Ulta Beauty Inc (ULTA) 2018 Q4 法說會逐字稿

Greetings.

問候。

Welcome to the Ulta Beauty Fourth Quarter 2018 Earnings Results Conference Call.

歡迎來到 Ulta Beauty 2018 年第四季度收益結果電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，正在錄製此會議。

I would now turn the conference over to your host, Laurel Lefebvre, Vice President, Investor Relations.

我現在將會議轉交給您的主持人，投資者關係副總裁 Laurel Lefebvre。

Miss Lefebvre, you may begin.

Lefebvre 小姐，您可以開始了。

Thank you.

謝謝。

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

下午好，感謝您加入我們的 Ulta Beauty 2018 年第四季度電話會議。

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'd 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進行了描述。

We make reference during this call to non-GAAP sales and earnings growth, adjusted for the impact of the 53rd week and one-time tax-related items in Q4 of 2017.

我們在本次電話會議中參考了非 GAAP 銷售額和盈利增長，並針對第 53 週的影響和 2017 年第四季度的一次性稅收相關項目進行了調整。

During the Q&A session, we remind you to ask one question only to allow us to have time to respond to as many of you as possible during the hour scheduled for this call.

在問答環節中，我們提醒您只問一個問題，以便我們有時間在本次電話會議的預定時間內回复盡可能多的人。

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 excellent results for the fourth quarter.

Ulta Beauty 團隊在第四季度取得了出色的成績。

This performance reflects an acceleration in the retail comp, primarily driven by traffic, continued strength in mass cosmetics, boutique brands, skincare and fragrance and stable performance in prestige cosmetics.

這一業績反映了零售業務的加速增長，主要受流量驅動，大眾化妝品、精品品牌、護膚品和香水的持續增長以及高端化妝品的穩定表現。

We're gaining significant share across all major categories, particularly with digitally native brands that our guests are highly engaged with and where Ulta Beauty is often the only point of distribution in brick-and-mortar.

我們在所有主要類別中都獲得了顯著份額，尤其是我們的客人高度參與的數字原生品牌，而 Ulta Beauty 通常是實體店的唯一分銷點。

Solid execution of our holiday plans by our merchandising, store operations, e-commerce, marketing, supply chain and systems teams drove a successful holiday period across multiple metrics, sales, in-stock and guest experience.

我們的商品銷售、商店運營、電子商務、市場營銷、供應鍊和系統團隊紮實地執行了我們的假期計劃，在多個指標、銷售、庫存和客戶體驗方面推動了一個成功的假期。

To recap our fourth quarter financial performance, total sales increased 9.7% or 16.2% adjusting for last year's 53rd week.

回顧我們第四季度的財務業績，去年第 53 週的總銷售額增長了 9.7% 或 16.2%。

We achieved our best comp sales performance of the year with a 9.4% comp on top of an 8.8% comp in the fourth quarter of 2017.

在 2017 年第四季度的 8.8% 的基礎上，我們實現了年度最佳的 comp 銷售業績，達到 9.4%。

The strong performance was driven primarily by transaction growth with meaningful improvement in the retail traffic trend.

強勁的業績主要是由交易增長和零售客流趨勢的顯著改善推動的。

Diluted GAAP earnings per share of $3.61 grew 6.2% compared to $3.40 achieved in last year's 14-week fourth quarter or 31.3% excluding the benefit from tax reform-related items in the fourth quarter of 2017.

稀釋後的 GAAP 每股收益為 3.61 美元，較去年第四季度的 3.40 美元增長 6.2%，不包括 2017 年第四季度稅改相關項目帶來的收益，增長 31.3%。

We delivered these results by executing on our strategic imperatives.

我們通過執行我們的戰略要求取得了這些成果。

And I'll provide an update on each, starting with our strategies to increase loyalty and evolve our brand.

我將提供每項更新，從我們提高忠誠度和發展品牌的戰略開始。

Our Ultamate Rewards loyalty program remains one of our most valuable assets.

我們的 Ultamate Rewards 忠誠度計劃仍然是我們最有價值的資產之一。

Membership at the end of the year reached 31.8 million active members, representing active member growth of 14.4% compared to 2017.

年末會員數量達到 3180 萬活躍會員，與 2017 年相比，活躍會員增長 14.4%。

Our store team's sustained focus on conversion benefited from robust store traffic during the quarter.

我們的商店團隊持續關注轉化率，這得益於本季度強勁的商店客流量。

As we anniversaried the launch of our Elite Diamond tier, we are pleased to see the number of guests that attained Diamond level was ahead of plan, with very high guest engagement.

在我們推出精英鑽石級別週年之際，我們很高興地看到達到鑽石級別的客人數量超出了計劃，客人參與度非常高。

The latest loyalty program benefit was launched at the beginning of the new fiscal year with the new perk offering our guests the ability to use points on all skin, brow, makeup and hair services, and guests are loving it.

最新的忠誠度計劃福利在新財政年度開始時推出，新福利讓我們的客人能夠在所有皮膚、眉毛、化妝和美髮服務上使用積分，客人很喜歡它。

We've been talking about personalization as the next frontier in loyalty.

我們一直在談論個性化作為忠誠度的下一個前沿領域。

We are clearly focusing our efforts around personalization by incorporating relevant product recommendations and replenishment reminders across digital channels, with much more in the works in concert with our acquisitions of QM Scientific and GlamST last fall.

通過在數字渠道中整合相關的產品推薦和補貨提醒，我們顯然將我們的努力集中在個性化方面，與我們去年秋天收購 QM Scientific 和 GlamST 的工作相呼應。

I'll cover more on this topic in a moment when I discuss digital innovation.

稍後我將在討論數字創新時詳細介紹這個主題。

Our credit card program exceeded expectations in 2018, with penetration of credit card sales reaching double digits.

我們的信用卡計劃在 2018 年超出預期，信用卡銷售滲透率達到兩位數。

Success here was driven by outstanding store associate engagement, effective acquisition campaigns such as gifts with application, seamless integration into the loyalty calendar and strong support from internal and external partners.

這裡的成功得益於出色的店員參與、有效的收購活動（如應用禮品）、與忠誠度日曆的無縫集成以及來自內部和外部合作夥伴的大力支持。

Gift card sales grew 24% in the fourth quarter, and this healthy growth helped fuel strong post-holiday sales.

禮品卡銷售額在第四季度增長了 24%，這種健康的增長有助於推動強勁的節後銷售。

Increases in our third-party distribution network drove much of this growth, with the total third-party door count now surpassing 50,000 distribution points.

我們第三方分銷網絡的增加在很大程度上推動了這一增長，第三方門店總數現已超過 50,000 個分銷點。

Benefiting from our holiday marketing campaigns, Q4 brand awareness maintained all-time high levels reached throughout 2018 at 55% for unaided and 90% for aided awareness.

受益於我們的假日營銷活動，第四季度品牌知名度保持了 2018 年全年的歷史最高水平，獨立認知度為 55%，輔助認知度為 90%。

Brand awareness showed momentum across all generations, with particular strength among Gen X and Gen Z shoppers as well as progress with our Latinos and African-American beauty enthusiasts.

品牌知名度在所有世代中都表現出強勁勢頭，尤其是 X 世代和 Z 世代購物者的實力，以及我們的拉丁裔和非裔美國美容愛好者的進步。

We also continue to drive a stronger emotional connection to our brand as a result of our marketing and public relations effort to advance our new brand purpose, The Possibilities Are Beautiful.

由於我們的營銷和公共關係努力推進我們的新品牌目標，我們也繼續推動與我們品牌的更強烈的情感聯繫，可能性是美麗的。

Next, I'd like to share an update on our strategy to delight our guests with our merchandise assortment focused on innovation, differentiation, exclusivity and speed to market.

接下來，我想分享我們的戰略更新，以我們專注於創新、差異化、排他性和上市速度的商品分類取悅我們的客人。

Newness continue to drive traffic and share gains across all categories.

新鮮事物繼續推動流量並分享所有類別的收益。

Products that were in the new assortment a year ago drove about 4 points of our total company comp.

一年前出現在新品類中的產品占我們公司總收入的 4 分左右。

Past performing categories were mass cosmetics, prestige boutique brands, fragrance and prestige skincare.

過去的表現類別是大眾化妝品、高級精品品牌、香水和高級護膚品。

Smaller departments like accessories and sun care also delivered double-digit comp.

配飾和防曬等較小的部門也提供了兩位數的收入。

The makeup category overall through the lens of mass and prestige cosmetics combined comped exactly in line with the health.

彩妝品類整體通過大眾化和名牌化的鏡頭結合起來，恰恰符合健康。

Our strategy to be the partner of choice for digitally native brands like Morphe and Kylie Cosmetics are paying off.

我們成為 Morphe 和 Kylie Cosmetics 等數字原生品牌的首選合作夥伴的戰略正在取得成效。

Both brands drove very strong traffic in stores, suggesting our guests are motivated to make more trips to the store to try these products in person.

這兩個品牌都帶動了非常強勁的店內客流量，這表明我們的客人有動力更多地前往店內親自試用這些產品。

Despite a tough comparison to double-digit comps in the fourth quarter of last year, mass cosmetics accelerated to be our best performing category in the quarter, with Morphe, Revolution Beauty and e.l.f.

儘管與去年第四季度兩位數的銷售額相比很難，大眾化妝品加速成為我們本季度表現最好的類別，Morphe、Revolution Beauty 和 e.l.f.

leading the way.

一路領先。

Building on the success of changes to the assortment we made a year ago, we just reset the mass cosmetics area again with more space dedicated to the fastest-growing brands.

基於我們一年前對品類所做的成功改變，我們剛剛重新設置了大眾化妝品區，為增長最快的品牌提供了更多空間。

Morphe expanded to a larger footprint in most stores and is having great success with collaborations with mega influencers, Jaclyn Hill and James Charles.

Morphe 在大多數商店擴大了足跡，並通過與超級影響者 Jaclyn Hill 和 James Charles 的合作取得了巨大成功。

Morphe recently launched its Fluidity Foundation in 600 doors featuring 60 shades, and we also just launched a Morphe makeup fresh collaboration with Jeffree Star, another high-profile social media influencer with 11.5 million Instagram followers.

Morphe 最近在 600 家門市推出了具有 60 種色調的 Fluidity Foundation，我們還剛剛推出了與 Jeffree Star 合作的 Morphe 彩妝新品，Jeffree Star 是另一位在 Instagram 上擁有 1150 萬粉絲的知名社交媒體影響者。

We also expanded ColourPop to 250 more stores, now available in nearly 800 stores.

我們還將 ColourPop 擴展到另外 250 家商店，現在在近 800 家商店有售。

Other brands that earned expansions to either more doors or more shelf space, includes e.l.f., L.A. Girl, Milani, Wet 'n Wild and BH Cosmetics.

其他獲得更多門店或更多貨架空間的品牌包括 e.l.f.、L.A. Girl、Milani、Wet 'n Wild 和 BH Cosmetics。

Comps remained very healthy across Benefit, Clinique, Lancôme and MAC.

福利、倩碧、蘭蔻和 MAC 的 Comps 仍然非常健康。

We rolled out 692 prestige boutiques in total for 2018, and plan to expand the presence of these 4 brands in many additional doors in 2019, in various expressions in our stores including presence in line, on wall presentations, on endcap stand and impulse fixtures.

我們在 2018 年總共推出了 692 家高端精品店，併計劃在 2019 年將這 4 個品牌的存在擴大到更多的門，在我們的商店中以各種形式出現，包括排隊、牆上展示、端蓋支架和衝動固定裝置。

In the rest of the prestige cosmetics portfolio, top performers included Estée Lauder, Kylie Cosmetics, NARS and Tarte.

在其他知名化妝品組合中，表現最好的包括雅詩蘭黛、凱莉化妝品、NARS 和 Tarte。

We have a lot of exciting newness across the portfolio that's encouraging for this category's performance in 2019.

我們在整個產品組合中有很多令人興奮的新事物，這些新事物對該類別在 2019 年的表現令人鼓舞。

Key launches include Tarte face tape foundation, inspired by the iconic best-selling shaped tape concealer; Sugar Rush, an exclusive sub-brand from Tarte, specifically created to target the Gen Z beauty enthusiast; a new brow program and makeup palette from Urban Decay; and the launch of new brands, Smith & Cult and Grande Lash.

主要推出的產品包括 Tarte 膠帶粉底，靈感來自標誌性的暢銷膠帶遮瑕膏； Sugar Rush，Tarte 的獨家子品牌，專為 Z 世代美容愛好者打造；來自 Urban Decay 的新眉毛計劃和彩妝盤；以及新品牌 Smith & Cult 和 Grande Lash 的推出。

We're also highlighting trends more visibly in our store with a focus on clean beauty, with a vegan beauty endcap and the expansion of our hottest beauty section in-store.

我們還在我們的商店中更明顯地突出趨勢，重點是清潔美容，純素美容收尾和我們店內最熱門的美容區的擴展。

This was launched last fall as an endcap, showcasing new, hot digital brands like Lime Crime, Ofra and Sugarpill and is moving in line this quarter.

這是去年秋天作為結尾推出的，展示了 Lime Crime、Ofra 和 Sugarpill 等新的熱門數字品牌，並將在本季度推出。

To update you on Kylie Cosmetics, which launched in mid-November, we experienced very strong sell-through on the 28 lip products we offer and were essentially out-of-stock for a few weeks at the end of the quarter.

向您介紹 11 月中旬推出的 Kylie Cosmetics，我們提供的 28 種唇部產品的銷售情況非常強勁，並且在本季度末的幾週內基本上缺貨。

This popular brand clearly drove store traffic and new customer acquisitions with an uptick in younger, more diverse guests.

這個受歡迎的品牌明顯推動了商店客流量和新客戶的獲取，吸引了更年輕、更多樣化的客人。

Product began flowing back into the stores in late January and were currently in a much better in-stock position.

產品在 1 月下旬開始回流到商店，目前的庫存狀況要好得多。

This week, several new items are setting to add to the original assortment, including eyeshadow palettes and some additional lip products.

本週，幾款新品將添加到原有的產品系列中，包括眼影盤和一些額外的唇部產品。

Fragrance had a banner year capped with a strong fourth quarter performance that drove double-digit comp.

香水以強勁的第四季度業績結束了標誌性的一年，推動了兩位數的收入。

These results were underpinned by our holiday marketing gift with purchase program as well as the success of our Fragrance Crush program, which highlights a fragrance each month.

這些結果得益於我們的節日營銷禮品購買計劃以及我們的 Fragrance Crush 計劃的成功，該計劃每月突出一款香水。

KKW FRAGRANCE launched exclusively in brick-and-mortar Ulta before holiday was a standout in the portfolio.

KKW FRAGRANCE 假期前在實體店獨家推出的 Ulta 是產品組合中的佼佼者。

YSL, Versace and Ulta Beauty exclusive Ariana Grande fragrances were also among the leading brands driving our growth in fragrance.

YSL、Versace 和 Ulta Beauty 獨有的 Ariana Grande 香水也是推動我們香水增長的領先品牌。

The prestige skin category delivered solid growth, led by strength from Mario Badescu, First Aid Beauty and proactiv.

在 Mario Badescu、First Aid Beauty 和 proactiv 的帶動下，高端皮膚類別實現了穩健增長。

We're broadening our brand portfolio with the addition of new brands like urban skin Rx, a line of clinical skincare product designed for women of color; Fountain of Truth, a clean, cruelty-free line developed by Giuliana Rancic; My Clarins, an exclusive line of vegan skincare products from Clarins; and Cannuka, a skincare line infused with CBD and honey.

我們正在擴大我們的品牌組合，增加了新品牌，例如 urban skin Rx，這是一個專為有色人種女性設計的臨床護膚產品系列；真理之泉，由 Giuliana Rancic 開發的干淨、無殘忍的系列； My Clarins，嬌韻詩獨家純素護膚品系列；和 Cannuka，一種含有 CBD 和蜂蜜的護膚系列。

We've also added a curate assortment of Kiehl's products in all doors in our impulse fixtures, and all new stores we open this year will offer the full Kiehl's product line.

我們還在我們的 impulse fixtures 的所有門上添加了精選的 Kiehl's 產品，今年我們新開的所有商店都將提供完整的 Kiehl's 產品線。

The overall haircare category also delivered solid growth with broad-based brands across 4 professional healthcare brands and a successful promotion featuring jumbo sizes of Pro Hair products.

整個護髮品類也實現了穩健增長，涉及 4 個專業保健品牌的廣泛品牌以及 Pro Hair 產品的大尺寸促銷活動取得了成功。

Consumer interest in Sugarbear hair vitamins was a highlight in the mass hair category.

消費者對 Sugarbear 頭髮維生素的興趣是大眾頭髮類別中的一個亮點。

In summary, the team has done a fantastic job evolving our offerings across the entire box and making sure we have the right brands and products to delight our guests who create constant newness.

總而言之，該團隊在改進我們的產品方面做得非常出色，並確保我們擁有合適的品牌和產品來取悅不斷創造新意的客人。

Now let me update you on our services business.

現在讓我向您介紹我們的服務業務。

Salon comp sales rose 6.2%, driven by average ticket increases.

受平均票價上漲的推動，沙龍比賽銷售額增長了 6.2%。

Total salon revenue increased 4.7% compared to last year's fourth quarter with an extra week of sales.

與去年第四季度相比，沙龍總收入增加了 4.7%，銷售額增加了一周。

The salon teams benefited from the healthy traffic in our stores and drove strength across all the major service categories, including color, cut and style, blowouts, hair treatments and makeup.

沙龍團隊受益於我們商店的健康客流量，並推動了所有主要服務類別的實力，包括顏色、剪裁和造型、吹髮、頭髮護理和化妝。

We're seeing encouraging results from the regions that have rolled out our services optimization platform and plans to implement this program for the entire chain in the second quarter.

我們看到已經推出我們的服務優化平台併計劃在第二季度為整個鏈條實施該計劃的地區取得了令人鼓舞的成果。

The hallmarks of the services optimization program are our compensation designed to attract and retain top talent, industry-leading internal training and education, simplified menus, transparent pricing and an enhanced field team focused on business and technical training in each district.

服務優化計劃的特點是我們旨在吸引和留住頂尖人才的薪酬、行業領先的內部培訓和教育、簡化的菜單、透明的定價以及專注於每個地區業務和技術培訓的增強現場團隊。

We continue to test our new salon appointment booking tool in partnership with technology startup, Spruce, which has developed an enhanced tool for booking appointments for all services, including hair, skin, brows with the Benefit Brow Bars and makeup with MAC artists.

我們繼續與技術初創公司 Spruce 合作測試我們新的沙龍預約工具，該公司開發了一種增強型工具，用於預約所有服務，包括使用 Benefit Brow Bars 的頭髮、皮膚、眉毛和 MAC 藝術家的化妝。

We expect to roll out the booking tool with further enhancements in 2019.

我們預計將在 2019 年推出進一步增強功能的預訂工具。

Our Ulta Beauty Pro team won the prestigious NAHA, or North American Hair Award, for the Salon Team of The Year for the first time this year.

我們的 Ulta Beauty Pro 團隊今年首次贏得了著名的 NAHA（北美美髮獎）年度沙龍團隊獎。

Both the Ulta Beauty Pro team and the Ulta Beauty design team were nominated in this category.

Ulta Beauty Pro 團隊和 Ulta Beauty 設計團隊都獲得了這一類別的提名。

This type of recognition highlights Ulta Beauty as an industry leader and authority in salon hair care, raising our profile and helping us attract high-quality stylists.

這種認可突顯了 Ulta Beauty 作為沙龍美髮護理領域的行業領導者和權威，提升了我們的知名度並幫助我們吸引了高素質的造型師。

Now I'll turn to store growth.

現在我將轉向商店增長。

We opened 11 net new stores in the fourth quarter compared to 16 last year and ended the year with 1,174 stores.

我們在第四季度淨開設了 11 家新店，而去年為 16 家，年底共有 1,174 家門店。

New store productivity remains very strong.

新店生產力仍然非常強勁。

We plan to open approximately 80 stores this year, the majority in suburban strip centers and power centers.

我們計劃今年開設大約 80 家商店，大部分位於郊區地帶中心和電力中心。

The 2019 plan anticipates about 3/4 of the new store portfolio in existing shopping centers and 1/4 in new centers, with almost all stores filling in the existing markets compared to just a couple stores in new market.

2019 年的計劃預計現有購物中心的新店組合約佔 3/4，新中心佔 1/4，與新市場中的幾家店相比，現有市場中幾乎所有的店都佔滿。

Our real estate strategy is evolving to focus on portfolio management with heightened attention on lease renegotiation, evaluating repositioning, relocating or closing stores at the end of leases and continuing to remodel and upgrade storefronts and pylon signs time to ensure consistent branding and shopping experiences across the portfolio.

我們的房地產戰略正在演變，以專注於投資組合管理，高度關注租約重新談判、評估重新定位、搬遷或在租約結束時關閉商店，並繼續改造和升級店面和塔架標誌時間，以確保整個品牌和購物體驗一致文件夾。

Moving to our e-commerce business.

轉向我們的電子商務業務。

Ulta.com grew comp sales 25.1% on top of 50.4% in the fourth quarter of 2017, and contributed 240 basis points to our total company comp, driven by transaction growth.

在交易增長的推動下，Ulta.com 在 2017 年第四季度的 50.4% 之上增長了 25.1%，並為我們的公司總收入貢獻了 240 個基點。

Total site traffic rose 33% with mobile site traffic growth up 31% and mobile app traffic up 49%.

網站總流量增長了 33%，其中移動網站流量增長了 31%，移動應用流量增長了 49%。

We're driving healthy growth of our omni-channel members with loyalty members shopping both retail stores and Ulta.com increasing to 12.1% of guests for 2018 compared to 10.4% in 2017.

我們正在推動全渠道會員的健康增長，2018 年在零售店和 Ulta.com 購物的忠誠會員增加到 12.1%，而 2017 年為 10.4%。

Our e-commerce growth rate was a bit softer than our guidance of mid-30s, which we attribute primarily to reverse channel shift in light of our guests' avid interest in coming to the store to see and try makeup from digitally native brands like Morphe and Kylie Cosmetics.

我們的電子商務增長率比我們在 30 年代中期的指導略微疲軟，我們將這主要歸因於反向渠道轉移，因為我們的客人對來到商店觀看和試用 Morphe 等數字本土品牌的化妝品有著濃厚的興趣和凱莉化妝品。

All of the moderation in our e-commerce growth rate came from the cosmetic category across both prestige and mass.

我們電子商務增長率的所有放緩都來自聲望和大眾的化妝品類別。

We made the strategic decision to emphasize our in-store offerings with these newer brands with a broader assortment and more inventory allocated for highly anticipated launches like the James Charles palette.

我們做出了戰略決策，重點關注這些新品牌的店內產品，這些新品牌擁有更廣泛的品類，並為 James Charles 調色板等備受期待的新品分配了更多庫存。

As a result, the strength of these digitally native brands was even more concentrated in-store than we planned.

因此，這些數字原生品牌的力量比我們計劃的更集中在店內。

Another factor in the top line moderation for Ulta.com relates to e-commerce's higher sensitivity to promotional offers.

Ulta.com 收入下降的另一個因素與電子商務對促銷優惠的敏感性更高有關。

We saw the bigger impact to our online sales as a result of being less promotional year-over-year.

由於促銷活動同比減少，我們看到了對在線銷售的更大影響。

We continue to see strong guest adoption of our buy online, pick up in store initiative.

我們繼續看到大量客人採用我們的“在線購買，店內提貨”計劃。

We're expanding focus from the 47 stores that launched in late 2018 and plan to deploy for the full chain this summer.

我們正在擴大 2018 年底推出的 47 家門店的重點，併計劃在今年夏天部署整個連鎖店。

Turning to digital innovation highlights.

轉向數字創新亮點。

Following the acquisitions of GlamST and QM Scientific last fall, we're pleased to report that both teams are integrating very well into the Ulta Beauty team.

在去年秋天收購 GlamST 和 QM Scientific 之後，我們很高興地報告，這兩個團隊都很好地融入了 Ulta Beauty 團隊。

We've migrated our personalization platform to Google Cloud and are bringing to life product recommendations and adding more data such as reviews and clickstream data to amplify our understanding of our guest behaviors.

我們已將我們的個性化平台遷移到 Google Cloud，並將產品推薦變為現實並添加更多數據，例如評論和點擊流數據，以加深我們對客人行為的理解。

We're also working on conversational commerce and AI-driven communications to automate common guest service inquiries on topics such as birthday gifts and loyalty points.

我們還致力於對話式商務和 AI 驅動的通信，以自動化有關生日禮物和忠誠度積分等主題的常見客戶服務查詢。

GLAM LAB, our virtual try-on app, recently launched live video on iOS which will soon be available on Android devices as well.

我們的虛擬試穿應用程序 GLAM LAB 最近在 iOS 上推出了實時視頻，很快也將在 Android 設備上提供。

Previously, the app offered only static images.

以前，該應用僅提供靜態圖像。

With advances in virtual try-on capabilities, we're mapping out linkages between AI and try-on app that will have applications in areas such as skin diagnostics or finding the perfect foundation.

隨著虛擬試穿功能的進步，我們正在繪製 AI 和試穿應用程序之間的聯繫，這些應用程序將在皮膚診斷或尋找完美粉底等領域得到應用。

As a reminder we won't be breaking out detailed quarterly e-commerce metrics starting in 2019, but we'll continue to provide color on e-commerce trends and its contribution to our growth.

提醒一下，我們不會從 2019 年開始公佈詳細的季度電子商務指標，但我們將繼續提供有關電子商務趨勢及其對我們增長的貢獻的顏色。

Lastly, I'll provide an update on our supply chain strategy.

最後，我將提供有關我們供應鏈戰略的最新信息。

Our supply chain team and operations performed very smoothly during the busy holiday season and delivered excellent in-stock levels while controlling overall inventory levels.

我們的供應鏈團隊和運營在繁忙的假期期間表現非常順利，在控制整體庫存水平的同時提供了出色的庫存水平。

Inventory per door grew 1.3%, well below the comp growth rate, as we leveraged core systems such as SWIFT to improve inventory productivity.

由於我們利用 SWIFT 等核心系統來提高庫存生產率，每扇門的庫存增長了 1.3%，遠低於競爭對手的增長率。

Our Fresno DC is ramping up more quickly than our previous DCs, now serving 235 stores and 21% of e-commerce orders.

我們的弗雷斯諾 DC 比我們以前的 DC 發展得更快，現在為 235 家商店和 21% 的電子商務訂單提供服務。

We're winding down our Phoenix distribution center which will officially close later this month.

我們正在關閉我們的鳳凰城配送中心，該中心將於本月晚些時候正式關閉。

The teams there have done an excellent job transferring inventories to our remaining network and wrapping up the facility closure with minimal disruption ahead of the lease expiration at the end of the month as well as assisting the smooth transitions of our associates into the local job market.

那裡的團隊出色地完成了將庫存轉移到我們剩餘網絡的工作，並在月底租約到期前以最小的干擾完成了設施關閉，並協助我們的員工順利過渡到當地就業市場。

We're excited to announce that we're in the process of converting our Romeoville Illinois distribution center into Ulta Beauty's first fast fulfillment center planned to open this summer.

我們很高興地宣布，我們正在將伊利諾伊州羅密歐維爾的配送中心轉變為 Ulta Beauty 的第一個快速配送中心，計劃於今年夏天開業。

A second FFC is in the works and expected to open in the summer of 2020 in Jacksonville, Florida.

第二家 FFC 正在建設中，預計將於 2020 年夏季在佛羅里達州傑克遜維爾開業。

Fast fulfillment centers serve only e-commerce orders and will be able to fulfill up to 30,000 orders per day during peak times, increasing our network capacity and progressing toward our goal of 2-day e-commerce shipping by 2021.

快速履行中心僅服務於電子商務訂單，在高峰時段每天最多可履行 30,000 個訂單，從而增加我們的網絡容量並朝著我們到 2021 年實現電子商務 2 天送達的目標邁進。

Another initiative of speed delivery to our e-commerce guests is our ship from store project.

另一個為我們的電子商務客戶提供快速交付的舉措是我們的商店發貨項目。

We plan to launch a test of ship from store in 5 locations around the country in the second half of the year.

我們計劃下半年在全國5個地點開展門店發貨測試。

So with that, I'll turn it over to Scott to discuss in more detail the drivers of our fourth quarter financials and outlook for 2019

因此，我將把它交給斯科特來更詳細地討論我們第四季度財務的驅動因素和 2019 年的展望

Thank you, Mary, and good afternoon, everyone.

謝謝瑪麗，大家下午好。

Starting with the income statement.

從損益表開始。

Our 9.4% comp, along with strong in-store productivity and e-com growth drove revenue growth of 16.2% adjusted for the 53rd week of the fourth quarter of 2017.

我們 9.4% 的收入，加上強勁的店內生產力和電子商務增長，推動 2017 年第四季度第 53 週調整後的收入增長 16.2%。

The revenue recognition standard adopted at the beginning of 2018 contributed about $15 million of revenue.

2018年初採用的收入確認標準貢獻了約1500萬美元的收入。

As a reminder, this represents the combined impact of income from our credit card program, gift card breakage and the timing of recognition of e-commerce sales, offset by the value of points earned in our loyalty program.

提醒一下，這代表了我們信用卡計劃收入、禮品卡破損和電子商務銷售確認時間的綜合影響，被我們在忠誠度計劃中賺取的積分價值所抵消。

We enjoyed the strongest traffic in several quarters with transactions up 7.1% and ticket up 2.3% for the total company.

我們享受了幾個季度以來最強勁的流量，整個公司的交易量增長了 7.1%，票價增長了 2.3%。

The retail-only comp of 7% was driven by 4.9% transaction growth and 2.1% ticket growth.

7% 的純零售收入是由 4.9% 的交易增長和 2.1% 的門票增長推動的。

Ticket was driven 2/3 by average selling price and 1/3 by increases in units per transaction.

平均售價驅動了 2/3，每筆交易的單位增加驅動了 1/3。

On the gross profit line, margin improved 90 basis points year-over-year.

在毛利潤線上，利潤率同比提高 90 個基點。

The new revenue recognition accounting standard added about 60 basis points to the gross profit line and a comparison to last year special bonuses for hourly associates helped by about 20 basis points.

新的收入確認會計準則將毛利潤線增加了約 60 個基點，與去年相比，小時工特別獎金增加了約 20 個基點。

The factors driving the modest underlying gross profit improvement or fewer promotions overall, our lower than expected e-commerce sales and strong leverage of rent and occupancy expenses on better-than-expected sales, offset by investments in our salon business and supply chain operations.

推動基本毛利溫和改善或整體促銷活動減少的因素、我們低於預期的電子商務銷售額以及租金和入住費用對好於預期的銷售額的強大槓桿作用，被我們對沙龍業務和供應鏈運營的投資所抵消。

Turning to SG&A.

轉向 SG&A。

We deleveraged by 90 basis points, including 90 basis points of impact from the revenue recognition accounting standard.

我們去槓桿化了 90 個基點，其中包括來自收入確認會計準則的 90 個基點的影響。

Underlying SG&A expense was flat on a rate basis due to planned deleverage and corporate overhead related to investments in growth initiatives, offset by leverage in marketing and variable store expenses.

由於計劃中的去槓桿化和與增長計劃投資相關的公司間接費用，基礎 SG&A 費用在利率基礎上持平，被營銷槓桿和可變商店費用所抵消。

Operating margin rose 10 basis points year-over-year to 13.3% of sales, including a negative impact of 30 basis points attributable to the revenue recognition accounting change.

營業利潤率同比增長 10 個基點，達到銷售額的 13.3%，其中包括收入確認會計變更帶來的 30 個基點的負面影響。

This was above the 20 basis points impact reported earlier in the year as our guests adopted to open their rewards credit card at a higher-than-expected rate.

這高於今年早些時候報告的 20 個基點的影響，因為我們的客人採用高於預期的利率開立他們的獎勵信用卡。

This, in concert with stronger-than-expected Q4 sales, resulted in guests earning more loyalty points requiring us to defer more revenue.

這與第四季度銷售額強於預期相一致，導致客人獲得更多忠誠度積分，這要求我們推遲更多收入。

Moving on to the balance sheet and cash flow.

轉到資產負債表和現金流量。

Total inventory grew 10.9% and was up 1.3% on a per-store basis, well below comparable sales, as we continue to realize efficiencies from improved systems and processes.

總庫存增長 10.9%，每家門店增長 1.3%，遠低於可比銷售額，因為我們繼續通過改進的系統和流程實現效率。

Capital expenditures were $319 million for the year, driven by new store opening program, supply chain, systems and merchandise fixtures.

受新店開業計劃、供應鏈、系統和商品固定裝置的推動，全年資本支出為 3.19 億美元。

CapEx came in a bit below expectations due to some early savings on store fixtures resulting from the efficiency for growth program as well as the timing of some planned IT and supply chain spending that will now fall into 2019.

資本支出略低於預期，原因是增長計劃的效率以及一些計劃中的 IT 和供應鏈支出的時間安排現在將進入 2019 年，從而在商店固定裝置上節省了一些費用。

We ended the year with $409.3 million in cash.

我們以 4.093 億美元的現金結束了這一年。

We repurchased 2.464 million shares at a cost of $616.2 million or an average share price of $250 for the full year to our 10b5-1 program.

我們以 6.162 億美元的成本或全年平均股價 250 美元的價格回購了 246.4 萬股 10b5-1 計劃。

We stepped up our repurchases opportunistically in the fourth quarter to take advantage of our better-than-expected cash flow generation as well as market volatility late in the year.

我們在第四季度機會主義地加強了回購，以利用我們好於預期的現金流產生以及今年年底的市場波動。

$46.1 million remain available under our $625 million authorization as of the end of the year.

截至年底，根據我們 6.25 億美元的授權，仍有 4610 萬美元可供使用。

Today, we announced a new share repurchase authorization for $875 million with plans to repurchase approximately $700 million in fiscal 2019.

今天，我們宣布了一項價值 8.75 億美元的新股票回購授權，計劃在 2019 財年回購約 7 億美元。

Turning now to guidance for 2019.

現在轉向 2019 年的指導。

Our outlook for this year is consistent with the long-term outlook we provided at our November Analyst Day.

我們對今年的展望與我們在 11 月分析師日提供的長期展望一致。

We plan to open approximately 80 new stores, or all our traditional 10,000 square-foot prototype.

我們計劃開設大約 80 家新店，或我們所有傳統的 10,000 平方英尺原型店。

We plan to remodel 12 stores and relocate 8 stores as well as execute 270 store refreshes or mini remodels, generally entailing the addition of new brands and improvement in overall fixturing.

我們計劃改造 12 家門店和搬遷 8 家門店以及執行 270 家門店更新或小型改造，通常需要增加新品牌和改善整體陳設。

We anticipate driving top line growth in the low double digits with total company comparable sales planned in the 6% to 7% range.

我們預計將以較低的兩位數推動收入增長，公司可比銷售額總額計劃在 6% 至 7% 的範圍內。

We expect e-commerce to grow in the 20% to 30% range, contributing approximately 200 basis points to comparable sales.

我們預計電子商務將增長 20% 至 30%，為可比銷售額貢獻約 200 個基點。

We expect to deliver earnings per share in the range of $12.65 to $12.85, with approximately 10 to 20 basis points of operating margin expansion.

我們預計每股收益將在 12.65 美元至 12.85 美元之間，營業利潤率將增加約 10 至 20 個基點。

The underlying assumptions are to deliver gross profit improvement driven by merchandise margin expansion, rent and occupancy expense cost leverage and the benefits of our credit card program.

基本假設是在商品利潤率擴張、租金和入住費用成本槓桿以及我們信用卡計劃的好處的推動下實現毛利潤改善。

These benefits will be offset by deleveraging SG&A due to store labor and investments in growth initiatives and innovation.

由於商店勞動力以及對增長計劃和創新的投資，這些好處將被去槓桿化的 SG&A 所抵消。

Areas such as digital innovation, our salon services strategy, expanding our omnichannel capabilities, IT security and infrastructure, personalization efforts, our strategy to pursue emerging brands and initiatives to enhance the guest experience will, as a whole, contribute to corporate overhead deleverage.

數字創新、我們的沙龍服務戰略、擴展我們的全渠道能力、IT 安全和基礎設施、個性化工作、我們追求新興品牌的戰略和提升客戶體驗的舉措等領域，總體上將有助於企業間接費用去槓桿化。

In terms of the cadence of investments and benefits of these initiatives throughout the year, while we're no longer providing specific quarterly guidance, you can expect EPS growth this year to be slightly weighted to the back half, with more of the benefits of the Efficiency for Growth cost optimization program occurring later in the year.

就全年的投資節奏和這些舉措的收益而言，雖然我們不再提供具體的季度指導，但您可以預期今年的 EPS 增長將略微偏向後半部分，更多的收益來自增長成本優化計劃的效率將在今年晚些時候實施。

You can expect low-teens EPS growth and modest operating margin deleverage in the first half and high-teens EPS growth and modest operating margin leverage in the second half of the year.

您可以預期上半年每股收益將出現低雙數增長和適度的營業利潤率去槓桿化，而下半年將出現高雙數的每股收益增長和適度的營業利潤率槓桿。

In terms of capital, we plan to spend between $380 million and $400 million.

在資本方面，我們計劃花費 3.8 億至 4 億美元。

This includes CapEx of approximately $190 million for new stores, remodels and merchandise fixtures, $140 million for supply chain and IT, including new FaaS fulfillment centers and about $60 million for store maintenance and other.

這包括用於新店、改造和商品固定裝置的大約 1.9 億美元的資本支出，用於供應鍊和 IT 的 1.4 億美元，包括新的 FaaS 履行中心，以及用於商店維護和其他的大約 6000 萬美元。

Depreciation and amortization expense is expected to be approximately $315 million.

折舊和攤銷費用預計約為 3.15 億美元。

We expect our tax rate to be 24%, which does not include any estimates of the impact of share-based compensation.

我們預計我們的稅率為 24%，其中不包括對股權激勵影響的任何估計。

The fully diluted share count for the year is expected to be approximately 58 million.

本年度完全攤薄後的股份數預計約為 5800 萬股。

Our plan is doing share repurchases in the 700 million range, contributing about 4 points of earnings per share growth.

我們的計劃是在7億區間做股份回購，貢獻每股收益增長4個點左右。

And with that, I'll turn it over to our conference call host for 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 Erinn Murphy, Piper Jaffray.

（操作員說明）我們的第一個問題來自 Piper Jaffray 的 Erinn Murphy。

I guess, big question, Mary, it's for you.

我想，這是個大問題，瑪麗，這是給你的。

If you could talk a little bit more about how you anticipate some of the personalization efforts you have going on to really be that unlock to driving wallet share higher.

如果你能多談談你如何預期你正在進行的一些個性化工作，那麼你真正可以解鎖以提高錢包份額。

Any example you have there?

你有什麼例子嗎？

And then, Scott, just a clarification on the guidance.

然後，斯科特，只是對指南的澄清。

You talked about the deleverage first half versus leverage in the second half.

你談到了上半年的去槓桿化與下半年的槓桿化。

As your same-store sales guidance of 6% to 7%, is that fairly similar throughout the year?

作為您 6% 到 7% 的同店銷售指導，全年是否相當相似？

Or is there a difference in first half versus second half?

還是上半場和下半場有區別？

Sure I'll start with the loyalty program and I'll ask Dave to add a couple of his at the end, if he wants.

當然，我會從忠誠度計劃開始，如果 Dave 願意，我會要求他在最後添加幾個。

But to give you a full answer, the -- I'd say, overall, the spend per member growth is going to be driven by a lot of things, personalization being one of them, for sure.

但為了給你一個完整的答案，我想說的是，總的來說，每位會員的支出增長將受到很多因素的推動，當然，個性化就是其中之一。

But we're pleased with how it's been progressing.

但我們對它的進展感到滿意。

So really, things that we do today, like newness and the perks that we continue to innovate, the credit card program, the tiers like the newest Diamond tier, all are contributing to engagement and driving that spend per member.

所以說真的，我們今天所做的事情，比如我們不斷創新的新鮮事物和福利、信用卡計劃、最新的鑽石等級等等級，所有這些都有助於提高參與度並推動每位會員的支出。

And as guests mature in the program, their spend just naturally grows over time as well.

隨著客人在計劃中的成熟，他們的支出也會隨著時間的推移自然增長。

Personalization is -- I think, we're very much in the early innings on it, very excited about it, and it's really about driving more customized experiences.

個性化是——我認為，我們還處於早期階段，對此非常興奮，它真的是為了推動更多的定制體驗。

I guess, one simple example would be recommendations.

我想，一個簡單的例子就是推薦。

So the smarter that we can get about a guest's past purchase patterns and infer her preferences or his preferences based on that, it gives us the ability to serve recommendations that are even more relevant, for example.

因此，我們可以更智能地了解客人過去的購買模式並據此推斷出她或他的偏好，這使我們能夠提供更相關的推薦，例如。

And if there's any other examples you want to add?

如果您想添加任何其他示例？

Yes, the other areas we're focused on, certainly, yes, product recommendation, replenishment reminders, we're adding into that additional customized co-purchase recommendations, site personalization.

是的，我們關注的其他領域，當然，是的，產品推薦、補貨提醒，我們正在添加額外的定制共同購買建議、網站個性化。

So customizing your site experience based on your previous behavior.

因此，根據您以前的行為自定義您的網站體驗。

For example, if we see that you're a first-time visitor, you'll get a different experience than if you're a frequent visitor, your homepage might change, we'll do product finders in unique ways.

例如，如果我們發現您是初次訪問者，您將獲得與常客不同的體驗，您的主頁可能會更改，我們將以獨特的方式進行產品搜索。

Really, the purchase -- the acquisition of both QM Scientific and GlamST was to accelerate our personalization efforts and we're really excited about the progress and results to date and feel like we're going to take a big step towards that goal in 2019.

真的，收購——收購 QM Scientific 和 GlamST 是為了加速我們的個性化努力，我們對迄今為止取得的進展和結果感到非常興奮，感覺我們將在 2019 年朝著這個目標邁出一大步.

As far as the comp cadence for the year, I would say, generally speaking, it's a pretty consistent 6% to 7% throughout the whole year.

至於今年的節奏，我想說的是，一般來說，全年在 6% 到 7% 之間相當穩定。

Although, I would say, maybe the fourth quarter, you might take a little bit more conservative approach on as we'll be comping over some great kickoffs here with Kylie and James Charles here this last fourth quarter.

雖然，我會說，也許是第四節，你可能會採取更保守的方法，因為我們將在最後一個第四節與凱莉和詹姆斯查爾斯一起在這裡完成一些偉大的開球。

Our next question comes from Christopher Horvers, JPMorgan.

我們的下一個問題來自摩根大通的克里斯托弗霍弗斯。

So I'll slide my 2 questions into 1 as well.

所以我也會將我的 2 個問題滑入 1 個。

So first on the digital and native brands, really impressive in terms of how it drove that traffic and retail comp acceleration.

因此，首先是數字和本土品牌，在推動流量和零售競爭加速方面確實令人印象深刻。

So maybe diagnose, was that more Morphe?

所以也許可以診斷一下，是不是更多的Morphe？

I mean, it's in more stores.

我的意思是，它在更多的商店裡。

Kylie had a smaller assortment.

凱莉的品種較少。

There's 18 SKUs or something like that, and it's sold out.

有 18 個 SKU 或類似的東西，而且已經賣光了。

So sort of how would you assess that and do you expect the Kylie piece to accelerate now that the assortment is starting to expand and presumably will expand further over the year?

那麼，你會如何評估這一點，你是否預計凱莉的作品會加速發展，因為種類開始擴大，並且可能會在今年進一步擴大？

And my second question is for Scott also, which is you gave a lot of color on cadence.

我的第二個問題也是給 Scott 的，你在節奏上給了很多色彩。

Curious on the first half versus back half, how much of that is gross margin versus SG&A?

對上半年和後半部分感到好奇，其中毛利率與 SG&A 有多少？

Is gross margin, as we continue to scale over salon investments, is that the sort of pressure point in gross margin and would you expect that down in the first half?

隨著我們繼續擴大沙龍投資，毛利率是否會成為毛利率的壓力點，您是否預計上半年會下降？

Possibly 3 questions in 1. Listen, we're excited about the momentum on the business, digitally native brands being a part of it, but frankly, really not the only and most major part.

1 中可能有 3 個問題。聽著，我們對業務的發展勢頭感到興奮，數字原生品牌是其中的一部分，但坦率地說，這並不是唯一也是最重要的部分。

I mean, we had, as I discussed in the script, really strong growth across a lot of -- most of our categories and share gains across almost every single category.

我的意思是，正如我在腳本中所討論的那樣，我們在很多 - 我們的大多數類別中都有非常強勁的增長，並且幾乎在每個類別中都有份額增長。

And strong double-digit growth across many places.

許多地方都實現了兩位數的強勁增長。

So really, I would say that think about those as definitely big launches.

所以說真的，我想說的是，將這些視為絕對重要的發布。

Morphe, we had already launched.

Morphe，我們已經推出了。

The James Charles palette was a nice, good addition because we have a strong following.

James Charles 調色板是一個很好的補充，因為我們有很多追隨者。

And of course, Kylie was new and a pretty small assortment.

當然，凱莉是新來的，而且種類很少。

So you can expect that -- I've already said, we're expanding the assortment.

所以你可以期待——我已經說過，我們正在擴大產品種類。

That's happening right now.

現在正在發生這種情況。

And I'd like to think about it as a plethora of ways that we're going to continue to be the source, I think, later for growth in the category by participating across categories with the many brand partners that are both existing and new.

而且我想將其視為我們將繼續成為源頭的多種方式，我認為，稍後通過與許多現有和新的品牌合作夥伴跨類別參與來實現該類別的增長.

So I think about it as, I guess, sort of we're all really focused on what are our guests looking for at the end of the day.

所以我認為，我想，我們都真正關注客人在一天結束時尋找什麼。

And if we can make sure to offer that to them, I think we're going to continue to be able to play.

如果我們能夠確保將其提供給他們，我認為我們將能夠繼續比賽。

Yes, so as far as color on the year goes, so we're transitioning into this new sphere, right, this new zone of guidance and annual guidance and whatnot and updating on the quarters.

是的，就今年的顏色而言，我們正在過渡到這個新領域，對，這個新的指導區域和年度指導以及諸如此類的東西和季度更新。

But I know everyone has this question, Chris, so you got to the buzzer first.

但我知道每個人都有這個問題，克里斯，所以你先到了蜂鳴器。

So when we look at the year...

所以當我們回顧這一年...

That was my goal.

那是我的目標。

The modest operating expansion for the full year, it's going to come on the gross margin line, it's what we expect and it's going to come through better merchandise margin overall.

全年適度的經營擴張，將出現在毛利率線上，這是我們所期望的，並且將通過更好的商品利潤率來實現。

I think I could point to the clearance event in that second, third quarter time period this last year.

我想我可以指出去年第二、第三季度的清關事件。

We wouldn't expect to have to do that again in 2019.

我們不希望在 2019 年再次這樣做。

That's not in our plan.

那不在我們的計劃中。

You mentioned salon.

你提到沙龍。

Yes, that will be a headwind but it's not the biggest driver in there.

是的，這將是一個不利因素，但它並不是其中最大的驅動因素。

So that will be some deleverage on the gross margin line.

因此，這將是毛利率線上的一些去槓桿化。

DC leverage in the first half of the year is heavier because of Fresno, right?

因為弗雷斯諾，上半年的 DC 槓桿比較重，對吧？

We won't lap that until the middle of the year.

我們要到年中才能完成。

And so supply chain will kind of moderate in the second half.

因此，下半年供應鏈將有所緩和。

And then, we've got some good occupancy leverage in there throughout the year, but there's a slight shift quarter-to-quarter just because the new store program sequences a little bit different in 2019.

然後，我們全年都有一些很好的入住率槓桿，但季度與季度之間略有變化，因為 2019 年新店計劃的順序略有不同。

SG&A then, it's a net deleverage for 2019 and it's primarily coming out of the investments we're making, right, to drive long-term healthy sales and earnings for the business.

然後，SG&A，這是 2019 年的淨去槓桿化，它主要來自我們正在進行的投資，正確的，以推動業務的長期健康銷售和收益。

So the M&A things we did, right, turning to OpEx now, there's a lot of other innovation, Mary went through a long list of things that we're doing to drive the business, and primarily, those things fall in the SG&A.

所以我們所做的併購事情，對，現在轉向運營支出，還有很多其他創新，瑪麗經歷了我們為推動業務所做的一長串事情，主要是，這些事情屬於 SG&A。

Corporate overhead is really the primary culprit there, so to speak, on the deleverage.

可以說，企業間接費用確實是去槓桿化的罪魁禍首。

Our next question comes from Stephanie Wissink, Jefferies.

我們的下一個問題來自 Jefferies 的 Stephanie Wissink。

This is Ashley Helgans on for Step Wissink.

我是 Step Wissink 的 Ashley Helgans。

We wanted to know, are you seeing a shift in purchasing from prestige to masstige or if you continue to add more prestige brands?

我們想知道，您是否看到購買從聲望轉向大眾，或者您是否繼續添加更多聲望品牌？

Hi, Ashley.

嗨，艾希禮。

We are -- frankly, we're seeing strength across the whole makeup category.

我們 - 坦率地說，我們看到了整個化妝品類別的實力。

Certainly, there's brands across all price points that are doing very well and there's others that are struggling.

當然，所有價位的品牌都做得很好，而其他品牌則在苦苦掙扎。

So I wouldn't say it's a strength.

所以我不會說這是一種力量。

And one of the -- it's a shift.

其中之一——這是一個轉變。

I will say, one of the strengths that we have at Ulta Beauty is what we call mass migration and bringing a guest in -- a segment of guest in through mass brands and introducing them into prestige brands.

我要說的是，我們在 Ulta Beauty 擁有的優勢之一就是我們所說的大規模遷移和吸引客人——一部分客人通過大眾品牌進入並將他們引入知名品牌。

That is still continuing.

那還在繼續。

That's quite healthy.

那很健康。

It's a unique aspect of the Ulta Beauty experience since we're the only ones that carry brands across all price points.

這是 Ulta Beauty 體驗的一個獨特方面，因為我們是唯一一家提供所有價位品牌的公司。

That behavior is still quite strong.

這種行為還是很強烈的。

And so brands at all price points from entry-level price points such as e.l.f., all the way of through our most prestige brands, whether it's Lancôme or Chanel are performing quite well.

因此，從入門級價格點（如 e.l.f.）到我們最負盛名的品牌，無論是蘭蔻還是香奈兒，所有價格點的品牌都表現出色。

We are seeing strength in this masstige area of brands with price points kind of in between is a growth area, but it's not really at the expense of any specific part of the business.

我們看到，在這個價格介於兩者之間的大眾品牌領域的實力是一個增長領域，但這並不是真正以犧牲業務的任何特定部分為代價。

It's just attractive right now as some -- those brands are stronger at this moment.

它現在很有吸引力，因為一些 - 這些品牌目前更強大。

Our next question comes from Simeon Siegel, Nomura Instinet.

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

Scott, just recognizing that you lapped that one-time bonus.

斯科特，剛意識到你賺了那筆一次性獎金。

Just any help in terms of thinking through the SG&A dollar growth, I think you called, or I think you mentioned wage, so just any thoughts there?

在思考 SG&A 美元增長方面的任何幫助，我想你打過電話，或者我想你提到了工資，那麼有什麼想法嗎？

And then, are you guys seeing -- I don't know if you had mentioned it, as you think about the digital natives and as those grow, is there any difference in terms of the in-store versus e-com performance relative to the rest of your portfolio?

然後，你們有沒有看到——我不知道你們是否提到過，當你們想到數字原住民時，隨著他們的成長，實體店和電子商務的表現是否有區別？你投資組合的其餘部分？

Yes, so we don't really characterize or describe SG&A in dollars growth year-over-year.

是的，所以我們並沒有真正描述或描述 SG&A 的美元同比增長。

I know others in the department store and other spaces do that.

我知道百貨公司和其他地方的其他人也這樣做。

But just color on SG&A overall, again, it's going to be a net deleverage point for the full year.

但再次強調一下 SG&A 的總體情況，這將是全年的淨去槓桿化點。

Heavier maybe the first part of the year as we still got some of the investments that were late starting in 2018, right?

今年上半年可能會更重，因為我們仍然有一些 2018 年才開始的投資，對吧？

We had heavier deleverage in corporate overhead in the second half of 2018, and some of the investment and growth initiatives kind of we got out of the gate a little bit slower in 2018 than we had planned to do.

2018 年下半年，我們在企業管理費用方面的去槓桿化程度更高，一些投資和增長計劃在 2018 年的啟動速度比我們計劃的要慢一些。

So that will continue into the first half of 2019.

因此，這將持續到 2019 年上半年。

Store labor, we'll continue to make investments there to drive growth strategies there.

存儲勞動力，我們將繼續在那裡進行投資以推動那裡的增長戰略。

But I think that gets neutralized a lot by some marketing leverage we expect to close on in 2019.

但我認為這會被我們預計在 2019 年關閉的一些營銷槓桿所抵消。

So yes, so we're in a good spot overall, we believe.

所以是的，所以我們相信，我們總體上處於有利地位。

Well-managed and doing the right things for the business for the long-term.

長期管理良好並為企業做正確的事情。

And then, to your other question, Simeon, I would say, it sort of it depends.

然後，關於你的另一個問題，Simeon，我會說，這取決於它。

Overall, digitally native brands are performing well, both online and we're bringing into the store.

總的來說，數字本土品牌在網上和我們進入商店時都表現良好。

So thinking on what we just saw on the last quarter, it's a little bit about how we choose to play it, frankly.

所以想想我們剛剛在上個季度看到的東西，坦率地說，這是關於我們選擇如何玩它的一點點。

As we went into this quarter, we emphasized those 2, Kylie and James Charles, launches more in-store, frankly, and it really drove a lot of in-store traffic.

當我們進入本季度時，我們強調了 Kylie 和 James Charles 這兩個人，坦率地說，他們在店內推出了更多產品，這確實帶來了很多店內客流量。

They're also doing really, really well online.

他們在網上也做得非常非常好。

But we had a bigger assortment in-store.

但我們店內的商品種類更多。

And so I would say that we also have brands that was only online that did quite well.

所以我想說我們也有一些只在網上做得很好的品牌。

So for us, it's about -- I think it actually is a good proof point about the basic thesis of our business, which is that the physical experience of trying on -- trying products in person really appeals to a lot of our guests, and hence, they also want to be able to buy it online and be convenient as well.

所以對我們來說，這是關於 - 我認為這實際上是對我們業務基本論點的一個很好的證明，即試穿的物理體驗 - 親自試穿產品確實吸引了我們的很多客人，並且因此，他們也希望能夠在線購買並且方便。

So it's an interesting time for us to say how do we kind of meet the guest where she is, think about how -- what's best for our business, but I don't see any reason why we can't be successful in both channels.

所以現在是一個有趣的時刻，我們可以說我們如何在她所在的地方與客人會面，想想如何——什麼對我們的業務最有利，但我看不出有任何理由說明我們不能在兩個渠道上都取得成功.

Our next question comes from Steve Forbes, Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的史蒂夫福布斯。

So I wanted to focus on the refresh program, right, because I believe 270 is a slight step up versus the trend line over the past couple of years here.

所以我想專注於更新計劃，對吧，因為我相信 270 與過去幾年的趨勢線相比略有上升。

So maybe just touch on what the store-level needs are?

那麼也許只是觸及商店級別的需求是什麼？

I know you mentioned, right, new merchandise and fixtures and et cetera, but maybe just focus on what the store-level needs are that are driving this ramp and what the typical refresh will include as it relates to that merchandise focus?

我知道你提到過，對，新商品和固定裝置等等，但也許只關注推動這一增長的商店級需求，以及與商品重點相關的典型更新將包括什麼？

Yes, the primary purpose of this year's refresh program is really to continue to expand some key brand partners that we have.

是的，今年更新計劃的主要目的確實是繼續擴大我們擁有的一些主要品牌合作夥伴。

As we go into these stores, we'll, in some cases, address opportunities to enhance or improve or repair certain parts of the store.

當我們進入這些商店時，在某些情況下，我們會尋找機會來增強或改進或修復商店的某些部分。

But we see a big opportunity for us to continue to expand with key brands.

但我們看到了繼續與主要品牌一起擴張的巨大機會。

And what's going to be a bit different maybe this year versus years in the past when we think specifically around some of our brands like Clinique and Lancôme is we'll be expanding them into a variety of different expressions.

與過去幾年相比，今年可能會有所不同，我們會特別考慮我們的一些品牌，如倩碧和蘭蔻，我們會將它們擴展到各種不同的表達方式。

In some cases, in a boutique, as you've seen and come to know at Ulta Beauty, but in many cases, in different expressions, whether that's in gondolas, on walls, on endcaps and other parts of the store.

在某些情況下，在精品店中，正如您在 Ulta Beauty 看到和了解的那樣，但在許多情況下，以不同的表達方式，無論是在吊船中、牆壁上、端蓋上還是商店的其他部分。

So that's the primary focus of that -- of this year's rollout and improvement with our stores.

所以這就是今年我們商店的推出和改進的主要焦點。

And Steve, just from a quantitative standpoint, if we think about it in terms of the total fleet investment, so if you compare new store, 100-plus last year, the 80 next year, the remodel boutique kinds of activities that we have and the merchandising fixtures in general that we're always refreshing our stores, right, in one fashion or another.

史蒂夫，從定量的角度來看，如果我們從車隊總投資的角度來考慮，那麼如果你比較新店，去年 100 多家，明年 80 家，我們有的改造精品店活動和一般來說，我們總是以一種或另一種方式刷新我們的商店，正確的商品陳列裝置。

I think it's actually a step down net CapEx year-over-year, if you look at it that way.

如果你這樣看的話，我認為這實際上是淨資本支出同比下降。

So again, it's a key focus for us.

因此，這再次成為我們的重點。

Keep that store fleet looking fresh all the time, keep it in writing and making sure we're delivering the best guest experience that we can.

讓商店車隊始終保持新鮮，以書面形式保存，並確保我們提供我們所能提供的最佳客戶體驗。

Our next question comes from Simeon Gutman, Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

My question is on traffic and ticket.

我的問題是關於交通和機票。

It looks like during the year, ticket actually decelerated and traffic increased.

看起來在這一年裡，票務實際上減速了，交通量增加了。

You mentioned in the fourth quarter this reverse channel shift.

你在第四季度提到了這種反向渠道轉移。

Can you talk about it for the rest of the year, in, '18?

你能在 18 年的剩餘時間裡談論它嗎？

Should we expect the reversal of that?

我們應該期待這種情況的逆轉嗎？

And then, just as a second part, what's embedded in the 6% to 7% as far as AUR growth for 2019?

然後，作為第二部分，就 2019 年的 AUR 增長而言，6% 到 7% 的內含是什麼？

Yes, so as far as the traffic trends go, I mean, we know we struggled a little bit and we had some headwinds early in the year and we picked up momentum.

是的，就交通趨勢而言，我的意思是，我們知道我們有點掙扎，年初我們遇到了一些逆風，但我們獲得了動力。

We saw that.

我們看到了。

We're on it.

我們正在努力。

We're -- the merchant team and all their support partners are working hard to make sure we bring the best that we can, that our guests expect from us and that's going to generate excitement, whether it's in-store or online.

我們 - 商家團隊和他們所有的支持合作夥伴都在努力工作，以確保我們能提供最好的服務，滿足客人對我們的期望，這將帶來興奮，無論是在店內還是在線。

So again, going into every quarter, going into every year, our expectation is to drive a healthy balance between traffic transactions and ticker growth overall with no, I wouldn't say, any one specific expectation for any one of those elements, right?

因此，再次進入每個季度，進入每年，我們的期望是在流量交易和總體股票增長之間實現健康的平衡，我不會說，對這些元素中的任何一個都有任何具體的期望，對吧？

So again, earlier in the year, some of the newness didn't deliver, right?

那麼，在今年早些時候，一些新鮮事物並沒有實現，對吧？

Didn't drive as much excitement and neither of the channels as we'd hoped for.

沒有像我們希望的那樣引起太多的興奮和渠道。

We found more winners in the back half of the year, right?

我們在下半年找到了更多的贏家，對吧？

And that drives traffic, whether it's online or in-store.

這會推動流量，無論是在線還是店內。

And the AUR part, can you -- because I think, in the fourth quarter, you mentioned that AUR was about 2/3 of the ticket growth, and I don't know if there's a number you can share with us that you expect in 2019 sort of I think of it almost as a head start as part of that 6% to 7% comp outlook.

至於 AUR 部分，你能不能——因為我認為，在第四季度，你提到 AUR 大約佔門票增長的 2/3，我不知道你是否可以與我們分享你期望的數字在 2019 年，我認為這幾乎是一個良好的開端，作為 6% 到 7% 的薪酬前景的一部分。

Yes, I think, sometimes, we try to overengineer our financial models.

是的，我認為，有時我們會嘗試過度設計我們的財務模型。

Again, it's always a healthy balance, whether it's ticket versus traffic or it's units versus average selling price.

同樣，它始終是一個健康的平衡，無論是票價與流量還是單位與平均售價。

Again, at the end of the day, these products get hot and things happen that you can't control, right?

同樣，在一天結束時，這些產品會變熱，並且會發生您無法控制的事情，對嗎？

The guest is going to determine how they want to spend their money.

客人將決定他們想如何花錢。

Our next question comes from Adrienne Yih, Wolfe Research.

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

Mary, my question is on the loyalty program.

瑪麗，我的問題是關於忠誠度計劃的。

I was wondering if you can share with us the percent of Platinum clients that are actually converting to Diamond?

我想知道您是否可以與我們分享實際轉換為鑽石客戶的白金客戶百分比？

And then, are you seeing a replenishment of the Platinum membership?

然後，您是否看到白金會員的補充？

And then, really quickly, for Scott, inventory has been growing slower than sales for the past 4 consecutive quarters.

然後，對於 Scott 來說，庫存增長速度非常快，連續 4 個季度都低於銷售增長速度。

I'm wondering if that's a sustainable spread go forward?

我想知道這是否是一種可持續的傳播方式？

Thank you, Adrienne.

謝謝你，艾德麗安。

We don't really break that out specifically.

我們並沒有真正具體地解決這個問題。

I'll tell you, we feel really good about the Diamond tier launch.

我會告訴你，我們對鑽石級的發布感覺非常好。

It's ahead of -- I guess, I would say, it's ahead of what we expected so far, which is fantastic because these folks are our best guests in terms of being omnichannel guests, services guests, high share of wallet, et cetera.

它領先於——我想，我想說，它領先於我們迄今為止的預期，這太棒了，因為這些人是我們最好的客人，因為他們是全渠道客人、服務客人、錢包的高份額等等。

And we're seeing overall throughout the loyalty set of folks, as they mature, they spend more, and so we're going to have more of them moving Platinum into Diamond.

我們在整個忠誠度人群中看到，隨著他們的成熟，他們會花更多的錢，所以我們將有更多的人將白金轉變為鑽石。

And our job is to continue to entice them to spend more through everything that we do every day.

我們的工作是繼續通過我們每天所做的一切來吸引他們花更多的錢。

And I think all that is working really well.

而且我認為所有這些都非常有效。

So as I mentioned, whether it's newness, new perks, we just started with being able to use loyalty points on services and that seems to be very appealing.

因此，正如我提到的，無論是新鮮事物還是新福利，我們才剛剛開始能夠在服務上使用忠誠度積分，這似乎非常有吸引力。

Credit card growth and then the additional ability to use personalization tools.

信用卡的增長以及使用個性化工具的額外能力。

I think we feel good about where we are.

我認為我們對自己的處境感覺良好。

As far as inventory goes, I think we addressed some of that at Analyst Day here back in November.

就庫存而言，我認為我們在 11 月份的分析師日上解決了其中的一些問題。

So yes, we expect that we're still in the early stages.

所以是的，我們預計我們仍處於早期階段。

I mean, I think it's evidenced, the metrics you referred to, and now, again, I don't know that I'd be able to draw a line, right, and continue in perpetuity some of the performance we've seen here most recently, but we believe we've got the tools and the capabilities in place now to definitely do a lot more by way of optimizing our inventory over the long-term and margin results, right, that are coming from being able better to control the flow, far more automated kind of markdowns, doing better with our transitions and our assortment decisions.

我的意思是，我認為這是有證據的，你提到的指標，現在，再一次，我不知道我是否能夠畫一條線，對，並永久地繼續我們在這裡看到的一些表現最近，但我們相信我們現在已經有了工具和能力，可以通過優化我們的長期庫存和利潤率結果來做更多的事情，正確的，這是來自能夠更好地控制流程，更自動化的降價，我們的過渡和分類決策做得更好。

So we still think there's a long way to go there.

所以我們仍然認為還有很長的路要走。

Our next question comes from Michael Goldsmith, UBS.

我們的下一個問題來自瑞銀集團的 Michael Goldsmith。

So you mentioned that newness drove about 4 points of the comp.

所以你提到新奇推動了 comp 的大約 4 點。

Can you help quantify how much of an acceleration that was in past periods?

你能幫助量化過去時期的加速程度嗎？

Is this level sustainable?

這個水平可持續嗎？

And then, on the channel shift to the real stores this quarter, does that change the way you think about product and brand launches in the future?

然後，關於本季度向實體店的渠道轉移，這是否會改變您對未來產品和品牌發布的看法？

Yes, on the -- I don't know if we would break out in the past, Laurel.

是的，關於——我不知道我們過去是否會爆發，勞雷爾。

You can help me with that.

你可以幫我。

We have broken out in the past.

我們曾經爆發過。

It was maybe 1/3 or maybe a little bit higher than that, so not a dramatic increase but it's definitely accelerated, some of the new James Charles and some of the Kylie products.

它可能是 1/3 或者可能比那個高一點，所以不是一個戲劇性的增長，但它肯定是加速的，一些新的 James Charles 和一些 Kylie 產品。

And the goal is to always drive as much comp as we can.

我們的目標是始終盡可能多地進行比賽。

So I mean, I can't -- we can't predict that would be a continued trend.

所以我的意思是，我不能——我們不能預測這將是一個持續的趨勢。

I mean, that was a bit of...it worked great but I wouldn't say that we'd expect it to be ongoing at that level but our merchant team is constantly out there.

我的意思是，這有點……效果很好，但我不會說我們希望它能在那個水平上持續下去，但我們的商人團隊一直在那裡。

There's all sorts of newness all the time and that's what our guests really want and I think we're doing a good job of delivering that.

一直都有各種各樣的新鮮事物，這就是我們的客人真正想要的，我認為我們在實現這一點方面做得很好。

And as for the channel shift, I guess, in some ways, we're kind of learning as we go.

至於渠道轉變，我想，在某些方面，我們正在邊走邊學。

As I said we're being very direct about the fact that the e-commerce growth was somewhat different than we expected this quarter because of sort of the high-class problem we have, we have more people shopping in the stores.

正如我所說，由於我們遇到的一些高級問題，電子商務增長與我們本季度的預期有所不同，我們非常直接地指出，我們有更多的人在商店購物。

And I think it's interesting, again, proving the thesis that the in-store experience is extremely important sometimes as well.

而且我認為這再次證明店內體驗有時也非常重要這一論點很有趣。

So I think we'll just continue to be strategic and tactical about how we think about launches.

所以我認為我們將繼續在戰略和戰術上考慮我們如何看待發射。

And it's going to vary.

而且它會有所不同。

There won't be any one formula, I think I'd say, but I think it's good that we have options.

不會有任何一個公式，我想我會說，但我認為我們有選擇是件好事。

Our next question comes from Michael Binetti, Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Michael Binetti。

So you guys came out of the quarter with good momentum in the comp and it looks appropriately conservative to us.

所以你們在本季度結束時勢頭良好，對我們來說看起來很保守。

But I guess -- the outlook looks appropriately conservative.

但我猜——前景看起來很保守。

But I guess the margin break in fourth quarter was a little different than we thought, SG&A flow-through was a little lower on a lot more revenue.

但我想第四季度的利潤率突破與我們想像的略有不同，SG&A 流量略低，收入增加了很多。

I guess, I'm just trying to think forward a little bit related to leverage rates given that the guidance you just gave us sounds like it has some investments in the base right now that are leading to a little bit more margin expansion later in the year.

我想，我只是想考慮一下與槓桿率相關的問題，因為你剛才給我們的指導聽起來像是它現在在基礎上有一些投資，這會導致稍後的利潤率增加一點點年。

But if you do -- with the momentum today, means you're going to have better sales than you have in the same-store sales guidance this year.

但如果你這樣做 - 以今天的勢頭，意味著你的銷售額將比今年的同店銷售指導更好。

How should we think about you guys approach how much flows through to the bottom line this year versus dialing up the investments even more?

我們應該如何考慮你們今年有多少資金流向底線，而不是增加投資？

Yes, I'd say what we've been through, we've been investing for a long time, right, Mary?

是的，我會說我們經歷了什麼，我們已經投資了很長時間，對吧，瑪麗？

I mean, for multiple years now and it's a moving target, Michael.

我的意思是，多年來，它一直是一個移動的目標，邁克爾。

You know that.

你懂的。

Retail is a very dynamic environment.

零售業是一個充滿活力的環境。

So we talked -- I think I referenced supply chain and maybe a little bit less deleverage in the back half of the year but we're still making big investments through fast fulfillment centers and other tools and things we're putting in place to help our teams perform better day-to-day.

所以我們談過——我想我提到了供應鏈，也許今年下半年的去槓桿化會有所減少，但我們仍在通過快速履行中心和其他工具以及我們正在提供幫助的其他工具進行大量投資我們的團隊每天都表現得更好。

So the investment never ends, right?

所以投資永遠不會結束，對吧？

In air quotes, I guess, I would say.

我想，在空中報價中，我會說。

So -- and we're pragmatic.

所以 - 我們很務實。

Whenever we're looking at the quarter and we see sales strength, there's an opportunity to pull back on promotional cadence and things like that.

每當我們查看本季度並且看到銷售強勁時，就有機會取消促銷節奏和類似的事情。

So we're just -- every quarter and every year presents its own unique set of elements that we try to navigate through and just deliver the best overall result.

因此，我們只是 - 每個季度和每年都會展示自己獨特的一組元素，我們試圖通過這些元素來提供最佳的整體結果。

If I could ask a quick follow-up, Scott.

如果我可以問一個快速跟進，斯科特。

So I think you guys -- I think one of the most interesting parts of the quarter was the changing language on the merch margin.

所以我認為你們 - 我認為本季度最有趣的部分之一是商品邊際語言的變化。

And today, it sounds like the plan is for that to be positive.

而今天，聽起來計劃是積極的。

I think, more recently, the plan was to manage towards a flat merch margin, and frankly, at times, it sounded like that was going to be an aspirational goal.

我認為，最近的計劃是實現持平的商品利潤率，坦率地說，有時這聽起來像是一個雄心勃勃的目標。

Would you mind telling us what's changed and what you've seen that's giving you the confidence saying, hey, we can actually guide to and manage to a little bit better merch margin than we've spoken to more recently?

你介意告訴我們發生了什麼變化嗎？你所看到的讓你有信心說，嘿，我們實際上可以引導並管理比我們最近所說的更好的商品利潤率？

Yes, I'd say the primary driver is around Efficiencies for Growth or EFG.

是的，我會說主要驅動因素是增長效率或 EFG。

So again, we haven't spoken to that directly today.

同樣，我們今天還沒有直接談過這個問題。

But that's an umbrella over the whole enterprise, right?

但這是整個企業的保護傘，對吧？

And so there's a lot of benefits to that, that are going to flow through both the gross margin line and the SG&A line.

因此，這有很多好處，這些好處將同時流經毛利率和 SG&A 線。

It's going to help us offset cost pressures that you see all retailers talking about, whether it's innovation thing or digital things or wage rate pressures or freight pressures.

這將幫助我們抵消所有零售商都在談論的成本壓力，無論是創新事物、數字事物、工資率壓力還是運費壓力。

I mean, there's a whole list of things that we are navigating our way through here.

我的意思是，這裡有一整套我們正在瀏覽的東西。

So EFG, I think Adrienne asked a question here earlier about inventory.

所以 EFG，我想 Adrienne 早些時候在這裡問了一個關於庫存的問題。

So that's a key piece of what's going to help merchandise margin.

因此，這是有助於提高商品利潤率的關鍵部分。

It's not just the out the door selling margin, it's how we work with our vendors more efficiently and optimize a lot of the, what I call, the in-core processes internally around the merchandise assortment and how we transition our stores and how much store labor gets incurred that executes some of those things and the partners we work with and all the economics that go along with that.

這不僅僅是門外的銷售利潤率，而是我們如何更有效地與供應商合作並優化很多，我稱之為內部圍繞商品分類的核心流程，以及我們如何轉變我們的商店以及多少商店執行其中一些事情以及與我們合作的合作夥伴以及隨之而來的所有經濟學都會產生勞動力。

So that's really it.

就是這樣。

That's driving our assumptions around better merchandise margins here in the foreseeable future.

在可預見的未來，這推動了我們對這裡更好的商品利潤率的假設。

Our next question comes from Mark Altschwager, Robert W. Baird & Company.

我們的下一個問題來自 Mark Altschwager、Robert W. Baird & Company。

You highlighted how Kylie essentially sold out later in the quarter and it took some time to replenish.

您強調了 Kylie 如何在本季度晚些時候基本上售罄，並且需要一些時間來補貨。

And I'm wondering, is that sellout or scarcity going to become a bigger component of the model as you lean in to these -- to the digitally native brand strategy?

我想知道，當你傾向於這些——數字本土品牌戰略時，售罄或稀缺是否會成為模型的一個更大的組成部分？

And if so, how should we think about the implications for merchandise margins longer-term?

如果是這樣，我們應該如何考慮對商品利潤率的長期影響？

And then, separately, I'm just -- I'm wondering what percent of your assortment today you would say is unique to Ulta and where you see that metric headed over the next 1 to 2 years?

然後，分別地，我只是 - 我想知道你今天的分類中有多少百分比是 Ulta 獨有的，你認為該指標在未來 1 到 2 年內會走向何方？

Yes, Mark, on Kylie, I guess, I wouldn't say that there is a one-size-fits-all solution to that.

是的，馬克，關於凱莉，我想，我不會說有一個萬能的解決方案。

I think, with Kylie, we anticipated potentially having out of stocks late in the quarter.

我認為，對於 Kylie，我們預計本季度末可能會缺貨。

It actually happened a little bit earlier as reaction -- consumer reaction was a bit more positive than we anticipated.

實際上，它的反應發生得更早一些——消費者的反應比我們預期的要積極一些。

And it's not our ideal scenario but it was one that we had planned on for this specific launch.

這不是我們理想的場景，但它是我們為這次特定發布計劃的場景。

As we look forward with other brands that are in our portfolio, that's not -- we're not experiencing out of stocks on a consistent basis and that's not something that we would certainly want to make a practice or a habit.

當我們期待我們投資組合中的其他品牌時，這不是——我們沒有持續經歷缺貨的情況，這不是我們當然想要養成的習慣或習慣。

But there will be instances on brands as they're either building their capacity or the timing makes sense that we may experience that.

但是品牌會有一些例子，因為他們要么正在建設自己的能力，要么是我們可能會遇到這種情況的時機。

But I wouldn't think of that as, now, that's the new normal or a new way for us to approach it.

但我不認為這是現在的新常態或我們處理它的新方法。

So that in and of itself shouldn't have an impact going forward.

所以這本身不應該對未來產生影響。

As far as the percent exclusive, we talked in the past in the 6% to 7% range.

至於獨占百分比，我們過去談過在 6% 到 7% 的範圍內。

We'll continue to try to grow that over time.

隨著時間的推移，我們將繼續努力發展。

I think, as we bring in new brands like Kylie and that becomes a bigger part, a big focus for us as we look at new brands, whether they're larger existing brands or new emerging brands is to drive as much exclusivity as we can.

我認為，隨著我們引入像 Kylie 這樣的新品牌，並且這成為一個更大的部分，我們在尋找新品牌時的一個重點，無論是更大的現有品牌還是新興品牌，都是盡可能地推動排他性.

Our guests respond favorably to that.

我們的客人對此反應良好。

So whether we're the absolute only place or it's in very limited distribution, that's a focus for our merchant team and one we're having a lot of success on, so we plan to continue to grow that number going forward.

因此，無論我們是絕對唯一的地方還是分佈非常有限，這都是我們的商家團隊關注的焦點，我們在這方面取得了很大的成功，所以我們計劃繼續增加這個數字。

Our next question comes from Omar Saad, Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Omar Saad。

Stepping back at a high level, most of my detailed questions are answered already, but going back at the high level here, you've got such kind of broad-based strength in your business.

回到高層次，我的大部分詳細問題都已經得到解答，但是回到高層次，你的業務已經擁有如此廣泛的實力。

You seem to be hitting on a lot of cylinders.

你似乎打了很多氣瓶。

You've got a lot of great things in the pipeline.

你有很多很棒的東西在醞釀中。

You seem to be really managing that balance between online and off-line.

你似乎真的在管理線上和線下之間的平衡。

Is it -- as you gain more -- I imagine this is giving you a lot more confidence in the business.

是嗎 - 隨著你獲得更多 - 我想這會讓你對業務更有信心。

As you gain more confidence in the business, does it help you think maybe a little bit earlier looking ahead towards longer-term opportunities such as international as you just get better and better in what you've been doing?

隨著您對業務越來越有信心，它是否有助於您更早地考慮更長期的機會，例如國際機會，因為您在您一直在做的事情上做得越來越好？

Or is it really still there's so much to do here in the North American market and the U.S. particularly, that remains your focus?

還是在北美市場，尤其是美國，真的還有很多事情要做，這仍然是您的重點？

Omar, thank you.

奧馬爾，謝謝你。

That's a great question and certainly something that we work on all the time, thinking about both the short-term literally the next day, the next quarter and 10 years from now.

這是一個很好的問題，當然也是我們一直在研究的問題，從字面上考慮第二天、下個季度和 10 年後的短期問題。

So I'd say, first and foremost, I think there's a lot of things for us to do to continue to drive growth in our core business model and that's what we're really, really focused on.

所以我想說，首先，我認為我們還有很多事情要做，以繼續推動我們核心業務模式的增長，而這正是我們真正、真正關注的重點。

So we've got a lot of stores to build, lot of stores to remodel.

所以我們有很多商店要建，很多商店要改造。

We're focused on, frankly, what should the experience of the future be like online and in-store.

坦率地說，我們關注的是未來的在線和店內體驗應該是什麼樣的。

And in some ways, we've gotten started but there's a lot more that we can and will do there because we don't rest on our laurels, no pun intended.

在某些方面，我們已經開始了，但我們可以並且將在那裡做更多的事情，因為我們不會固步自封，這不是雙關語。

But we totally would expect that guests would expect in the future in terms of a retail experience that's just going to continue to change.

但我們完全希望客人在未來的零售體驗方面會有所期待，這種體驗將繼續發生變化。

So I'd say a lot of what we're focused on is continuing to do what we do well today and then think about how to invent the future of our core model with confidence.

所以我想說的是，我們關注的很多事情是繼續做我們今天做得很好的事情，然後考慮如何自信地創造我們核心模型的未來。

I mean, I do feel that we feel that if we play our offense, which is really deep understanding about our guests, really treating our associates well with a culture that seems to be working, and positioning Ulta Beauty as a really inclusive beauty retailer and everything that goes with that, we think we're on the right path.

我的意思是，我確實覺得我們覺得如果我們進攻，那就是真正深入了解我們的客人，用一種似乎有效的文化真正善待我們的同事，並將 Ulta Beauty 定位為一個真正包容的美容零售商和隨之而來的一切，我們認為我們走在正確的道路上。

So at the same token, we're absolutely thinking about what does the longer-term future look like to continue to drive shareholder returns, and there's many ways to think about that.

因此，出於同樣的原因，我們絕對在考慮長期未來如何繼續推動股東回報，並且有很多方法可以考慮這個問題。

So that hasn't changed.

所以這沒有改變。

We're not announcing doing anything differently today, but that's a fair question and one that we work on.

我們今天並沒有宣布做任何不同的事情，但這是一個公平的問題，也是我們正在努力解決的問題。

Our next question comes from Michael Baker, Deutsche Bank.

我們的下一個問題來自德意志銀行的 Michael Baker。

I guess, I'll ask this one.

我想，我會問這個。

Gross margins, you went through a number of jars, I don't remember -- forgive me if I missed it.

毛利率，你經歷了很多罐子，我不記得了——如果我錯過了，請原諒我。

Did you talk about mix towards e-commerce as a potential drag?

您是否將混合電子商務視為潛在的拖累？

I don't think you did.

我不認為你做到了。

In the past, you have.

過去，你有。

And so is it that, that's no longer going to be a drag because the margins there are catching up?

是不是因為那裡的利潤率正在迎頭趕上，這將不再是一個拖累？

Or it's just offset by other things or too small to matter?

或者它只是被其他東西抵消了或者太小而不重要了？

Yes -- no, that's built in there when we're talking about merchandise margin expansion, 2019 specifically.

是的 - 不，當我們談論商品利潤率擴張時，這是內置的，特別是 2019 年。

I mean, we're -- nothing's really changed there, the underlying economics of that channel of the business.

我的意思是，我們 - 那裡沒有真正改變，該業務渠道的基本經濟學。

So again, pressure on the gross margin line.

因此，毛利率再次受到壓力。

But on the EBIT line, you're right, stores in e-commerce are much -- it's a much closer horserace overall.

但在 EBIT 線上，你是對的，電子商務中的商店很多——總體上這是一場更接近的賽馬。

So again, what we saw in the fourth quarter, right, a little bit more moderate e-commerce growth is good news on the EBIT line, right?

那麼，我們在第四季度再次看到，電子商務增長稍微溫和一點是 EBIT 線上的好消息，對吧？

So stores still drive a better variable contribution overall.

因此，商店總體上仍能推動更好的可變貢獻。

But again, back to the big picture, we have to do both well.

但再次回到大局，我們必須兩全其美。

We're going to -- we'll take whatever margin characteristics come from either and try to drive the best result we can.

我們將 - 我們將採用來自任何一個的任何保證金特徵，並努力取得最好的結果。

Okay.

好的。

Understood.

明白了。

And since I waited this long, I'll try to slide in a second one, if I could.

既然我等了這麼久，如果可以的話，我會嘗試滑入第二個。

Just on the competitive environment, a couple -- at least one of your big suppliers and even a competitor talked about slowdowns in the fourth quarter.

就競爭環境而言，一對夫婦——至少你的一個大供應商，甚至一個競爭對手都談到了第四季度的放緩。

You clearly didn't see it, so you're taking share.

你顯然沒看到，所以你在分享。

Can you just describe the different channels within the competitive environment, department stores, drugstores, online, et cetera, what are you seeing?

您能否描述一下競爭環境中的不同渠道，百貨商店、藥店、在線等等，您看到了什麼？

Yes, we're -- we feel really positive overall.

是的，我們——我們總體上感覺非常積極。

And obviously, in the fourth quarter, we're very pleased with our results.

顯然，在第四季度，我們對我們的結果非常滿意。

As we look across the competitive landscape, again, we talked about this in the past, beauty is a very attractive category.

當我們審視競爭格局時，我們過去也談到過，美容是一個非常有吸引力的類別。

We are very respectful of our competitors and they're all doing some really interesting things.

我們非常尊重我們的競爭對手，他們都在做一些非常有趣的事情。

So we watch across all of them and they're all, whether it's in the mass segment or prestige or online competitors, are certainly formidable and driving changes.

因此，我們觀察了所有這些人，無論是在大眾市場、聲望還是在線競爭對手中，他們都是強大的，並且正在推動變革。

We've -- as we look across the marketplace, there have been some shifts in reported metrics around the category.

我們 - 當我們縱觀整個市場時，圍繞該類別的報告指標發生了一些變化。

Fortunately at Ulta, we feel like our collection of products, the balanced assortment that we have across categories and price points, the guest experience that we deliver was able to kind of navigate our business through any changes in the broader marketplace and frankly be a leader in that.

幸運的是，在 Ulta，我們覺得我們的產品系列、我們在不同類別和價位上的平衡分類、我們提供的客戶體驗能夠在更廣闊的市場中通過任何變化來引導我們的業務，並坦率地成為領導者在那裡面。

And that's what we're focused on continuing to do and play offense as we deliver a great experience to our guests going forward.

這就是我們專注於繼續做和進攻的事情，因為我們為我們的客人提供了一個很棒的體驗。

Our next question comes from Daniel Hofkin, William Blair.

我們的下一個問題來自威廉·布萊爾的丹尼爾·霍夫金。

Just a couple of quick questions, quickly on the gross margin.

只是幾個關於毛利率的快速問題。

If we kind of correct for the channel shift, exclude that factor, it kind of seemed like the promotional backdrop was fairly steady and maybe your merchandise margin also was pretty steady, again, correcting for the channel shift.

如果我們對渠道轉移進行某種糾正，排除該因素，那麼促銷背景似乎相當穩定，也許您的商品利潤率也非常穩定，再次糾正渠道轉移。

Is that a reasonable interpretation and kind of your view on that in the near term?

這是一種合理的解釋，也是您近期對此的看法嗎？

And then, secondly, if you could just update us on your thoughts on kind of the urban store opportunity over time.

然後，其次，如果你能告訴我們你對城市商店機會的看法。

It'd be great to hear any thoughts you might have on that.

很高興聽到您對此有任何想法。

All right.

好的。

So as far as margin characteristics, I think that's a fair way to look at it.

因此，就保證金特徵而言，我認為這是一種公平的看待方式。

I mean, we didn't get into much in the details here, I guess, in the Q&A on margin.

我的意思是，我猜，在保證金的問答中，我們並沒有深入了解這裡的細節。

But I mean, mix always plays a significant role in what the financial outcomes are.

但我的意思是，混合總是對財務結果起著重要作用。

So product mix, fragrance and mass color, we pointed out was stronger.

因此，我們指出產品組合、香味和質量顏色更強。

We're taking share there.

我們正在那里分享。

Those are slight rate headwinds for us overall.

總體而言，這些對我們來說是輕微的逆風。

But again, we'll take that any day of the week, right, with the sales increases that we saw.

但同樣，我們會在一周中的任何一天，對，隨著我們看到的銷售增長。

And then, we just mentioned the channel shifts.

然後，我們剛剛提到了渠道轉移。

So e-com was a little bit more moderate than what we expected.

所以電子商務比我們預期的要溫和一些。

And actually, that's good news in the short term.

實際上，這在短期內是個好消息。

So we get a little bit of a tailwind on that on the EBIT line.

因此，我們在 EBIT 線上獲得了一點順風。

Merchandise margin target.

商品利潤率目標。

So we pulled back on promotion, right?

所以我們取消了促銷活動，對嗎？

We talked about that.

我們談過那個。

Again, people get a little bit overly focused on that 20% off coupon, but there was add back.

再一次，人們有點過分關注那張 20% 的優惠券，但有加回來。

There's the loyalty points.

有忠誠度積分。

Don't forget, we called that out in our early remarks, right, that, that hurt us a little bit more than we were expecting.

別忘了，我們在早期的評論中提到了這一點，對，那對我們的傷害比我們預期的要大一點。

But again, that's fantastic news, great for long-term investors, people are engaged in our credit card and our loyalty program and they earned more points than we expected, which hurt rate a little bit in the short-term, but all those guests are coming back in the next few months, right, to use those points in our stores or online.

但同樣，這是個好消息，對長期投資者來說是個好消息，人們參與了我們的信用卡和我們的忠誠度計劃，他們獲得的積分比我們預期的要多，這在短期內會稍微影響利率，但所有這些客人在接下來的幾個月裡回來，對吧，在我們的商店或網上使用這些積分。

So we think that -- again, we think that's a fair treat.

所以我們認為 - 再一次，我們認為這是一種公平對待。

Yes, and I'll just jump it, Dan, on the question on urban stores.

是的，丹，關於城市商店的問題，我會跳過它。

It kind of depends on how you define urban, there's a lot of different ways to describe it.

這在某種程度上取決於你如何定義城市，有很多不同的方式來描述它。

So the vast majority of the stores that we have planned to build, I guess, you'd consider sort of non-urban, more in our traditional kind of power centers.

因此，我想，我們計劃建造的絕大多數商店，你會認為是非城市的，更多的是在我們傳統的電力中心。

But we have plenty of urban stores or city stores that we like and that do well.

但是我們有很多我們喜歡並且做得很好的城市商店或城市商店。

I'd say, the addition of more -- I wouldn't call flagship, more high-profile stores like the Manhattan Upper East Side and Michigan Avenue has also been great in terms of just expanding awareness and presence of Ulta Beauty as a retailer.

我想說的是，在擴大 Ulta Beauty 作為零售商的知名度和影響力方面，增加更多——我不會稱之為旗艦店、更知名的商店，如曼哈頓上東區和密歇根大道.

But those kind of things have a different cost scenario in terms of how to run them.

但這些東西在如何運行方面有不同的成本方案。

And so we're just going to continue to be really selective and there's going to be spots where we like the footprint, we like the parking, we like the -- what's around us, and they'll be few and far between, I think, because really, our model tends to not be super urban and does fine.

因此，我們將繼續保持真正的選擇性，並且會有一些我們喜歡足蹟的地方，我們喜歡停車場，我們喜歡 - 我們周圍的東西，它們會很少而且相距很遠，我想想，因為真的，我們的模型往往不是超城市化的，而且效果很好。

Our next question comes from Ike Boruchow, Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Just a quick question for Mary or Scott.

只是問 Mary 或 Scott 一個簡短的問題。

Just I think, 2, 3 years ago, you guys targeted 10% of sales for your e-com business.

我想，2、3 年前，你們的目標是電子商務業務銷售額的 10%。

You're above that now but it looks like the growth rate is also starting to change.

你現在高於這個水平，但看起來增長率也開始發生變化。

The quick 2 questions is, can you give us an update of where you think that penetration ultimately should go over the next couple of years?

快速的 2 個問題是，您能否向我們更新您認為未來幾年滲透率最終應該達到的水平？

And then, more specifically, if you are in a situation where the e-com growth rate is decelerating a bit while the store comps are actually accelerating, Mary, to your point earlier in the call, does that change your view of the ultimate margin of the business, meaning getting more sales out of a higher margin channel for Ulta versus the e-commerce channel?

然後，更具體地說，如果您的情況是電子商務增長率略有下降，而商店的增長率實際上正在加速，瑪麗，就您在電話會議中早些時候的觀點而言，這是否會改變您對最終利潤率的看法的業務，這意味著與電子商務渠道相比，Ulta 從利潤率更高的渠道獲得更多銷售額？

I guess, those are my 2 questions on e-com.

我想，這些是我關於電子商務的 2 個問題。

Well, I would say, first of all, the e-commerce, the way we guided for this year is consistent with roughly where we're feeling as we look at our longer-term plan that we're off a very big base and that will be, of course, $1 billion in sales.

好吧，我想說的是，首先，電子商務，我們今年的指導方式與我們在審視我們的長期計劃時的大致感覺是一致的，即我們離開了一個非常大的基礎，當然，這將是 10 億美元的銷售額。

And so we naturally expected that to moderate.

因此，我們自然希望這種情況會緩和。

And so I don't -- I think the fourth quarter may have been a bit of an anomaly.

所以我不——我認為第四季度可能有點反常。

We'll see in terms of that dynamic.

我們會看到這種動態。

But again, I think, our job is to just stay smart and flexible with the levers that we have and understand the dynamics that's happening from a consumer behavior perspective.

但我認為，我們的工作還是要利用我們擁有的槓桿保持聰明和靈活，並從消費者行為的角度了解正在發生的動態。

There's no way, shape or form that the importance of e-commerce as a channel is going to diminish, it's only going to grow.

電子商務作為渠道的重要性絕不會以任何方式、形式或形式減弱，它只會增長。

And so we need to continue to make sure that we're a great omnichannel retailer as well as a great brick-and-mortar retailer.

因此，我們需要繼續確保我們是一家出色的全渠道零售商以及一家出色的實體零售商。

I think it's kind of the best way to answer it.

我認為這是最好的回答方式。

And then, the...

然後，...

Yes, I don't really think there's anything, My crystal ball out here on the table as far as margin characteristics over the long-term.

是的，我真的不認為有什麼，就長期利潤率特徵而言，我的水晶球就在桌子上。

Again, I'm a conservative person by nature.

同樣，我天生就是一個保守的人。

I'd say there's inherent headwind built into that piece of the business, right, regardless of the scale, at least the scale that we're talking about here as a specialty retailer.

我想說的是，這部分業務存在固有的逆風，對，無論規模如何，至少是我們作為專業零售商在這裡談論的規模。

And so, again, we're working hard every day with tools, with our supply chain, roadmap, build-out of facilities, to get closer to customers, maintain maximum flexibility as things continue to evolve there and just hoping that we make smart decisions along the way.

因此，再一次，我們每天都在努力使用工具、我們的供應鏈、路線圖、設施的擴建，以更貼近客戶，隨著那裡的事情繼續發展保持最大的靈活性，只是希望我們變得聰明一路上的決定。

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

女士們，先生們，我們的問答環節已經結束，我想把電話轉回給 Mary Dillon，請她作結束語。

Great.

偉大的。

I'd like to wrap up by thanking our 45,000 associates for delivering an excellent 2018, and seeing 2019 to be another year of strong top and bottom line growth.

最後，我想感謝我們的 45,000 名員工在 2018 年取得了出色的成績，並認為 2019 年又是收入和利潤強勁增長的一年。

I think our team is really well-positioned to execute on a host of growth and efficiency initiatives to drive the long term success of our business and create significant shareholder value.

我認為我們的團隊完全有能力執行一系列增長和效率計劃，以推動我們業務的長期成功並創造重要的股東價值。

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

所以我期待很快再次與大家交談。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。