Ulta Beauty Inc (ULTA) 2018 Q2 法說會逐字稿

Greetings, and welcome to the Ulta Beauty Second Quarter 2018 Earnings Results Conference call.

您好，歡迎來到 Ulta Beauty 2018 年第二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. Laurel Lefebvre, 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 Laurel Lefebvre 女士。

Please proceed.

請繼續。

Thank you.

謝謝。

Good afternoon, and thank you for joining us for Ulta Beauty's Second Quarter 2018 Conference Call.

下午好，感謝您加入我們的 Ulta Beauty 2018 年第二季度電話會議。

Hosting our call are Mary Dillon, Chief Executive Officer; and Scott Settersten, Chief Financial Officer.

主持我們電話會議的是首席執行官 Mary Dillon；和首席財務官 Scott Settersten。

Also joining us is Dave Kimbell, Chief Merchandising and Marketing Officer.

加入我們的還有首席營銷官 Dave Kimbell。

Before we begin, I would like to remind you of the company's Safe Harbor language.

在我們開始之前，我想提醒您公司的安全港語言。

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.

本次電話會議中包含的非歷史事實的陳述可被視為構成 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有所描述。

(Operator Instructions)

（操作員說明）

I'll now turn the call over to Mary.

我現在將電話轉給瑪麗。

Thank you, Laurel, and good afternoon, everyone.

謝謝你，勞雷爾，大家下午好。

The Ulta Beauty team delivered strong performance in the second quarter, reflecting rapid growth in prestige boutique brands, mass cosmetics, skincare and fragrance, offset by continued moderation in the growth rate of a few of our large color cosmetics brands.

Ulta Beauty 團隊在第二季度表現強勁，反映出高端精品品牌、大眾化妝品、護膚品和香水的快速增長，但被我們幾個大型彩妝品牌的增長率持續放緩所抵消。

Our flexible business model continues to support healthy retail comps, excellent new store productivity and high-growth for ulta.com, resulting in significant market share gains across categories.

我們靈活的商業模式繼續支持健康的零售組合、出色的新店生產力和 ulta.com 的高增長，從而在各個類別中獲得顯著的市場份額增長。

To recap our financial performance, total sales grew 15.4%.

回顧一下我們的財務業績，總銷售額增長了 15.4%。

We drove 6.5% comp sales growth on top of 11.7% comps in the second quarter of 2017, with balanced traffic and ticket growth overall.

我們在 2017 年第二季度實現了 6.5% 的複合銷售額增長和 11.7% 的複合銷售額增長，整體客流量和門票增長保持平衡。

Diluted earnings per share grew 34.4%.

每股攤薄收益增長 34.4%。

We continue to deliver our results by executing on our strategic imperatives.

我們通過執行我們的戰略要求繼續交付我們的成果。

I'll give you a progress report in each one starting with our effort to drive loyalty and differentiate our brands.

我將為您提供每一項的進展報告，首先是我們努力提高忠誠度和區分我們的品牌。

We grew our Ultamate Rewards loyalty program to 29.5 million active members at the end of the second quarter, representing a 15.5% year-over-year increase.

到第二季度末，我們的 Ultamate Rewards 忠誠度計劃增加到 2950 萬活躍會員，同比增長 15.5%。

As we've seen over the past few quarters, we expect the absolute growth in members to continue to moderate but still exceed square footage growth.

正如我們在過去幾個季度所看到的那樣，我們預計會員的絕對增長將繼續放緩，但仍將超過建築面積增長。

Going forward, we expect to increase average sales per member to complement member growth.

展望未來，我們預計會增加每位會員的平均銷售額，以補充會員的增長。

These gains will come from multiple sources, including the maturation of loyalty members who buy more over time, the addition of new brands, the benefits of our platinum and diamond tiers to increase share of wallet, higher penetration of our credit card program and greater personalization of our communications and offers to our guests.

這些收益將來自多個來源，包括隨著時間的推移購買更多的忠誠會員的成熟、新品牌的增加、我們的鉑金和鑽石等級增加錢包份額的好處、我們信用卡計劃的更高滲透率以及更高的個性化我們的通訊和提供給我們的客人。

This combination is expected to drive continued healthy revenue growth.

預計這種組合將推動持續健康的收入增長。

Our guests continue to respond to the powerful combination of our loyalty, credit card and gift card programs.

我們的客人繼續響應我們的忠誠度、信用卡和禮品卡計劃的強大組合。

In the second quarter, we saw continued momentum with both platinum and diamond members of our Ultamate Rewards loyalty program, where we continue to innovate with the new tier, enhanced rewards, and increased personalization.

在第二季度，我們看到了 Ultamate Rewards 忠誠度計劃的白金和鑽石會員的持續發展勢頭，我們繼續通過新等級、增強獎勵和增加個性化進行創新。

Our Ultamate Rewards credit card program continues to exceed our expectations, driven by great execution from our shore teams and ongoing marketing efforts.

我們的 Ultamate Rewards 信用卡計劃繼續超出我們的預期，這得益於我們岸上團隊的出色執行和持續的營銷努力。

Sales of gift cards grew more than 40%, driven by expanding distribution in other retailers this year as well as strong growth in our stores.

禮品卡的銷售額增長超過 40%，這得益於今年其他零售商的分銷擴張以及我們商店的強勁增長。

We're maintaining the very high levels of brand awareness we obtained earlier this year through our marketing efforts around events and promotions, including Mother's Day, our Gorgeous Hair event, our sale and jumbo-sized hair care products as well as our programs targeting distinct guest segments, such as Latina, millennials and teenagers.

我們通過圍繞活動和促銷活動（包括母親節、Gorgeous Hair 活動、特賣和大號護髮產品以及針對不同人群的計劃）開展的營銷活動，保持著今年早些時候獲得的極高品牌知名度客群，例如拉丁裔、千禧一代和青少年。

We continue to grow awareness of Ulta Beauty as a beauty destination and authority in many ways: digital partnerships, which utilize influencers; social media; and high-impact display placement.

我們通過多種方式繼續提高人們對 Ulta Beauty 作為美容目的地和權威的認識：利用有影響力的數字合作夥伴關係；社交媒體;和高影響力的展示位置。

And these include POPSUGAR, Refinery29 and Bustle as well as new Hispanic media partnerships with Mobvious, HCODE, Hola and CaféMedia.

其中包括 POPSUGAR、Refinery29 和 Bustle，以及與 Mobvious、HCODE、Hola 和 CaféMedia 的新西班牙裔媒體合作夥伴關係。

We also continued to invest in network radio and streaming audio with Spotify and Pandora.

我們還繼續通過 Spotify 和 Pandora 投資於網絡廣播和流媒體音頻。

We will continue to drive awareness and further differentiate the Ulta Beauty brand as we evolve our positioning and deepening emotional connection we have with our guests, beginning with inspiring new television advertising campaign launching next week in which we'll bring to life our new brand statement, the possibilities are beautiful.

我們將繼續提高知名度並進一步區分 Ulta Beauty 品牌，因為我們改變了我們的定位並加深了我們與客人的情感聯繫，從下周啟動的鼓舞人心的新電視廣告活動開始，我們將在其中實現我們的新品牌聲明，可能性是美好的。

We will share more of this topic at our upcoming Analyst Day, plus this new positioning which will be infused through all of our marketing communications and partnerships, will unveil a new chapter for our brand celebrating the emotional and inclusive power of possibilities at Ulta Beauty.

我們將在即將到來的分析師日分享更多這個話題，加上我們所有營銷傳播和合作夥伴關係中註入的這一新定位，將為我們的品牌揭開新篇章，慶祝 Ulta Beauty 的情感和包容性力量。

Turning now to an overview of how we are continuing to differentiate our merchandise assortment.

現在轉向概述我們如何繼續區分我們的商品分類。

We continue to gain significant market share in prestige beauty as evidenced by NPD data from February through July this year.

今年 2 月至 7 月的 NPD 數據證明，我們繼續在高端美容領域獲得顯著的市場份額。

U.S. prestige beauty sales for the industry were up 6.4%, and we grew more than 2.5x as fast.

美國知名美容行業的銷售額增長了 6.4%，而我們的增長速度是其 2.5 倍多。

Ulta Beauty has gained 210 basis points of share in prestige beauty so far this year and now represents almost 23% of the prestige beauty market as tracked by NPD.

今年到目前為止，Ulta Beauty 在高端美容市場的份額增加了 210 個基點，目前佔 NPD 追踪的高端美容市場近 23% 的份額。

Our share gains year-to-date were the strongest in the makeup category, up 360 basis points, as Ulta Beauty grew prestige cosmetics in the mid-teens compared to the total market growth of 1%.

年初至今，我們的份額漲幅在化妝品類別中最為強勁，上漲了 360 個基點，因為 Ulta Beauty 在 1% 左右的市場總增長率中增長了十幾歲的高檔化妝品。

More broadly, during the second quarter, we benefited from strength in mass cosmetics, prestige skincare, fragrance, prestige boutique brands and sun care.

更廣泛地說，在第二季度，我們受益於大眾化妝品、高級護膚品、香水、高級精品品牌和防曬產品的實力。

Each of these categories drove healthy double-digit comps with particular strength in fragrance and boutique brands.

這些類別中的每一個都推動了健康的兩位數收入，在香水和精品品牌方面尤為突出。

These gains were offset by continued softness across a few large brands of prestige cosmetics.

這些收益被一些大型知名化妝品品牌的持續疲軟所抵消。

We're seeing excellent growth in the expansion of brands that are not present in all doors such as NARS, MAC, Clinique, Lancôme, Estée Lauder, Morphe and Chanel Beauté.

我們看到 NARS、MAC、Clinique、Lancôme、Estée Lauder、Morphe 和 Chanel Beauté 等並非所有品牌都在擴張的出色增長。

And we anticipate that these rollouts will be an even bigger benefit in the second half of the year.

我們預計這些推出將在今年下半年帶來更大的好處。

We are also encouraged by the amount of newness in the pipeline ahead, both new brands and new products from existing brands.

我們也對未來管道中的新品數量感到鼓舞，包括新品牌和現有品牌的新產品。

We're delighted to announce the addition of Kiehl's Since 1851, the prestige skincare brand known for naturally derived ingredients inspired by their apothecary roots.

我們很高興地宣布 Kiehl's Since 1851 的加入，這是一個享有盛譽的護膚品牌，以其靈感來自藥劑師根源的天然成分而聞名。

This brand will launch in a small number of doors in the second half of the year and will be part of the Ulta Beauty express skin bar offering in these doors.

該品牌將於今年下半年在少數門店推出，並將成為這些門店提供的 Ulta Beauty express skin bar 的一部分。

The brand will then launch online in early January.

該品牌將於 1 月初在線推出。

We plan to rollout Kiehl's in a more significant number of stores starting early next year.

我們計劃從明年初開始在更多門店推出 Kiehl's。

The product lineup will include Kiehl's skincare, body and men's products.

產品系列將包括 Kiehl's 護膚品、美體產品和男士產品。

On the mass cosmetics side, we're excited about the addition of Juvia's Place.

在大眾化妝品方面，我們對 Juvia's Place 的加入感到興奮。

This digitally-native brand was founded just a couple of years ago by a Nigerian-born woman inspired by the beauty of African queens.

這個數字原生品牌是在幾年前由一位尼日利亞出生的女性創立的，她的靈感來自於非洲女王的美麗。

The line offers rich, vibrant, highly-pigmented and affordable collection of colorful eyeshadows as well as make-up tools and beauty essentials.

該系列提供色彩豐富、充滿活力、色彩濃郁且價格實惠的彩色眼影系列，以及化妝工具和美容必需品。

Juvia's Place recently launched online and will set in 500 stores later this year.

Juvia's Place 最近在網上推出，並將於今年晚些時候進入 500 家門店。

These wins like Kiel's and Juvia's Place, to name just those 2, reflect Ulta Beauty's status as a partner of choice for a wide range of brands, from digitally-native, vertically-integrated brands to large, iconic brands.

這些勝利，如 Kiel's 和 Juvia's Place，僅舉這兩個例子，反映了 Ulta Beauty 作為眾多品牌的首選合作夥伴的地位，從數字原生、垂直整合的品牌到大型標誌性品牌。

In terms of new items from existing brands, much more newness is untapped for the second half of the year, giving us confidence for an improved comp trend.

就現有品牌的新品而言，今年下半年有更多新品尚未開發，這讓我們對改善競爭趨勢充滿信心。

In many cases, these brand expansions or new product launches are exclusive to Ulta Beauty or we have an early lead on must-have products that the beauty enthusiast wants to be the first to own.

在許多情況下，這些品牌擴張或新產品發布是 Ulta Beauty 獨有的，或者我們在美容愛好者想要率先擁有的必備產品方面處於領先地位。

The Tutti Frutti collection from Too Faced is expected to be a big hit with our guests.

Too Faced 的 Tutti Frutti 系列預計將在我們的客人中大受歡迎。

This is a fruit-scented assortment of lip, eye, cheek and highlighter products with mega influencer Kandee Johnson partnering with Too Faced as the face of the collection.

這是一款水果香味的唇部、眼部、臉頰和熒光筆產品組合，超級網紅 Kandee Johnson 與 Too Faced 合作擔任該系列的代言人。

Launched online in mid-August and set in stores just this week, this collection is only available at Ulta Beauty and toofaced.com.

該系列於 8 月中旬在網上推出，並於本週在商店上市，僅在 Ulta Beauty 和 toofaced.com 有售。

Recently launched digitally-native brand, Morphe, will be expanding to 10 feet at all doors in just a few weeks, and the new Vault 4-palette collection with influencer Jaclyn Hill had a very strong launch just a couple of weeks ago.

最近推出的數字原生品牌 Morphe 將在短短幾週內在所有門店擴大到 10 英尺，而與影響者 Jaclyn Hill 合作的新 Vault 4 調色板系列在幾週前推出時非常強勁。

We're the only brick-and-mortar outlet for this brand.

我們是該品牌唯一的實體店。

NYX just launched exclusively with Ulta Beauty their Can't Stop Won't Stop long-wear foundation with a broad shade range.

NYX 剛剛與 Ulta Beauty 獨家推出了他們的 Can't Stop Won't Stop 長效粉底，具有多種色號。

Other recent major product launches include equally anticipated items like the Norvina Palette from Anastasia; the newest NARS mascara, where in both cases Ulta Beauty had an early lead for the launch.

近期推出的其他主要產品包括同樣備受期待的產品，如 Anastasia 的 Norvina Palette；最新的 NARS 睫毛膏，在這兩種情況下，Ulta Beauty 都率先推出。

Other new products include Clinique's Dramatically Different Hydrating Jelly; Tarte creaseless concealer; Urban Decay Aphrodisiac palette; Dose of Colors limited edition collaboration with influencer, ILUVSARAHII; Benefit Brow contour pen; and Clinique My Happy Splash fragrances designed for layering.

其他新產品包括倩碧顯著不同的保濕果凍； Tarte 無痕遮瑕膏； Urban Decay 春藥調色板； Dose of Colors 與影響者 ILUVSARAHII 的限量版合作； Benefit 修容眉筆；和專為分層設計的 Clinique My Happy Splash 香水。

Now the last thing I want to mention is some breaking news.

現在我想說的最後一件事是一些突發新聞。

We are thrilled to confirm our exclusive partnership with Kylie Cosmetics, which will be launching in all stores and online later this year.

我們很高興確認與 Kylie Cosmetics 的獨家合作夥伴關係，該產品將於今年晚些時候在所有商店和網上推出。

Kylie Jenner is a highly influential force in the beauty industry.

凱莉·詹娜 (Kylie Jenner) 是美容行業極具影響力的力量。

This brand addition is yet another example of successful digitally-native brands valuing a brick-and-mortar partnership with Ulta Beauty to extend their reach with consumers.

這個品牌的加入是另一個成功的數字本土品牌重視與 Ulta Beauty 建立實體合作夥伴關係以擴大其與消費者接觸的例子。

We'll share more details about this launch at a later date.

我們將在稍後分享有關此次發布的更多詳細信息。

Now moving on to our services business.

現在轉向我們的服務業務。

Salon sales increased 8.8%, and comp sales rose 1.7% due to growth in average ticket.

由於平均票價的增長，沙龍銷售額增長了 8.8%，綜合銷售額增長了 1.7%。

Skin services were a top performer, helped by strength in microderm services.

得益於微真皮服務的優勢，皮膚服務表現最佳。

The express skin bar continues to roll out in new stores with about 40 stores now offering this new model.

express skin bar 繼續在新商店推出，目前約有 40 家商店提供這種新型號。

These stores are already showing increases in prestige skincare sales compared to the prior model.

與之前的模式相比，這些商店的高檔護膚品銷售額已經有所增加。

This program offers our guests quick services on the sales floor with licensed skincare experts focused on helping guests choose a skincare regimen that addresses her concerns.

該計劃在銷售現場為我們的客人提供快速服務，授權護膚專家專注於幫助客人選擇能夠解決她的顧慮的護膚方案。

Select locations will begin offering facial services from Murad, Kate Somerville and Kiehl's, in addition to Dermalogica, our long-standing skincare partner across the chain.

選定地點將開始提供 Murad、Kate Somerville 和 Kiehl's 的面部服務，此外還有我們在整個連鎖店的長期護膚合作夥伴 Dermalogica。

We're on track to roll out 180 express skin bars by year-end, and 50 of these will offer multi-brand skin services.

我們有望在年底前推出 180 款快速美膚棒，其中 50 款將提供多品牌美膚服務。

During the quarter, we completed training in California in preparation for their conversion to our new services optimization program, a model that improves and simplifies the guest and associate experiences with changes to pricing, training and compensation.

本季度，我們完成了在加利福尼亞州的培訓，為他們轉換為我們的新服務優化計劃做準備，該計劃通過改變定價、培訓和補償來改善和簡化客人和員工的體驗。

Our new stores in Hawaii opened with this program, joining the essential regions as well as the DC and Denver districts, which were launched in the first quarter.

我們在夏威夷的新店通過該計劃開業，加入了第一季度推出的重要地區以及哥倫比亞特區和丹佛地區。

Early results indicate higher guest retention, and our stylists have received the new program very favorably.

早期結果表明更高的客人保留率，我們的造型師對新計劃非常滿意。

We plan to introduce this model to additional regions in 2019.

我們計劃在 2019 年將該模型引入更多地區。

We continue to focus on gaining awareness within the salon industry.

我們繼續專注於提高沙龍行業的知名度。

We participated in Premiere Orlando, attended by over 57,000 beauty professionals, and we hosted the first-ever Ulta Beauty show at the North American Hairstylist Awards in Las Vegas.

我們參加了奧蘭多首映式，有超過 57,000 名美容專業人士參加，我們還在拉斯維加斯的北美髮型師大獎上舉辦了首屆 Ulta 美容秀。

NAHA represents the most prestigious hair industry awards in North America, viewed by over 200,000 people and garnering 5 million impressions.

NAHA 代表了北美最負盛名的美髮行業獎項，有超過 200,000 人觀看並獲得了 500 萬次展示。

Last quarter, we've mentioned that the Ulta Beauty Pro Hair team have received 9 nominations across multiple hair categories, and we're pleased to update you that one of our team members took home the award for Hairstylist of the Year.

上個季度，我們提到 Ulta Beauty Pro Hair 團隊在多個髮型類別中獲得了 9 項提名，我們很高興地通知您，我們的一名團隊成員獲得了年度最佳髮型師獎。

Events like these establish Ulta Beauty as a great place to work for stylists and help us to continue to attract top quality talent.

此類活動使 Ulta Beauty 成為造型師工作的好地方，並幫助我們繼續吸引頂尖人才。

And now turning to real estate.

現在轉向房地產。

We opened 19 stores in the second quarter compared to 20 last year, and closed 2, ending the quarter was 1,124 stores.

我們在第二季度開設了 19 家門店，而去年同期為 20 家，關閉了 2 家，截至本季度末為 1,124 家門店。

Our growth and development team has done a great job getting stores opened earlier in the year with 53 stores opened in the first half compared to 38 last year.

我們的增長和發展團隊在今年早些時候開店方面做得很好，上半年開了 53 家店，而去年是 38 家。

We opened our first store in Hawaii, on Maui, in the second quarter, and have opened another Hawaii store early in the third quarter, with plans to open 2 more on Oahu during Q3.

我們在第二季度在夏威夷毛伊島開設了第一家商店，並在第三季度初開設了另一家夏威夷商店，併計劃在第三季度在瓦胡島再開設 2 家。

Our Hawaiian stores are off to an excellent start.

我們的夏威夷商店有了一個良好的開端。

We'll also be entering Vermont later this year to reach the milestone of opening -- of operating stores in all 50 states.

我們還將在今年晚些時候進入佛蒙特州，以達到在所有 50 個州開設門店的里程碑。

New store productivity continues to be very strong.

新店生產力繼續非常強勁。

We continue to study new store productivity and observe cannibalization to be stable and well within our expectations so we feel very comfortable with our network strategy in reaching our target of 1,400 to 1,700 stores in the U.S. over the next several years.

我們繼續研究新店的生產力，並觀察到蠶食現象穩定且符合我們的預期，因此我們對我們的網絡戰略感到非常滿意，我們在未來幾年內將在美國實現 1,400 至 1,700 家門店的目標。

And now turning to an update on ulta.com.

現在轉向 ulta.com 上的更新。

E-commerce sales grew 37.9% and represented 9% of total company sales.

電子商務銷售額增長 37.9%，占公司總銷售額的 9%。

This moderation relative to the first quarter was expected as we're comping over 72% growth last year when we benefited from the mass launch and high-growth from several online-only brands.

與第一季度相比，這種放緩是意料之中的，因為去年我們受益於多個在線品牌的大規模發布和高增長，實現了超過 72% 的增長。

Ulta.com contributed 250 basis points of the total company comp, driven by transaction growth.

在交易增長的推動下，Ulta.com 貢獻了公司總收入的 250 個基點。

Total traffic rose close to 40%, with mobile traffic up 50%.

總流量增長了近 40%，其中移動流量增長了 50%。

We continue to drive significant growth with online-only brands and online-only promotions.

我們繼續通過僅在線品牌和僅在線促銷來推動顯著增長。

Our store-to-door program that allows guests to order online in our stores and have products shipped to their homes continues to exceed expectations, particularly with brands that aren't available in every door such as ColourPop, MAC and several digitally native brands that are in high demand but in limited distribution.

我們的店到門計劃允許客人在我們的商店在線訂購併將產品運送到他們家中繼續超出預期，特別是對於並非每個門都有的品牌，如 ColourPop、MAC 和幾個數字本土品牌需求量很大，但分佈有限。

Ulta.com recently launched a foundation finder.

Ulta.com 最近推出了一款粉底查找器。

We're continuing to see success in enhanced content programs like our monthly fragrance crush, and we just launched a new program focusing on a key skincare trend each month called Skinfatuation.

我們繼續看到增強型內容計劃的成功，例如每月一次的香水迷戀，我們剛剛推出了一個新計劃，每個月都專注於一個關鍵的護膚趨勢，稱為 Skinfatuation。

We're also testing personalization initiatives in several areas.

我們還在多個領域測試個性化計劃。

Omni-channel customers now represent 10% of loyalty members and the shopping behavior of these guests continues to reinforce our view that e-commerce sales are largely incremental.

全渠道客戶現在佔忠誠會員的 10%，這些客人的購物行為繼續強化我們的觀點，即電子商務銷售在很大程度上是增量的。

The guest shopping on ulta.com continues to shop more frequently in stores and retail-only customers.

在 ulta.com 上購物的客人繼續更頻繁地在商店和零售客戶中購物。

This guest is our most engaged loyalty member, demonstrating interest in new brands and products and a low incidence of replenishing exact items.

這位客人是我們參與度最高的忠誠會員，表現出對新品牌和產品的興趣，並且很少補貨。

And finally, I'll update you on our supply chain operations.

最後，我將向您介紹我們供應鏈運營的最新情況。

Ulta Beauty's supply chain operations continue to mature in the first half of 2018, supported by investments in capabilities that support growth, deliver a great guest experience and enable network efficiencies.

Ulta Beauty 的供應鏈運營在 2018 年上半年繼續成熟，這得益於對支持增長、提供卓越客戶體驗和提高網絡效率的能力的投資。

Our in-stock position throughout the second quarter was consistently strong, particularly for our top selling items.

我們在整個第二季度的庫存狀況一直保持強勁，尤其是我們最暢銷的商品。

We effectively managed our inventory position throughout the quarter with our inventory per store well below comp growth and inventory turn slightly ahead of our goal.

我們在整個季度有效地管理了我們的庫存狀況，我們每家商店的庫存遠低於補償增長，庫存周轉率略高於我們的目標。

We've made several improvements to our logistics network over the last several months to better serve our retail and e-commerce customers, and so far the results have led to improved performance and reduced costs across both channels.

在過去的幾個月裡，我們對我們的物流網絡進行了多項改進，以更好地為我們的零售和電子商務客戶提供服務，到目前為止，結果已經提高了兩個渠道的績效並降低了成本。

We also recently implemented an order management system that enables future omni-channel capabilities such as buy online, pickup in store.

我們最近還實施了一個訂單管理系統，支持未來的全渠道功能，例如在線購買、店內提貨。

Our newest distribution center in Fresno, California went live in July, serving both e-commerce and retail operations.

我們在加利福尼亞州弗雷斯諾的最新配送中心於 7 月投入使用，為電子商務和零售業務提供服務。

This DC is planned to ramp quickly with a more aggressive first year build than Greenwood and Dallas.

該 DC 計劃通過比格林伍德和達拉斯更積極的第一年建設來快速提升。

Fresno is currently serving nearly 100 stores and about 20% of our e-com volume.

弗雷斯諾目前為近 100 家商店提供服務，約占我們電子商務總量的 20%。

In the fall, Fresno will ramp to about 170 stores and maintain its share of ulta.com sales.

秋季，弗雷斯諾將增加約 170 家門店，並保持其在 ulta.com 銷售額中的份額。

And after the holiday season, Fresno will ramp to serving more than 200 stores and more than 20% of our e-commerce sales.

假期過後，弗雷斯諾將服務於 200 多家商店和我們超過 20% 的電子商務銷售額。

Overall, we're pleased with the strong performance of our supply chain operations, in-stocks and decreases in inventory per door.

總的來說，我們對我們供應鏈運營、庫存和每門庫存減少的強勁表現感到滿意。

This year, we've implemented improved processes with a large number of inventory transitions we execute as a result of our growing access to new brands and products.

今年，由於我們越來越多地接觸新品牌和產品，我們實施了改進的流程，執行了大量庫存轉換。

At the end of the quarter, we ran a special clearance event with extra discounts in inventory resulting from the major planogram reset we've executed recently.

在本季度末，我們舉辦了一場特別清倉活動，由於我們最近執行的主要貨架圖重置，庫存有額外折扣。

The event was designed to sell through inventory no longer on a store's planogram and clean up our back room, setting us up for a great 21 Days of Beauty and strong holiday season, and is proceeding on plan.

該活動旨在通過商店貨架圖上不再存在的庫存進行銷售，並清理我們的後屋，為我們度過一個美好的 21 天美麗假期和旺盛的假期做好準備，並且正在按計劃進行。

Now before I turn it over to Scott, I'd like to give you a preview of our upcoming Investor and Analyst Conference.

現在，在我將其轉交給斯科特之前，我想向您預覽一下我們即將舉行的投資者和分析師會議。

Scheduled for November 8, near Chicago, this will be our third biannual investor conference.

定於 11 月 8 日在芝加哥附近舉行，這將是我們第三次一年兩次的投資者會議。

In similar and prior events, it's an opportunity to get to know the management team, learn about our latest thinking on our market share gain opportunities, our consumer targets, our brand positioning, get an update on our loyalty program and share of wallet potential, hear about the outlook for newness across our merchandise portfolio, learn more about the salon services optimization program, see how we're investing in technology and innovation to enhance the guest experience, get a refresher on our supply chain capabilities, learn more about our efficiencies-for-growth program and get a current view on our capital allocation.

在類似和之前的活動中，這是一個了解管理團隊的機會，了解我們對市場份額獲得機會、我們的消費者目標、我們的品牌定位的最新想法，了解我們忠誠度計劃的最新情況和錢包潛力份額，了解我們商品組合的新前景，了解更多關於沙龍服務優化計劃的信息，了解我們如何投資於技術和創新以提升客人體驗，回顧我們的供應鏈能力，了解更多關於我們效率的信息-for-growth 計劃並了解我們的資本配置的當前觀點。

So lots to cover, and we hope you'll join us in November.

要講的內容太多了，我們希望您能在 11 月加入我們。

And with that, I'll hand over to Scott to talk in more detail about our second quarter results and share our outlook for the second half.

有了這個，我將交給斯科特更詳細地談談我們第二季度的業績，並分享我們對下半年的展望。

Thank you, Mary.

謝謝你，瑪麗。

Good afternoon, everyone.

大家下午好。

Starting with the income statement.

從損益表開始。

Revenue growth of 15.4% was driven by a 6.5% comp and continued strength from new store sales.

收入增長 15.4% 是由 6.5% 的收入增長和新店銷售的持續強勁推動的。

The revenue recognition accounting standard implemented at the beginning of the year added $9.4 million of sales.

年初實施的收入確認會計準則新增銷售額940萬美元。

As a reminder, this represents the impact of income from our credit card program and gift card breakage moving up to the revenue line as well as e-commerce revenue now being recognized upon shipment date instead of delivery date to the customer.

提醒一下，這代表了我們的信用卡計劃和禮品卡破損收入上升到收入線的影響，以及電子商務收入現在在發貨日期而不是交付給客戶的日期確認。

These items are currently offset by the value of loyalty points earned now treated as a reduction of net sales.

這些項目目前被賺取的忠誠度積分價值所抵消，現在被視為淨銷售額的減少。

Our retail comparable sales growth was not impacted by the revenue recognition change.

我們的零售可比銷售額增長不受收入確認變化的影響。

Traffic and ticket for the total company was fairly balanced with a 3.1% increase in transactions and a 3.4% lift in average ticket.

整個公司的流量和票價相當平衡，交易量增長 3.1%，平均票價提升 3.4%。

The retail-only comp of 4.1% was made up of 1.1% traffic and 3% ticket growth.

4.1% 的純零售組合由 1.1% 的流量和 3% 的門票增長組成。

Ticket was driven by modest increases in both average selling price and UPT.

門票是由平均售價和 UPT 的適度增長推動的。

The combined retail and salon comp was 4% which included the salon comp of 1.7%.

零售和沙龍合併後的收入為 4%，其中沙龍收入為 1.7%。

Turning to margins.

轉向利潤率。

Gross profit deleveraged 40 basis points.

毛利去槓桿化 40 個基點。

The new revenue recognition accounting standard was a benefit of about 60 basis points to the gross profit line, so the underlying roughly 100 basis points of deleverage was attributed to several primary factors.

新的收入確認會計準則對毛利線有利約 60 個基點，因此潛在的約 100 個基點的去槓桿化歸因於幾個主要因素。

About 1/3 was from supply chain expense, reflecting the cost of opening the new Fresno distribution center.

大約 1/3 來自供應鏈費用，反映了開設新弗雷斯諾配送中心的成本。

About 1/3 was investments in our salon operations as we roll out our salon optimization program.

在我們推出沙龍優化計劃時，大約 1/3 是對沙龍運營的投資。

And the remaining 1/3 was related to ongoing pressures from the mix of e-commerce sales, prestige brand boutiques and mass cosmetics relative to higher-margin categories as well as the clearance event that we ran at the end of the quarter that Mary already referenced.

剩下的 1/3 與電子商務銷售、知名品牌精品店和大眾化妝品相對於高利潤類別的持續壓力以及我們在本季度末舉辦的清倉活動有關，Mary 已經參考。

This event focused on selling through inventory that was no longer being sold in certain stores, where we've had a series of significant reflows and planogram resets across multiple categories this year.

該活動的重點是通過某些商店不再銷售的庫存進行銷售，今年我們在多個類別中進行了一系列重要的回流和貨架圖重置。

While we typically have smaller clearance events throughout the year, this one reflected more aggressive markdowns and more items featured overall to make sure we cleared the stores ahead of the holiday season and major launches of fall newness.

雖然我們通常全年都有較小的清倉活動，但這次清倉活動反映了更積極的降價活動和更多的整體特色商品，以確保我們在假期和秋季新品的主要發布之前清倉。

This event is ongoing and will wrap up in a few weeks.

此活動正在進行中，將在幾週內結束。

Aside from this exceptional activity, promotional levels were stable year-over-year.

除了這項特殊的活動外，促銷水平同比穩定。

Finally, we did see modest leverage in rent and occupancy expenses to partially offset these factors.

最後，我們確實看到租金和入住費用的適度槓桿可以部分抵消這些因素。

Turning to SG&A, we deleveraged by 70 basis points, reflecting 80 basis points of deleverage from the revenue recognition accounting standard.

談到 SG&A，我們去槓桿化了 70 個基點，反映了收入確認會計準則中去槓桿化的 80 個基點。

The 10 basis points of underlying SG&A leverage was a bright spot considering we deleveraged store labor expense, primarily in support of our prestige boutique strategy and also deleveraged advertising expense slightly, while expecting this line item to be flat for the full year.

考慮到我們降低了門店人工費用的槓桿率，10 個基點的基本 SG&A 槓桿率是一個亮點，主要是為了支持我們的高端精品店戰略，同時也略微降低了廣告費用，同時預計該項目全年持平。

Offsetting this pressure was strong leverage in corporate overhead, reflecting good expense management, and early savings from our cost optimization program as well as timing of some budgeted G&A costs that will be incurred later in the year.

抵消這種壓力的是公司間接費用的強大槓桿作用，反映出良好的費用管理、我們的成本優化計劃的早期節省以及將在今年晚些時候發生的一些預算 G&A 成本的時間安排。

Operating margin was 13% of sales and was down 100 basis points as expected from last year's Q2 result of 14%, with 20 basis points of the decrease coming from the revenue recognition accounting change.

營業利潤率為銷售額的 13%，與去年第二季度 14% 的預期相比下降了 100 個基點，其中 20 個基點的下降來自收入確認會計變更。

Diluted EPS increased 34.4% with the upside to our guidance primarily due to corporate overhead savings and timing of expenses.

稀釋每股收益增長 34.4%，高於我們的指引，這主要是由於公司管理費用的節省和支出的時間安排。

Moving on the balance sheet and cash flow, total inventory grew 6.5%, but decreased 4.3% on a per-store basis, well below comparable sales growth and a strong outcome in light of the investments in inventory to start operating our new Fresno distribution center during the quarter.

在資產負債表和現金流方面，總存貨增長 6.5%，但按每家商店計算下降 4.3%，遠低於可比銷售額增長，並且鑑於開始運營我們新的弗雷斯諾配送中心的存貨投資，業績強勁在本季度。

This excellent performance reflects the new tools and systems we invested in to manage inventory as well as the more significant clearance activity at the end of the quarter.

這一出色的表現反映了我們投資於管理庫存的新工具和系統，以及本季度末更重要的清倉活動。

Capital expenditures were $68 million for the quarter for new stores, investment in systems, prestige boutiques, merchandise fixtures and supply chain activities.

本季度用於新店、系統投資、高檔精品店、商品固定裝置和供應鏈活動的資本支出為 6800 萬美元。

We ended the quarter with $386.1 million in cash and short-term investments.

我們在本季度末擁有 3.861 億美元的現金和短期投資。

We repurchased 512,000 shares through our 10b5-1 program at a cost of $127 million during the second quarter.

我們在第二季度以 1.27 億美元的成本通過 10b5-1 計劃回購了 512,000 股股票。

$402 million remain available on the $625 million authorization as of quarter-end.

截至本季度末，6.25 億美元的授權仍有 4.02 億美元可用。

Turning now to guidance for the third quarter and full year.

現在轉向第三季度和全年的指導。

For the third quarter of 2018, we expect sales to be in the range of $1.550 billion to $1.563 billion versus $1.342 billion last year.

對於 2018 年第三季度，我們預計銷售額將在 15.5 億美元至 15.63 億美元之間，而去年為 13.42 億美元。

We expect comparable sales to increase in the range of 7% to 8% versus 10.3% last year.

我們預計可比銷售額將增長 7% 至 8%，而去年為 10.3%。

E-commerce sales are expected to grow in the 40% range.

電子商務銷售額預計將增長 40% 左右。

We plan to open approximately 40 new stores in the third quarter compared to 48 in Q3 last year, and remain on track to open 100 net new stores this year.

我們計劃在第三季度開設約 40 家新店，而去年第三季度為 48 家，並有望在今年淨開設 100 家新店。

Q3 preopening expense is expected to be slightly lower as a rate of sales.

第三季度開業前的費用預計將略低於銷售額。

Diluted earnings per share are expected to be in the range of $2.11 to $2.16 versus $1.70 last year.

每股攤薄收益預計在 2.11 美元至 2.16 美元之間，而去年為 1.70 美元。

And operating margin is planned to deleverage, including the roughly 20 basis points related to the revenue recognition accounting standard, consistent with the impact we saw in the first half of the year.

營業利潤率計劃去槓桿化，包括與收入確認會計準則相關的大約 20 個基點，這與我們在今年上半年看到的影響一致。

The tax rate for Q3 is expected to be 24%.

第三季度的稅率預計為 24%。

This does not include any assumptions for the tax rate impact of share-based compensation accounting which is difficult to forecast.

這不包括任何難以預測的基於股份的薪酬會計對稅率影響的假設。

Our fully diluted share count is estimated at 60 million.

我們完全攤薄後的股票數量估計為 6000 萬股。

For the full year, we are maintaining our outlook for full year 2018 to reflect some of the timing we mentioned with planned expenses occurring later in the year.

對於全年，我們維持對 2018 年全年的展望，以反映我們提到的計劃支出發生在今年晚些時候的一些時間。

We plan to open 100 new stores, all are our 10,000-square foot standard prototype.

我們計劃開100家新店，都是我們10,000平方英尺的標準樣機。

We'll complete 15 remodel and relocation projects.

我們將完成 15 個改造和搬遷項目。

We expect to grow e-commerce approximately 40%.

我們預計電子商務將增長約 40%。

We anticipate top line growth in the low teens, including the impact of the 53rd week last year.

我們預計低青少年的收入增長，包括去年第 53 週的影響。

Total company comps are expected to be in the 6% to 8% range, with retail comp in the mid-single digits.

公司總收入預計在 6% 到 8% 的範圍內，零售收入在中等個位數。

We expect to grow diluted earnings per share in the low 20s percentage range, including the extra week in 2017.

我們預計稀釋後每股收益將在 20% 左右的百分比範圍內增長，包括 2017 年的額外一周。

We anticipate capital expenditures of approximately $375 million.

我們預計資本支出約為 3.75 億美元。

Depreciation is forecasted at approximately $290 million.

折舊預計約為 2.9 億美元。

We expect to repurchase shares in the $500 million range for the year, and the annual tax rate for the remainder of the year is expected to be 24%.

我們預計全年將回購 5 億美元的股票，預計今年剩餘時間的年稅率為 24%。

And with that, I'll turn it over to our conference call host for the Q&A.

有了這個，我會把它交給我們的電話會議主持人進行問答。

(Operator Instructions) Our first question comes from the line of Brian Tunick from RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Brian Tunick。

I guess the first question, with a little more help maybe from Scott on the third quarter, obviously, there's some comparisons on the hurricane issues and some SG&A initiatives.

我想第一個問題，在第三季度斯科特的幫助下，顯然，颶風問題和一些 SG&A 計劃進行了一些比較。

Can you maybe help us parse out how you're expecting gross margin versus SG&A to play out in the third quarter and maybe in the back half, just the different components first?

您能否幫我們分析一下您對毛利率與 SG&A 的預期如何在第三季度甚至下半年發揮作用，首先是不同的組成部分？

Sure, Brian.

當然，布賴恩。

So I guess on the gross margin line, we would expect a bit of a pivot here as we look ahead to the second half of the year.

所以我想在毛利率線上，我們預計在展望今年下半年時會出現一些轉折點。

So the third quarter, I think you'll probably well remember we're going to be anniversary-ing over some hurricane activity last year.

所以第三季度，我想你可能會記得我們將慶祝去年的一些颶風活動。

So we had some pretty significant, what I would say, merchandise margin investments in late last year to try to mitigate against some of the sales softness that we saw as part of the hurricane impact.

因此，我們在去年年底進行了一些非常重要的商品保證金投資，以試圖減輕我們認為是颶風影響的一部分的銷售疲軟。

So we'll be lapping that, so we feel good about where we are.

所以我們會好好考慮一下，所以我們對自己所處的位置感覺良好。

So I think you would expect to see gross margin above -- show good leverage above the accounting change impact that we saw here, that 20 basis points in the first half of the year.

所以我認為你會期望看到毛利率高於 - 在我們在這裡看到的會計變更影響之上顯示出良好的槓桿作用，即今年上半年的 20 個基點。

So I guess that will be the first thing I would say.

所以我想這將是我要說的第一件事。

On the SG&A side, more deleveraged than we saw on the first half of the year.

在 SG&A 方面，比我們在今年上半年看到的去槓桿化程度更高。

So I think that's where you'll find equilibrium there for the back half.

所以我認為這就是你會在後半部分找到平衡的地方。

So we've got some projects again.

所以我們又有了一些項目。

Some things we're doing for the first time, some of these new technologies that we're implementing across the business.

有些事情是我們第一次做，有些是我們在整個企業中實施的新技術。

So some of our initial time lines were just a little bit slower, off the line, I guess I would say on that, but we feel good about.

所以我們最初的一些時間線只是有點慢，離線，我想我會這麼說，但我們感覺很好。

We're going to get everything completed in the second half of the year and position ourselves well for 2019 and beyond.

我們將在下半年完成所有工作，並為 2019 年及以後做好準備。

And then maybe could Mary talk a little about the larger prestige color cosmetics that you're talking about here?

然後也許瑪麗可以談談你在這裡談論的更大聲望的彩色化妝品嗎？

How big of a portion of the business is that?

那部分業務有多大？

Has the company gone through a similar period before from either a lack of newness or cadence of product introductions?

該公司之前是否經歷過類似的時期，要么是缺乏新鮮感，要么是產品推出節奏緩慢？

Maybe just talk about what the company has seen before through this kind of period?

也許只是談談公司經歷過這種時期之前看到了什麼？

Well, obviously, it's sort of a -- it's a mix story, I guess, I would say.

好吧，很明顯，這是一個 - 這是一個混合故事，我想，我會說。

We continue to drive solid growth in prestige cosmetics overall.

我們繼續推動高端化妝品的整體穩健增長。

We continue to have great market share gains.

我們繼續獲得巨大的市場份額收益。

We've seen through our boutique brands, they're growing very nicely, and many of our prestige brands are growing with strong innovation and social media presence.

我們已經看到我們的精品品牌，它們發展得非常好，我們的許多知名品牌都在通過強大的創新和社交媒體的存在而增長。

But a few of our major prestige brands are not lapping the newness, I guess I'd say.

但我想我會說，我們的一些主要知名品牌並沒有趕上新事物。

So that's putting some pressure on the model.

所以這給模型帶來了一些壓力。

This is what we do I guess all the time.

我猜這就是我們一直在做的事情。

Our merchants are constantly evaluating and working with our brand partners to continue to strengthen the pipeline.

我們的商家不斷評估並與我們的品牌合作夥伴合作，以繼續加強渠道。

We feel really good about the pipeline.

我們對管道感覺非常好。

First of all, our overall business model, I think, is it shows the strength and flexibility at a time where you might have a segment that's not as strong but delivering strong results across many categories.

首先，我認為，我們的整體商業模式是否顯示了實力和靈活性，在這個時候你可能擁有一個不那麼強大但在許多類別中都取得了強勁成果的細分市場。

And we're working with -- closely with our brands.

我們正在與我們的品牌密切合作。

And maybe Dave, if you want to add a little bit about we feel really good about the pipeline of newness and innovation from the second half.

也許戴夫，如果你想補充一點，我們對下半年的創新和創新管道感覺非常好。

Yes, we really do, really, across the store.

是的，我們真的，真的，在整個商店。

I'll reiterate what Mary said.

我會重申瑪麗所說的話。

We're really happy and excited about the whole mix and the assortment in all categories: haircare, skincare, fragrance and cosmetics.

我們對所有類別的整體組合和分類感到非常高興和興奮：護髮、護膚、香水和化妝品。

And we're seeing some nice growth in the entire store.

我們看到整個商店都有一些不錯的增長。

Although as Mary said, some of our largest prestige brands have had some challenges.

儘管正如瑪麗所說，我們一些最大的聲望品牌遇到了一些挑戰。

But as we look forward, we're really optimistic.

但當我們展望未來時，我們真的很樂觀。

We've been working closely.

我們一直在密切合作。

They certainly -- the brands themselves are focused on driving growth.

他們當然 - 品牌本身專注於推動增長。

I'll give you a couple of examples of things that we're very optimistic and excited about.

我會給你幾個我們非常樂觀和興奮的事情的例子。

Tarte is one of our largest brands, and it's been driving actually strong growth all year long in part because of the Double Duty Beauty line that's exclusive to Ulta -- Ulta Beauty.

Tarte 是我們最大的品牌之一，它實際上全年都在推動強勁增長，部分原因是 Ulta 獨有的 Double Duty Beauty 系列——Ulta Beauty。

And that's been successful all year, and we have seen some nice innovation and expansion of that business that will continue to drive growth through the rest of the year.

這一年都取得了成功，我們看到了該業務的一些不錯的創新和擴展，這些創新和擴展將在今年餘下的時間裡繼續推動增長。

Too Faced, Mary mentioned, just launched an exclusive line only at Ulta Beauty, Tutti Frutti, which is off to a strong start early, but we're excited.

瑪麗提到，Too Faced 剛剛在 Ulta Beauty 推出了一個獨家系列，Tutti Frutti，這是一個很好的開端，但我們很興奮。

That has a long -- that brand has a long history of growth and success at Ulta Beauty, and we're optimistic.

這個品牌在 Ulta Beauty 有著悠久的發展和成功歷史，我們對此持樂觀態度。

IT Cosmetics, a brand that really grew up in many ways at Ulta Beauty, has recently launched some new lines, including a 48-shade concealer line, Bye Bye Under Eye concealer, that also is off to a strong start.

IT Cosmetics 是 Ulta Beauty 在許多方面真正成長起來的品牌，最近推出了一些新系列，包括 48 色遮瑕系列 Bye Bye Under Eye 遮瑕膏，這也是一個良好的開端。

And Benefit, we've had a long partnership with Benefit, including a unique brow partnership, brow service partner -- Brow Bar service partnership.

而 Benefit，我們與 Benefit 有著長期的合作夥伴關係，包括獨特的眉毛合作夥伴關係、眉毛服務合作夥伴 -- Brow Bar 服務合作夥伴關係。

And they've had a steady stream of innovation, and we're optimistic about what's coming, including a strong holiday.

他們有源源不斷的創新，我們對即將發生的事情感到樂觀，包括一個強勁的假期。

So across the board, as Mary said, we see ups and downs naturally in our business, but as we look forward, we see a lot of good things to come.

因此，正如瑪麗所說，從整體上看，我們的業務自然會出現起起落落，但展望未來，我們會看到很多美好的事情即將到來。

Our next question comes from the line of Simeon Siegel from Nomura Instinet.

我們的下一個問題來自 Nomura Instinet 的 Simeon Siegel。

This is Julie Kim on for Simeon.

這是 Simeon 的 Julie Kim。

I was just wondering about the salon segment, if you could provide any color there.

我只是想知道沙龍部分，如果你能在那裡提供任何顏色。

I believe comp slowed down sequentially, so just curious on what trends you're seeing.

我相信 comp 順序放緩，所以只是好奇你看到的趨勢。

And given the expansion of the skin bar, what your thoughts are on -- longer-term for opportunities.

鑑於皮膚欄的擴展，您的想法是什麼——長期的機會。

Yes.

是的。

Well, we're very invested in the services part of our business.

好吧，我們在業務的服務部分投入了大量資金。

It's a critical differentiator.

這是一個關鍵的差異化因素。

It's -- that salon guest, any service guest is really one of our best guests because they shop and spend much more.

這是——那個沙龍客人，任何服務客人都是我們最好的客人之一，因為他們購物和消費更多。

They spend almost 3x what somebody who's not using services does.

他們的花費幾乎是不使用服務的人花費的 3 倍。

So our salon business continues to outperform the market.

因此，我們的沙龍業務繼續跑贏市場。

We have exceptional talent.

我們擁有非凡的才能。

We do see that we -- we believe we can reinvent it to make it even better, and that's why we're doing this services optimization work.

我們確實看到我們 - 我們相信我們可以重新發明它以使其變得更好，這就是我們進行這項服務優化工作的原因。

Early results are very encouraging, and it's really about optimizing menu, pricing, training, hiring kind of across board.

早期的結果非常令人鼓舞，這實際上是關於優化菜單、定價、培訓和全面招聘。

So you'll expect that to show fast results quickly, but that early results are actually very encouraging.

所以你會期望快速顯示結果，但早期的結果實際上非常令人鼓舞。

And also, as we start to rollout the skin bar with these quicker services, that is off to a very strong start as well.

而且，隨著我們開始使用這些更快的服務推出皮膚欄，這也是一個非常強勁的開端。

And it's very much as being responsive to what our guests want and need from us.

這非常類似於響應客人對我們的需求。

They care a lot about skincare.

他們非常注重護膚。

They don't have maybe as much time to have a long service, but they're very happy to start participating in these quicker services.

他們可能沒有那麼多時間來提供長期服務，但他們很高興開始參與這些更快的服務。

So a lot of new brand launches, a lot of innovation there, and we feel good about where it's heading.

所以有很多新品牌推出，那裡有很多創新，我們對它的發展方向感到滿意。

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

我們的下一個問題來自 Jefferies 的 Steph Wissink。

I'll ask a question on Kylie Cosmetics.

我會問一個關於凱莉化妝品的問題。

I'm wondering if you can talk a little bit about that partnership, what the timing is of the expected rollout.

我想知道您是否可以談談這種夥伴關係，以及預期推出的時間。

Mary, I think you indicated back part of the year, but will that be in stores for holiday?

瑪麗，我想你說的是今年的某些時候，但那會在商店裡放假嗎？

And then how should we think about that in tandem with your new marketing campaign in terms of added possibilities at Ulta?

那麼我們應該如何結合您的新營銷活動來考慮 Ulta 的更多可能性？

Well, it's a new possibility at Ulta.

好吧，這在 Ulta 是一種新的可能性。

Yes, so we're not going to -- we don't really have details to disclose today, but know that it will be all stores and online by holiday.

是的，所以我們不會 - 我們今天真的沒有細節可以透露，但知道它會在假期前在所有商店和網上進行。

We're really excited about it.

我們真的很興奮。

It's going to be, I think, a fantastic partnership for us.

我認為，這對我們來說將是一次美妙的合作。

And I'll see if you want anything more.

我會看看你是否還想要更多。

I'll just add, if we start to do advertising, which starts September 2, so it's right around the corner.

我只想補充一點，如果我們開始做廣告，從 9 月 2 日開始，那麼它就在拐角處。

Really proud about, I think, the work, and we pretested the works so we feel good about how consumers are going to react to it.

我認為，我們為這項工作感到非常自豪，我們對這些作品進行了預測試，因此我們對消費者將如何對它做出反應感到滿意。

It's just the next evolution of our brand and really elevating to a more emotional level in a way that's very consistent with how people want to see Ulta Beauty talk about beauty.

這只是我們品牌的下一次演變，真正提升到更情緒化的水平，這與人們希望看到 Ulta Beauty 談論美的方式非常一致。

So more to come on that, but I think bakes it very nicely together.

還有更多事情要做，但我認為一起烘烤非常好。

And Scott, can I just follow up on an earlier question regarding the third quarter.

斯科特，我可以跟進之前關於第三季度的問題嗎？

I think you mentioned that the investments are largely going to be in technology in the SG&A line.

我想你提到過，投資主要用於 SG&A 系列的技術。

Can you maybe extrapolate a little bit more around what's left within the investment cycle that you still need to focus on here over the 6 to 12 months?

在 6 到 12 個月的投資週期中，您仍然需要關注哪些方面，您能否對此進行更多推斷？

And how should we think about that equalizing over the course of the next several months, kind of as you pass through Q3 and into back half and then onward into '19?

在接下來的幾個月裡，我們應該如何考慮這種平衡，就像你通過 Q3 進入後半段，然後進入 19 年一樣？

Yes, so a little more clarification on that.

是的，所以再多解釋一下。

I mean, typically, the third quarter is the toughest for us on a margin expansion kind of quest over the long term.

我的意思是，通常情況下，第三季度對我們來說是長期追求利潤率擴張的最艱難時期。

So you got peak new store implementation, you got peak boutique and labor component with that implementation in the third quarter.

因此，您在第三季度獲得了新店實施的高峰期，以及該實施的精品店和勞動力組成部分的高峰期。

This year, on top of that, you've got the Fresno DC, which is at peak deleverage in the P&L.

今年，最重要的是，你有 Fresno DC，它在 P&L 中處於去槓桿化的高峰期。

There is a -- kind of gets off the starting line, so to speak.

有一種 - 可以說是脫離了起跑線。

So there's a lot of things at the core that kind of pile up in the third quarter that make it a challenge for us.

所以在第三季度有很多核心問題堆積起來，這對我們來說是一個挑戰。

And then in addition to that, we laid out earlier in the year some of the incremental investments that we have, right, as part of the tax reform work in our business.

除此之外，我們在今年早些時候列出了一些增量投資，作為我們業務稅制改革工作的一部分。

So a lot of those projects, the test and learns and other things that we have queued up, are just taking a little bit longer to get implemented than we initially thought earlier in the year.

因此，很多這些項目、測試和學習以及我們已經排隊的其他事情，只是比我們今年早些時候最初想像的要花更長的時間才能實施。

So again, the majority of that falls into the third quarter.

同樣，其中大部分屬於第三季度。

So when we're talking about shifting of expenses, that's a big piece of it as well.

因此，當我們談論費用轉移時，這也是其中很大一部分。

And then advertising and marketing is a little bit more on top of that.

然後是廣告和營銷。

So with the new advertising launch here in the fall, we move some of the spending from the first half of the year into the second.

因此，隨著秋季新廣告的推出，我們將部分支出從上半年轉移到了下半年。

So again, just trying to take advantage of making sure we're optimizing from all focus points.

因此，再次嘗試利用確保我們從所有焦點進行優化。

So third quarter, you're going to see more deleverage on the SG&A line than maybe we were thinking last quarter when we spoke with you.

所以第三季度，你會看到 SG&A 線上的去槓桿化比我們上個季度與你交談時所想的要多。

But again, as we roll it forward through the fourth quarter, with sales, Fresno up and running, working towards, as Mary mentioned, a quicker ramp than we've seen in the past, we expect a lot of that to moderate in the fourth quarter.

但同樣，當我們將其推進到第四季度時，隨著銷售，弗雷斯諾啟動並運行，正如瑪麗提到的那樣，努力實現比我們過去看到的更快的增長，我們預計其中很多會在第四季度。

So again, for the full year, we're right on target with our 50 to 70 basis points of deleverage on the operating margin line, and then feel like we're really in a good spot setting ourselves up well for 2019 and beyond.

因此，對於全年，我們再次實現了在營業利潤線上去槓桿化 50 到 70 個基點的目標，然後感覺我們真的處於一個很好的位置，為 2019 年及以後做好準備。

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

我們的下一個問題來自摩根大通的 Christopher Horvers。

Can you talk a little bit about the 7% to 8% guide for the three -- for the third quarter?

你能談談第三季度 7% 到 8% 的指導嗎？

It's been interesting.

這很有趣。

Your comps haven't really bounced on easier comparisons, but clearly, you've got a lot of self-help coming here in the third quarter.

你的公司並沒有真正在更容易的比較中反彈，但很明顯，你在第三季度有很多自助。

So I guess my question is, is the 7% to 8% more anticipatory of the lift that's ahead?

所以我想我的問題是，7% 到 8% 是對未來提升的預期嗎？

Or is there something that you're seeing in the month of August that is giving you the encouragement to guide this way?

或者您在 8 月份看到的事情是否鼓勵您以這種方式進行指導？

Well, thank you for the question.

嗯，謝謝你的問題。

I'm not going to comment on the quarter that we're in, but we really try to give our best guidance.

我不會對我們所在的季度發表評論，但我們確實會盡力提供最佳指導。

We do expect to see acceleration against some easier comps in the second half.

我們確實希望在下半場看到一些更容易的組合加速。

And as, I think, we've talked about a couple of times, the continued rollout of some of our high-growth brands, newness from existing brand partners, new advertising, 21 Days of Beauty, which is always a great event for us.

而且，我想，我們已經談過幾次了，我們一些高增長品牌的持續推出，現有品牌合作夥伴的新品，新廣告，21 Days of Beauty，這對我們來說總是一件大事.

So we just believe that and see the ability for our comps to strengthen as we get further into the year.

因此，我們只是相信這一點，並看到隨著我們進入今年的進一步發展，我們的補償能力會增強。

Understood.

明白了。

And then in terms of the boutique rollout, you've accelerated that over the past few years.

然後就精品店的推出而言，您在過去幾年中加快了速度。

In the past, you talked about the boutique sort of mature over a 3-year time frame.

過去，您談到過 3 年時間框架內的精品店。

It's tough for us to lay out sort of that math.

我們很難列出那種數學。

But as you think about the lift from the boutique additions that you've done over the past few years and this year, does the -- is the benefit from that boutique rollout accelerating here into the back half of 2018 and into 2019?

但是當你考慮過去幾年和今年你所做的精品店增加的提升時，精品店推出的好處是否會加速到 2018 年下半年和 2019 年？

No, I wouldn't say there's an acceleration.

不，我不會說有加速。

I'd say, overall, we're very happy with the performance of those boutique brands.

我想說，總的來說，我們對這些精品品牌的表現非常滿意。

Again, they're a big contributor to our comp performance here in recent quarters.

同樣，他們是我們最近幾個季度的業績表現的重要貢獻者。

Again, everything's got to stay in balance, right?

同樣，一切都必須保持平衡，對嗎？

So very happy with the top line performance of those boutiques and our investments there, but it does create a little bit of a headwind, as we've discussed in the past, on the margin rate line.

對這些精品店的頂線表現和我們在那裡的投資非常滿意，但正如我們過去討論過的那樣，它確實在保證金率線上造成了一點逆風。

So again, trying to balance it all for an optimized result overall.

因此，再次嘗試平衡這一切以獲得整體優化結果。

So I wouldn't call it an acceleration.

所以我不會稱之為加速。

Although I would point out this year, Mary mentioned the new stores, so we did kind of sequenced our field construction program a little differently this year.

雖然我今年要指出，瑪麗提到了新店，所以我們今年確實對我們的實地建設計劃進行了一些不同的排序。

We pulled ahead, I guess, the new store rollout.

我猜，我們提前推出了新店。

So we're further ahead on new store week, so that's a good thing.

所以我們在新店週上走得更遠，所以這是一件好事。

Getting those stores open further in advance of the holiday season, so the store teams are more seasoned and ready to go.

讓這些商店在假期前進一步開張，這樣商店團隊就會更有經驗，準備出發。

We think that's going to be a benefit.

我們認為這將是一個好處。

And some of the new boutique installs are kind of dragging later in the year than they have the last couple of years.

一些新的精品店安裝在今年晚些時候比過去幾年有所拖累。

So again, that's another comp driver that we think gives us confidence on the second half of the year.

再次重申，這是我們認為讓我們對下半年充滿信心的另一個競爭驅動因素。

Our next question comes from the line of Mark Altschwager from Baird.

我們的下一個問題來自 Baird 的 Mark Altschwager。

And just to clarify, Scott, I think if I heard you correctly, you said you do expect gross margin to be up in Q3 even before the accounting benefit.

斯科特，我想澄清一下，如果我沒聽錯的話，你說過你確實預計第三季度的毛利率會在會計收益之前上升。

Is that accurate?

那是準確的嗎？

And then what is the merchandise margin expectation that's embedded in that?

那麼其中包含的商品利潤率預期是多少？

I think merch margin was the primary driver to the gross margin decline last year.

我認為商品利潤率是去年毛利率下降的主要原因。

So just trying to get a sense of a reasonable expectation in terms of recapture.

所以只是想了解一下奪回方面的合理預期。

Yes, I don't think I can quantify it in basis points for you, Mark, but you hit it -- the nail right on the head.

是的，我不認為我可以用基點為你量化它，馬克，但你擊中了它 - 釘子就在頭上。

That's exactly what we're expecting.

這正是我們所期待的。

So that will be the pivot point in the third quarter.

所以這將是第三季度的關鍵點。

I mean, again, I don't recall exactly what we stated, but it was significant basis points investment last year.

我的意思是，再一次，我不記得我們說過什麼，但這是去年的重要基點投資。

I mean, those hurricanes really hurt us last year.

我的意思是，去年那些颶風真的傷害了我們。

And so we made a decision to invest and rate to drive sales through incremental promotional events, and so we made the decision.

因此，我們決定通過增量促銷活動進行投資和評級以推動銷售，因此我們做出了決定。

We made the right decision for that point in time, and now, this year, as we cycle that, we expect to see a bounce back on that.

我們在那個時間點做出了正確的決定，現在，今年，隨著我們的循環，我們希望看到反彈。

And based on the early reads here, we're feeling very confident where we're headed.

根據這裡的早期閱讀，我們對我們的前進方向充滿信心。

And it seems like a lot of moving pieces on the SG&A front this year.

今年 SG&A 方面似乎有很多動人的事情。

Is there a way to think kind of -- as you get beyond 2018 and a lot of these kind of one-time expenses on the supply chain front, what's a normalized level of SG&A growth that's needed to sustain the strength in the business?

有沒有一種方法可以考慮——隨著 2018 年以後以及供應鏈方面的大量此類一次性支出，維持業務實力所需的正常 SG&A 增長水平是多少？

Yes.

是的。

I don't think I can again quantify for that specifically year-to-date.

我不認為我可以再次量化那個具體的年初至今。

Maybe that's something we can queue up for Analyst Day a little bit differently than maybe we've looked at it in the past.

也許這是我們可以為分析師日排隊的東西，與我們過去可能看到的略有不同。

But again, this year, we've got a significant reinvestment, right, those tax reform benefits that approved to us this year.

但是，今年，我們又進行了重大的再投資，對，今年批准給我們的稅制改革福利。

So again, a lot of that -- a lot -- trying to quantify what's recurring and what's one-time kind of thing.

所以，再一次，很多——很多——試圖量化什麼是重複發生的，什麼是一次性的。

I mean, we're in a very dynamic environment here in retail, and there's things that we just need to do to make sure we sustain a healthy business for the long term, and that's what we intend to do.

我的意思是，我們在零售業處於一個非常動態的環境中，我們只需要做一些事情來確保我們長期維持健康的業務，這就是我們打算做的。

So we'll keep you updated.

所以我們會讓你更新。

Again, we talked about guidance for '19, and we're feeling pretty good about right now.

再次，我們談到了 19 年的指導，我們現在感覺很好。

And when we see you in November, we'll give you a view of how we're thinking about the longer term.

當我們在 11 月與您見面時，我們將讓您了解我們是如何考慮長期的。

Our next question comes from the line of Adrienne Yih from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Adrienne Yih。

Mary, I was wondering if you can talk a little bit about sort of the promotional backdrop.

瑪麗，我想知道你是否可以談談一些宣傳背景。

It seems like year-to-date the department stores have done a little bit better and, therefore, may be aren't as aggressive on the promos?

似乎今年迄今為止，百貨公司的表現要好一些，因此，促銷活動可能沒有那麼積極？

And then if you can comment on recently there was an article about CVS rolling out this beauty experiencing in collaboration with Glamsquad.

然後，如果你能評論最近有一篇關於 CVS 與 Glamsquad 合作推出這種美容體驗的文章。

And then finally, Scott, as you talk about 2019, in order for margins to expand, do you need comp -- the store comp to accelerate from that kind of 4-ish level?

最後，斯科特，當你談到 2019 年時，為了擴大利潤率，你是否需要 comp - 商店 comp 從那種 4-ish 水平加速？

Or will the fixed cost breakeven point come down to that level because you're going to have some of these investments rolling off?

或者固定成本盈虧平衡點是否會下降到那個水平，因為您將要減少其中的一些投資？

Okay, a 3-parter.

好吧，一個3人組。

So on the promotional strategy, I will just say that it's -- we've been consistent year-over-year in the quarter.

因此，關於促銷策略，我只想說——我們在本季度的年同比一直保持一致。

There's -- I would say the overall environment is always competitive.

有——我想說整體環境總是競爭激烈的。

We're not seeing any major shifts I would say in the promotional environment, it's stable, but pretty promotional environment.

在促銷環境中，我們沒有看到任何重大變化，它很穩定，但促銷環境很好。

I feel really good about the model that we have.

我對我們擁有的模型感覺非常好。

We've worked hard over the last 5 years to really diversify our I guess I'd call it demand levers and tools.

在過去的 5 年裡，我們一直在努力實現我們的多元化，我想我稱之為需求槓桿和工具。

And we always have the ability to pull different levers with an increasing focus on using our loyalty program, our CRM program, more personalized over time.

而且我們總是有能力拉動不同的槓桿，越來越關注使用我們的忠誠度計劃，我們的 CRM 計劃，隨著時間的推移更加個性化。

So -- and it's allowed us to really balance in this and invest in things like advertising and PR and social media.

所以——它讓我們能夠真正平衡這一點，並投資於廣告、公關和社交媒體等方面。

So I think we've got that -- we flex as we need, but we don't see that as being necessarily very different right now, I guess, than it's been.

所以我認為我們已經做到了——我們會根據需要靈活調整，但我認為我們現在並不認為這與以往有很大不同。

Your other question, competition.

你的另一個問題，競爭。

Everybody is interested in the beauty business, and so, yes, we're aware, pay attention to everything that's going on.

每個人都對美容行業感興趣，所以，是的，我們知道，關注正在發生的一切。

We, I think, have a real strong lead as it relates to having a differentiated model, whether -- you're talking about competing with mass, where we've got obviously very differentiated assortment in mass the arena or mass, prestige arena, plus services, plus our loyalty program.

我認為，我們在擁有差異化模型方面擁有真正強大的領先優勢，無論您是在談論與大眾競爭，我們在大眾競技場或大眾、聲望競技場中顯然擁有非常差異化的分類，加上服務，再加上我們的忠誠度計劃。

So I love what we're doing as it relates to digitally-native brands across prestige and mass.

所以我喜歡我們正在做的事情，因為它與聲望和大眾的數字原生品牌有關。

And so we look at everything as game on, but not -- it doesn't keep me up at night, I guess, I'd say.

所以我們把所有事情都看作是比賽的開始，但不是——這不會讓我夜不能寐，我想，我會說。

I mean, as far as the outlook for '19 and how the algorithm might work, so we would -- I'd say we take a reasonable, prudent view of what the top line might look like, right, and we build our cost infrastructure to match that.

我的意思是，就 19 年的前景以及算法的運作方式而言，所以我們會 - 我會說我們對頂線可能是什麼樣子採取合理、謹慎的看法，對吧，我們會建立成本與之匹配的基礎設施。

And then we hope we do better on the top line, right, with some of the newness that we have in our sight.

然後我們希望我們在頂線做得更好，對吧，我們看到了一些新鮮事物。

So you used the term fixed cost and variable cost.

所以你使用了固定成本和可變成本這個術語。

I mean, things we talked about, our efficiencies for growth initiative that we kicked off here earlier this year, so that will be a big piece of it.

我的意思是，我們談論的事情，我們今年早些時候在這裡啟動的增長效率計劃，所以這將是其中的重要部分。

So we see cost efficiencies across the business.

因此，我們看到了整個企業的成本效率。

Very happy with where we are in that.

對我們所處的位置非常滿意。

The DC, again, we got Fresno this year that will drop off, right?

DC，今年我們又得到了弗雷斯諾，它會下降，對吧？

So you won't -- we won't have another one in '19.

所以你不會 - 我們不會在 19 年有另一個。

At least that's not planned now, so we'll get some benefit there.

至少現在還沒有計劃，所以我們會在那裡得到一些好處。

And then the investments we're making.

然後是我們正在進行的投資。

The tax reform investments that we're investing in this year, we expect to get benefits out of that, right, in '19 and beyond.

我們今年投資的稅收改革投資，我們希望在 19 年及以後從中受益。

So maybe that would be a way to think about it.

所以也許這將是一種思考方式。

Our next question comes from the line of Erinn Murphy from Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Erinn Murphy。

Mary, my question is for you.

瑪麗，我的問題是給你的。

You talked about, in your prepared remarks, the opportunity for spend per loyal consumer to further increase.

您在準備好的發言中談到，每個忠實消費者的支出有機會進一步增加。

Can you just share with us what you're learning about the platinum and the diamond-tiered customers, whether it's frequency into the stores, spend per customer?

您能否與我們分享您對白金級和鑽石級客戶的了解，無論是進入商店的頻率，每位客戶的消費？

And then I guess, secondly, just on the second quarter, did the stores that overlap at the Bon-Ton, can you just talk about how they performed, and if your second half guidance implies any share gains from Bon-Ton's closure?

然後我想，其次，就在第二季度，Bon-Ton 重疊的商店有沒有，你能談談他們的表現嗎？

Loyalty, we are careful not to break out a lot of detail about the various performance of the tiers.

忠誠度，我們小心翼翼地不透露有關層級各種性能的大量細節。

But I will tell you is that, obviously, we consider it a successful and a strong tool for us.

但我要告訴你的是，顯然，我們認為它是一個成功的強大工具。

But if you step way back, you have -- today, we have just under 30 million members in our loyalty program, but they still represent only 1/3 of the beauty enthusiasts in the U.S., and we only have about 1/3 of the wallet share.

但如果你退後一步，你會發現——今天，我們的忠誠度計劃有不到 3000 萬會員，但他們仍然只占美國美容愛好者的 1/3，而我們只有大約 1/3錢包份額。

So I look at that as a continued source.

所以我將其視為一個持續的來源。

We're very focused on how we're going to grow both that, the number of members as well as wallet share.

我們非常關注我們將如何發展這兩個方面，即會員數量和錢包份額。

And the tier -- I mean, the innovation that the team has put in place in the program are really working.

而層 - 我的意思是，團隊在該計劃中實施的創新確實有效。

So the diamond tier, really strong move for us.

所以鑽石級，對我們來說真的很強大。

Credit card, increasing personalization engine and recommendation engine.

信用卡，增加個性化引擎和推薦引擎。

So -- as well as really strong focus by our teams in-store on driving awareness and conversion of the program.

所以——我們的店內團隊也非常關注提高項目的知名度和轉化率。

So we see that as a core asset for us and feel really good about how we're going to continue to innovate to drive growth.

因此，我們將其視為我們的核心資產，並對我們將如何繼續創新以推動增長感到非常滿意。

On Bon-Ton, I would just say we're certainly paying attention to everything that's happening competitively.

關於 Bon-Ton，我只想說我們肯定會關注競爭中發生的一切。

And we're obviously reaching out, making sure customers who are looking for a place to shop for beauty in those markets know about Ulta Beauty.

顯然，我們正在伸出援手，確保正在這些市場尋找美妝店的顧客了解 Ulta Beauty。

When -- I would say our guidance assumes we're going to continue to gain share across from several sources, we don't predict that precisely down to an individual competitor.

當 - 我會說我們的指導假設我們將繼續從多個來源獲得份額時，我們不會準確地預測到單個競爭對手。

But we see closure impact the stores.

但我們看到關閉影響了商店。

Can have kind of a plus or a minus, but generally built into our expectations.

可以有某種加號或減號，但通常內置於我們的期望中。

Our next question comes from the line of Rupesh Parikh from Oppenheimer & Co.

我們的下一個問題來自 Oppenheimer & Co. 的 Rupesh Parikh。

On your mass cosmetics business, the performance really stands out versus your peers this quarter.

在您的大眾化妝品業務中，本季度的業績與同行相比確實非常突出。

So I was just curious, as you look at the reset that you've this year-to-date, have there been any surprises versus your expectations?

所以我很好奇，當您查看今年迄今的重置時，有沒有出乎您的意料？

Yes.

是的。

We are very happy with our mass cosmetics business in a lot of ways with our makeup business overall.

我們對我們的大眾化妝品業務在很多方面對我們的整體化妝品業務感到非常滿意。

But yes -- no, I think the things that we set out to do, we're feeling good about accomplishing them.

但是是的 - 不，我認為我們打算做的事情，我們對完成它們感覺很好。

Some of our biggest, more established brands like our Ulta Beauty Collection, L'Oréal, Maybelline, are playing an important roles, but a lot of newness has come in to really excite guests and engage her in new ways.

我們的一些最大、更成熟的品牌，如我們的 Ulta Beauty Collection、歐萊雅、美寶蓮，正在發揮重要作用，但許多新鮮事物的出現真正激發了客人的興趣，並以新的方式吸引了她。

In particular, brands that are exclusive and only found at Ulta.

特別是那些只有在 Ulta 才能找到的獨家品牌。

Morphe is one that Mary mentioned in her prepared remarks has been one that's been driving a lot of growth.

Morphe 是瑪麗在她準備好的發言中提到的一個一直在推動大量增長的人。

The recent Jaclyn Hill pilot launch just a couple of weeks ago was quite successful, and we've had continued expansion with that brand.

就在幾週前，最近的 Jaclyn Hill 試點推出非常成功，我們一直在繼續擴展該品牌。

Makeup Revolution, also exclusive in the United States to Ulta, has grown quite well and plays a very important role in our overall assortment.

Makeup Revolution 在美國也是 Ulta 的獨家產品，發展得很好，在我們的整體產品系列中扮演著非常重要的角色。

The addition of ColourPop, one of the stronger influencer-led, digitally-native brands has also been a nice complement to our overall portfolio and driven a lot of growth.

ColourPop 的加入，這是一個更強大的影響力主導的數字原生品牌，也是對我們整體產品組合的一個很好的補充，並推動了很多增長。

So we're really pleased with this performance.

所以我們對這種表現非常滿意。

We see a lot of growth in that space and continue to focus on all of makeup, and anticipate more growth in mass space, in particular.

我們看到該領域有很多增長，並繼續專注於所有化妝品，尤其是預計大眾領域會有更多增長。

Our next question comes from the line of Daniel Hopkin from William Blair.

我們的下一個問題來自威廉布萊爾的丹尼爾霍普金。

Just wanted to see if you could just kind of briefly -- I may have missed it, but are older stores in this type of an environment -- or your older stores still comping positive or breakeven?

只是想看看你是否可以簡單地說一下——我可能錯過了，但老店是否處於這種環境中——或者你的老店是否仍在盈利或收支平衡？

Kind of where does that stand at this point?

在這一點上，它的立場是什麼？

So the fleet looks healthy overall, again, as you would expect with a mid-single digit comp in the retail side.

因此，車隊總體上看起來很健康，正如您所期望的那樣，零售方面的中個位數比較。

The older stores, 5 years and older, are low single to mid-single digit comps.

5 年及以上的老店是低個位數到中個位數的公司。

So again, we're not seeing anything unusual there.

再說一次，我們在那裡沒有看到任何異常情況。

Oftentimes, we might see some sales transfer or cannibalization, but oftentimes we do that to ourselves, right?

很多時候，我們可能會看到一些銷售轉移或蠶食，但我們經常對自己這樣做，對吧？

So we're trying to make sure we got best positions in the market, and we're in it for the long term.

因此，我們正在努力確保我們在市場上獲得最佳地位，並且我們會長期參與其中。

We're in it for total dollars on the top and bottom line.

我們在上面和底線的總美元中。

So feeling good about -- as Mary said, feeling good about new store productivity and our long-term target.

所以感覺很好——正如瑪麗所說，對新店的生產力和我們的長期目標感覺良好。

Okay, great.

好的，太好了。

And then if -- any update on just kind of the major urban store locations that you've opened in the last year, Chicago and Manhattan, and kind of what you see the early going as the potential incremental opportunities there?

然後，如果 - 關於您去年在芝加哥和曼哈頓開設的主要城市商店位置的任何更新，以及您認為早期作為那裡潛在增量機會的那種？

Yes.

是的。

Those stores are performing really well.

這些商店的表現非常好。

We are thrilled that we opened them.

我們很高興我們打開了它們。

I think they're giving us great brand awareness and also really performing very nicely for us.

我認為他們給了我們很大的品牌知名度，也為我們表現得非常好。

So I think going forward it will still be a small-ish part of what we do.

所以我認為展望未來，它仍將是我們所做工作的一小部分。

Obviously, the cost around those businesses is a lot higher than a non-urban store, but we love what we're seeing in those.

顯然，這些企業的成本比非城市商店高很多，但我們喜歡我們在這些商店中看到的東西。

Our next question comes from the line of Matt Fassler from Goldman Sachs.

我們的下一個問題來自高盛的 Matt Fassler。

My first question, primary question relates to your prestige market share numbers.

我的第一個問題，主要問題與您的聲望市場份額數字有關。

You quoted some nice increases on an aggregate basis.

你在總體上引用了一些不錯的增長。

Can you give us a sense of how that's transpiring on the same store basis?

你能告訴我們這是如何在同一家商店發生的嗎？

And also what direction that trend has gone for you in terms of your prestige market share trajectory?

就您的聲望市場份額軌跡而言，這種趨勢對您有何影響？

Yes, so I'll jump in.

是的，所以我會跳進去。

And yes, our prestige market share overall has been growing significantly for -- well, for several years and the first half, second quarter of this year was no exception.

是的，我們的整體聲望市場份額一直在顯著增長 - 好吧，多年來和上半年，今年第二季度也不例外。

I think the main drivers of that growth -- and that's happening certainly as we've added new stores, but for sure, within our comp stores.

我認為這種增長的主要驅動力——當我們增加新店時，這種情況肯定會發生，但可以肯定的是，在我們的商店內。

Even the brands that we've talked about today that -- in the prestige space that haven't been performing to our expectations are still performing largely better at Ulta than perhaps at other places across the market.

即使是我們今天談到的品牌——在未達到我們預期的聲望領域，在 Ulta 的表現仍然比市場上其他地方的表現要好得多。

So the drivers of that growth are really a combination of continuing to expand some of the brands that are in limited distribution that are rolling out into more stores.

因此，這種增長的驅動力實際上是繼續擴大一些有限分銷品牌的組合，這些品牌正在推出更多商店。

That's a significant contributor to our market share growth, brands like MAC and Estée Lauder, Clinique, Lancôme, really across the board, NARS.

這是我們市場份額增長的重要貢獻者，如 MAC 和雅詩蘭黛、倩碧、蘭蔻，以及 NARS 等品牌。

The addition of new brands like Flesh, as an example, recently has been an addition in adding growth.

以 Flesh 等新品牌為例，最近增加了增長。

And then some of these exclusive lines that I talked about earlier with Tarte Double Duty Beauty now, Too Faced Tutti Frutti are significantly driving growth and are -- because they're exclusive, are driving strong share growth as well.

然後是我之前與 Tarte Double Duty Beauty 談論的一些獨家系列，Too Faced Tutti Frutti 正在顯著推動增長，而且——因為它們是獨家的，也正在推動強勁的份額增長。

So it's a multi-tiered level, and we're definitely seeing it in comp stores as well as new stores and excited.

所以這是一個多層次的水平，我們肯定會在 comp 商店和新商店中看到它並感到興奮。

The last thing I'd say with that, though, is digitally-native brands are certainly having an impact on the total prestige market and total makeup market.

不過，我要說的最後一件事是，數字原生品牌肯定會對整個聲望市場和整個化妝品市場產生影響。

That's why we're really focused on driving these brands, brands like Morphe, ColourPop that we've added, and now, as Mary mentioned, confirming the launch of Kylie, will play an important role in continuing to make sure that we're driving shares well into the future.

這就是為什麼我們真正專注於推動這些品牌，我們添加的品牌，如 Morphe、ColourPop，現在，正如 Mary 提到的，確認 Kylie 的推出，將在繼續確保我們推動股票走向未來。

And very briefly on Kylie, obviously, a new piece of news, your guidance is, as it was.

非常簡短地介紹了凱莉，很明顯，這是一條新消息，你的指導就是這樣。

Should we consider that new brand addition to be included in the present guidance for the rest of the year?

我們是否應該考慮將新品牌添加到今年剩餘時間的當前指南中？

Yes, Matt.

是的，馬特。

I would say yes.

我會說是的。

Think about it like that.

這樣想吧。

It comes quite late in the year, and so we factored that into our thinking.

今年來得很晚，因此我們將其納入了我們的想法。

And it's like any new brand.

就像任何新品牌一樣。

It's really hard to predict exactly how it will play, but think about it as included in the guidance, yes.

確實很難準確預測它將如何發揮作用，但考慮一下它是否包含在指南中，是的。

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

我們的下一個問題來自 Crédit Suisse 的 Michael Binetti。

Can I just ask a quick model question?

我可以問一個快速的模型問題嗎？

Is the -- I might have missed this, but is the plan still for the merchandise margin to be flat this year?

是——我可能錯過了這一點，但今年商品利潤率的計劃是否仍然持平？

And I guess related with the planogram change that you discussed that resulted in the clearance activity contemplated in the initial guidance for merch margins flat?

我想這與您討論的導致商品利潤率持平的初始指南中預期的清倉活動有關的貨架圖變化有關嗎？

Yes, I think directionally flat is the way to think about it for the full year.

是的，我認為方向平坦是考慮全年的方式。

And clearance work or the clearance event here at the end of second quarter is not going to have any significant impact on that.

第二季度末這裡的清理工作或清理活動不會對此產生任何重大影響。

Okay.

好的。

And would you mind helping walk us up to how you're thinking about, I guess, gross margins for the fourth quarter, which has obviously been a very promotional quarter.

你介意幫助我們了解你對第四季度毛利率的看法嗎，這顯然是一個非常促銷的季度。

But there's some noise last year in the compare in the fourth quarter with the 53rd week, I think.

但我認為，去年第四季度與第 53 週的比較有一些噪音。

Maybe just help us think about how you're building up to your gross margin expectation in the all-important holiday season?

也許只是幫助我們考慮一下您如何在最重要的假日季節建立您的毛利率預期？

Yes, I think the way I described the third quarter, the pivot point here where we expect gross margin to leverage in the third quarter, is consistent with the fourth quarter as well.

是的，我認為我描述第三季度的方式，即我們預計第三季度毛利率將發揮槓桿作用的支點，也與第四季度一致。

So again, to your point, some usual -- unusual activity last year.

因此，就您的觀點而言，去年有一些常見的 - 不尋常的活動。

The DC ramp up here.

DC 在這裡上升。

Fresno is going to give us a less headwind, I guess, I would say as we look into the fourth quarter.

弗雷斯諾會給我們帶來較小的阻力，我想，我會在我們展望第四季度時說。

So efficiencies -- the company, the enterprise overall continues to get more efficient.

所以效率——公司，整個企業繼續變得更有效率。

So you take the newness, coupled -- better sales trends there coupled with the efficiencies that we're building every day, feel like we're going to be able to expand gross margins in the fourth quarter as well.

所以你把新鮮感，加上更好的銷售趨勢，再加上我們每天都在提高效率，感覺我們也將能夠在第四季度擴大毛利率。

Okay.

好的。

Mary, maybe one more, just a little more fun to think about it.

瑪麗，也許還有一個，只是想起來更有趣一點。

Obviously, you said the growth rate of the loyalty customer will mature just given the size of that program for you.

很明顯，你說忠誠度客戶的增長率會隨著你的項目規模而成熟。

But -- so to the earlier question, would you mind sharing any kind of numerical examples or KPIs of the wallet share metrics that you're seeing that accelerate, that drive the confidence in the comments you said in your top line gains from the share of wallet for the customer, please?

但是 - 對於之前的問題，您是否介意分享任何類型的數字示例或您看到的錢包份額指標的 KPI，這些指標會增加您對您在分享收益中所說的評論的信心給顧客的錢包，好嗎？

Yes, which as I said earlier, just -- and broadly, we've got about 1/3 of the share wallet of our loyalty members overall.

是的，正如我之前所說，從廣義上講，我們擁有大約 1/3 的忠誠會員份額錢包。

So we don't really break that out in any more level of specificity, but you can imagine some that are more highly engaged.

因此，我們並沒有真正在任何更高層次的特異性上打破它，但你可以想像一些參與度更高的。

We have a higher share of wallet than others, but on average it's 1/3.

我們的錢包份額高於其他人，但平均為 1/3。

So our focus, as we think about the future, is just really -- we've got everything the beauty enthusiast wants and loves, and we're going to continue to offer her everything she needs and wants.

因此，當我們考慮未來時，我們的重點實際上是——我們擁有美容愛好者想要和喜愛的一切，我們將繼續為她提供她需要和想要的一切。

And so for us, it's about continuing -- but you'll also -- we'll never have 100% of her wallet share because people shop in different places sometimes.

所以對我們來說，這是關於繼續——但你也會——我們永遠不會擁有她 100% 的錢包份額，因為人們有時會在不同的地方購物。

But we think that between increased levels of personalization of our offers and just innovation in the program and also innovation of what we offer, we're going to continue to focus on how we can even drag more of that wallet share growth over time.

但我們認為，在我們提供的服務的個性化水平提高和程序創新以及我們提供的產品創新之間，我們將繼續關注如何隨著時間的推移甚至能夠推動更多的錢包份額增長。

But it doesn't move overnight.

但它不會在一夜之間移動。

It takes a while, but that's a key area of focus for us.

這需要一段時間，但這是我們關注的關鍵領域。

Our next question comes from the line of Oliver Chen from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Oliver Chen。

Regarding the planograms, what are your thoughts about what the new planograms will do for you?

關於貨架圖，您對新貨架圖將為您做什麼有何看法？

And how will you ensure that this is a good step just in front of the all-important holiday selling season?

您將如何確保這是在最重要的假日銷售旺季到來之前邁出的良好一步？

And Mary, I would love your thoughts on what we're seeing with the bifurcation of the larger brands versus some of the newer brands?

瑪麗，我很想知道你對我們看到的大品牌與一些新品牌的分歧有什麼看法？

Do you expect that, that will be a trend that will continue in terms of just the reality of the pace of newness that you're seeing and how the industry dynamics have changed?

你是否期望，就你所看到的新鮮事物的步伐以及行業動態如何變化的現實而言，這將是一種持續的趨勢？

Well, maybe I'll start with that, and then Dave, you can talk about the planograms.

好吧，也許我會從那開始，然後戴夫，你可以談談貨架圖。

But I just think it's actually -- it's a really exciting and interesting time for innovation in entrepreneurialism in this industry.

但我只是認為這實際上是 - 對於這個行業的企業家精神創新來說，這是一個非常激動人心和有趣的時刻。

And the great thing is that we can participate across all that, and I'm proud about how our team is building partnerships.

最棒的是我們可以參與其中，我為我們的團隊如何建立合作夥伴關係感到自豪。

But I'll tell you, some of the largest, most iconic and well-known brands are doing really well with younger guests as well.

但我會告訴你，一些最大、最具標誌性和知名度的品牌在年輕客人中也做得很好。

Estée Lauder is a great example of a classic iconic brand that millennials have rediscovered.

雅詩蘭黛 (Estée Lauder) 是千禧一代重新發現的經典標誌性品牌的典範。

Of course, then there's lots of brands that are starting up as entrepreneurial, direct-to-consumer.

當然，還有很多品牌以創業、直接面向消費者的方式起家。

So I think that is certainly going to continue to be the dynamic going forward, and our goal is to bring our guests really everything that she wants across the spectrum.

所以我認為這肯定會繼續成為未來的動力，我們的目標是為我們的客人帶來她真正想要的一切。

But I -- it doesn't mean that anyone is going to win for the long-term.

但我——這並不意味著任何人都會長期獲勝。

I think it's the mosaic of being in all of those sectors of the market.

我認為這是市場所有這些領域的馬賽克。

Yes.

是的。

And as far as the planograms.

就貨架圖而言。

Of course, newness has -- plays a really important role in our overall business.

當然，新穎性在我們的整體業務中扮演著非常重要的角色。

So we're always updating our assortment, and all that goes back to some of the things that we've talked about today about our optimism about the newness that's coming.

所以我們一直在更新我們的分類，所有這些都可以追溯到我們今天談到的一些關於我們對即將到來的新事物的樂觀態度。

And so we feel really good about the planogram.

所以我們對貨架圖感覺非常好。

We think we've got the stores in a good place to present this new product and ready for 21 Days of Beauty, which starts on Sunday, and then going into the obviously important holiday season.

我們認為我們的商店是展示這款新產品的好地方，並準備好迎接週日開始的 21 天美容，然後進入明顯重要的假日季節。

So a lot of newness, stores are well prepared to accept that newness and present it in a really compelling way to our guests.

如此多的新鮮事物，商店已做好充分準備接受這種新鮮事物，並以一種真正引人注目的方式向我們的客人展示它。

And just lastly, in inventory management and the SWIFT system and how you're thinking about the line of communication between you and vendors as well as accuracy in turns.

最後，在庫存管理和 SWIFT 系統中，以及您如何考慮您與供應商之間的溝通渠道以及準確性。

What are your thoughts about where you are versus where you want to be in order to get the goods at the right place at the right time at the right place?

為了在正確的時間正確的地點將貨物送到正確的地點，你對你現在的位置和你想去的地方有何看法？

Yes.

是的。

So I'll just remind you that SWIFT is just one element of a complete -- we call it complete rebuild of the behind, the merchandising support, infrastructure, I guess, I'll say.

所以我只想提醒你，SWIFT 只是一個完整的元素——我們稱之為完全重建背後，銷售支持，基礎設施，我想，我會說。

So there's space planning tools that are -- that have been built and implemented over the last couple of years.

因此，在過去幾年中已經建立和實施了空間規劃工具。

SWIFT is a key piece of that.

SWIFT 是其中的關鍵部分。

But there's also a lot of are going on in our distribution centers, right?

但是我們的配送中心也發生了很多事情，對吧？

The old legacy centers, and the new centers, with new operating models and so on.

舊的遺留中心和新的中心，以及新的運營模式等等。

So they all are working in unison, right?

所以他們都在齊心協力，對吧？

And so you're -- we're only in the early innings I guess I would say.

所以你 - 我想我會說我們只是在早期局。

You've seen the last couple of quarters, our inventory productivity improved.

你已經看到過去幾個季度，我們的庫存生產率有所提高。

We're taking excess inventory out of the system while keeping in-stock levels very high.

我們正在從系統中清除多餘的庫存，同時保持非常高的庫存水平。

So feeling good about where we are, and we're on a path, right, a multiyear path to continue to see that.

所以對我們所處的位置感覺良好，我們正在走一條正確的道路，一條多年的道路，可以繼續看到這一點。

And inventory optimization is going to be a significant driver of operating margin improvement in '19 and beyond.

庫存優化將成為 19 年及以後提高營業利潤率的重要驅動力。

And to your point about -- just a quick add on the brand partners.

就你的觀點而言——只需快速添加品牌合作夥伴。

We've worked very closely, particularly, over the last couple of years, to fully integrate more with our brand partners.

我們一直非常密切地合作，特別是在過去的幾年裡，與我們的品牌合作夥伴進行了更多的全面整合。

And that's been working well.

這一直運作良好。

There's more opportunity there, but they're overall very engaged and I think generally pleased with the success that we've had in improving the efficiencies and in-store presentation.

那裡有更多的機會，但他們總體上非常投入，我認為他們對我們在提高效率和店內展示方面取得的成功感到普遍滿意。

Our next question comes from the line of Michael Goldsmith from UBS.

我們的下一個問題來自瑞銀的 Michael Goldsmith。

I wanted to speak on the performance of prestige cosmetics.

我想談談聲望化妝品的性能。

Was it the same brands within prestige outside of the boutiques that were soft in 1Q that were soft again in the second quarter?

在第一季度表現疲軟但在第二季度再次表現疲軟的精品店之外的聲望品牌是否相同？

And did they decelerate during the period?

他們在此期間減速了嗎？

And then on the newness, is that coming from brands that have been growing slower and having them rebound a bit?

然後關於新事物，這是來自那些增長緩慢但有一點反彈的品牌嗎？

Or is that coming from other brands?

還是來自其他品牌？

I'd say, generally speaking -- I'm not really going to get real specific on any individual brand, but generally speaking, some of the brands that were not performing to our expectations in Q1 carried through Q2, with some exceptions.

我想說的是，一般來說——我不會真正具體針對任何一個品牌，但一般來說，一些在第一季度表現不佳的品牌在第二季度一直延續到第二季度，但也有一些例外。

But overall, there's a few brands that have hit a bit of a lull.

但總的來說，有一些品牌已經有點平靜了。

The ones that I called out earlier, IT, Tarte, Too Faced, Benefit are brands that have either been performing well all year or we're excited about and seeing promising results on key innovations.

我之前提到的 IT、Tarte、Too Faced、Benefit 這些品牌要么全年表現良好，要么我們對關鍵創新感到興奮並看到有希望的結果。

So those brands, we're working closely on -- with them to make sure that they're getting back on track.

所以這些品牌，我們正在與他們密切合作，以確保他們重回正軌。

And as I said, for many of them, we're seeing some positive signals.

正如我所說，對於他們中的許多人，我們看到了一些積極的信號。

And then the other brands that we're bringing in are complementing our overall assortment.

然後我們引入的其他品牌補充了我們的整體產品組合。

Our guests are responding well to them.

我們的客人對他們的反應很好。

So collectively, both existing brands and new brands, we think, will get that key part of prestige cosmetics part of the business back to where we'd like it to be.

因此，我們認為，總的來說，現有品牌和新品牌都將使該業務的聲望化妝品部分的關鍵部分恢復到我們希望的狀態。

Great.

偉大的。

And then you spoke about the growth in e-commerce, and that's come from brands available only online or in limited distribution in the stores.

然後你談到了電子商務的增長，這來自僅在網上銷售或在商店中有限銷售的品牌。

So what's the online sales mix between these products and those that are in the stores?

那麼，這些產品與商店中的產品之間的在線銷售組合是怎樣的呢？

And then how do you expect that to evolve over time?

然後你期望它如何隨著時間的推移而演變？

Well, I mean, think it really varies.

嗯，我的意思是，認為它真的不同。

Obviously, there's a group of brands that we have -- we've mentioned that are online-only that we haven't brought into stores yet.

顯然，我們有一組品牌——我們已經提到過它們是在線的——只是我們還沒有進入商店。

We use that often as a testing ground.

我們經常將其用作試驗場。

I'll give you one example.

我給你舉一個例子。

Dose of Colors, that started online, so obviously 100% online, and now, we're rolling that into hundreds of our stores and it's seen nice success with that.

Dose of Colors，從網上開始，顯然是 100% 在線，現在，我們正在將其推廣到我們的數百家商店，並取得了巨大的成功。

Brand like MAC, which we launched last year, because of the pace of the rollout into stores started out heavier as a percentage online.

像我們去年推出的 MAC 這樣的品牌，由於進入商店的速度開始在網上佔更大的百分比。

But as more stores have grown, of course, that has gone to a different balance.

但隨著更多商店的發展，當然，這已經達到了不同的平衡。

So it varies across the board, and there isn't one kind of specific model.

所以它在各個方面都有所不同，並沒有一種特定的模型。

It really depends on the brand and its history and how we're rolling it out across our channels.

這真的取決於品牌及其歷史，以及我們如何在我們的渠道中推廣它。

Ladies and gentlemen, we have reached the end of the question-and-answer session.

女士們，先生們，我們的問答環節已經結束。

I would now like to turn the call back to Mary Dillon for closing remarks.

我現在想把電話轉回 Mary Dillon，請她作結束語。

Great.

偉大的。

I'd like to wrap up by thanking all of the Ulta Beauty associates.

最後，我想感謝所有 Ulta Beauty 員工。

They delivered another solid quarter and executed a number of complex projects to enhance our guest experience to set us up for a strong second half of the year.

他們又交付了一個穩定的季度，並執行了一些複雜的項目來提升我們的客戶體驗，為我們下半年的強勁表現做好準備。

So I look forward to speaking with all of you soon.

所以我期待很快與大家交談。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

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。