Ulta Beauty Inc (ULTA) 2021 Q4 法說會逐字稿

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

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 2021 財年第四季度的業績。（操作員說明）提醒一下，本次會議正在錄製中。

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

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

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

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

This afternoon, we announced our financial results for the fourth quarter and full year of fiscal 2021. A copy of the press release is available in the Investor Relations section of our website.

今天下午，我們公佈了 2021 財年第四季度和全年的財務業績。新聞稿的副本可在我們網站的投資者關係部分找到。

Before we begin, I'd like to remind you of the company's safe harbor language. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC.

在我們開始之前，我想提醒您公司的安全港語言。本次電話會議中包含的非歷史事實的陳述可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際的未來結果可能與此類陳述中預測的結果大不相同，因為公司向美國證券交易委員會提交的文件中描述了許多風險和不確定性。

We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, March 10, 2022. 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.

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（2022 年 3 月 10 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'll discuss certain non-GAAP financial measures, including adjusted operating income and adjusted diluted EPS for the fourth quarter of fiscal 2020. A reconciliation of these measures to the corresponding GAAP measures can be found in our press release.

在今天的評論中，我們將討論某些非 GAAP 財務指標，包括 2020 財年第四季度調整後的營業收入和調整後的攤薄每股收益。這些指標與相應的 GAAP 指標的對賬可以在我們的新聞稿中找到。

We'll begin with some prepared remarks from Dave and Scott. And following our comments, we'll open up the call for questions. Today, our remarks will be a little longer than usual. (Operator Instructions) And as always, the IR team will be available for any follow-up questions after the call.

我們將從戴夫和斯科特的一些準備好的評論開始。根據我們的評論，我們將打開提問的電話。今天，我們的發言會比平時長一點。 （操作員說明）與往常一樣，IR 團隊將在通話後隨時解答任何後續問題。

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

現在我想把電話轉給戴夫。戴夫？

Thank you, Kiley, and good afternoon, everyone. Before discussing our results, I want to share how proud I am of our associates' performance throughout 2021. While consistently providing care and service to our guests and to each other, they successfully navigated pandemic-related challenges and delivered exceptional results for all of our stakeholders.

謝謝你，Kiley，大家下午好。在討論我們的結果之前，我想分享一下我為我們的員工在 2021 年的表現感到多麼自豪。在始終如一地為我們的客人和彼此提供關懷和服務的同時，他們成功應對了與大流行相關的挑戰，並為我們所有的員工帶來了卓越的成果利益相關者。

In fiscal 2021, the beauty category recovered earlier and faster than we expected. And our teams adjusted quickly in many ways, including working with our brand partners to accelerate receipts and manage in-stocks, creating highly relevant content that reflected the rapidly evolving mindset of our guests, adjusting staffing levels across the organization to meet growing demand and protecting and strengthening our culture, leading with their hearts and working together to create new ways to delight and excite guests, all while continuing to execute against our strategic priorities and drive our business forward.

在 2021 財年，美容品類比我們預期的恢復得更早、更快。我們的團隊在許多方面迅速調整，包括與我們的品牌合作夥伴合作加快收貨和管理庫存，創建反映客人快速發展的心態的高度相關的內容，調整整個組織的人員配置以滿足不斷增長的需求和保護加強我們的文化，用他們的心靈引領並共同努力創造新的方式來取悅和激發客人，同時繼續執行我們的戰略重點並推動我們的業務向前發展。

Now moving to our results for the quarter. The Ulta Beauty team delivered record fourth quarter financial results despite COVID and winter weather disruptions. Net sales increased 24.1% to $2.7 million -- $2.7 billion. Operating profit increased to 13.8% of sales and diluted EPS increased to $5.41 per share for the quarter.

現在轉到我們本季度的結果。儘管 COVID 和冬季天氣中斷，Ulta Beauty 團隊仍交付了創紀錄的第四季度財務業績。淨銷售額增長 24.1% 至 270 萬美元——27 億美元。本季度營業利潤增至銷售額的 13.8%，攤薄後每股收益增至 5.41 美元。

The decisions our teams made and plans they executed with excellence around assortment strategies, inventory flow, marketing and staffing levels positioned us to take advantage of a positive consumer environment this holiday season and deliver strong results.

我們的團隊做出的決定和他們在分類策略、庫存流、營銷和人員配備水平方面出色執行的計劃使我們能夠在這個假期利用積極的消費者環境並取得強勁的成果。

I want to express my sincere appreciation to all Ulta Beauty associates, particularly in our stores and distribution centers, who show up every day, positive and optimistic, ready to serve our guests while facing personal challenges posed by the ongoing pandemic. Their dedication enabled us to deliver these outstanding results, and I am grateful for their flexibility as circumstances shifted.

我要向 Ulta Beauty 的所有員工表示衷心的感謝，特別是在我們的商店和配送中心，他們每天都以積極樂觀的態度出現，隨時準備為我們的客人提供服務，同時面臨持續的大流行帶來的個人挑戰。他們的奉獻精神使我們能夠取得這些出色的成果，我感謝他們在情況發生變化時的靈活性。

We kicked off the holiday season in early November with our multichannel celebrate more campaign. Our audience-tailored creative and contextually relevant storytelling connected with consumers in fresh and bold ways across platforms. And we continued to expand live streaming and social selling experiences. We enhanced our Member Love events, rewarding members with new loyalty offers to drive engagement, reactivation and retention.

我們在 11 月初通過多渠道慶祝更多活動拉開了假期的序幕。我們為觀眾量身定制的創意和上下文相關的故事講述以新鮮和大膽的方式跨平台與消費者聯繫。我們繼續擴展直播和社交銷售體驗。我們加強了會員愛活動，以新的忠誠度優惠獎勵會員，以推動參與、重新激活和保留。

And we leveraged our CRM capabilities to further enhance the productivity of our promotions. We also enhanced our gift card program, including more innovative and inclusive designs and new multipack options, which helped deliver strong double-digit growth in gift card sales across stores and third-party channels.

我們利用我們的 CRM 功能進一步提高了我們促銷活動的效率。我們還加強了禮品卡計劃，包括更具創新性和包容性的設計以及新的多件裝選項，這有助於在商店和第三方渠道的禮品卡銷售中實現兩位數的強勁增長。

Our decision to proactively manage inventory flow resulted in strong sell-through of holiday merchandise and core product, and our teams transitioned quickly after Christmas to support our strategic Jumbo Love and Love your Skin events as well as significant brand launches. In January, we executed 4 exciting new brand launches at Ulta Beauty, OLAPLEX, N°1 DE CHANEL, Supergoop! and Billie Eilish.

我們主動管理庫存流的決定導致假日商品和核心產品的強勁銷售，我們的團隊在聖誕節後迅速過渡，以支持我們的戰略 Jumbo Love and Love your Skin 活動以及重要的品牌發布。一月份，我們在 Ulta Beauty、OLAPLEX、N°1 DE CHANEL、Supergoop 推出了 4 個激動人心的新品牌！和比莉·艾利甚。

As the #1 prestige hair care brand in the market, OLAPLEX offers patented bond building products and is changing how consumers engage with the hair care category. While our initial assortment included only 7 SKUs, it was one of the strongest brand launches in Ulta Beauty history. With the unique ability to offer guests the professional service in our salons and the retail products to take home, we are delighted to expand our partnership with OLAPLEX.

作為市場上排名第一的知名護髮品牌，OLAPLEX 提供獲得專利的債券構建產品，並正在改變消費者參與護髮類別的方式。雖然我們最初的分類僅包括 7 個 SKU，但它是 Ulta Beauty 歷史上最強大的品牌發布之一。憑藉在我們的沙龍中為客人提供專業服務和帶回家的零售產品的獨特能力，我們很高興擴大與 OLAPLEX 的合作夥伴關係。

In makeup, we are excited to partner with Chanel Beauté as the exclusive U.S. retailer for the historic launch of N°1 DE CHANEL. Offering luxury to younger generations, this new line is sustainably sourced with clean ingredients and sustainable packaging. With an assortment spanning skin care, makeup and fragrance, N°1 DE CHANEL is currently available in 250 Ulta Beauty stores and on ulta.com. This launch is a key element of our luxury beauty strategy, and we're very pleased with the initial results.

在彩妝方面，我們很高興能與 Chanel Beauté 作為美國獨家零售商合作，共同推出 N°1 DE CHANEL。這條新系列為年輕一代提供奢侈品，採用清潔原料和可持續包裝可持續採購。 N°1 DE CHANEL 產品涵蓋護膚、彩妝和香水，目前在 250 家 Ulta Beauty 門店和 ulta.com 均有銷售。此次發布是我們奢華美容戰略的關鍵要素，我們對初步結果感到非常滿意。

In skin care, we launched Supergoop!, known for its sunscreen expertise. Supergoop! is made with clean v-friendly ingredients, is cruelty-free and leverages sustainable packaging. And in fragrance, we launched a new offering exclusive to Ulta Beauty from acclaimed recording artist, Billie Eilish.

在護膚方面，我們推出了以其防曬專業知識而聞名的 Supergoop!。超級棒！採用清潔的環保成分製成，無殘忍，並利用可持續包裝。在香水方面，我們推出了由著名唱片藝術家 Billie Eilish 為 Ulta Beauty 獨家提供的新產品。

Taking a closer look at sales trends in the quarter, guests were excited to return to in-store holiday shopping. Even as stores delivered robust double-digit comp growth, e-commerce sales exceeded our expectations, increasing slightly on top of last year's 70% growth. This reinforces us that e-commerce is complementary and incremental to the physical shopping experience.

仔細觀察本季度的銷售趨勢，客人們對重返店內假日購物感到興奮。即使商店實現了兩位數的強勁增長，電子商務銷售額也超出了我們的預期，在去年 70% 的增長基礎上略有增長。這向我們證明，電子商務是對實體購物體驗的補充和增量。

Guests continue to increase their utilization of "buy online, pick up in store" while also engaging with our new same-day delivery option. During the quarter, BOPIS sales increased 20% to account for 17% of e-commerce sales compared to 15% in the fourth quarter last year. While only available in about 200 stores, we are pleased with the performance of our new same-day delivery options.

客人繼續增加“在線購買，店內取貨”的使用率，同時還使用我們新的當日送達選項。本季度，BOPIS 銷售額增長 20%，佔電子商務銷售額的 17%，而去年第四季度為 15%。雖然僅在大約 200 家商店有售，但我們對新的當日送達選項的表現感到滿意。

From a category perspective, all major categories delivered double-digit comp growth compared to the fourth quarter of fiscal 2020, driven by cycling last year's disruption from COVID, strong execution of our holiday plans and product newness. Compared to the fourth quarter of 2019, fragrance, bath, hair care and skin care, all continued to deliver strong double-digit growth. Makeup was more challenged this quarter with trends decelerating from the third quarter across both prestige and mass makeup, although sales of mass makeup continued to be positive compared to 2019.

從品類的角度來看，與 2020 財年第四季度相比，所有主要品類的銷售額都實現了兩位數的增長，這主要得益於去年因 COVID 造成的自行車運動中斷、我們假期計劃的強勁執行以及產品的新穎性。與 2019 年第四季度相比，香水、沐浴、護髮和護膚品均繼續實現兩位數的強勁增長。本季度彩妝面臨的挑戰更大，儘管與 2019 年相比，大眾彩妝的銷售額繼續保持正增長，但高檔彩妝和大眾彩妝的趨勢從第三季度開始放緩。

Over the last year, as the beauty category has recovered, the performance of makeup has been more volatile and lagged other categories, in part reflecting higher sensitivity to COVID fluctuations. We remain confident that makeup will return to growth as consumer optimism and comfort with out-of-home activities increases. But we recognize the timing and rate of recovery will continue to be impacted by changes in the COVID environment.

去年，隨著美妝品類的複蘇，彩妝品類的表現更加不穩定，落後於其他品類，部分反映了對 COVID 波動的敏感性更高。我們仍然相信，隨著消費者對戶外活動的樂觀情緒和舒適度增加，化妝品將恢復增長。但我們認識到，恢復的時間和速度將繼續受到 COVID 環境變化的影響。

Looking specifically at the fourth quarter trends in makeup, face, lip and eye continued to deliver strong growth, driven by blush, tinted moisture, lip balm and lashes. Newness from L, Kiss and Ardell continued to excite and engage guests, while prestige brands like MAC, Clinique and Lancôme also delivered positive growth. In addition, this quarter, we expanded Chanel Beauté into 50 additional stores and launched the full assortment on ulta.com.

具體來看第四季度彩妝、面部、唇部和眼部的趨勢，在腮紅、有色保濕霜、潤唇膏和睫毛的推動下繼續實現強勁增長。 L、Kiss 和 Ardell 的新品繼續讓客人興奮並吸引客人，而 MAC、倩碧和蘭蔻等知名品牌也實現了正增長。此外，本季度，我們將 Chanel Beauté 擴展至 50 家新店，並在 ulta.com 上推出了全品類。

Hair care delivered double-digit growth, increasing to 28% of net sales. Consumer focus on hair health drove strong growth in treatments, shampoo and conditioner and tools like the Dyson Airwrap were hot holiday gifts this year. New brands like OLAPLEX, KRISTIN ESS and Briogeo, as well as guest favorites like Redken and Living Proof delivered nice growth during the quarter.

護髮產品實現了兩位數的增長，占淨銷售額的 28%。消費者對頭髮健康的關注推動了治療、洗髮水和護髮素的強勁增長，而戴森 Airwrap 等工具是今年的熱門節日禮物。 OLAPLEX、KRISTIN ESS 和 Briogeo 等新品牌，以及 Redken 和 Living Proof 等賓客喜愛的品牌在本季度實現了不錯的增長。

The fragrance and bath category was again the best performing major category during the quarter, delivering robust double-digit comp growth and increasing to 18% of net sales. Compelling newness from luxury brands like Gucci, Dior and Carolina Herrera as well as exclusive newness from Ariana Grande and Billie Eilish contributed to the strong growth. In addition, our holiday fragrance programs and our monthly Fragrance Crush program performed very well.

香水和沐浴品類別再次成為本季度表現最好的主要類別，實現了兩位數的強勁增長，占淨銷售額的 18%。來自 Gucci、Dior 和 Carolina Herrera 等奢侈品牌的引人注目的新品以及來自 Ariana Grande 和 Billie Eilish 的獨家新品為強勁增長做出了貢獻。此外，我們的假日香水計劃和每月的 Fragrance Crush 計劃表現非常出色。

Finally, skin care delivered another quarter of double-digit sales growth. Beauty enthusiasts are maintaining their skin care regimens as they continue to focus on self-care. Category growth in the quarter was primarily driven by moisturizers, cleansers and Sun care. Newness continued to peel the guests as new brands, including Drunk Elephant, Good Molecules, Fresh and Black Girl Sunscreen as well as new products from Tula drove strong growth during the quarter. In addition, dermatology-based brands like CeraVe and La Roche-Posay continued to resonate with guests.

最後，護膚品又實現了四分之一的兩位數銷售增長。美容愛好者在繼續專注於自我保健的同時，也在維持他們的護膚方案。本季度的類別增長主要受到保濕劑、清潔劑和防曬霜的推動。 Newness 繼續吸引客人，因為包括 Drunk Elephant、Good Molecules、Fresh 和 Black Girl 防曬霜在內的新品牌以及來自 Tula 的新產品在本季度推動了強勁增長。此外，CeraVe 和理膚泉等皮膚科品牌繼續引起客人的共鳴。

The performance of our services business accelerated in the quarter, increasing more than 30% over last year, driven primarily by growth in transactions. During the quarter, we expanded salon capacity to 100% in all Ulta Beauty salons and Benefit Brow Bars, except where limited by state or local mandates. And we relaunched skin services in 130 stores.

本季度我們的服務業務表現加速，比去年增長 30% 以上，主要受交易增長的推動。在本季度，我們將所有 Ulta 美容院和 Benefit Brow Bars 的沙龍容量擴大到 100%，除非受到州或地方法規的限制。我們在 130 家商店重新推出了皮膚服務。

In addition, our recently launched salon services, Express Color and OLAPLEX Repair & Protect, continue to bring in new members to our salons, an encouraging trend as we know members who use our services are some of our most valuable and engaged guests. Reflecting this momentum, during the quarter, we hired approximately 1,000 new associates to support our expanding services business.

此外，我們最近推出的沙龍服務 Express Color 和 OLAPLEX Repair & Protect 繼續為我們的沙龍帶來新會員，這是一個令人鼓舞的趨勢，因為我們知道使用我們服務的會員是我們最有價值和最敬業的客人。反映這一勢頭，在本季度，我們僱傭了大約 1,000 名新員工來支持我們不斷擴大的服務業務。

Now turning to our results for the full year. The Ulta Beauty team delivered record sales of $8.6 billion, recorded operating margin of 15% of sales and record diluted EPS of $17.98 per share. Comparable sales increased 37.9% compared to fiscal 2020 and 12.6% compared to fiscal 2019. We expanded our market share in Prestige Beauty based on dollar sales for the 52 weeks ended January 29, 2022, compared to the same period last year based on point-of-sale data from the NPD Group.

現在轉向我們全年的業績。 Ulta Beauty 團隊的銷售額達到創紀錄的 86 億美元，營業利潤率達到銷售額的 15%，攤薄後每股收益達到創紀錄的 17.98 美元。可比銷售額與 2020 財年相比增長 37.9%，與 2019 財年相比增長 12.6%。基於截至 2022 年 1 月 29 日的 52 週的美元銷售額，我們擴大了 Prestige Beauty 的市場份額，與去年同期相比，基於點- NPD 集團的銷售數據。

We continue to fuel guest desires for newness with relevant brand launches such as Drunk Elephant, BOBBI BROWN, OLAPLEX, KRISTIN ESS and Verb. We expanded our Conscious Beauty platform to 270 certified brands, launched SKU level certification for the clean ingredients and vegan peelers and expanded our Made Without List. We doubled the number of black-owned brands in our assortment, welcoming Black Girls Sunscreen, Camille Rose, Homebody and BLK/OPL, among others, to the Ulta Beauty family and introduced dedicated space for BIPOC-founded brands in 260 stores.

我們繼續通過推出 Drunk Elephant、BOBBI BROWN、OLAPLEX、KRISTIN ESS 和 Verb 等相關品牌來激發客人對新鮮事物的渴望。我們將 Conscious Beauty 平台擴展到 270 個認證品牌，為清潔成分和純素去皮器推出 SKU 級認證，並擴大了我們的 Made without List。我們的分類中黑人自有品牌的數量翻了一番，歡迎 Black Girls Sunscreen、Camille Rose、Homebody 和 BLK/OPL 等加入 Ulta Beauty 大家庭，並在 260 家門店為 BIPOC 創立的品牌引入了專門的空間。

We launched The Wellness Shop, a cross-category platform that offers guests self-care for the mind, body and spirit on ulta.com and in more than 450 stores. We opened 44 net new stores, relocated 7 stores, remodeled 9 stores and negotiated more than 150 lease renewals.

我們在 ulta.com 和 450 多家商店推出了 The Wellness Shop，這是一個跨類別平台，可為客人提供身心自我保健服務。淨新開店44家，搬遷7家，改造9家，協商續約150多份。

We continue to drive higher BOPIS utilization with new guest incentives, increased marketing to drive awareness and operational improvements to the guest and associate experience. As a result, BOPIS sales increased to 18% of e-commerce sales compared to 14% in fiscal 2020. Between BOPIS and our ship-from-store capabilities, about 28% of our digital orders this year were fulfilled by stores.

我們繼續通過新的客戶激勵措施、增加營銷以提高客戶和員工體驗的意識和運營改進來推動更高的 BOPIS 利用率。因此，BOPIS 銷售額佔電子商務銷售額的比例從 2020 財年的 14% 增加到 18%。在 BOPIS 和我們的門店發貨能力之間，我們今年約 28% 的數字訂單由門店完成。

We launched our exciting new partnership with Target Corporation and opened 100 Ulta Beauty at Target locations. I'll share more on this later. We drove member growth through new acquisition, member reengagement and targeted retention efforts, increasing the number of Ultimate Rewards members to a record 37 million members. We grew aided awareness to 94% and maintained unaided awareness at 48%.

我們與 Target Corporation 建立了令人興奮的新合作夥伴關係，並在 Target 地點開設了 100 家 Ulta Beauty。稍後我將分享更多關於此的內容。我們通過新的獲取、會員重新參與和有針對性的保留工作來推動會員增長，將 Ultimate Rewards 會員的數量增加到創紀錄的 3700 萬會員。我們將輔助意識提高到 94%，並將獨立意識保持在 48%。

Importantly, we significantly increased Ulta Beauty consideration with Gen Z, Hispanic and black beauty enthusiast and created deeper, more emotional connections with consumers.

重要的是，我們顯著增加了對 Z 世代、西班牙裔和黑人美容愛好者的 Ulta Beauty 考慮，並與消費者建立了更深、更情感的聯繫。

We successfully navigate macro headwinds, including supply chain challenges and tight labor markets. We proactively invested in our teams with appreciation bonus for our store and DC associates. We doubled our renewable energy credit, invested in energy management system retrofits, diverted nearly 15 tons of waste from landfills through our recycling efforts and joined other leading retailers in the consortium to reinvent the retail bag.

我們成功克服了宏觀逆風，包括供應鏈挑戰和緊張的勞動力市場。我們積極投資於我們的團隊，並為我們的商店和 DC 員工提供獎勵獎金。我們將可再生能源信貸翻了一番，投資於能源管理系統改造，通過我們的回收工作從垃圾填埋場轉移了近 15 噸廢物，並與聯盟中的其他領先零售商一起重塑了零售袋。

And we made meaningful progress against our DE&I commitments, including launching the MUSE platform, signing the 15% pledge, investing in, in-store guest experience training, reimagining our diverse leaders development program and integrating DE&I and across our internal talent life cycle.

我們在 DE&I 承諾方面取得了有意義的進展，包括啟動 MUSE 平台、簽署 15% 的承諾、投資店內客戶體驗培訓、重新構想我們多元化的領導者發展計劃以及整合 DE&I 和整個內部人才生命週期。

Now as we turn to fiscal 2022, consumers in the operating environment are changing faster than ever. Consumers are becoming increasingly resilient to COVID surges, but macro headwinds, global uncertainty and potential pandemic setbacks will likely continue to impact consumers. The beauty category is healthy and growing, and our proprietary consumer insights give us confidence that the recovery, which began last year, will continue in 2022 as consumers maintain their self-care routines and engage in more social activities.

現在，當我們轉向 2022 財年時，經營環境中的消費者變化比以往任何時候都快。消費者對 COVID 激增的抵抗力越來越強，但宏觀逆風、全球不確定性和潛在的大流行挫折可能會繼續影響消費者。美容品類健康且不斷增長，我們專有的消費者洞察力讓我們相信，隨著消費者保持自我保健習慣並參與更多社交活動，從去年開始的複蘇將在 2022 年繼續。

And as consumers increase their consumption of services and experiences, our assortment and service offerings position us to benefit from these shifts. We know there will be challenges, but I am more excited than ever about the opportunity for Ulta Beauty to grow and continue to lead the beauty category. Last fall, we introduced a new strategic framework which will shape our future and enable us to deliver against our long-term financial targets.

隨著消費者增加對服務和體驗的消費，我們的產品種類和服務產品使我們能夠從這些轉變中受益。我們知道會有挑戰，但我比以往任何時候都更興奮 Ulta Beauty 有機會成長並繼續引領美容品類。去年秋天，我們推出了一個新的戰略框架，它將塑造我們的未來並使我們能夠實現我們的長期財務目標。

Let me share our fiscal 2022 priorities through the lens of each of our strategic pillars. Starting with our first pillar. We will drive breakthrough and disruptive growth through an expanded definition of all things beauty. Our differentiated assortment is core to our success. And in fiscal 2022, we intend to enhance and expand our Conscious Beauty platform, further increase our assortment of black-owned, black-founded and black-led brands in support of our 15% pledge and build the infrastructure to support these brands, expand The Wellness Shop to an additional 300 stores and continue to evolve and expand our offering across core categories to engage and excite the beauty enthusiasts.

讓我從我們每個戰略支柱的角度分享我們 2022 財年的優先事項。從我們的第一個支柱開始。我們將通過擴大對所有事物美的定義來推動突破性和顛覆性增長。我們差異化的分類是我們成功的核心。在 2022 財年，我們打算加強和擴展我們的 Conscious Beauty 平台，進一步增加黑人擁有、黑人創立和黑人主導的品牌種類，以支持我們 15% 的承諾，並建立支持這些品牌的基礎設施，擴大The Wellness Shop 增加了 300 家商店，並繼續在核心類別中發展和擴展我們的產品，以吸引和激髮美容愛好者。

To drive growth and capture market share, we will continue to add relevant brands to our assortment. In recent weeks, we've executed one of our most anticipated brand launches ever, Fenty Beauty. Partnering with Rihanna and Fenty Beauty, we announced the news on February 17 through social channels, achieving higher mentioned volume and reach than any other Ulta Beauty brand launch announcement. The initial guest response was incredibly positive, trending as the #1 topic on Twitter the day of the announcement.

為了推動增長和占領市場份額，我們將繼續在我們的產品系列中添加相關品牌。最近幾週，我們推出了有史以來最受期待的品牌之一，Fenty Beauty。我們與 Rihanna 和 Fenty Beauty 合作，於 2 月 17 日通過社交渠道宣布了這一消息，獲得了比任何其他 Ulta Beauty 品牌發佈公告更高的提及量和覆蓋面。最初的客人反應非常積極，在宣布當天成為 Twitter 上的第一主題。

Turning now to our second pillar, to evolve the guest experience through our personalized and connected omnichannel ecosystem, all in your world. Beauty enthusiasts are increasingly leveraging both physical and digital channels, and we have the power to connect and engage with them across the beauty journey and meet them wherever they are.

現在轉向我們的第二個支柱，通過我們個性化和互聯的全渠道生態系統，在您的世界中發展客戶體驗。美容愛好者越來越多地利用實體和數字渠道，我們有能力在美容之旅中與他們聯繫和互動，並在任何地方與他們見面。

In fiscal 2022, we intend to leverage our real estate pipeline to pilot a new in-store experience with a layout and flow that reflects our key merchandising strategies and consolidates guest services in a central location, test a small store format with an optimized assortment and service offering in a handful of small markets, enhance our buy anywhere fill anywhere efforts by expanding our same-day delivery option, continue to create leading digital experiences through the ongoing refresh of our digital store to provide guests with an experience that seamlessly merges content with commerce, the expansion of our virtual try-on capabilities and new capabilities resulting from our digital fund investments.

在 2022 財年，我們打算利用我們的房地產渠道，試行一種新的店內體驗，其佈局和流程反映了我們的主要銷售策略，並將客戶服務整合到一個中心位置，測試具有優化分類和在少數小市場提供服務，通過擴展我們的當日送達選項來加強我們的“隨處購買”，通過不斷更新我們的數字商店繼續創造領先的數字體驗，為客人提供無縫融合內容的體驗商業、虛擬試穿能力的擴展以及我們數字基金投資產生的新能力。

We'll provide guests with more convenience through the launch of Afterpay as a payment option in stores and will expand the Ulta Beauty at Target shop in more than 250 new Target locations.

我們將通過在商店推出 Afterpay 作為支付選項為客人提供更多便利，並將在 250 多個新的 Target 地點擴展 Ulta Beauty at Target 商店。

As part of our efforts to expand our omnichannel ecosystem, last year, we joined forces with the Target Corporation to create a new way for guests to discover Prestige Beauty. In just 9 short months, the Ulta Beauty and Target teams worked together to design a space that feels authentic to both brands. We connected 2 independent loyalty programs. We made it easy for guests to link their accounts. And we onboarded more than 50 prestige and emerging brands.

作為我們擴大全渠道生態系統努力的一部分，去年，我們與 Target Corporation 聯手，為客人創造了一種發現 Prestige Beauty 的新方式。在短短 9 個月內，Ulta Beauty 和 Target 團隊合作設計了一個讓兩個品牌都感覺真實的空間。我們連接了 2 個獨立的忠誠度計劃。我們讓客人可以輕鬆鏈接他們的帳戶。我們加入了 50 多個知名和新興品牌。

I am pleased to share that in our Ulta Beauty at Target location, customer awareness remains very strong. Guests are shopping across categories, and more than 1 million members have linked their Ultimate Rewards and Target Circle accounts. Building on this foundation, this year, our focus is on accelerating new member acquisition, optimizing the guest experience and continuing to amplify marketing as we scale.

我很高興與大家分享，在我們位於 Target 的 Ulta Beauty 中，客戶的意識仍然很強。客人正在跨類別購物，超過 100 萬會員已將他們的 Ultimate Rewards 和 Target Circle 帳戶關聯起來。在此基礎上，今年我們的重點是加速新會員的獲取，優化客戶體驗，並隨著我們的規模擴大繼續擴大營銷。

Moving now to our third pillar, expand and deepen our presence across the guest beauty journey, firmly placing Ulta Beauty at the heart of the beauty community. In fiscal 2022, we intend to further build upon our brand purpose and elevate our marketing efforts to include more action-based programming that address the needs of key audiences; expand live streaming and social selling; drive member growth and leverage data and analytics to increase the personalization of our communication, deepen engagement and shift share of wallet; and launch our retail media network, UB Media.

現在轉向我們的第三個支柱，擴大和深化我們在賓客美容之旅中的影響力，將 Ulta Beauty 牢牢地置於美容社區的核心地位。在 2022 財年，我們打算進一步鞏固我們的品牌目標，並加強我們的營銷工作，以包括更多基於行動的節目，以滿足關鍵受眾的需求；擴大直播和社交銷售；推動會員增長並利用數據和分析來提高我們溝通的個性化、加深參與度並轉移錢包份額；並推出我們的零售媒體網絡 UB Media。

Our fourth pillar is to drive operational excellence and optimization. We are investing in multiple significant cross-functional projects that require capital and resources, but position us to capture additional market share, fund enhancements to the guest experience and deliver future profitable growth.

我們的第四個支柱是推動卓越運營和優化。我們正在投資多個重要的跨職能項目，這些項目需要資金和資源，但使我們能夠獲得更多的市場份額，為提升客戶體驗提供資金並實現未來的盈利增長。

In fiscal 2022, we plan to execute the first phase of Project SOAR, our multiyear effort to upgrade our enterprise resource planning platform, migrate to Google Cloud as our data and analytics platform to facilitate data accessibility, enhanced reporting and faster decision-making, begin a 2-year effort to refresh our store POS systems and leverage our continuous improvement capability to identify, prioritize, activate and measure meaningful cross-functional process optimization opportunities.

在 2022 財年，我們計劃執行 SOAR 項目的第一階段，這是我們升級企業資源規劃平台的多年努力，遷移到 Google Cloud 作為我們的數據和分析平台，以促進數據可訪問性、增強報告和更快的決策制定，開始為期 2 年的努力更新我們的商店 POS 系統並利用我們的持續改進能力來識別、優先考慮、激活和衡量有意義的跨職能流程優化機會。

In support of our supply chain optimization efforts, this year, we plan to begin an upgrade and retrofit of our Greenwood distribution center, begin construction of our first market fulfillment center and implement new transportation tools to provide better visibility to loads in transit.

為了支持我們的供應鏈優化工作，今年我們計劃開始升級和改造我們的格林伍德配送中心，開始建設我們的第一個市場履行中心並實施新的運輸工具，以更好地了解運輸中的貨物。

Our winning culture is a key driver of Ulta Beauty's success. And our fifth strategic pillar is to protect and cultivate our world-class culture and talent. We strive to make Ulta Beauty a great place to work by leading with our hearts, caring for each other in everything we do and demonstrating integrity, authenticity and inclusivity daily.

我們的製勝文化是 Ulta Beauty 成功的關鍵驅動力。我們的第五個戰略支柱是保護和培養我們的世界級文化和人才。我們努力使 Ulta Beauty 成為一個偉大的工作場所，用我們的心領導，在我們所做的每一件事上互相關心，並每天展示正直、真實和包容性。

To reinforce our position as an employer of choice and enable us to continue to successfully navigate anticipated tight labor markets, this year, we intend to increase investments in training and development programs to enhance the guest experience, improve personnel performance and help associates manage their career, continue leveraging our diverse slate recruitment efforts, further enhance and optimize our talent acquisition processes, increase investment in development programs to help associates plan and develop their careers and continue to navigate the pandemic with safety at the forefront for all of our associates.

為了鞏固我們作為首選雇主的地位，並使我們能夠繼續成功應對預期的緊張勞動力市場，今年，我們打算增加對培訓和發展計劃的投資，以提升客戶體驗、提高員工績效並幫助員工管理他們的職業生涯，繼續利用我們多樣化的招聘工作，進一步加強和優化我們的人才招聘流程，增加對發展計劃的投資，以幫助員工規劃和發展他們的職業生涯，並繼續以安全為我們所有員工的首要任務來應對大流行。

Finally, our sixth strategic pillar is to expand our environmental and social impact. As the largest U.S. beauty retailer, we have the power to shape how the world sees beauty and responsibility to inspire positive change.

最後，我們的第六個戰略支柱是擴大我們的環境和社會影響。作為美國最大的美容零售商，我們有能力塑造世界對美的看法，並有責任激發積極的變化。

Building on the progress we made in 2021, this year, we plan to continue to amplify underrepresented voices through media investments with multicultural platforms; the expansion of our MUSE platform and increased brand marketing support for black-owned, black-founded and black-led brands within our assortment; build an ecosystem to support the pipeline of BIPOC brands, including the creation of an accelerator program focused on early-stage BIPOC beauty brands to educate, inspire and support brand participants to prepare for retail readiness; and an investment in new voices, a venture capital firm that partners with and invests in entrepreneurs of color to drive scalable, sustainable businesses; continue to invest in training and internal programming to ensure our guests, associates and communities feel connected to and reflected at Ulta Beauty.

在 2021 年取得進展的基礎上，今年，我們計劃通過多元文化平台的媒體投資，繼續擴大代表性不足的聲音；擴大我們的 MUSE 平台，並增加對我們分類中黑人擁有、黑人創立和黑人主導的品牌的品牌營銷支持；建立一個支持 BIPOC 品牌管道的生態系統，包括創建一個專注於早期 BIPOC 美容品牌的加速器計劃，以教育、激勵和支持品牌參與者為零售做好準備；以及對新聲音的投資，這是一家與有色人種企業家合作並投資於推動可擴展、可持續業務的風險投資公司；繼續投資於培訓和內部計劃，以確保我們的客人、員工和社區感受到與 Ulta Beauty 的聯繫和反映。

And as we look to reduce our carbon footprint, we plan to expand our LED lighting retrofit program, double our investment in renewable energy credits and explore opportunities to collaborate with our brand partners to identify opportunities to reduce Scope 3 emissions together.

在我們尋求減少碳足蹟的同時，我們計劃擴大我們的 LED 照明改造計劃，將我們對可再生能源信用額度的投資增加一倍，並探索與我們的品牌合作夥伴合作的機會，以確定共同減少範圍 3 排放的機會。

We recently published our 2021 ESG report, which includes information about our strong corporate governance practices and commitment to operating an ethical business. In addition, it includes disclosures aligned with the SASB Index and TCFD as well as updated EEO-1 information.

我們最近發布了 2021 年 ESG 報告，其中包含有關我們強大的公司治理實踐和對經營道德業務的承諾的信息。此外，它還包括與 SASB 指數和 TCFD 一致的披露以及更新的 EEO-1 信息。

In closing, I am incredibly proud of what the Ulta Beauty team has accomplished and excited about the opportunities ahead. We operate in a healthy, culturally relevant and growing category. We have a strong proven business model, and we have a winning culture and simply outstanding associates. We have ambitious plans, and I am confident we have the right team to execute our strategies and deliver for our guests, associates and shareholders.

最後，我為 Ulta Beauty 團隊所取得的成就感到無比自豪，並對未來的機會感到興奮。我們在一個健康、與文化相關且不斷增長的類別中運營。我們擁有經過驗證的強大商業模式，我們擁有成功的文化和優秀的員工。我們有雄心勃勃的計劃，我相信我們有合適的團隊來執行我們的戰略並為我們的客人、員工和股東提供服務。

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

現在，我將把電話轉給斯科特討論財務結果。斯科特?

Thanks, Dave, and good afternoon, everyone. Before I review our financial results, I want to echo Dave's comments and express my sincere appreciation to all our Ulta Beauty associates for their focus on providing great guest experiences and managing the business, especially in such a dynamic operating environment. Their dedication to our guests and each other enabled us to deliver another strong quarter and an outstanding year for our shareholders.

謝謝，戴夫，大家下午好。在我回顧我們的財務業績之前，我想回應 Dave 的評論並對我們所有 Ulta Beauty 員工表示衷心感謝，他們專注於提供出色的客戶體驗和管理業務，尤其是在如此動態的運營環境中。他們對我們的客人和彼此的奉獻使我們能夠為我們的股東帶來又一個強勁的季度和出色的一年。

Now to our fourth quarter results, beginning with the income statement. Overall, results for the quarter were better than anticipated, primarily driven by stronger-than-expected holiday sales and a rational promotional environment. Sales growth across both physical and digital channels were stronger than expected, resulting in gross margin and less SG&A deleverage than planned. As a result, operating margin increased to 13.8% of sales for the quarter.

現在來看我們的第四季度業績，從損益表開始。總體而言，本季度業績好於預期，主要得益於強於預期的假日銷售和合理的促銷環境。實體和數字渠道的銷售增長均強於預期，導致毛利率和 SG&A 去槓桿化低於計劃。結果，本季度的營業利潤率增加到銷售額的 13.8%。

Net sales for the quarter increased 24.1%, driven by 21.4% growth in comp sales and strong new store performance. Transactions for the quarter increased 10.4%, driven by double-digit growth in store traffic. And average ticket increased 9.9%, resulting from both a higher average selling price and an increase in units per transaction.

本季度的淨銷售額增長了 24.1%，這主要得益於復合銷售額增長 21.4% 和新店業績強勁。本季度的交易量增長了 10.4%，這得益於門店客流量的兩位數增長。平均票價增長了 9.9%，這得益於更高的平均售價和每筆交易的單位數量的增加。

Looking at the cadence of sales for the quarter. November was the strongest month, supported by our successful marketing efforts and guests' early holiday shopping. Post-holiday, overall growth moderated, driven primarily by a deceleration of store traffic, likely reflecting disruption from weather and the Omicron variant.

查看本季度的銷售節奏。 11 月是最強勁的月份，這得益於我們成功的營銷努力和客人提前假日購物。節後，整體增長放緩，主要是由於商店客流量減速，可能反映了天氣和 Omicron 變體的干擾。

During the quarter, we opened 6 new stores, relocated 3 stores and remodeled 1 store. Compared to the fourth quarter of fiscal 2019, total sales increased 18.4% and comp sales increased 15.4%. For the quarter, gross margin increased about 250 basis points to 37.6% of sales compared to 35.1% last year. The increase was primarily due to the leverage of fixed costs, favorable channel mix shifts and higher merchandise margin.

本季度，我們新開 6 家店，搬遷 3 家店，改造 1 家店。與 2019 財年第四季度相比，總銷售額增長 18.4%，複合銷售額增長 15.4%。本季度，毛利率增長約 250 個基點，佔銷售額的 37.6%，而去年同期為 35.1%。這一增長主要是由於固定成本的槓桿作用、有利的渠道組合轉變和更高的商品利潤率。

Consistent with trends we experienced in the first 3 quarters of the year, in the fourth quarter, strong top line growth and benefits from our occupancy cost optimization efforts resulted in significant leverage of fixed costs. Channel mix was favorable as the penetration of e-commerce sales was about 600 basis points lower than last year. And merchandise margin improved, primarily due to lower promotional activity and ongoing benefits from our category management efforts.

與我們在今年前三個季度所經歷的趨勢一致，在第四季度，強勁的收入增長和我們的入住成本優化工作帶來的好處導致了固定成本的顯著槓桿作用。渠道組合良好，電子商務銷售滲透率比去年低約 600 個基點。商品利潤率有所提高，主要是由於促銷活動減少以及我們的品類管理工作帶來的持續收益。

Comparing this year's performance to the fourth quarter of fiscal 2019, gross margin improved by 260 basis points. Higher merchandise margin and fixed cost leverage were partially offset by adverse channel mix.

將今年的業績與 2019 財年第四季度相比，毛利率提高了 260 個基點。較高的商品利潤率和固定成本槓桿被不利的渠道組合部分抵消。

As planned, SG&A increased 26% to $650 million. As a percentage of sales, SG&A increased 40 basis points to 23.8% compared to 23.4% last year, primarily due to higher incentive compensation and store payroll and benefits, partially offset by leverage of marketing expense due to higher sales.

按計劃，SG&A 增長了 26%，達到 6.5 億美元。作為銷售額的百分比，SG&A 比去年的 23.4% 增加 40 個基點至 23.8%，主要是由於較高的激勵薪酬和商店工資和福利，部分被銷售增加導致的營銷費用槓桿所抵消。

Reflecting strong operational performance versus our internal targets, incentive compensation associated with our annual bonus program increased compared to last year. In addition, we elected to grant discretionary appreciation bonuses to our store associates in recognition of their efforts to deliver this outstanding performance. In total, higher incentive compensation drove about 60 basis points of deleverage in the quarter.

與我們的內部目標相比，與我們的年度獎金計劃相關的激勵性薪酬與去年相比有所增加，這反映了強勁的運營績效。此外，我們選擇向我們的門店員工發放酌情獎勵獎金，以表彰他們為實現這一出色表現所做的努力。總體而言，較高的激勵薪酬在本季度推動了約 60 個基點的去槓桿化。

Store payroll and benefits expense in the quarter was higher than last year, reflecting an increase in the number of store associates and higher average wage rates. Compared to fiscal 2019, SG&A as a percentage of sales was about 140 basis points unfavorable, primarily due to higher incentive compensation and marketing expense.

本季度的商店工資和福利支出高於去年，反映了商店員工人數的增加和平均工資率的提高。與 2019 財年相比，SG&A 佔銷售額的百分比約為 140 個基點，主要是由於較高的激勵薪酬和營銷費用。

Operating margin was 13.8% of sales compared to 10.2% of sales in the fourth quarter of fiscal 2020 on a GAAP basis and 11.6% of sales on an adjusted basis. Strong top line growth, driven primarily by stores, combined with the impact of our ongoing cost optimization efforts, resulted in record level operating margin performance.

營業利潤率為銷售額的 13.8%，而 2020 財年第四季度按公認會計原則計算的營業利潤率為 10.2%，調整後的營業利潤率為 11.6%。主要由商店推動的強勁收入增長，加上我們正在進行的成本優化工作的影響，導致了創紀錄的營業利潤率表現。

The company's tax rate decreased to 22.9% compared to 23.4% in the fourth quarter last year. The lower effective tax rate was primarily due to a benefit from the income tax accounting for share-based compensation and state tax credits. Diluted GAAP earnings per share increased to $5.41 compared to $3.03 last year. Adjusted diluted earnings per share in Q4 of last year was $3.41.

該公司的稅率從去年第四季度的23.4%降至22.9%。較低的有效稅率主要是由於股份薪酬和州稅收抵免的所得稅會計收益。稀釋後的 GAAP 每股收益從去年的 3.03 美元增加到 5.41 美元。去年第四季度調整後的每股攤薄收益為 3.41 美元。

To recap the full year, our teams delivered sales and profits that far exceeded pre-pandemic levels. Compared to fiscal 2019, sales increased 16.7% to $8.6 billion. Operating profit increased 44% to $1.3 billion or 15% of sales. And diluted EPS increased 48% to $17.98 per share.

回顧全年，我們的團隊實現了遠遠超過大流行前水平的銷售額和利潤。與 2019 財年相比，銷售額增長 16.7% 至 86 億美元。營業利潤增長 44% 至 13 億美元，佔銷售額的 15%。攤薄後每股收益增長 48% 至每股 17.98 美元。

Moving on to the balance sheet and cash flow statement. Total inventory increased 28% to $1.5 billion compared to $1.2 billion last year. In addition to the impact of 44 net new stores, the increase reflects inventory purchases to support new brand launches, including OLAPLEX, Fenty and Chanel as well as proactive efforts to maintain strong in-stocks of key items to support expected demand and mitigate anticipated global supply chain disruptions.

轉到資產負債表和現金流量表。與去年的 12 億美元相比，總庫存增加 28% 至 15 億美元。除了 44 家淨新店的影響外，這一增長還反映了為支持新品牌推出而購買的庫存，包括 OLAPLEX、Fenty 和 Chanel，以及積極努力保持關鍵商品的強勁庫存以支持預期需求並緩解預期的全球供應鏈中斷。

In fiscal 2021, we invested $172 million in capital expenditures, including approximately $89 million for new stores, remodels and merchandise fixtures, $60 million for supply chain and IT and about $23 million for store maintenance and other.

在 2021 財年，我們在資本支出上投資了 1.72 億美元，其中約 8900 萬美元用於新店、改造和商品固定裝置，6000 萬美元用於供應鍊和 IT，約 2300 萬美元用於商店維護和其他。

Depreciation for the year was $268 million compared to $298 million last year, primarily reflecting the impact of last year's store impairments and store closures. Ulta Beauty continues to generate significant cash from operations. As we shared at our October Analyst Day, our priority for use of cash is to reinvest in the business to drive profitable growth. After investing to support growth, we will continue to look to return excess capital to shareholders.

與去年的 2.98 億美元相比，今年的折舊為 2.68 億美元，主要反映了去年商店減值和商店關閉的影響。 Ulta Beauty 繼續從運營中產生大量現金。正如我們在 10 月分析師日所分享的，我們使用現金的首要任務是對業務進行再投資以推動盈利增長。在投資支持增長後，我們將繼續尋求將多餘的資本返還給股東。

During the fourth quarter, we repurchased 1.9 million shares at a cost of $760 million. We elected to accelerate repurchases in the fourth quarter to take advantage of better-than-expected cash flow.

在第四季度，我們以 7.6 億美元的成本回購了 190 萬股股票。我們選擇在第四季度加速回購，以利用好於預期的現金流。

Since launching our stock buyback program in 2014, we've purchased 14 million shares at an average price of $275, effectively returning $3.9 billion to shareholders, while continuing to invest in strategic growth drivers. Having essentially completed the authorization announced in March of 2020, today, we announced a new share repurchase authorization for $2 billion.

自 2014 年啟動股票回購計劃以來，我們以平均 275 美元的價格購買了 1400 萬股股票，有效地向股東返還了 39 億美元，同時繼續投資於戰略增長動力。基本上完成了 2020 年 3 月宣布的授權，今天，我們宣布了一項 20 億美元的新股票回購授權。

Turning now to our outlook. We are emerging from the pandemic as a stronger, healthier business. Over the last 2 years, we've strengthened category margins and improved our ability to optimize promotions. Our real estate portfolio is healthy and improving economics. Our e-commerce business is larger and more profitable. And we've strengthened our analytical capabilities and adjusted our cost structure.

現在轉向我們的前景。我們正在擺脫大流行，成為更強大、更健康的企業。在過去 2 年中，我們提高了品類利潤並提高了優化促銷的能力。我們的房地產投資組合是健康的並且正在改善經濟狀況。我們的電子商務業務規模更大，利潤更高。我們加強了分析能力，調整了成本結構。

At our Analyst Day in October, we shared an updated growth algorithm with investors. Over the next 3 years, we expect to deliver net sales growth between 5% and 7% on a compound annual growth basis using fiscal 2019 as the base year; operating profit between 13% and 14% of sales; low double-digit diluted earnings per share growth on a CAGR basis, again using fiscal 2019 as the base year; and maintaining capital expenditures between 4% and 5% of sales.

在 10 月的分析師日，我們與投資者分享了更新的增長算法。在未來 3 年，我們預計以 2019 財年為基準年，在復合年增長率的基礎上實現 5% 至 7% 的淨銷售額增長；營業利潤佔銷售額的 13% 至 14%；以復合年增長率為基礎的低兩位數稀釋每股收益增長，再次以 2019 財年為基準年；並將資本支出保持在銷售額的 4% 至 5% 之間。

As we look to fiscal 2022, we continue to expect that sales growth and operating margin will be in line with these longer-term targets. Our EPS guidance of low to mid-single-digit growth reflects lapping extraordinary performance in fiscal 2021. Our guidance for fiscal 2022 also includes macro considerations, including continued wage pressures and higher supply chain costs as well as the impact of a more normalized investment agenda.

展望 2022 財年，我們繼續預計銷售增長和營業利潤率將符合這些長期目標。我們對中低個位數增長的每股收益指導反映了 2021 財年的非凡表現。我們對 2022 財年的指導還包括宏觀考慮，包括持續的工資壓力和更高的供應鏈成本，以及更加規範化的投資議程的影響.

Specifically, in fiscal 2022, we plan to open approximately 50 net new stores and remodel or relocate approximately 35 stores. We expect net sales will be between $9.05 billion and $9.15 billion, with comp sales growth between 3% and 4%. Our sales outlook reflects a more normalized growth trend for the beauty category, including a modest recovery in makeup, while also considering various uncertainties including inflationary risks to consumer spending and the impact of increasing points of distribution for Prestige Beauty.

具體而言，我們計劃在 2022 財年淨開設約 50 家新店，並改造或搬遷約 35 家店。我們預計淨銷售額將在 90.5 億美元至 91.5 億美元之間，複合銷售額增長在 3% 至 4% 之間。我們的銷售前景反映出美妝品類的增長趨勢更加常態化，包括化妝品的溫和復蘇，同時還考慮了各種不確定性，包括消費者支出的通脹風險以及 Prestige Beauty 分銷點增加的影響。

For your modeling purposes, we anticipate comp growth in the first half will be in the mid-single-digit range, driven by stronger growth in the first quarter and then moderate to low single-digit growth as we lap last year's recovery. We expect operating margin for the year will be between 13.7% and 14% of sales compared to 15% in fiscal 2021, with deleverage from both gross margin and SG&A. We anticipate operating margin deleverage will be greater in the first half as we lap last year's strong performance.

出於您的建模目的，我們預計上半年的複合增長將在中個位數範圍內，這是由第一季度的強勁增長推動的，然後隨著我們去年的複蘇而中度至低個位數增長。我們預計今年的營業利潤率將在銷售額的 13.7% 至 14% 之間，而 2021 財年為 15%，同時毛利率和 SG&A 都會去槓桿。我們預計上半年的營業利潤率去槓桿化將更大，因為我們延續了去年的強勁表現。

We expect gross margin will be lower than fiscal 2021, driven primarily by lower merchandise margin resulting from the impact of new brand launches, lapping onetime benefits from favorable inventory reserve adjustments and a more normalized promotional environment. We also expect supply chain costs will increase more than sales, resulting in additional pressure on gross margin.

我們預計毛利率將低於 2021 財年，這主要是由於新品牌推出的影響導致商品利潤率下降，同時受益於有利的庫存儲備調整和更加規範的促銷環境。我們還預計供應鏈成本的增長將超過銷售額，從而對毛利率造成額外壓力。

We expect SG&A expense will deleverage, driven primarily by $70 million to $75 million of expenses related to our strategic priorities, including investments to support UB Media, Ulta Beauty at Target, Project SOAR and other IT capabilities as well as higher wage rate growth across the enterprise, partially offset by lower incentive compensation. These assumptions result in guidance for diluted earnings per share in the range of $18.20 to $18.70 per share, including the impact of approximately $900 million in share repurchases.

我們預計 SG&A 費用將去槓桿化，主要受與我們的戰略重點相關的 7000 萬至 7500 萬美元費用的推動，包括支持 UB Media、Ulta Beauty at Target、Project SOAR 和其他 IT 能力的投資，以及更高的工資增長率。企業，部分被較低的激勵薪酬所抵消。這些假設導致每股攤薄收益在 18.20 美元至 18.70 美元之間，包括約 9 億美元股票回購的影響。

We are not providing specific quarterly guidance. But as you update your financial models, consider that the second quarter will likely be our most challenging quarter of the year as we lap extraordinary performance in fiscal 2021. As a result, we are currently planning for EPS in the second quarter to decrease about 10%.

我們沒有提供具體的季度指導。但是，當您更新財務模型時，請考慮到第二季度可能是我們一年中最具挑戰性的季度，因為我們在 2021 財年取得了非凡的業績。因此，我們目前計劃將第二季度的每股收益減少約 10 %。

Finally, we plan to spend between $375 million and $425 million in CapEx, including approximately $195 million for supply chain and IT; $150 million for new stores, remodels and merchandise fixtures; and about $55 million for store maintenance and other. We expect depreciation for the year will be between $250 million and $255 million. I would note that our guidance assumes no changes in federal tax rate environment and no material increases in the federal minimum wage.

最後，我們計劃在資本支出上花費 3.75 億美元至 4.25 億美元，其中包括大約 1.95 億美元用於供應鍊和 IT； 1.5 億美元用於新店、改造和商品固定裝置；大約 5500 萬美元用於商店維護和其他費用。我們預計今年的折舊將在 2.5 億美元至 2.55 億美元之間。我要指出，我們的指導假設聯邦稅率環境沒有變化，聯邦最低工資沒有實質性增加。

In closing, a rapidly recovering environment, combined with the outstanding efforts of our teams and the work we have done to strengthen the business, enabled us to deliver record performance in fiscal 2021. While lapping this performance will be difficult, we remain confident in our longer-term growth targets.

最後，快速恢復的環境，再加上我們團隊的傑出努力和我們為加強業務所做的工作，使我們能夠在 2021 財年實現創紀錄的業績。雖然很難超越這一業績，但我們仍然對我們的業務充滿信心長期增長目標。

Ulta Beauty has established significant long-term competitive advantages. And we believe we are well positioned to capitalize on growth opportunities within the $140 billion U.S. beauty products and salon services industry and continue to deliver long-term shareholder value.

Ulta Beauty 建立了顯著的長期競爭優勢。我們相信我們有能力利用價值 1400 億美元的美國美容產品和沙龍服務行業的增長機會，並繼續為股東創造長期價值。

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

現在我將把電話轉給我們的接線員來主持問答環節。

Our first question comes from Dana Telsey with Telsey Group.

我們的第一個問題來自 Telsey Group 的 Dana Telsey。

Congratulations on the nice progress. As you think about the current macro landscape out there and the inflationary pressures, how are you thinking about pricing in 2022? And how does that feed into the margin? And do you see any difference by category?

祝賀取得了不錯的進展。當您考慮當前的宏觀形勢和通脹壓力時，您如何看待 2022 年的定價？這又是如何影響利潤的？您是否看到任何類別的差異？

Great. Dana, thanks for the question. And yes, certainly, we are tracking and monitoring closely the inflationary environment, and we understand the unique dynamics that we're facing. We recognize consumers are going to be facing headwinds from rising prices and other dynamics.

偉大的。達納，謝謝你的問題。是的，當然，我們正在密切跟踪和監控通脹環境，我們了解我們面臨的獨特動態。我們認識到消費者將面臨價格上漲和其他動態的不利因素。

I will say that as we look at the beauty category, even with these headwinds, we remain positive. The category is healthy. It is growing. It's emotionally important and connected to our consumers. We are in the midst, even as we face some of these inflationary pressures, that we're in the midst of opening of the economy, of the world around us, which is beneficial. We know consumers are working to maintain their self-care routine.

我會說，當我們審視美容品類時，即使有這些不利因素，我們仍然保持樂觀。該類別是健康的。它正在增長。它在情感上很重要，並且與我們的消費者息息相關。即使我們面臨一些通脹壓力，我們也正處於經濟開放之中，我們周圍的世界正處於開放之中，這是有益的。我們知道消費者正在努力維持他們的自我保健習慣。

And so despite the headwinds, we think the category is well positioned. And then uniquely, Ulta is well positioned because of our model. The fact that we are across all price points, all categories, mass, prestige, we are able to adjust and reflect evolving consumer needs as the world around us changes. Pricing has -- every year, there's pricing. Certainly, over the last few months, we've seen some pricing action in -- from some of our brands.

因此，儘管存在不利因素，但我們認為該類別處於有利位置。然後獨特的是，由於我們的模型，Ulta 處於有利位置。事實上，我們跨越所有價位、所有類別、質量、聲望，我們能夠隨著周圍世界的變化調整和反映不斷變化的消費者需求。定價有 - 每年都有定價。當然，在過去的幾個月裡，我們已經看到了一些定價行為——來自我們的一些品牌。

A reminder, in our prestige side of the business, it tends to be MSRP. And so we're -- we would be reflective of where the broader market is going. But it hasn't been an extraordinary amount of price increase yet. And any benefit of that is certainly reflected in our guidance going forward. But as cost pressures increase, both on our business and our brand partners' business, we'll be clearly tracking this closely and making sure we're adjusting appropriately as we manage through the year.

提醒一下，在我們的業務聲望方面，它往往是建議零售價。所以我們 - 我們將反映更廣泛的市場走向。但這還不是一個非凡的價格上漲幅度。這樣做的任何好處肯定會反映在我們未來的指導中。但隨著成本壓力的增加，無論是對我們的業務還是我們的品牌合作夥伴的業務，我們都將清楚地密切跟踪這一點，並確保我們在全年的管理過程中進行適當的調整。

Our next question comes from Mark Altschwager with Baird.

我們的下一個問題來自貝爾德的 Mark Altschwager。

I wanted to ask about the rewards program and spend per member. It looks like kind of your average spend per Ultimate Rewards member must have been up pretty nicely 2021 versus 2019. Just any color there would be great. And how much of that is category recovery versus share of wallet gains? And then looking ahead, you did allow some of the increased distribution points for Prestige Beauty as a consideration in your guidance. So curious how you're thinking about ability to continue to capture share of wallet and the opportunities in 2022?

我想詢問獎勵計劃和每位會員的消費。看起來，與 2019 年相比，2021 年每位 Ultimate Rewards 會員的平均支出肯定增長得相當好。只要有任何顏色都會很棒。其中有多少是類別恢復與錢包收益的份額？然後展望未來，您確實允許在您的指導中考慮增加 Prestige Beauty 的一些分發點。很好奇你如何看待 2022 年繼續獲得錢包份額和機會的能力？

Great. Well, we are incredibly proud of our loyalty program. We have been for a long time. And I'm really, really pleased with the results that the team delivered in 2021 to reach a record level of 37 million active members, which is not only 13% ahead of 2020, but 6% ahead of 2019. So our guests are highly engaged. Reactivation rates and retention rates are very strong.

偉大的。好吧，我們為我們的忠誠度計劃感到無比自豪。我們已經很久了。我對團隊在 2021 年達到創紀錄的 3700 萬活躍成員的結果感到非常非常高興，這不僅比 2020 年提前 13%，而且比 2019 年提前 6%。所以我們的客人高度評價已訂婚的。重新激活率和保留率非常高。

We did see an increase in spend per member, which we're encouraged by. And that's driven by a number of factors as we continue to optimize the way we're engaging, leveraging our personalization efforts, providing more relevant, appropriate messages to our guests brought through our CRM capability. We've seen a category mix change.

我們確實看到每位會員的支出有所增加，對此我們感到鼓舞。這是由許多因素驅動的，因為我們繼續優化我們的參與方式，利用我們的個性化努力，通過我們的 CRM 功能為我們的客人提供更相關、更合適的信息。我們已經看到品類組合發生了變化。

We've talked consistently through the year about the growth of fragrance. Some other like tools in our hair tools, some higher ticket items that have been driving very strong growth ahead of the total store. And so that's contributing to it. And I'd just say an overall connection to Ulta Beauty. I mentioned just the high level of unaided awareness, the strong emotional connection that we're building is driving greater share of wallet. And our efforts going forward will continue to drive that.

這一年來，我們一直在談論香水的發展。我們美髮工具中的其他一些類似工具，一些高價商品一直在推動整個商店的強勁增長。這就是促成它的原因。我只想說與 Ulta Beauty 的整體聯繫。我只提到了高度的獨立意識，我們正在建立的強烈情感聯繫正在推動更大的錢包份額。我們未來的努力將繼續推動這一點。

As I look at the broader marketplace and share of wallet, and yes, there is expanded points of distribution on the prestige side of business, part of which is Ulta Beauty, both in our own stores and our partnership with Target. And I'm really pleased that in the fourth quarter, we gained share when we look across all of our points of distribution, including Target, despite hundreds of more new locations, competitive locations.

當我看到更廣泛的市場和錢包份額時，是的，在業務的聲望方面存在擴展的分銷點，其中一部分是 Ulta Beauty，無論是在我們自己的商店還是在我們與 Target 的合作夥伴關係中。我真的很高興，在第四季度，當我們查看包括 Target 在內的所有分銷點時，我們獲得了份額，儘管還有數百個新地點和競爭地點。

So we're confident. We think we've got the right model, strong competitive position, most importantly, deep connection to our guests that's demonstrating stronger loyalty to Ulta Beauty. And we're going to leverage that to continue to drive growth and share growth into 2022.

所以我們有信心。我們認為我們擁有合適的模特、強大的競爭地位，最重要的是，我們與客人的深厚聯繫表明了對 Ulta Beauty 的更強忠誠度。我們將利用這一點繼續推動增長並分享增長到 2022 年。

Our next question comes from Oliver Chen with Cowen.

我們的下一個問題來自 Oliver Chen 和 Cowen。

On the guidance, what gives you confidence that makeup will return to growth? And how does that intersect with inventory, category planning and also your comments on prestige and the competition there? As a follow-up, as you make strides in BIPOC brands, black indigenous and people of color brands, how should investors measure your success here? How are you measuring success? Do you have a lot of innovative programs there?

關於指導，是什麼讓你有信心化妝將恢復增長？這與庫存、品類規劃以及您對聲望和競爭的評論有什麼關係？作為後續，當你在 BIPOC 品牌、黑人土著和有色人種品牌方面取得長足進步時，投資者應該如何衡量你在這裡的成功？你如何衡量成功？你們那裡有很多創新項目嗎？

Great. Thanks, Oliver. Yes, there are some important topics in your questions. First, makeup, we are confident in the path ahead of makeup. And yes, and I'd say as we reflect back on the year, there were certainly some ups and downs. And what we continue to see is makeup, more than any other category, is sensitive to COVID fluctuations. And we saw that in the fourth quarter with Omicron and Delta and continued challenges there.

偉大的。謝謝，奧利弗。是的，您的問題中有一些重要的主題。一是彩妝，我們對彩妝前行的道路充滿信心。是的，我想說，當我們回顧這一年時，肯定有一些起伏。我們繼續看到的是，化妝比任何其他類別都更容易受到 COVID 波動的影響。我們在第四季度與 Omicron 和 Delta 一起看到了這一點，並在那裡繼續面臨挑戰。

But as I look forward on makeup, there are so many things that continue to encourage us. And we've seen some of these trends for a little while, but we've also -- as soon as we get momentum, we see some setbacks related to COVID. But broad macro trends of opening up and more opportunity for consumers to get back in the world, you know you're seeing it in back to work. We're seeing just a rapid acceleration in that. Events, activities, those things people getting out of their house are all exceptionally positive for the total category.

但當我期待化妝時，有很多事情繼續鼓勵我們。我們已經看到其中一些趨勢已經有一段時間了，但我們也 - 一旦我們獲得動力，我們就會看到一些與 COVID 相關的挫折。但是，開放的廣泛宏觀趨勢和消費者重返世界的更多機會，你知道你正在看到它重返工作崗位。我們看到這只是一個快速的加速。事件，活動，人們走出家門的那些事情對整個類別都是非常積極的。

We know all along that consumers have been passionate about makeup. Just there are opportunities -- their usage of opportunities have been more limited, but we see the passion in social media. The engagement continues to be high in all -- in TikTok and in Instagram and all other forms. So we know the connection is there. We know the opportunities are coming. We know there's important trends like the duality of natural looks and bolder looks, increased focus around eye and brow that even a resurgence of contouring, all these things are positive.

我們一直都知道消費者對化妝充滿熱情。只是有機會——他們對機會的利用更加有限，但我們看到了社交媒體的熱情。在 TikTok、Instagram 和所有其他形式中，參與度仍然很高。所以我們知道存在聯繫。我們知道機會即將到來。我們知道有一些重要的趨勢，例如自然外觀和大膽外觀的雙重性，對眼睛和眉毛的關注度增加，甚至輪廓重新出現，所有這些都是積極的。

And then you layer in for us our -- the outstanding work our merchandising team has done to continue to evolve our assortment. You -- I mentioned the launch of Fenty Beauty, which is just a really important step in our continued connection with our guests, and that is off to a very strong start. Launch of Chanel on the luxury side to tap into a new opportunity there. We have expansion in MAC, which is going quite well. And then a number of great brands. We're seeing innovation. I'll give you a couple of examples on MAC, a M·A·CStack Mascara that has 1 formula in 2 wands for both volume and precision.

然後您為我們提供我們的 - 我們的銷售團隊為繼續發展我們的產品系列所做的出色工作。你——我提到了 Fenty Beauty 的推出，這只是我們與客人保持聯繫的一個非常重要的步驟，這是一個非常好的開始。在奢侈品方面推出香奈兒，以利用那裡的新機會。我們在 MAC 方面進行了擴張，進展順利。然後是一些偉大的品牌。我們看到了創新。我會給你幾個關於 MAC 的例子，這是一款 M·A·CStack 睫毛膏，它有 2 根棒中的 1 個配方，用於體積和精度。

We've got a NYX Line Loud lip liner that's exclusive to Ulta Beauty that's performing well. We've got Morphe X Lucky Charms that's getting exclusive and driving engagement. And we've got Treslúce by Becky G, which is a Mexican-American Singer celebrating her Latin root. So we have exclusivity, newness. We've big brands, emerging brands.

我們有一款 Ulta Beauty 獨有的 NYX Line Loud 唇線筆，效果很好。我們有 Morphe X Lucky Charms 獲得獨家和推動參與。我們還有 Becky G 的 Treslúce，她是一位墨西哥裔美國歌手，慶祝她的拉丁詞根。所以我們有排他性，新穎性。我們有大品牌，新興品牌。

And it ties to your last point, your question about BIPOC. We see success by these brands thriving. We're not here just to get these brands on the shelf. It's one thing to arrive on our shelves, it's another thing to thrive. And that's how we're measuring success. We want these brands to be -- perform well, to grow, to have great opportunities (inaudible). And that's how we're measuring it. And that's how I'd suggest you look at it. We're doing this to drive engagement with our, we're seeing it for our brands. So we're optimistic about beauty, about makeup. And BIPOC will be one of the elements that will help us drive growth going forward.

它與您的最後一點有關，即您關於 BIPOC 的問題。我們看到這些品牌蓬勃發展的成功。我們在這裡不僅僅是為了讓這些品牌上架。上架是一回事，茁壯成長是另一回事。這就是我們衡量成功的方式。我們希望這些品牌能夠——表現良好，成長，擁有巨大的機會（聽不清）。這就是我們衡量它的方式。這就是我建議你看待它的方式。我們這樣做是為了推動與我們的互動，我們正在為我們的品牌看到它。所以我們對美麗，對化妝持樂觀態度。 BIPOC 將成為幫助我們推動未來增長的要素之一。

Our next question comes from Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

You talked about gross margin down in 2022. That seems a bit different from your prior commentary. Is that simply lapping through this big gross margin beat in the fourth quarter? Or is there something changing in your outlook or something that you're seeing in the market? And then on the gross margin side, can you help us a little bit on the cadence front?

您談到 2022 年毛利率下降。這似乎與您之前的評論有些不同。這是否只是在第四季度毛利率大幅上漲？或者您的前景是否發生了變化，或者您在市場上看到了什麼？然後在毛利率方面，你能在節奏方面幫助我們嗎？

Yes. Thanks, Chris. So I don't really think that there's any inconsistency in our messaging here. I think the variables at play are pretty consistent over the course of the year as you think about 2022, I would say. So again, it's back to merchandise margins, right, being under pressure in 2022 compared to what we've just been through the last year or so.

是的。謝謝，克里斯。所以我真的不認為我們在這裡的信息有任何不一致之處。我會說，當你想到 2022 年時，我認為在一年中發揮作用的變量非常一致。因此，再次回到商品利潤率，對，與我們去年左右的經歷相比，2022 年面臨壓力。

With the promotional environment, we think it's going to get back to more normal kind of business environment and then incremental supply chain costs, including transportation costs and wages and our distribution centers being greater than our growth outlook is for next year. So a combination of those things driving deleverage.

在促銷環境下，我們認為它將恢復到更正常的商業環境，然後增加供應鏈成本，包括運輸成本和工資，我們的配送中心高於我們明年的增長前景。因此，這些因素的結合推動了去槓桿化。

And then as we think about the year, I guess, as we said, second quarter is going to be the toughest. So again,first half of the year stronger, generally speaking, on operating margin than the second half. Partly that's being driven in the first quarter by stronger sales as we lap over. Last year at this time, we were just starting to come out of the depths of the pandemic.

然後當我們考慮這一年時，我想，正如我們所說，第二季度將是最艱難的。再說一遍，上半年的經營利潤率要強於下半年。部分原因是第一季度銷售強勁，因為我們過去了。去年的這個時候，我們才剛剛開始走出大流行的深淵。

So sales, especially in the store fleet, stronger this year in the first quarter than they were a year ago. That drives a lot of leverage for us and helps gross margin and operating margin overall and then sequencing again, and I think we said in our prepared remarks, those impacts overall kind of moderate as we get deeper into the year.

因此，今年第一季度的銷售額，尤其是商店車隊的銷售額，比一年前更強勁。這為我們帶來了很大的影響力，有助於整體毛利率和營業利潤率，然後再次排序，我認為我們在準備好的評論中說過，隨著我們進入今年的深入，這些影響總體上是溫和的。

Our next question comes from Kelly Crago with Citi.

我們的下一個問題來自 Kelly Crago 和 Citi。

Just curious if you could elaborate a bit on your partnership with Target. Now that you're at your 9 months in, are Target stops helping drive new customer sales? What does the spend look like for our customers who shop both channels? Any other color you could provide around customer behavior, at least at Target, would be helpful?

只是好奇您能否詳細說明您與 Target 的合作關係。現在您已經 9 個月了，Target 是否停止幫助推動新客戶銷售？購買這兩種渠道的客戶的支出情況如何？至少在 Target，您可以圍繞客戶行為提供任何其他顏色，會有幫助嗎？

Yes. Thanks, Kelly, for the question. As a retail leader, we're really aiming to deliver a seamless, omnichannel experience that meets our guests wherever they are. The newest element of this omnichannel strategy of the Ulta Beauty at Target is really providing us another way to engage and discover Ulta Beauty for a new guest set that's shopping at Target. The strategy is working.

是的。謝謝，凱利，你的問題。作為零售業的領導者，我們的真正目標是提供無縫的全渠道體驗，無論他們身在何處都能滿足我們的客人。 Target 的 Ulta Beauty 全渠道戰略的最新元素確實為我們提供了另一種方式來參與和發現 Ulta Beauty 的新客人，這些新客人在 Target 購物。該策略正在奏效。

What I would share is that our existing Ultimate Rewards members, they're taking advantage of shopping at Ulta Beauty at Target, and we're also introducing this to some new guests. The guest response has been really positive. The awareness remains strong. As Dave mentioned in his comments, more than 1 million members have linked their Ultimate Rewards in Target Circle accounts, and we're signing up new members every week.

我要分享的是，我們現有的 Ultimate Rewards 會員，他們正在利用在 Target 的 Ulta Beauty 購物，我們也將這一點介紹給一些新客人。客人的反應非常積極。意識依然強烈。正如 Dave 在他的評論中提到的，超過 100 萬會員在 Target Circle 帳戶中關聯了他們的 Ultimate Rewards，我們每週都在註冊新會員。

Target shared at their recent financial community meeting that the productivity in their space is very high. So that's always a good indicator, too. And I would say that while it's still really early, we're really encouraged that we see new members bouncing back into Ulta Beauty, and their shopping behaviors are very similar to our existing loyalty members. So just to kind of wrap up, overall, we're very pleased. While this is still new, we're pleased with how this is playing out as part of our omni strategy going forward.

Target 在他們最近的金融社區會議上分享說，他們所在領域的生產力非常高。所以這也是一個很好的指標。我想說，雖然現在還為時過早，但我們真的很高興看到新會員重新加入 Ulta Beauty，他們的購物行為與我們現有的忠誠會員非常相似。總結一下，總的來說，我們非常高興。雖然這仍然是新的，但我們很高興這是我們未來全方位戰略的一部分。

Our next question comes from Mike Baker with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Mike Baker。戴維森。

Maybe a 2-parter. Just on makeup, were you seeing it up on a 2-year basis earlier in the quarter and then Omicron slowed that down? Is that what you're saying? And can you talk about what you might be seeing in some areas of the country that seem to reopen earlier and not be as impacted by Omicron or at least didn't seem to slow down some of the people going out, Texas, Florida, maybe places like that?

也許是一個 2-parter。只是在化妝方面，您是否在本季度早些時候看到了 2 年的增長，然後 Omicron 放慢了速度？這就是你說的嗎？您能否談談您在該國某些地區可能會看到的情況那樣的地方？

Yes. What I will say, we won't get into like every period throughout the quarter. But for sure, what we see on makeup is a -- as anxiety around COVID has increased, has fluctuated through the last 2 years, we do see more pressure on makeup. And -- but now across the country, as more and more people both -- yes, some parts of the country have been more open than others, but there still has been a consumer concern, even as elements are open, that is easing right now across all parts of the country. And so that's encouraging to us.

是的。我要說的是，我們不會像整個季度的每個時期一樣進入。但可以肯定的是，我們在化妝上看到的是——隨著圍繞 COVID 的焦慮增加，在過去 2 年中一直在波動，我們確實看到化妝上的壓力更大。而且 - 但現在在全國范圍內，隨著越來越多的人 - 是的，該國的某些地區比其他地區更加開放，但仍然存在消費者擔憂，即使要素是開放的，那就是寬鬆現在遍布全國各地。所以這對我們來說是鼓舞人心的。

And that's what we think we need is more ongoing, consistent confidence to be back into work, be back at various activities and events. And as we see that, we know that's an element. It's not the only thing, but it's an important element to make up success going forward.

這就是我們認為我們需要的是更加持續、始終如一的信心，才能重返工作崗位，重返各種活動和活動。正如我們所看到的，我們知道這是一個元素。這不是唯一的事情，但它是構成未來成功的重要因素。

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

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

To be respectful for everyone on the call, I'll actually limit it to one question, one actual question. So I just was wondering if you could just give us a little bit more color on the rollout of Fenty Beauty. Just any color in terms of number of stores, linear feet, end caps. Any additional color would be very helpful.

為了尊重通話中的每個人，我實際上將其限制為一個問題，一個實際問題。所以我只是想知道你是否可以在 Fenty Beauty 的推出上給我們更多的色彩。就商店數量、線性腳、端蓋而言，任何顏色都可以。任何額外的顏色都會非常有幫助。

Thank you for modeling the one question rule, Anthony. I appreciate that. And yes, we are thrilled with Fenty. It is in all stores. It is online. It is -- if you have a chance to go into any Ulta Beauty store, you'll see it right at the front of the store. In most of our stores right at the front, it has an entire the 18-foot run and an end cap broad assortment featuring Fenty among other things is known for the breadth of assortment in [beige] in particular. So you'll see that being able to test and try items.

Anthony，感謝您為一個問題規則建模。我很感激。是的，我們對 Fenty 感到非常興奮。它在所有商店都有。它是在線的。它是——如果你有機會去任何一家 Ulta Beauty 商店，你會在商店的前面看到它。在我們的大多數商店的前面，它都有一個 18 英尺的跑道和一個以 Fenty 為特色的端蓋廣泛的分類，特別是 [米色] 的分類廣度而聞名。所以你會看到能夠測試和嘗試項目。

So -- and then strong, strong presence online. In fact, we really found some unique ways in our online footprint to bring that brand to life and communicate to our guests. And so off to a great start, really pleased with it. Really glad that Kendo organization has partnered with us in many ways and see this as a key part of our success going forward. I'm thrilled to have Rihanna and Fenty as part of the Ulta Beauty family for a long time to come.

所以 - 然後是強大的在線存在。事實上，我們確實在我們的在線足跡中找到了一些獨特的方式來將這個品牌帶入生活並與我們的客人交流。所以有了一個很好的開始，真的很高興。很高興劍道組織在許多方面與我們合作，並將其視為我們未來成功的關鍵部分。我很高興蕾哈娜和芬蒂在很長一段時間內成為 Ulta Beauty 家族的一員。

Hector, I think we have time for one more question, please.

赫克托，我想我們還有時間再問一個問題。

Our final question comes from Adrienne Yih with Barclays.

我們的最後一個問題來自 Barclays 的 Adrienne Yih。

Congratulations to the team and all the store employees, what a wonderful year. Dave, my question is for you, and it's getting back to the Ulta at TARGET a couple of weeks ago before announced the potential to expand to 850 stores by 2023 through Kohl's. You mentioned over 200 for this year. So I'm just wondering, can you share with us any data from that partnership, new customer acquisition? Any details there? And what would you need to see to accelerate that a little bit more aggressively beyond the 200?

祝賀團隊和所有商店員工，這是多麼美好的一年。戴夫，我的問題是給你的，幾週前它又回到了目標的 Ulta，然後宣佈到 2023 年通過 Kohl's 擴展到 850 家商店的潛力。你提到今年有200多個。所以我只是想知道，您能否與我們分享來自該合作夥伴關係、新客戶獲取的任何數據？那裡有詳細信息嗎？你需要看到什麼才能更積極地加速超過 200？

Well, let me give a little bit of color, and I'll ask Kecia to kind of follow -- give some more detail to build off her previous answer on this. But -- and we are just thrilled to be partnering with Target. We know there's been -- we're in the midst of a real transformation in the Prestige Beauty landscape.

好吧，讓我給點顏色，我會要求 Kecia 跟進——提供更多細節，以建立她之前對此的回答。但是——我們很高興能與 Target 合作。我們知道——我們正處於 Prestige Beauty 領域的真正轉變之中。

And the fact that in the fourth quarter, with hundreds of new locations across Prestige Beauty, across the location, the fact that Ulta Beauty continues to gain share we think is a reflection of the strength of our strategy, the execution that we brought both in stores, online and in our Target Ulta Beauty at Target relationship.

事實上，在第四季度，隨著 Prestige Beauty 的數百個新地點，我們認為 Ulta Beauty 繼續獲得份額這一事實反映了我們戰略的實力，我們帶來的執行力商店、在線和我們的 Target Ulta Beauty at Target 關係。

We are delighting guests. We're gaining share even as there's other competitive activity. And we're confident we're going to be able to continue to do. But Kecia, do you want to give some specifics about number of stores and what the outlook looks like there?

我們正在取悅客人。即使有其他競爭活動，我們也正在獲得份額。我們相信我們將能夠繼續這樣做。但是 Kecia，您想詳細說明一下商店的數量以及那裡的前景嗎？

Yes. What we've said, Adrienne, is a little over 250 this next year. We are in close partnership and we are following Target's remodel schedule. So that really kind of plays into timing, sequencing, et cetera, of how we're going about opening new stores. But the partnership is really strong.

是的。我們已經說過了，Adrienne，明年會超過 250 歲。我們保持密切的合作關係，我們正在遵循 Target 的改造計劃。因此，這確實影響了我們如何開設新店的時間、順序等。但是夥伴關係真的很強大。

We're really pleased with our results. And the space -- the productivity in this space is high. It's a highly curated assortment with 50 key brand partners. And we're continuing to learn and evolve and grow as we continue to roll out more locations, but over 250 in the next year.

我們對我們的結果感到非常滿意。而空間——這個空間的生產力很高。這是一個由 50 個主要品牌合作夥伴精心策劃的產品系列。隨著我們繼續推出更多地點，我們將繼續學習、發展和成長，但明年將超過 250 個。

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

女士們，先生們，我們的問答環節已經結束，我想把電話轉回戴夫·金貝爾先生的閉幕詞。

All right. Awesome. Thank you all for joining us today. Really appreciate it. In closing, I want to thank, again, our 40,000 associates for delivering a simply outstanding 2021 and with a relentless commitment to our guests, to each other and to moving our business forward.

好的。驚人的。感謝大家今天加入我們。真的很感激。最後，我要再次感謝我們的 40,000 名員工，感謝他們在 2021 年的表現非常出色，並為我們的客人、彼此以及推動我們的業務發展做出了不懈的承諾。

We all look forward to speaking to all of you again in May when we report our first quarter results. I hope you have a great evening. Thanks again for joining.

我們都期待在 5 月份報告第一季度業績時再次與大家交談。我希望你有一個美好的夜晚。再次感謝您的加入。

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

今天的會議到此結束。此時您可以斷開線路。謝謝大家的參與。