience and discover beauty across all touch points.

我們的第二個戰略重點是重新構想客人如何通過所有接觸點體驗和發現美。

COVID-19 has not changed the importance of beauty, and we are confident in the future growth of the category.

COVID-19 並未改變美的重要性，我們對該類別的未來增長充滿信心。

Beauty enthusiasts still value the human connection and physical experience of beauty but want to balance safety with the desire to discover and play with product.

美容愛好者仍然重視人際關係和美的物理體驗，但希望在安全與發現和玩產品的慾望之間取得平衡。

Reflecting these factors, we are elevating the end-to-end guest experience at Ulta Beauty.

考慮到這些因素，我們正在提升 Ulta Beauty 的端到端客戶體驗。

In 2021, we intend to safely reintroduce testers in select areas of the store and work closely with our brand partners to develop innovative sampling programs; drive enhancements to our digital experiences, further investing in our app, including guided education and recommendation experiences like our skin advisor; implement layout changes in select new stores to elevate key growth categories; unify the presentation of skincare makeup and improve the focus pickup experience; and as our associates have the greatest impact on the guest experience, we plan to implement training for our team, focused on priority categories like skincare as well as key skills to further strengthen human connections with our guests.

2021 年，我們打算在商店的特定區域安全地重新引入測試人員，並與我們的品牌合作夥伴密切合作，開發創新的抽樣計劃；推動增強我們的數字體驗，進一步投資我們的應用程序，包括指導教育和推薦體驗，如我們的皮膚顧問；對選定的新店實施佈局變更，以提升關鍵增長類別；統一護膚彩妝呈現，提升提神體驗；由於我們的員工對賓客體驗的影響最大，因此我們計劃對我們的團隊進行培訓，重點關注護膚等優先類別以及進一步加強與賓客的人際關係的關鍵技能。

Our third priority is to drive winning category strategies to engage and delight beauty enthusiasts and expand our market share.

我們的第三個優先事項是推動制勝品類戰略，以吸引和取悅美容愛好者，並擴大我們的市場份額。

Our curation of a diverse assortment focused on newness, exclusivity and leading brands has enabled us to grow our market share over time.

我們以新穎、獨特和領先品牌為重點的多元化產品組合使我們能夠隨著時間的推移擴大我們的市場份額。

Building on the progress we made in 2020, we plan to continue to strengthen our assortment in key growth categories like skincare and haircare while protecting our strength in makeup; scale our Conscious Beauty platform; introduce a new wellness shop to offer guests self-care for the mind, body and spirit; and double our number of black-owned brands while investing to increase awareness and support of those brands.

基於我們在 2020 年取得的進展，我們計劃繼續加強我們在護膚品和護髮品等關鍵增長類別的產品組合，同時保持我們在彩妝方面的實力；擴展我們的 Conscious Beauty 平台；引進一家新的健康商店，為客人提供身心和精神的自我保健；將我們的黑人品牌數量增加一倍，同時投資以提高對這些品牌的知名度和支持。

Our fourth priority is to deepen Ulta Beauty love, loyalty and engagement.

我們的第四個優先事項是加深 Ulta Beauty 的喜愛度、忠誠度和參與度。

Over time, we've evolved our brand purpose to build stronger connections with our guests and the changes and challenges our guests experienced in 2020 provide us with a unique opportunity to reinforce our brand purpose.

隨著時間的推移，我們已經發展了我們的品牌目標，以與我們的客人建立更牢固的聯繫，而我們的客人在 2020 年經歷的變化和挑戰為我們提供了一個獨特的機會來加強我們的品牌目標。

And of course, our loyalty program is central to our efforts to build brand love for Ulta Beauty.

當然，我們的忠誠度計劃對於我們為 Ulta Beauty 建立品牌喜愛度的努力至關重要。

In fiscal 2021, we are focused on creating culturally relevant content that leverages the power of beauty to deeply engage with guests across channels, including expanding our Where Dreams Begin campaign and building out our MUSE platform, which was developed to celebrate, honor and amplify black voices in beauty; expanding Beauty School at Ulta Beauty, our content-forward entertainment digital platform to drive hyper-relevant product and services engagement; increasing member growth across channels through new guest acquisition, lapsed member reengagement and targeted retention efforts; and we will accelerate spend and engagement through further personalization efforts, including advancing offer optimization in print and digital channels.

在 2021 財年，我們專注於創建與文化相關的內容，利用美的力量跨渠道與客人深入互動，包括擴大我們的 Where Dreams Begin 活動和構建我們的 MUSE 平台，該平台旨在慶祝、表彰和擴大黑人美麗的聲音；擴大我們的內容轉發娛樂數字平台 Ulta Beauty 的美容學校，以推動高度相關的產品和服務參與；通過新客人的獲取、失效會員的重新參與和有針對性的保留努力，促進跨渠道的會員增長；我們將通過進一步的個性化努力加快支出和參與度，包括推進印刷和數字渠道的優惠優化。

Our fifth priority is to drive holistic cost optimization.

我們的第五個優先事項是推動整體成本優化。

Like others, we face ongoing headwinds from macro cost, including wage pressure and transportation costs.

與其他人一樣，我們面臨著來自宏觀成本的持續不利因素，包括工資壓力和運輸成本。

We are also navigating category and channel shifts.

我們還在導航類別和渠道轉變。

In fiscal 2020, we actively took steps to reshape our organization and adjust our cost structure while also investing in new capabilities that will drive future growth.

在 2020 財年，我們積極採取措施重塑我們的組織並調整我們的成本結構，同時還投資於將推動未來增長的新能力。

Building on these efforts, we will continue to pursue process optimization opportunities in merchandising and supply chain while also looking for ways to reduce occupancy and operating costs.

在這些努力的基礎上，我們將繼續在銷售和供應鏈中尋求流程優化機會，同時尋找降低佔用和運營成本的方法。

Importantly, we will continue to invest some of these savings in support of our strategic priorities to drive growth.

重要的是，我們將繼續投資其中的一些儲蓄來支持我們推動增長的戰略重點。

Our final priority is to develop our talent and strengthen our culture.

我們的最後一個優先事項是發展我們的才能和加強我們的文化。

This is not a new priority.

這不是一個新的優先事項。

Our talent and culture are always in focus, and we know that our associates bring to life the Ulta Beauty brand for our guests.

我們始終關注人才和文化，我們知道我們的員工為我們的客人帶來了 Ulta Beauty 品牌。

I am incredibly proud of how our teams led through 2020 with respect, empathy and courage.

我為我們的團隊如何以尊重、同理心和勇氣領導 2020 年而感到無比自豪。

Looking to 2021, we will continue to work to create an environment where every associate feels they can fully contribute, and every guest is optimally served regardless of differences.

展望 2021 年，我們將繼續努力營造一個環境，讓每位員工都覺得自己可以充分貢獻自己的力量，讓每位客人無論差異如何都能得到最佳服務。

We will expand our training and development to inspire and empower our associates, and we will continue to enhance and magnify our diversity and inclusion efforts.

我們將擴大我們的培訓和發展以激勵和授權我們的員工，我們將繼續加強和擴大我們的多元化和包容性努力。

In closing, I am excited and optimistic about the future of Ulta Beauty.

最後，我對 Ulta Beauty 的未來感到興奮和樂觀。

Our business is emerging from 2020 with good momentum and a strong foundation in place.

從 2020 年開始，我們的業務勢頭良好，基礎穩固。

We are positioned to thrive going forward, and I am confident our team will continue to lead with creativity, passion and continued care for each other and our guests while leading the beauty industry, capturing market share and driving profitable growth.

我們有能力在未來蓬勃發展，我相信我們的團隊將繼續以創造力、熱情和對彼此和我們客人的持續關懷來引領，同時引領美容行業，奪取市場份額並推動盈利增長。

And now I'll turn the call over to Scott for a discussion of the quarter's financial results and our outlook for fiscal 2021.

現在我將把電話轉給斯科特，討論本季度的財務業績和我們對 2021 財年的展望。

Scott?

斯科特？

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

Before I review our financial results and provide our outlook for the year, I just wanted to take a moment on behalf of the entire executive team and all of our associates to congratulate Dave on his upcoming appointment as our next CEO.

在我回顧我們的財務業績並提供我們今年的展望之前，我只想代表整個執行團隊和我們所有的員工花一點時間祝賀戴夫即將被任命為我們的下一任首席執行官。

We are excited for Dave as he takes this next step in his already successful career and have the utmost confidence in his ability to lead Ulta Beauty through its next phase of growth.

我們為 Dave 感到興奮，因為他在他已經成功的職業生涯中邁出了下一步，並對他領導 Ulta Beauty 進入下一階段發展的能力充滿信心。

Now beginning with the income statement.

現在從損益表開始。

Net sales for the quarter declined 4.6%, and total company comp declined 4.8%.

本季度淨銷售額下降 4.6%，公司總收入下降 4.8%。

As Mary mentioned, we are incredibly pleased with our performance as top line results for the quarter were much better than our internal expectations.

正如 Mary 所提到的，我們對我們的表現感到非常滿意，因為本季度的最高業績遠好於我們的內部預期。

Average ticket increased 8.3%, primarily driven by an increase in units per transaction.

平均票價增長 8.3%，主要是受每筆交易數量增加的推動。

Transactions declined 12.2%.

交易量下降了 12.2%。

As we have seen in recent quarters, we experienced nice conversion in both channels.

正如我們在最近幾個季度看到的那樣，我們在兩個渠道中都經歷了不錯的轉化。

We continue to be impacted by softer traffic to stores as well as capacity limitations and fewer operating hours compared to last year.

與去年相比，我們繼續受到商店客流量減少、容量限制和營業時間減少的影響。

However, we are encouraged by the sequential improvement in store traffic during the fourth quarter.

然而，我們對第四季度商店客流量的環比改善感到鼓舞。

As expected, e-commerce growth slowed relative to the third quarter as demand in stores improved but still delivered very strong growth versus last year.

正如預期的那樣，電子商務增長相對於第三季度有所放緩，因為商店需求有所改善，但與去年相比仍實現了非常強勁的增長。

Our e-commerce operations delivered a sales increase of 72% for the quarter as guests continue to take advantage of our omnichannel capabilities.

由於客人繼續利用我們的全渠道功能，我們的電子商務業務在本季度實現了 72% 的銷售額增長。

Buy online, pick up in store and curbside were strong again this quarter, particularly in the weeks leading up to Christmas, and totaled about 15% of e-commerce sales for the quarter.

本季度在線購買、店內提貨和路邊銷售再次強勁，尤其是在聖誕節前幾週，總計約佔本季度電子商務銷售額的 15%。

Gross profit margin was 35.1%, an increase of about 10 basis points compared to 35% a year ago.

毛利率為35.1%，較一年前的35%上升約10個基點。

The largest driver of gross margin performance was an increase in merchandise margin, which was driven primarily by lower promotional activity as we chose not to repeat certain promotional activity from last year and continue to refine our promotional strategies.

毛利率表現的最大推動力是商品利潤率的增加，這主要是由於促銷活動減少，因為我們選擇不再重複去年的某些促銷活動，並繼續完善我們的促銷策略。

We also experienced a positive outcome from our holiday purchasing strategy, which reduced our exposure to limited edition holiday sets and leaned more into core product, resulting in higher sell-through and minimal post-season markdowns and clearance.

我們的假日採購策略也取得了積極成果，減少了我們對限量版假日套裝的接觸，更多地傾向於核心產品，從而提高了銷量，並將季後降價和清倉降到最低。

Lastly, we continue to see benefits from our cost optimization efforts across the organization.

最後，我們繼續看到整個組織的成本優化工作帶來的好處。

The increase in merchandise margin was partially offset by the impact of channel shift.

商品利潤率的增長部分被渠道轉移的影響所抵消。

However, we are pleased with the profitability improvement in our e-commerce business driven by continued strong adoption of our BOPIS and curbside capabilities as well as the impact from our efforts to refine our promotional strategy.

然而，我們對電子商務業務盈利能力的改善感到高興，這得益於我們 BOPIS 和路邊能力的持續強勁採用，以及我們努力完善促銷策略所產生的影響。

We also experienced deleverage of fixed costs due to lower sales, although the headwinds improved from what we experienced earlier in the year given the better sales trend and actions taken by our real estate team to strengthen our portfolio and reduce occupancy costs, including lease negotiation efforts and our decision to permanently close 19 stores.

由於銷售額下降，我們還經歷了固定成本的去槓桿化，儘管由於更好的銷售趨勢和我們的房地產團隊為加強我們的投資組合和降低入住成本而採取的行動，包括租賃談判努力，我們今年早些時候經歷的逆風有所改善以及我們永久關閉 19 家商店的決定。

SG&A expenses decreased to $514.1 million compared to $515.5 million in the fourth quarter of 2019.

SG&A 費用從 2019 年第四季度的 5.155 億美元降至 5.141 億美元。

The largest drivers of the decrease were lower store payroll and benefits, and lower variable store expenses as we adjusted to softer store traffic.

減少的最大驅動因素是商店工資和福利減少，以及可變商店費用減少，因為我們調整以適應更疲軟的商店流量。

These reductions were partially offset by higher marketing expense as we continue to prioritize and invest in digital and social channels and resume print advertising in preparation for the holiday season.

這些減少部分被更高的營銷費用所抵消，因為我們繼續優先考慮和投資數字和社交渠道，並恢復印刷廣告以為假期做準備。

We also experienced an increase in corporate overhead, primarily due to higher incentive compensation, reflecting our financial performance versus our internal targets, partially offset by reduced spending across multiple areas.

我們還經歷了公司間接費用的增加，這主要是由於更高的激勵薪酬，反映了我們的財務業績與我們的內部目標，部分被多個領域的支出減少所抵消。

We incurred about $18 million in PPE and COVID-related expenses during the quarter.

我們在本季度產生了約 1800 萬美元的 PPE 和 COVID 相關費用。

This quarter, we recorded a charge of $30.4 million for impairment, restructuring and other costs.

本季度，我們記錄了 3040 萬美元的減值、重組和其他費用。

Last quarter, we suspended our planned expansion to Canada, and our teams completed the wind down effort during the fourth quarter.

上個季度，我們暫停了向加拿大擴張的計劃，我們的團隊在第四季度完成了收尾工作。

This resulted in a $13.2 million charge related to lease termination costs, long-lived asset impairment charges and severance.

這導致了與租賃終止成本、長期資產減值費用和遣散費相關的 1320 萬美元費用。

We also recorded $10 million in severance associated with the charges -- changes made to our corporate and field management organization, $5.6 million in lease termination costs related to the previously announced permanent closure of 19 stores and $1.5 million due to the impairment of tangible long-lived assets and operating lease assets associated with certain stores.

我們還記錄了與費用相關的 1000 萬美元遣散費——對我們的公司和現場管理組織進行的更改，與先前宣布的 19 家商店永久關閉相關的 560 萬美元租賃終止費用以及由於有形長期資產減值而產生的 150 萬美元與某些商店相關的生活資產和經營租賃資產。

GAAP operating income decreased to $224.3 million compared to $287.8 million a year ago.

GAAP 營業收入從一年前的 2.878 億美元下降至 2.243 億美元。

Adjusted operating income was $254.7 million or 11.6% of sales.

調整後營業收入為 2.547 億美元，佔銷售額的 11.6%。

Diluted GAAP earnings per share was $3.03 compared to $3.89 for last year's fourth quarter.

稀釋後的 GAAP 每股收益為 3.03 美元，而去年第四季度為 3.89 美元。

Adjusted diluted earnings per share was $3.41 compared to $3.83 a year ago.

調整後每股攤薄收益為 3.41 美元，而一年前為 3.83 美元。

Moving on to the balance sheet and cash flow.

轉到資產負債表和現金流量。

Total inventory decreased 9.7% compared to last year as we adjusted purchasing to maintain flexibility and manage inventory.

由於我們調整採購以保持靈活性和管理庫存，總庫存與去年相比下降了 9.7%。

For the year, we invested $152 million in capital expenditures, including approximately $70 million for new stores, remodels and merchandise fixtures, $49 million for supply chain and IT, and about $33 million for store maintenance and other.

全年，我們投資了 1.52 億美元的資本支出，其中約 7000 萬美元用於新店、改造和商品固定裝置，4900 萬美元用於供應鍊和 IT，約 3300 萬美元用於店面維護和其他。

We ended the year with $1 billion in cash and cash equivalents.

我們以 10 億美元的現金和現金等價物結束了這一年。

Reflecting our confidence, we resumed our stock buyback program in the fourth quarter and repurchased approximately 148,000 shares of stock.

為了反映我們的信心，我們在第四季度恢復了股票回購計劃，回購了大約 148,000 股股票。

We have $1.5 billion remaining under our current repurchase authorization.

根據我們目前的回購授權，我們還有 15 億美元。

Turning to our outlook for 2021.

轉向我們對 2021 年的展望。

While we are encouraged by recent sales momentum, visibility into the timing of a demand recovery remains limited.

儘管我們對近期的銷售勢頭感到鼓舞，但對需求復蘇時機的了解仍然有限。

We expect much of 2021 will continue to be negatively impacted by masking requirements and social distancing.

我們預計 2021 年的大部分時間將繼續受到口罩要求和社交距離的負面影響。

And while we expect sales trends will improve as we progress throughout the year and COVID-19 vaccines become more accessible, we are planning for total sales to be slightly lower than 2019.

雖然我們預計銷售趨勢會隨著我們全年的進步和 COVID-19 疫苗變得更容易獲得而改善，但我們計劃總銷售額略低於 2019 年。

That being said, we plan to be nimble and agile, and we'll be prepared to capitalize should the environment improve earlier than we expect.

話雖這麼說，我們計劃變得靈活敏捷，如果環境比我們預期的更早改善，我們將準備好利用。

Now specifically for 2021.

現在專門針對 2021 年。

We expect to open approximately 40 net new stores, remodel 11 stores and relocate approximately 10 stores.

我們預計淨新開約 40 家門店，改造 11 家門店並搬遷約 10 家門店。

Note that when the pandemic hit last year, we moved quickly to defer most of the new stores planned for 2020.

請注意，當去年大流行病襲來時，我們迅速採取行動推遲了計劃於 2020 年開設的大部分新店。

As a result, more than half of our new stores are expected to open in the first quarter.

因此，我們一半以上的新店預計將在第一季度開業。

We anticipate net sales for the year will be between $7.2 billion and $7.3 billion, with comp sales planned in the 15 to 17 percentage range.

我們預計今年的淨銷售額將在 72 億美元至 73 億美元之間，銷售額預計在 15% 至 17% 之間。

We 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.

我們預計，隨著我們對 2020 年上半年發生的門店關閉進行統計，上半年和下半年的業績會有很大差異。

With this in mind, we anticipate comp growth will be in the low to mid-30s for the first half of 2021 and then moderate to low- to mid-single-digit growth for the second half.

考慮到這一點，我們預計 2021 年上半年的 comp 增長將在 30 多歲左右，然後在下半年實現中低到中等個位數增長。

We expect operating margin rate for the year will be around 9% of sales as we lap easier top line comparisons due to COVID-19-related store closures in 2020.

由於 2020 年與 COVID-19 相關的商店關閉，我們預計今年的營業利潤率將約為銷售額的 9%，因為我們可以更輕鬆地進行收入比較。

To give you a little more color on the expected puts and takes driving our operating margin expectation, overall, we expect the largest driver of operating margin expansion will come from gross margin.

為了給您更多關於預期看跌期權的顏色，並推動我們的營業利潤率預期，總體而言，我們預計營業利潤率增長的最大驅動力將來自毛利率。

For the year, we anticipate an improving sales trend from our brick-and-mortar operations, resulting in less headwind from channel shift and leverage of fixed costs.

今年，我們預計實體業務的銷售趨勢將有所改善，從而減少渠道轉移和固定成本槓桿帶來的阻力。

We are planning e-commerce penetration to be in the low to mid-20s for the year.

我們計劃今年的電子商務滲透率在 20 多歲左右。

We also expect merchandise margin will improve modestly as we continue to optimize our promotional strategy and continue to pursue efficiency for growth opportunities.

我們還預計，隨著我們繼續優化促銷策略並繼續追求增長機會的效率，商品利潤率將適度提高。

We also expect SG&A will deleverage, driven primarily by higher store payroll, as we anniversary the $52 million benefit from the CARES Act in fiscal 2020.

我們還預計 SG&A 將去槓桿化，這主要是由於商店工資增加，因為我們在 2020 財年紀念 CARES 法案帶來的 5200 萬美元收益。

In addition, we expect to see payroll deleverage from store management changes made in 2020 and ongoing wage pressures.

此外，我們預計 2020 年門店管理變動和持續的工資壓力將導致工資去槓桿化。

Recall that in the fourth quarter of 2020, we realigned our store management structure to create a more cost-efficient store model.

回想一下，在 2020 年第四季度，我們重新調整了門店管理結構，以創建更具成本效益的門店模式。

As a result of these changes, we will see a reduction of salon payroll, which is part of cost of goods sold, and an increase in retail payroll, which is included in SG&A relative to last year.

由於這些變化，我們將看到沙龍工資減少，這是銷售商品成本的一部分，而零售工資增加，這與去年相比包含在 SG&A 中。

The deleverage of retail payroll should partially offset by lower corporate overhead, reflecting changes we made in 2020 to reset our corporate cost structure.

零售工資的去槓桿化應部分被較低的公司間接費用所抵消，反映出我們在 2020 年為重置公司成本結構所做的改變。

We anticipate advertising will be relatively flat for the year as a percent of sales.

我們預計今年廣告佔銷售額的百分比將相對持平。

These assumptions result in guidance for diluted earnings per share in the range of $8.85 to $9.30 per share, including the impact of approximately $850 million in share repurchases.

這些假設導致每股攤薄收益在 8.85 美元至 9.30 美元之間的指導，包括約 8.5 億美元的股票回購的影響。

We plan to spend between $200 million and $250 million in CapEx, including approximately $115 million for new stores, remodels and merchandise fixtures, $77 million for supply chain and IT, and about $33 million for store maintenance and other.

我們計劃在資本支出上花費 2 億至 2.5 億美元，其中約 1.15 億美元用於新店、改造和商品固定裝置，7700 萬美元用於供應鍊和 IT，約 3300 萬美元用於店面維護和其他。

I would note that 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.

我要指出的是，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。

Before we take your questions, I want to announce that we plan to host an analyst and investor conference this fall to share our longer-term plans and outlook.

在我們回答您的問題之前，我想宣布我們計劃在今年秋天舉辦一次分析師和投資者會議，以分享我們的長期計劃和展望。

We'll share more of the logistical details later this summer.

我們將在今年夏天晚些時候分享更多後勤細節。

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 comes from the line of Kate McShane with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Kate McShane 與高盛的合作。

Congratulations, Mary and Dave, on the news today.

祝賀瑪麗和戴夫今天的新聞。

My question is centered around the guidance for the 15% to 17% comp growth for 2021.

我的問題圍繞著 2021 年 15% 至 17% 的薪酬增長的指導。

I just wondered to the extent that you could comment how you expect the cadence or the role of haircare and skincare driving that comp versus makeup.

我只是想知道您是否可以評論您對節奏或護髮和護膚的作用如何推動比較與化妝的關係。

Yes, Kate.

是的，凱特。

Yes.

是的。

Great question and one that we're spending a lot of time on.

很好的問題，我們花了很多時間在這個問題上。

As we look out over the course of the year, we continue to be encouraged by the engagement that we're seeing from our guests across channels, both in stores and online.

當我們展望這一年的過程時，我們繼續為我們在商店和網上等各個渠道看到的客人的參與感到鼓舞。

Our non-makeup businesses have been strong throughout -- really, throughout 2020 and certainly in the fourth quarter with skincare, fragrance, haircare, bath, all performing at or above our expectations.

我們的非化妝品業務一直表現強勁——實際上，在整個 2020 年，當然在第四季度，護膚品、香水、護髮品、沐浴品的表現都達到或超過了我們的預期。

And we anticipate that continuing throughout this year.

我們預計這一情況將持續到今年。

There is -- continues to be a fair amount of uncertainty about makeup.

化妝仍然存在相當大的不確定性。

And I'd say that's, as we look out over the year, while we have a lot of confidence in the long term of makeup and we know that there will be innovation and growth and new behaviors that will drive long-term growth, and we see signs of engagement through our consumer research, and we anticipate pent-up demand and excitement from guests -- from consumers as they feel more comfortable participating in society and going out and celebrating and doing all the things that I think we know is coming.

我想說的是，當我們展望這一年時，雖然我們對化妝品的長期前景充滿信心，而且我們知道將會有創新和增長以及推動長期增長的新行為，並且我們通過消費者研究看到了參與的跡象，我們預計客人會被壓抑的需求和興奮——來自消費者，因為他們更願意參與社會、外出、慶祝和做所有我認為我們知道即將到來的事情.

The question for us is when that will come.

我們的問題是什麼時候會到來。

And we've built in a number of models where we're certainly prepared for that renewed engagement in makeup.

我們已經建立了許多模型，我們當然已經為重新參與化妝做好了準備。

We haven't fully seen it yet even though we've seen signs of it.

儘管我們已經看到它的跡象，但我們還沒有完全看到它。

But we have a whole line of sight towards driving innovation with our brand partners, highlighting through our marketing and communication, leveraging our digital tools, our virtual try-on tools and then being prepared from -- with close coordination with our brand partners on inventory as we see makeup grow.

但我們對與我們的品牌合作夥伴一起推動創新有一個整體的看法，通過我們的營銷和溝通來強調，利用我們的數字工具，我們的虛擬試穿工具，然後與我們的品牌合作夥伴密切協調庫存正如我們看到化妝的增長。

So uncertainty by when because it's been a bit of a ride even before COVID on makeup, but we're confident in the long term and prepared for that growth.

所以不確定到什麼時候，因為它甚至在 COVID 化妝之前就已經有點過了，但我們對長期充滿信心並為這種增長做好準備。

And all of that is reflected in our guidance for 2021.

所有這些都反映在我們 2021 年的指導方針中。

Our next question comes from the line of Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Christopher Horvers。

And so, Mary, you're still young.

所以，瑪麗，你還年輕。

You own a lot of stock in the company, and the business is clearly poised to recover here in 2021.

您擁有該公司的大量股票，業務顯然準備在 2021 年恢復。

So I think a lot of investors look at the announcement and think this is at least a year early.

所以我認為很多投資者在看公告時認為這至少提前了一年。

Can you share your thoughts on why -- further why now?

您能否分享您對原因的看法 - 現在進一步說明原因？

Why investors shouldn't think that way?

為什麼投資者不應該那樣想？

And any thoughts on how you're thinking about your next career steps beyond June '22 when you leave the board?

當你離開董事會時，你對 22 年 6 月之後的下一步職業有什麼想法嗎？

Well, Chris, I'll take that as a compliment.

好吧，克里斯，我會把這當作一種恭維。

I'm teasing you.

我逗你呢

Listen, this has been planned for a while with the Board in terms of the kind of governance and succession planning that we all do.

聽著，就我們所有人所做的治理和繼任計劃而言，這已經與董事會計劃了一段時間。

I just feel that this is the right time for me personally.

我只是覺得這對我個人來說是正確的時間。

I'm excited.

我很興奮。

I'm going to be the Executive Chair for a year.

我將擔任一年的執行主席。

So I'm excited about that as well.

所以我對此也很興奮。

I'm staying very close to the strategies in the future as well.

我也非常接近未來的策略。

We're coming out of 2020 strong.

我們正以強勁的勢頭走出 2020 年。

The foundation of the business is very strong.

業務基礎非常雄厚。

Most importantly, Dave is ready to take on the next chapter of growth as the CEO of the company.

最重要的是，Dave 已準備好作為公司的首席執行官開啟新的發展篇章。

So it just felt to us and to me like a natural time to make this transition.

因此，對我們和我來說，這就像是進行這種過渡的自然時間。

I'm very confident, very confident about the future of Ulta Beauty.

我對 Ulta Beauty 的未來非常有信心，非常有信心。

And we're excited.

我們很興奮。

I'm also excited that Kecia Steelman is going to have new responsibilities as Chief Operating Officer.

我也很高興 Kecia Steelman 將擔任首席運營官的新職責。

So all told, I think this is about as seamless of a succession story as you can come up with, and that we're really excited about it.

總而言之，我認為這是你能想到的最完美的繼任故事，我們對此感到非常興奮。

I guess from the personal side, I mean, do you view this as also a good time for you to take another transition into your career?

我想從個人的角度來看，我的意思是，你是否認為這也是你再次轉變職業生涯的好時機？

As you think about beyond Ulta, do you still think you're sort of going to stay in the game here as a retail executive?

當你考慮超越 Ulta 時，你是否仍然認為你會以零售主管的身份留在遊戲中？

Or any thoughts there would be really helpful.

或者那裡的任何想法都會很有幫助。

I know it's a personal question.

我知道這是一個私人問題。

There is so many questions.

有很多問題。

Yes.

是的。

No, listen, I'm focused on Ulta Beauty right now, and I'm very excited about that.

不，聽著，我現在專注於 Ulta Beauty，對此我感到非常興奮。

And that's why I'm going to be the Executive Chair.

這就是我要擔任執行主席的原因。

I'll be the CEO through June and the Executive Chair for a year after that.

我將在 6 月份擔任首席執行官，並在之後的一年擔任執行主席。

And we'll see.

我們拭目以待。

I'm excited to the next -- for the next chapter, but I don't really have any plans yet.

我對下一章很興奮——下一章，但我還沒有任何計劃。

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

我們的下一個問題來自 Evercore ISI 的 Omar Saad。

I would add my congratulations to everyone as well.

我也要向大家表示祝賀。

I'd be curious -- this is kind of a specific question on makeup, but I'd just be curious what you're seeing given this kind of uncertainty around what the recovery is going to look like and when it's going to start to happen.

我很好奇——這是一個關於化妝的具體問題，但我很好奇你看到的是什麼，因為圍繞復甦將是什麼樣子以及何時開始復蘇存在這種不確定性發生。

But a lot of the products you sell have expiration dates on them, expiration periods.

但是你銷售的很多產品都有有效期，有效期。

I'd be curious if you're seeing any consumers come back into the store or online and kind of throwing out the expired makeup that hasn't been used in the last year and starting to replenish that part of their closet, if you will.

我很好奇你是否看到任何消費者回到商店或網上並扔掉去年未使用過的過期化妝品並開始補充他們壁櫥的那部分，如果你願意的話.

Well, first, yes, we don't -- we haven't had any issues for sure with expired products or too much inventory or anything like that.

好吧，首先，是的，我們沒有——我們肯定沒有過期產品或庫存過多或類似問題的任何問題。

But your point about consumers refreshing their stock, their cabinets at home is, we believe, a behavior that is happening throughout 2020.

但是，我們認為，您關於消費者更新庫存和家中櫥櫃的觀點是整個 2020 年都會發生的一種行為。

There's been -- as there's been slower engagement in makeup pre-pandemic and then certainly all the disruption that happened throughout 2020, we see a renewal coming in just how people will engage -- how our guests will engage in makeup.

一直以來——由於大流行前化妝的參與度較慢，當然還有整個 2020 年發生的所有中斷，我們看到人們參與方式的更新——我們的客人將如何參與化妝。

The behaviors, the fashions, the looks, the styles will continue to evolve.

行為、時尚、外觀和風格將繼續發展。

We're excited and optimistic about that emergence.

我們對這種出現感到興奮和樂觀。

As I said earlier, the timing is a bit uncertain, but we see it coming.

正如我之前所說，時間有點不確定，但我們看到了它的到來。

And we feel that with that -- our guests are -- they love makeup.

我們覺得有了這個 - 我們的客人 - 他們喜歡化妝。

They love beauty.

他們愛美。

They love diving into different categories.

他們喜歡潛入不同的類別。

They love newness.

他們喜歡新鮮事物。

And I think because the makeup category has been challenged, as a reflection of less engagement for probably the last couple of years, we know our beauty enthusiasts are excited about it.

而且我認為，由於化妝品類別受到了挑戰，這反映出過去幾年參與度可能較低，我們知道我們的美容愛好者對此感到興奮。

So we'll see that exact behavior you talked about of cleaning out your stock, replacing it with new, leaning into newness, which there is tons coming, and then kind of embracing new looks and new styles as that moves forward.

所以我們會看到你所說的清理庫存的確切行為，用新的取而代之，傾向於新事物，有大量的新事物，然後在前進的過程中接受新的外觀和新的風格。

So we think that will be part of the total story.

所以我們認為這將是整個故事的一部分。

Our next question comes from the line of Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

And Mary, congratulations on a wonderful career at Ulta, and who knows what comes next.

瑪麗，祝賀你在 Ulta 擁有出色的職業生涯，誰知道接下來會發生什麼。

Thank you, Dana.

謝謝你，丹娜。

And Dave, congratulations to you on assuming the new role also.

戴夫，祝賀你也擔任新職務。

As you think about the changes that happened in 2020 going into 2021, how do you think of the digital channel and e-commerce and the margins that you've had in the past?

當您考慮 2020 年到 2021 年發生的變化時，您如何看待數字渠道和電子商務以及您過去的利潤率？

Any opportunity for margins on e-com and digital to improve go forward and how we get there?

任何提高電子商務和數字利潤率的機會，以及我們如何實現這一目標？

Well, we're thrilled with our digital and e-commerce experience.

好吧，我們對我們的數字和電子商務體驗感到非常興奮。

The growth has been strong for many years and, of course, was extraordinary in 2020 as our guests embrace that channel.

多年來增長一直強勁，當然，隨著我們的客人接受該渠道，2020 年的增長勢頭非凡。

And our entire team worked tirelessly to make sure that we are able to service our guests with really unexpected growth in demand.

我們的整個團隊孜孜不倦地工作，以確保我們能夠為真正出乎意料的需求增長的客人提供服務。

So -- and that engagement will pay off for Ulta Beauty for a long time, not only in the short-term sales, but history shows that as we get our guests engage in multiple aspects of our business, not just in stores, but in stores and online and participating in salon and other aspects, their total loyalty to Ulta Beauty, their total spend, their frequency increases dramatically.

所以——這種參與將長期為 Ulta Beauty 帶來回報，不僅在短期銷售方面，而且歷史表明，當我們讓客人參與我們業務的多個方面時，不僅僅是在商店，而是在實體店和網上以及參加沙龍和其他方面，他們對 Ulta Beauty 的總體忠誠度、他們的總支出、他們的頻率都在急劇增加。

And so we're confident that, that will pay off.

所以我們相信，這會有所回報。

And so overall, it is a very good outcome for our business to have more people engaged in our digital channels and driving that growth.

所以總的來說，讓更多的人參與我們的數字渠道並推動這種增長對我們的業務來說是一個非常好的結果。

We are, of course, focused on -- there are margin pressures on that part of the business.

當然，我們關注的是——這部分業務存在利潤壓力。

Again, overall, a very positive part of our business, but -- and so we're focused on that.

同樣，總的來說，這是我們業務的一個非常積極的部分，但是 - 所以我們專注於此。

And we have an entire kind of process to try to continue to optimize costs through promotional activity and cost to serve, and we see that as an important part of the business.

我們有一整套流程來嘗試通過促銷活動和服務成本來繼續優化成本，我們將其視為業務的重要組成部分。

And Scott, do you want to give a little more color on how we're approaching that?

斯科特，你想多說說我們是如何處理這個問題的嗎？

No, no.

不，不。

We've seen -- we've demonstrated in the fourth quarter some of the benefits from promotional optimization, which, again, a lot of that occurs in the digital channel just by the very nature of the shopping experience there.

我們已經看到 - 我們已經在第四季度展示了促銷優化的一些好處，再次，其中很多只是由於那裡購物體驗的本質而發生在數字渠道中。

So we believe there's plenty of opportunity to improve the profitability of that channel of our business, both on the promotional side, but also on the supply chain effectiveness side of the business.

因此，我們相信有很多機會可以提高我們業務渠道的盈利能力，無論是在促銷方面，還是在業務的供應鏈效率方面。

So the FFC strategy, the ship from store strategy, getting closer to our end customers will help.

因此，FFC 戰略、門店發貨戰略、更接近我們的最終客戶將有所幫助。

But also just overall scale as that business continues to grow, we believe, will help drive some rate improvement there over the long term.

但我們相信，隨著該業務的持續增長，整體規模也將有助於推動長期的利率改善。

Our next question comes from the line of Kelly Crago with Citi Research.

我們的下一個問題來自花旗研究部的凱利·克拉戈 (Kelly Crago)。

Mary, Dave, congratulations.

瑪麗，戴夫，祝賀你。

Mary, you will be missed.

瑪麗，你會被想念的。

My first question or my question is really around the gross margin.

我的第一個問題或我的問題實際上是關於毛利率的。

A couple of different areas I want to focus on.

我想關注幾個不同的領域。

I guess, number one, is there a chance that gross margin could reach back to F '19 levels in F '21?

我想，第一，毛利率是否有可能在 F '21 回到 F '19 的水平？

And then just drilling down a little bit further on the rent and occupancy line.

然後在租金和入住率線上再深入一點。

Could you first talk about some of the abatements you got this year and how we should think about the rent and occupancy line in '21?

您能否先談談您今年獲得的一些減免，以及我們應該如何考慮 21 年的租金和入住率？

And then on the merch margin, I think you said that you expect the merchandise margin to be up for the year.

然後關於商品利潤率，我想你說過你預計今年的商品利潤率會上升。

Is that going to be pretty consistent throughout the year given it seems as your [strategy] can pull on to some of these lower promotional [savings] going forward?

考慮到您的 [策略] 似乎可以推動其中一些較低的促銷 [儲蓄] 向前發展，這是否會在全年保持一致？

Yes.

是的。

So there's a lot connected to that question, but the overall theme about gross margin getting back to 2019, again, there's a lot of puts and takes.

所以這個問題有很多聯繫，但關於毛利率的總體主題又回到了 2019 年，同樣，有很多投入和投入。

If you go back to the -- our prepared remarks, just we gave a lot of detail -- provided a lot of detail on that.

如果你回到——我們準備好的評論，剛才我們提供了很多細節——提供了很多細節。

I would say our initial outlook is not to get back to 2019.

我想說我們最初的展望是不會回到 2019 年。

Part of it is the geography change on the services manager moving out of gross margin.

部分原因是服務經理離開毛利率的地域變化。

So that's a plus up for us, but there is something -- the sales -- lower sales overall, at least our initial outlook there, creates a bit of deleverage there when we look back and try to compare to 2019.

所以這對我們來說是一個加分項，但有一些東西——銷售額——整體銷售額較低，至少我們在那裡的初步展望，當我們回顧並嘗試與 2019 年進行比較時，會在那裡造成一些去槓桿化。

So there is quite a laundry list of things besides channel mix, which is one of the biggest drivers when we look at '21 versus '19.

因此，除了渠道組合之外，還有很多事情要做，當我們看 21 年與 19 年時，這是最大的驅動因素之一。

Again, a reminder, 2019 e-commerce was in the mid-teens as a percent of total sales, and we're thinking it's going to be in the mid-20s for 2021.

再次提醒一下，2019 年電子商務佔總銷售額的百分比在十幾歲左右，我們認為 2021 年將在 20 多歲左右。

So a lot of puts and takes there.

所以有很多投入和投入。

I mean I would go back to the comment we made about sales upside.

我的意思是我會回到我們對銷售增長的評論。

So we are optimistic.

所以我們很樂觀。

We feel good about exiting the fourth quarter.

我們對退出第四季度感覺良好。

And if sales come back stronger, especially in the makeup part of our business, then there's potentially some good tailwinds there.

如果銷售恢復強勁，尤其是在我們業務的化妝品部分，那麼那裡可能會有一些好的順風。

And that, again, sales helps scale and helps drive leverage.

而且，再次，銷售有助於擴大規模並有助於推動槓桿作用。

Got it.

知道了。

And then just on the merchandise margin side, is it -- do you expect it to be consistently up throughout the year?

然後就商品利潤率而言，它是——你是否預計它會在全年持續上升？

Or is it sort of weighted to the first half given some of the pressures you saw in the first quarter last year?

還是考慮到你在去年第一季度看到的一些壓力，它是否對上半年有所加權？

Yes.

是的。

I think it'll be a little stronger first half of the year because we're lapping some large disruptions over a year ago and then building momentum throughout the course of the year.

我認為今年上半年會更強勁一些，因為我們在一年前經歷了一些大的中斷，然後在整個一年中建立了勢頭。

So again, there's a lot of levers that we have to pull and push as we navigate through the course of the year with promotion cadence and some of our major events.

因此，在我們以促銷節奏和一些重大活動度過這一年的過程中，我們必須再次拉動和推動許多槓桿。

So again, we're be looking to optimize the total business as we navigate throughout the year.

因此，我們再次尋求在全年導航時優化整體業務。

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

我們的下一個問題來自 Simeon Gutman 與摩根士丹利的對話。

Congratulations, Mary and Dave.

祝賀你，瑪麗和戴夫。

I want to ask a question that I think you'll probably defer to the Analyst Day.

我想問一個問題，我認為您可能會推遲到分析師日。

So I guess, Dave, in the next chapter of growth where margin can go, and part of the question is, it looks like your sales level is not going to be that far below 2019, and it looks like your SG&A level is somewhat back to 2019 levels.

所以我想，戴夫，在增長的下一章中，利潤率可能會上升，部分問題是，看起來你的銷售水平不會遠低於 2019 年，而且你的 SG&A 水平似乎有所回落到 2019 年的水平。

So I guess, what level of sales can you get back to 2019 level of margin?

所以我想，您可以將什麼水平的銷售額恢復到 2019 年的利潤率水平？

Well, you're right, we'll talk a lot more about the future growth and what we have seen coming ahead at the Analyst Day in the fall, and we're excited to share those plans with you.

好吧，你是對的，我們將更多地討論未來的增長以及我們在秋季分析師日看到的未來，我們很高興與您分享這些計劃。

We do see pressure now that Scott just -- Scott has described on the guidance that we've given around our overall profitability for 2021, and said that over time, we see that we're focused on improving that.

現在我們確實看到了壓力，因為斯科特剛剛 - 斯科特描述了我們對 2021 年整體盈利能力的指導，並表示隨著時間的推移，我們看到我們專注於改善這一點。

We're optimistic that we can improve that, and we see that continued growth as we manage through some of those short-term disruptions.

我們樂觀地認為我們可以改善這一點，並且我們看到在我們通過一些短期中斷進行管理時持續增長。

So we'll have much more detail in the outlook, on the planning and the timing of our sales outlook beyond this year.

因此，我們在今年以後的銷售前景的展望、計劃和時間安排方面有更多的細節。

We're focused right now on driving our business through the reemergence as we get in through 2021.

隨著我們進入 2021 年，我們現在專注於通過重新出現來推動我們的業務。

And I would just add to that, that we are -- and we've talked about this over the course of the last couple of phone calls, I mean, that we're -- the executive team and all the senior leaderships are focused on getting back to double-digit EBIT margins.

我只想補充一點，我們是——我們在過去的幾個電話中討論過這個問題，我的意思是，我們是——執行團隊和所有高級領導層都專注於回到兩位數的息稅前利潤率。

We're very confident we can do that.

我們非常有信心能夠做到這一點。

I think you can look at the fourth quarter result and see it's within striking distance.

我認為您可以查看第四季度的結果，並發現它近在咫尺。

Again, that's a little bit of an outlier because of the level of sales there and some of the leverage it creates by nature.

同樣，由於那裡的銷售水平和它自然產生的一些槓桿作用，這有點離群。

But we're confident that as 2021, the plan is put together, again, in a prudent and reasonable fashion here initially, and hopefully, the crisis passes by us a little bit quicker, and we can get some win in our sales and hopefully drive a better result overall than what we're planning for today.

但我們有信心，到 2021 年，該計劃將再次以謹慎和合理的方式組合在一起，希望危機能更快地過去，我們可以在銷售中取得一些勝利，並希望總體上比我們今天的計劃取得更好的結果。

Yes.

是的。

And Dave, when Mary did the keynote for shop talk a couple of years back, she came out dancing.

戴夫，幾年前當瑪麗為商店談話做主旨演講時，她出來跳舞了。

So yes.

所以是的。

Yes.

是的。

I'll work on that, Simeon.

我會努力的，西蒙。

Thanks.

謝謝。

Our next question comes from the line of Steph Wissink with Jefferies.

我們的下一個問題來自 Jefferies 的 Steph Wissink。

And I'll add our congratulations as well to the whole team.

我還要向整個團隊表示祝賀。

Dave, this is a question for you.

戴夫，這是你的問題。

It's on the changes in the loyalty balance.

這是關於忠誠度平衡的變化。

I think, Mary, you mentioned a 10% reduction in customers within the program.

我想，瑪麗，你提到該計劃中的客戶減少了 10%。

Can you help us just think through, is that a function of how you define customers -- active customers, meaning someone that hasn't shopped with you within your defined period?

你能幫我們想一想，這是否取決於你如何定義客戶——活躍客戶，意思是在你定義的時間段內沒有和你一起購物的人？

Or are those customers that have opted out of the loyalty program?

還是那些選擇退出忠誠度計劃的客戶？

And if so, is that giving you any indication about how you have to think about retaining or reengaging those customers that you may have lost?

如果是這樣，是否表明您必須考慮如何保留或重新吸引那些您可能已經失去的客戶？

Yes.

是的。

Of course, our loyalty program is key to our success and has been for a long time and will be well into the future.

當然，我們的忠誠度計劃是我們成功的關鍵，並且已經存在了很長時間，並且會延續到未來。

We believe we've got just a world-class loyalty program.

我們相信我們擁有世界級的忠誠度計劃。

The engagement, it remains incredibly high.

參與度仍然非常高。

We think we've got one of the best loyalty programs in all of retail.

我們認為我們擁有所有零售業中最好的忠誠度計劃之一。

There's been no change to how we define our guests.

我們定義客人的方式沒有改變。

Our definition is to be counted as a member, you need to have shopped at least once in any of our touch points in the last 12 months.

我們的定義是要算作會員，您需要在過去 12 個月內在我們的任何一個接觸點至少購物過一次。

So that hasn't changed.

所以這沒有改變。

But what we are seeing is we -- as -- particularly early in this crisis when our stores were closed, so a little over -- really about a year ago and for the next few months, we'll start lapping that.

但我們所看到的是，我們——特別是在這場危機的早期，當時我們的商店關閉了，所以有點過了——真的大約一年前，在接下來的幾個月裡，我們將開始考慮這一點。

Our store-only guests, we lost some of the less engaged -- less tenured, less engaged members that either stepped out of beauty for a little bit or shopped at some of the retailers that were open and did not pivot to our e-commerce business.

我們的店內客人，我們失去了一些參與度較低的人 - 任職時間較短，參與度較低的會員，他們要么暫時離開美容院，要么在一些開放但不轉向我們的電子商務的零售商處購物商業。

We've had a big focus in reengaging them.

我們非常重視重新吸引他們。

We know who they are.

我們知道他們是誰。

We know that they didn't have a bad experience with Ulta.

我們知道他們對 Ulta 的體驗並不差。

They just changed behavior in the short term.

他們只是在短期內改變了行為。

And so some of this is the math as we start to lap.

因此，其中一些是我們開始跑圈時的數學計算。

We're lapping -- we're strong months, 12 strong months in 2019 with some of the challenges we had in 2020.

我們正在磨合 - 我們是強勁的月份，2019 年的 12 個強勁月份，我們在 2020 年遇到了一些挑戰。

And so we'll continue to work through that over these next few months.

因此，我們將在接下來的幾個月中繼續努力解決這個問題。

Said that there's nothing in any of our research that suggests our guests are any less engaged in beauty over time, in Ulta Beauty or anything that we've done.

說我們的任何研究都沒有表明我們的客人隨著時間的推移對美容、Ulta Beauty 或我們所做的任何事情的參與度有所下降。

And one of the biggest and most important parts of that is our diamond and platinum guests, our most engaged guests, have maintained really best-in-class retention, really, very committed and connected to Ulta Beauty.

其中最大和最重要的部分之一是我們的鑽石和鉑金客人，我們最投入的客人，一直保持著一流的保留率，真的非常忠誠並與 Ulta Beauty 保持聯繫。

So we have a whole team that's focused.

所以我們有一個專注的團隊。

Really everything we do is for our loyalty guests.

實際上，我們所做的一切都是為了忠誠的客人。

The communication we have through personalization, the broad scale marketing, our assortment evolution, they love our newness, and the merchant team has done a great job.

我們通過個性化進行的溝通、廣泛的營銷、我們的品類演變，他們喜歡我們的新鮮感，而且商家團隊做得很好。

Our stores are focused on ensuring that every guest gets a great experience.

我們的商店專注於確保每位客人都能獲得良好的體驗。

So we're confident.

所以我們很有信心。

There's a bit of a lapping element going on.

有一些重疊元素正在發生。

And as we work through those short-term disruption, but the long-term outlook for loyalty is very positive.

當我們克服這些短期干擾時，但忠誠度的長期前景非常樂觀。

Our next question comes from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀集團的 Michael Lasser。

And congratulations to everybody.

並祝賀大家。

As part of the succession process, was there a thought to guide conservatively for the year ahead to help with the transition and provide more flexibility for 2021 as folks will be in their new roles?

作為繼任過程的一部分，是否有想法保守地指導來年，以幫助過渡並為 2021 年提供更多靈活性，因為人們將擔任新角色？

Or does it simply reflect the fact that Ulta's long-term operating profit margin won't be as high as it's been, in part to e-commerce penetration being in the low to mid-20% range versus 2019 when it was in the 13% range?

還是僅僅反映了 Ulta 的長期營業利潤率不會像以前那麼高的事實，部分原因是電子商務滲透率處於 20% 的中低水平，而 2019 年是第 13 位％ 範圍？

Well, I would say this.

好吧，我會這樣說。

We guide, to the best of our ability, to what we think is going to happen with some range around that.

我們盡我們最大的能力，引導我們認為在一定範圍內會發生的事情。

So if you look at the guidance, we feel encouraged and optimistic about the momentum on the business.

因此，如果您查看指南，我們會對業務發展勢頭感到鼓舞和樂觀。

But as we said, there's a great deal of uncertainty still ahead, and we've embedded some of that uncertainty into our outlook as we would normally under any circumstances, not just due to a transition.

但正如我們所說，未來仍然存在很大的不確定性，我們已經將一些不確定性嵌入到我們的前景中，就像我們通常在任何情況下都會做的那樣，而不僅僅是由於過渡。

As we said, we still lack clear visibility into the exact timing of an improvement in our largest category, which is makeup.

正如我們所說，我們仍然無法清楚地了解我們最大類別（即彩妝）改進的確切時間。

So while we see something -- I think Dave explained it really well.

所以當我們看到一些東西時——我認為 Dave 解釋得非常好。

We see some green shoots, and we're excited about the pipeline, but the timing is uncertain.

我們看到了一些萌芽，我們對管道感到興奮，但時間不確定。

So with all the puts and takes, both in managing costs, which I think we're doing well, but also investing in the future of the business, that leads us to the guidance that we provided.

因此，無論是在管理成本方面，我認為我們做得很好，還是在投資於業務的未來方面，所有的投入和投入都使我們得出了我們提供的指導。

We think it's achievable.

我們認為這是可以實現的。

We're ready to move quickly if things get even faster in terms of the economic recovery and consumer recovery.

如果經濟復甦和消費者復甦的速度更快，我們準備好迅速採取行動。

But we think this is very reasonable guidance.

但我們認為這是非常合理的指導。

Our next question comes from the line of Paul Trussell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Paul Trussell。

My congratulations as well Mary, Dave and Kecia, and also to the team.

我還要向 Mary、Dave 和 Kecia 以及團隊表示祝賀。

On the MUSE campaign, this household is a fan.

在 MUSE 活動中，這個家庭是粉絲。

Just wanted to inquire about a few updates.

只是想詢問一些更新。

One, 40 store openings this year, just maybe if you can put that in context of how you think about long-term door growth and potential kind of reacceleration in the outer years and maybe incorporate just any updates on Canada into that?

第一，今年有 40 家新店開張，如果你能把它放在你如何考慮長期門店增長和未來幾年潛在的再加速的背景下，也許可以將加拿大的任何更新納入其中？

And then similarly, just any updates as you've had further conversations with your vendor partners around the Target shop-in-shop and that partnership and what your expectations are for when that launches.

然後類似地，只要您與您的供應商合作夥伴圍繞 Target 店中店和該合作夥伴關係以及您對推出時的期望進行了進一步對話，就會有任何更新。

Yes.

是的。

So yes, I'll start here.

所以是的，我將從這裡開始。

The -- first of all, thanks for the shout-out on MUSE.

- 首先，感謝您對 MUSE 的大聲疾呼。

The team -- we're all really proud of that work.

團隊——我們都為這項工作感到非常自豪。

And I'm sure some of our team is listening, and they'll be glad to hear that.

我相信我們團隊中的一些人正在傾聽，他們會很高興聽到這個消息。

On stores, we have 40 stores this year, and we remain consistent with the guidance that we've had that over time can grow in to 1,500 to 1,700 stores.

在商店方面，我們今年有 40 家商店，並且我們與我們的指導保持一致，即隨著時間的推移可以增長到 1,500 到 1,700 家商店。

No update, no changes to Canada specifically as related to that.

沒有更新，沒有與加拿大相關的具體變化。

That's all on pause, and we have no news related to that.

這一切都暫停了，我們沒有與此相關的消息。

We continue to be optimistic and positive about the outlook of physical retail, and we'll continue to find just terrific locations across the country.

我們繼續對實體零售的前景持樂觀和積極態度，我們將繼續在全國各地尋找絕佳的地點。

The 40 that we're opening this year, we're -- we feel really, really good about, and we see plenty of growth ahead of us.

我們今年要開業的 40 家，我們 - 我們感覺非常非常好，我們看到我們前面有很多增長。

So that's the plan on stores.

這就是商店的計劃。

That's connected in ways to our Target business.

這在某種程度上與我們的 Target 業務有關。

So your question about how that's coming along, we're just really, really pleased with that partnership.

所以你的問題是如何進行的，我們對這種夥伴關係真的非常滿意。

The relationship we have with Target as we've been building this together has just been exceptional, and we're really thrilled with the feedback that we've had from -- on the concept from our consumers.

我們與 Target 建立的關係非常出色，我們對我們從消費者那裡得到的反饋感到非常興奮。

They are pumped up about this and excited for it to come to life.

他們對此感到興奮，並為它的實現而興奮。

We really see this as just a completely new way to engage our consumers in the prestige segment, and in beauty overall, it's definitely not.

我們真的認為這只是一種讓我們的消費者參與聲望細分市場的全新方式，而在整體美容領域，它絕對不是。

I mean we've worked so hard to make sure this is not just more of the same from a retail standpoint, which we think is really critical in this time of disruption in the marketplace.

我的意思是，我們一直在努力確保從零售的角度來看，這不僅僅是相同的，我們認為這在這個市場混亂的時代非常關鍵。

So this is going to be completely new, totally different, focused on the best of the best in prestige, highly curated assortment, beautiful presentation, exceptional staffing, and we're anticipating high consumer engagement, compelling guest experience and, for us, acquiring millions of new members over time.

因此，這將是全新的，完全不同的，專注於聲望中的佼佼者，精心策劃的分類，精美的展示，出色的員工，我們期待著高消費者參與度，引人入勝的客戶體驗，對我們來說，收購隨著時間的推移，數以百萬計的新成員。

We're not sharing much more detail than what I shared in the script earlier today.

我們沒有分享比我今天早些時候在腳本中分享的更多的細節。

We'll be sharing that as we get a bit closer.

當我們離得更近一點時，我們將分享這一點。

But I can assure you that our plans are on track.

但我可以向你保證，我們的計劃正在按計劃進行。

We're ready to launch Ulta Beauty.

我們準備推出 Ulta Beauty。

And we have tremendous support from our brand partners, both big, the biggest brand partners that we have, and small and emerging brands.

我們得到了品牌合作夥伴的大力支持，包括我們擁有的最大的品牌合作夥伴，以及小型和新興品牌。

In fact, we're going to launch with more brands than we originally considered.

事實上，我們將推出比我們原先考慮的更多的品牌。

We have the brands that we wanted to launch this with and more, and we're excited about it.

我們擁有我們想要推出此產品的品牌以及更多品牌，我們對此感到很興奮。

So it's coming together great.

所以它在一起很棒。

We think it's going to be an awesome experience.

我們認為這將是一次很棒的體驗。

We're thrilled to be partnering with Target.

我們很高興能與 Target 合作。

They've been nothing but just exceptional partners to build this with, and we're excited to go create this next chapter in the future of beauty.

他們只不過是與我們一起打造這一切的傑出合作夥伴，我們很高興能在美麗的未來創造下一個篇章。

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

我們的下一個問題來自瑞士信貸的 Michael Binetti。

And let me add my congrats.

讓我表示祝賀。

Mary, we'll miss you a lot.

瑪麗，我們會很想念你的。

And Dave, we look forward to working with you.

戴夫，我們期待與您合作。

Congrats on the new role.

祝賀新角色。

I guess maybe my first one will be for Scott.

我想也許我的第一個會是斯科特。

But I'm wondering if you can help us understand any of the metrics around how much of the SG&A that you guys have in the plan that you guided us to this year is what you'd call investment.

但我想知道你是否可以幫助我們了解關於你們在今年指導我們的計劃中有多少 SG&A 的任何指標，這就是你們所謂的投資。

I know -- I think Dave described it as investments partially offsetting some of the tailwinds on the margin.

我知道——我認為戴夫將其描述為投資，部分抵消了利潤率的一些順風。

But if we just look at EBIT dollars per store, I think you're at like $740,000 in 2019, and the guidance looks like it's closer to $500,000.

但如果我們只看每家商店的息稅前利潤，我認為你在 2019 年大約為 740,000 美元，而指導看起來接近 500,000 美元。

So I'm just curious, it seems like a lot of the focus here is in SG&A.

所以我很好奇，似乎這裡的很多重點都在 SG&A 上。

And then, Mary, in the markets that have been less restrictive or opened up more quickly, what are you seeing there as leading indicators that leads you describing the beauty category -- the color cosmetics category as low visibility or uncertain as you guide us with your thoughts on how the rest of the markets will start to reopen?

然後，Mary，在限制較少或開放速度較快的市場中，您認為那裡的領先指標是什麼，可以引導您描述美容類別——彩妝類別在您指導我們時可見度低或不確定您對其他市場將如何重新開放有何看法？

Yes.

是的。

I wouldn't say that we've seen a material difference in performance across markets for the most part.

我不會說我們在大多數情況下看到了跨市場表現的實質性差異。

I mean there's certainly been weather disruptions and everything with COVID.

我的意思是肯定有天氣中斷和 COVID 的一切。

We've been watching it closely.

我們一直在密切關注它。

And I think just with makeup, we just know it's a category that's been under pressure even prior to COVID.

而且我認為就化妝品而言，我們只知道這是一個甚至在 COVID 之前就一直承受壓力的類別。

And then we have a long period of time where folks are changing their makeup routines.

然後我們有很長一段時間，人們正在改變他們的化妝程序。

And so we know that the category has lots of newness and innovation to come, and it's large.

所以我們知道該類別有很多新奇和創新，而且規模很大。

People are very engaged in the category.

人們非常關注這個類別。

We're just not sure exactly when people are going to start wearing makeup, more makeup for social occasions and things like that.

我們只是不確定人們什麼時候開始化妝，更多的社交場合化妝等等。

So we're watching it closely.

所以我們正在密切關注它。

But it's a great aspect of our business model that we are across so many categories that the self-care, the skincare, the bath and fragrance categories have performed, as you know, exceptionally well.

但這是我們商業模式的一個重要方面，我們跨越瞭如此多的類別，如您所知，自我護理、護膚、沐浴和香水類別的表現非常出色。

So we're well balanced, and we're poised to take advantage of the uptick, which we think will come.

所以我們很平衡，我們準備利用我們認為會到來的上漲。

And on the SG&A part of the question.

關於問題的 SG&A 部分。

So again, it depends what you're trying to measure against, 2020 or 2019.

同樣，這取決於您要衡量的是 2020 年還是 2019 年。

I guess I'll keep it in context to 2019, be specific that there's roughly 50 net new stores in the store fleet compared to 2019 by the time we get the end of 2020.

我想我會把它放在 2019 年的背景下，具體來說，到 2020 年底，與 2019 年相比，門店數量中大約有 50 家淨新店。

So there's a natural fixed cost element of that, that runs through gross margin, and then there's a variable cost piece of that, right, on payroll for stores and all the signage and other variable costs that it takes to operate a store.

因此，其中有一個自然的固定成本要素，貫穿毛利率，然後有一個可變成本部分，對，在商店的工資單上，以及經營商店所需的所有標牌和其他可變成本。

So that's embedded in there.

所以它嵌入在那裡。

A top line that's slightly weaker than 2019 is what our initial outlook is.

略低於 2019 年的頂線是我們的初步展望。

So that's a big element of it.

所以這是其中的一個重要因素。

The service manager recategorization, right, out of gross margin down into SG&A.

服務經理將毛利率重新分類為 SG&A。

So it's a help on the gross margin line, but it is a headwind on the SG&A line, but it's an overall win for the company because we're more effective in it.

所以這對毛利率線有幫助，但對 SG&A 線來說是不利因素，但這對公司來說是一個整體的勝利，因為我們在這方面更有效率。

It is plus up on operating margin overall.

整體營業利潤率有所上升。

The investment, I mean, we don't -- we've never shied away from that.

投資，我的意思是，我們不會——我們從不迴避。

I mean, yes, 2019, it's a recovery year.

我的意思是，是的，2019 年是複甦的一年。

That's how we're looking at it.

我們就是這樣看待它的。

Makeup is a big part of our business.

化妝是我們業務的重要組成部分。

As Dave and Mary both said, there's a lot of uncertainty on when it will come back.

正如 Dave 和 Mary 所說，它何時回歸存在很多不確定性。

We're optimistic that it will, but there's just a question of timing, and that's a big part of our business.

我們對此很樂觀，但這只是時間問題，這是我們業務的重要組成部分。

And then there's continuing investments in just all the infrastructure, especially in the digital and IT space, which, again, is a key component to being able to deliver a great omnichannel experience to the guests and to make sure that we're continuing to innovate for the long term and to help drive future growth for the business.

然後是對所有基礎設施的持續投資，尤其是在數字和 IT 領域，這再次是能夠為客人提供出色的全渠道體驗並確保我們繼續創新的關鍵組成部分從長遠來看，並有助於推動業務的未來增長。

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。

Let me extend my congratulations as well.

我也表示祝賀。

Maybe I wanted to sort of focus on the outlook for ad spend.

也許我想關注廣告支出的前景。

So a quick 2-part here.

所以這裡有一個快速的 2 部分。

Scott, you mentioned flat year-over-year.

斯科特，你提到同比持平。

Maybe just tell us, if you can, on what the expense ratio was for 2020.

如果可以的話，也許只是告訴我們 2020 年的費用比率是多少。

And then more importantly, for maybe all of you, as I think about the reopening opportunity here, right, to drive new customer acquisition, to drive services adoption, right, and maybe reaccelerate those member trends, it just seems like there's a very large opportunity ahead of us.

然後更重要的是，對於你們所有人來說，當我想到這裡重新開放的機會時，對，推動新客戶獲取，推動服務採用，對，也許重新加速這些會員趨勢，似乎有一個非常大的我們面前的機會。

So I'd love to just hear about why not be more aggressive, right, or sort of how you're thinking about overall ad spend, whether it's payback or -- just love to hear just higher level thoughts on how you're sort of viewing this reopening opportunity, right, in terms of customer acquisition vehicle.

所以我很想听聽為什麼不更積極一些，對吧，或者你是如何考慮整體廣告支出的，無論是回報還是——只是想听聽關於你如何排序的更高層次的想法從客戶獲取工具的角度來看這個重新開放的機會。

Yes.

是的。

So maybe I can start there.

所以也許我可以從那裡開始。

So again, I would just say we're being flexible.

所以，我只想說我們很靈活。

Like we were in 2020 when the COVID crisis was on us, we pulled back significantly, especially in area of print and reallocated resources into the digital space, I think, smartly, right, looking at the results of that.

就像我們在 2020 年發生 COVID 危機時一樣，我們大幅後退，特別是在印刷領域，並將資源重新分配到數字空間，我認為，聰明地，正確地，看看結果。

So again, this is an area when we talk about EFG, efficiencies for growth, the print -- the whole advertising bucket is another large area of opportunity for us over the long term.

所以，當我們談論 EFG、增長效率、印刷品時，這又是一個領域——從長遠來看，整個廣告桶對我們來說是另一個巨大的機會領域。

And so we continue to look for ways to optimize both print, just the cost of print overall, but also the distribution and the postage and working with our vendor partners on new, better ways to be thinking about how we go to market over the long term.

因此，我們繼續尋找優化印刷的方法，不僅是整體印刷成本，還有分銷和郵費，並與我們的供應商合作夥伴合作，以新的、更好的方式思考我們如何長期進入市場學期。

So that's part and parcel of our everyday activities, I guess, I would say.

所以這是我們日常活動的一部分，我想，我會說。

And again, we're thinking it's going to be flattish year-over-year as a percent of sales.

再一次，我們認為它佔銷售額的百分比將與去年同期持平。

So -- but always a work in progress.

所以——但總是在進行中。

Yes.

是的。

And just to reiterate on the -- yes, your points about reopening and guest reengaging in the category.

只是重申——是的，你關於重新開放和客人重新參與該類別的觀點。

We feel confident in what we're seeing but uncertain about the pace and the return, particularly in our biggest category of makeup.

我們對我們所看到的充滿信心，但對步伐和回報不確定，尤其是在我們最大的化妝品類別中。

And so we feel, as Mary has said, I think, as Scott has said, we feel the guidance that we have is right, but we're also prepared to adjust.

因此，正如 Mary 所說，我認為，正如 Scott 所說，我們認為我們的指導是正確的，但我們也準備好進行調整。

We've -- becoming increased -- 2020 just further enhanced our skills at agility and being prepared to take whatever comes at us.

我們已經 - 變得越來越多 - 2020 年進一步提高了我們的敏捷技能，並準備好迎接我們遇到的一切。

And so we're ready to drive growth and lead the industry and -- but also feel like the guidance that we've given is correct.

因此，我們已準備好推動增長並引領行業——但也覺得我們給出的指導是正確的。

Our final question comes from the line of Ike Boruchow with Wells Fargo.

我們的最後一個問題來自 Ike Boruchow 與 Wells Fargo 的對話。

Congrats to everyone as well.

也恭喜大家。

Just 2 quick ones.

只有 2 個快速的。

So Dave, for you, on store productivity, can you talk to us -- I think you were doing around $500 a foot pre-COVID.

所以戴夫，對於你來說，關於商店生產力，你能和我們談談嗎——我想你在 COVID 之前每英尺的收入大約是 500 美元。

Can you -- not necessarily this year, but maybe over the next 2 to 3 years, where do you see store productivity kind of normalizing to given the rise in e-com?

你能——不一定是今年，但可能在未來 2 到 3 年內，你認為商店生產力在哪些方面會隨著電子商務的興起而正常化？

And to that point, Scott, on the guidance, it seems to imply that e-com sales, you're expecting them to decline year-over-year in dollars based on the mix.

就這一點而言，斯科特，根據指導意見，這似乎暗示電子商務銷售額，你預計他們將根據組合以美元計算同比下降。

Could you maybe give some color about what's embedded on e-com revenue, either first half, back half or full year?

您能否介紹一下上半年、後半年或全年的電子商務收入中包含的內容？

Anything would be helpful.

任何事情都會有所幫助。

Yes.

是的。

Store productivity, I'm not going to give any specifics right now because we've got a lot to figure out of where things settle out and settle down.

存儲生產力，我現在不打算給出任何細節，因為我們有很多事情要弄清楚事情在哪裡解決和解決。

Having said that, we remain really committed and positive about the physical store channel for Ulta Beauty and in beauty in general.

話雖如此，我們仍然對 Ulta Beauty 的實體店渠道和整個美容行業保持真正的承諾和積極態度。

And so we're watching that closely.

所以我們正在密切關注。

We're seeing positive trends as guests are getting reengaged.

隨著客人重新參與，我們看到了積極的趨勢。

We know our guests are telling us and then increasingly demonstrating that they want to get back in a physical way, but we know e-com will play a bigger part of it, too.

我們知道我們的客人告訴我們，然後越來越多地表明他們希望以實體方式回歸，但我們知道電子商務也將發揮更大的作用。

So I imagine that'll be a big part of our discussion in the fall as we kind of talk about a longer-term outlook, but it's a big focus for sure.

所以我想這將是我們秋季討論的重要組成部分，因為我們談論的是長期前景，但它肯定是一個重點。

Yes.

是的。

I would just, yes, add on to that exactly.

是的，我只想補充一點。

In the fall, we'd have more to share on that with investors.

在秋天，我們將與投資者分享更多信息。

I mean the fact is that the trends in the store, the traffic trends, have been negative now for a while.

我的意思是，商店的趨勢，客流量趨勢，現在已經有一段時間是負面的了。

And so we're going to have to watch how consumers -- how that rebounds here as 2021 plays out and how that fits into the overall digital part of our business and omnichannel equation.

因此，我們將不得不關註消費者的表現——隨著 2021 年的到來，消費者的反彈情況如何，以及它如何融入我們業務和全渠道方程式的整體數字部分。

As far as the e-com question goes, Ike, so yes, you're on the right track there.

就電子商務問題而言，艾克，是的，你在正確的軌道上。

We're guiding 20 -- mid-20-ish kind of penetration for the year, which, again, we're not apologizing for based on what we just delivered in 2020.

我們今年指導 20 - 20 左右的滲透率，再次，我們不會根據我們在 2020 年剛剛交付的成果而道歉。

That business is twice the size it was a year ago this time.

這次業務規模是一年前的兩倍。

And the team is ready, and we're ready to scale that up and take advantage of opportunities that are presented to us.

團隊已經準備就緒，我們已經準備好擴大規模並利用提供給我們的機會。

And now we're just focused on making sure we take care of the store fleet, the teams that are out there and make sure as customers come back and shop us in brick-and-mortar, that we're delivering a great guest experience and continue to keep them engaged with the brand.

現在我們只專注於確保我們照顧好商店車隊，那裡的團隊並確保當客戶回來並在我們的實體店購物時，我們正在提供出色的客戶體驗並繼續保持他們與品牌的互動。

Okay.

好的。

I think we're done with the questions.

我想我們已經完成了這些問題。

Thank you.

謝謝。

So I just want to thank everybody for joining us today.

所以我只想感謝大家今天加入我們。

The future is really bright for Ulta Beauty.

Ulta Beauty 的未來真的很光明。

We have a strong and differentiated business model.

我們擁有強大且差異化的商業模式。

We're emerging from the 2020 pandemic with good momentum.

我們正以良好的勢頭擺脫 2020 年的大流行病。

We're strategically investing in our business to drive further market share gains, and we have strong leadership for the next chapter of growth.

我們正在對我們的業務進行戰略性投資，以進一步推動市場份額的增長，並且我們在下一階段的增長中擁有強大的領導力。

I'm really proud of the job that the Ulta Beauty store, distribution center and corporate associates did all year to deliver this amazing but tough year.

我真的為 Ulta Beauty 商店、配送中心和公司員工全年所做的工作感到自豪，以度過這個驚人但艱難的一年。

I remain very excited about the long-term growth opportunity.

我仍然對長期增長機會感到非常興奮。

I'm confident Ulta Beauty will continue to shape and lead the beauty industry.

我相信 Ulta Beauty 將繼續塑造和引領美容行業。

I'm excited about the next chapter ahead for all of us.

我對我們所有人的下一章感到興奮。

It's the right time for me personally, the right time for Dave and Kecia and the right time for Ulta Beauty as the team continues to drive growth for many years to come.

這對我個人來說是正確的時間，對 Dave 和 Kecia 來說是正確的時間，對 Ulta Beauty 來說也是正確的時間，因為團隊將在未來許多年繼續推動增長。

We look forward to speaking with all of you again in May when we report on our first quarter results.

我們期待在 5 月份報告第一季度業績時再次與大家交談。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。

Enjoy the rest of your day.

享受你剩下的一天。