Ulta Beauty Inc (ULTA) 2019 Q4 法說會逐字稿

Greetings, and welcome to the Ulta Beauty Fourth Quarter 2019 Earnings Results Conference Call.

您好，歡迎來到 Ulta Beauty 2019 年第四季度收益結果電話會議。

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

（操作員說明）提醒一下，正在錄製此會議。

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

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

Please proceed.

請繼續。

Thanks, Daryl.

謝謝，達里爾。

Good afternoon, everyone, and thank you for joining us today for Ulta Beauty's Fourth Quarter and Fiscal 2019 Earnings Conference Call.

大家下午好，感謝您今天參加我們的 Ulta Beauty 第四季度和 2019 財年收益電話會議。

Hosting today's call are Mary Dillon, Chief Executive Officer; and Scott Settersten, Chief Financial Officer; Dave Kimbell, President, is also with us today.

主持今天的電話會議的是首席執行官 Mary Dillon；首席財務官 Scott Settersten；總裁戴夫·金貝爾 (Dave Kimbell) 今天也和我們在一起。

This afternoon, we released our financial results for the fourth quarter and fiscal -- full year of fiscal 2019.

今天下午，我們發布了第四季度和 2019 財年全年的財務業績。

A copy of the press release is available in the Investor Relations section of our website at www.ulta.com.

新聞稿的副本可在我們網站 www.ulta.com 的投資者關係部分獲取。

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陳述並非歷史事實，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 caution you not to place undue reliance on these forward-looking statements, which speak only as of today, March 12, 2020.

我們告誡您不要過分依賴這些前瞻性陳述，這些陳述僅截至今天，即 2020 年 3 月 12 日。

We have no obligation to update or revise our forward-looking statements, except as required by law, and you should not expect us to do so.

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

Please note that in our comments today, we will reference a number of non-GAAP metrics, including free cash flow and earnings growth adjusted for the impact of income tax benefits in fiscal 2019 and fiscal 2018.

請注意，在我們今天的評論中，我們將參考一些非 GAAP 指標，包括根據 2019 財年和 2018 財年所得稅優惠的影響調整後的自由現金流和收益增長。

We'll begin this afternoon with prepared remarks from Mary and Scott.

今天下午，我們將從瑪麗和斯科特准備好的發言開始。

Following our prepared comments, we will open up the call for questions.

在我們準備好的評論之後，我們將公開提問。

(Operator Instructions)

（操作員說明）

Now I'll turn the call over to Mary.

現在我會把電話轉給瑪麗。

Mary?

瑪麗？

Thank you, Kiley, and good afternoon, everyone.

謝謝 Kiley，大家下午好。

Before we talk about our results, I want to address a topic that's on everyone's mind, the ongoing risk related to the spread of the coronavirus.

在我們談論我們的結果之前，我想談談每個人都在想的一個話題，即與冠狀病毒傳播相關的持續風險。

Our first concern, of course, is the safety and well-being of our associates, guests and brand partners, and we've taken a number of actions focused on prevention to keep people safe and healthy.

當然，我們首先關心的是我們的員工、客人和品牌合作夥伴的安全和福祉，我們已經採取了一系列以預防為重點的行動，以確保人們的安全和健康。

We've increased sanitation measures and cleaning frequency in all stores with extra focus on product testers and high traffic areas, and we've increased availability of hand sanitizers in high traffic areas, including our cash wraps, makeup stations and salon stations.

我們增加了所有商店的衛生措施和清潔頻率，特別關注產品測試員和人流量大的區域，並且我們增加了人流量大區域（包括我們的收銀台、化妝站和沙龍站）的洗手液供應量。

We've posted signage in stores directing guests who want to try a product to find an associate who will sanitize testers on demand.

我們在商店張貼標牌，指導想要試用產品的客人找到可以按需對測試人員進行消毒的員工。

In addition, we're implementing a no-touch approach when it comes to selling assistance, like shade matching.

此外，在銷售協助方面，我們正在實施非接觸式方法，例如顏色匹配。

We have temporarily suspended all makeup, skin and brow services in stores.

我們已暫停商店中的所有化妝品、皮膚和眉毛服務。

Based on feedback from experts, we will continue to offer hair services with an increased focus on maintaining the health and safety of our guests and associates.

根據專家的反饋，我們將繼續提供美髮服務，並更加註重維護客人和員工的健康與安全。

For our associates, we're encouraging them to stay home if they're not feeling well, and we're adjusting our policies to accommodate personal and family needs and ensuring that associates who face a quarantine are compensated during that time.

對於我們的員工，如果他們感覺不舒服，我們鼓勵他們留在家裡，我們正在調整我們的政策以適應個人和家庭的需求，並確保在這段時間內面臨隔離的員工得到補償。

We've also limited travel in the U.S. and restricted international travel, and we're limiting in-person meetings, especially for large groups.

我們還限制了在美國的旅行和國際旅行，我們也限制了面對面的會議，特別是對於大型團體。

And as a further step, we've canceled our Annual General Managers Conference originally scheduled for April.

此外，我們還取消了原定於 4 月舉行的年度總經理會議。

We're closely monitoring guidance from public health officials and government agencies to make sure we have the best information to keep our associates and guests safe and informed.

我們正在密切關注公共衛生官員和政府機構的指導，以確保我們擁有最佳信息，以確保我們的員工和客人的安全和知情。

We have a cross-functional team meeting daily to respond to and plan for any potential impacts this may have on our associates or our operations, and we're working closely with our partners to manage any potential disruption to our supply chain.

我們每天召開一次跨職能團隊會議，以應對和計劃這可能對我們的員工或我們的運營產生的任何潛在影響，並且我們正在與我們的合作夥伴密切合作，以管理對我們供應鏈的任何潛在中斷。

Given the highly uncertain nature of the situation, we are actively assessing various actions we can take to manage our business differently during the current environment.

鑑於形勢的高度不確定性，我們正在積極評估我們可以採取的各種行動，以在當前環境下以不同的方式管理我們的業務。

Now I'd like to turn back to our normal course of business before opening up to your questions.

現在，在回答您的問題之前，我想回到我們的正常業務流程。

Moving on to our results for 2019 and expectations for 2020.

繼續我們 2019 年的業績和 2020 年的預期。

Starting with the fourth quarter.

從第四季度開始。

The Ulta Beauty team delivered sales and earnings that were at the high end of our expectations.

Ulta Beauty 團隊的銷售額和收益均超出我們的預期。

To recap our fourth quarter financial performance, total sales increased 8.5%, and comp store sales increased 4% on top of a strong 9.4% comp last year.

回顧我們第四季度的財務業績，總銷售額增長了 8.5%，商店銷售額在去年強勁的 9.4% 基礎上增長了 4%。

Gross margin for the quarter expanded by 10 basis points, and diluted EPS increased 7.8%.

本季度毛利率擴大 10 個基點，攤薄後每股收益增長 7.8%。

These results were achieved despite ongoing challenges in the U.S. makeup category.

儘管美國化妝品類別面臨持續挑戰，但仍取得了這些成果。

As we've discussed on previous earnings calls, the makeup category in the U.S. is experiencing a down cycle.

正如我們在之前的財報電話會議上討論的那樣，美國的化妝品類別正在經歷一個下行週期。

The U.S. makeup category was negative again this quarter across both prestige and mass measured channels.

本季度，美國化妝品類別在聲望和大眾測量渠道中再次出現負增長。

We knew the fourth quarter would be challenging, given both the category headwinds in makeup and the fact that we're lapping a very strong fourth quarter last year.

我們知道第四季度將充滿挑戰，考慮到化妝品類別的逆風以及我們去年第四季度表現非常強勁的事實。

But our enhanced omnichannel capabilities, combined with our merchandise exclusives and cross-category marketing events, helped us deliver a successful quarter.

但我們增強的全渠道能力，結合我們的獨家商品和跨類別營銷活動，幫助我們實現了一個成功的季度。

Consumer shopping patterns continue to evolve with convenient online options becoming more important during key shopping periods.

消費者購物模式不斷演變，方便的在線選擇在關鍵購物時期變得越來越重要。

Retailers who offer a great in-store experience as well as great online and omnichannel experiences, will benefit from these shifts.

提供出色店內體驗以及出色在線和全渠道體驗的零售商將從這些轉變中受益。

With increased distribution center shipping capacity, Buy Online, Pick Up In Store options available in every store and enhanced app and mobile platforms in place, including a new virtual waiting room to improve the guests experience on Black Friday, Ulta Beauty was well positioned for shifting consumer preferences this holiday season and delivered strong double-digit growth in e-commerce sales.

隨著配送中心運輸能力的提高，每家商店都提供在線購買、店內提貨選項，以及增強的應用程序和移動平台，包括一個新的虛擬等候室，以改善黑色星期五的客人體驗，Ulta Beauty 已經做好了轉移的準備消費者在這個假期的偏好，電子商務銷售額實現了兩位數的強勁增長。

We kicked off the holiday season in mid-November with Ulta Beauty Fest.

我們在 11 月中旬以 Ulta Beauty Fest 拉開了假期的序幕。

With product demonstrations, influencer activations and merchandise giveaways, this new in-store event drove nice traffic to our stores and helped us comp last year's very successful launches of Kylie Cosmetics and the James Charles Palette by Morphe.

通過產品展示、影響者激活和商品贈品，這一新的店內活動為我們的商店帶來了良好的客流量，並幫助我們與去年非常成功的 Kylie Cosmetics 和 Morphe 的 James Charles Palette 推出相媲美。

Our new holiday campaign, Give, Gather, & Glow, position Ulta Beauty as the go-to destination for all things beauty and included improved promotions like Holiday Beauty Blitz and our cross-channel gift guide to inspire and help our guests with their holiday shopping.

我們新的節日活動 Give, Gather, & Glow 將 Ulta Beauty 定位為所有美麗事物的首選目的地，並包括改進的促銷活動，如 Holiday Beauty Blitz 和我們的跨渠道禮品指南，以激發和幫助我們的客人進行節日購物.

In fact, holiday is a great time of year for Ulta Beauty because we participate in both gift-giving and as well what we call glamming, which is guests preparing for holiday parties and events.

事實上，對於 Ulta Beauty 來說，假期是一年中最美好的時光，因為我們既參加禮物贈送，也參加我們所謂的魅力，即客人為假期派對和活動做準備。

And with services optimization fully implemented in all stores, we saw good growth in our hair, skin and lash services during the quarter.

隨著所有門店全面實施服務優化，本季度我們的頭髮、皮膚和睫毛服務實現了良好增長。

We delivered strong comp performance through key holiday periods, including Black Friday and Cyber Monday, and finished the holiday season well.

我們在包括黑色星期五和網絡星期一在內的關鍵假期期間提供了強勁的業績表現，並很好地結束了假期。

Importantly, our teams did a great job resetting post-holiday and executing on our January events, Jumbo Love and Love Your Skin.

重要的是，我們的團隊在節後重置和執行我們 1 月份的活動 Jumbo Love 和 Love Your Skin 方面做得很好。

And as a result, we saw a nice acceleration in sales and traffic trends post Christmas.

結果，我們看到聖誕節後銷售和流量趨勢出現了不錯的加速。

Now turning to our performance by category.

現在轉向我們按類別的表現。

We increased our market share across all major beauty categories.

我們增加了所有主要美容類別的市場份額。

The skincare category delivered the strongest growth this quarter, with prestige, mass and sun care, all delivering double-digit comps.

護膚品類別在本季度實現了最強勁的增長，包括聲望、大眾和防曬護理，所有產品都實現了兩位數的增長。

Fragrance and PCA important gift categories and haircare all delivered high single-digit comp growth this quarter.

香水和 PCA 重要禮品類別和護髮品本季度均實現了高個位數的收入增長。

As expected, our makeup category was down slightly again this quarter driven by low single-digit decline in prestige cosmetics.

正如預期的那樣，我們的化妝品類別在本季度再次小幅下降，這是由於高檔化妝品的低個位數下降。

Growth from newer brands like Kylie Cosmetics, KKW Beauty and Grande Cosmetics as well as growth from iconic prestige brands like Clinique partially driven by the expansion of these brands to additional doors, was offset by sales declines in many of our established prestige brands.

Kylie Cosmetics、KKW Beauty 和 Grande Cosmetics 等新品牌的增長以及倩碧等標誌性聲望品牌的增長部分是由於這些品牌向更多門店的擴張所推動，但被我們許多知名聲望品牌的銷售下滑所抵消。

Mass cosmetics delivered a low single-digit comp for the quarter on top of robust double-digit growth in the fourth quarter of last year.

在去年第四季度強勁的兩位數增長基礎上，大眾化妝品在本季度實現了較低的個位數增長。

Strong sales of brands exclusive to Ulta, including ColourPop, Florence and Juvia's Place helped to offset the impact of anniversarying the launch of the James Charles Palette last year.

Ulta 獨有品牌的強勁銷售，包括 ColourPop、Florence 和 Juvia's Place，有助於抵消去年 James Charles Palette 推出週年紀念的影響。

Turning now to the full year.

現在轉向全年。

While fiscal 2019 was more challenging than we initially planned, I'm proud of how our teams reacted and adjusted to the unexpected headwinds in the U.S. makeup category and delivered solid results for our shareholders.

儘管 2019 財年比我們最初計劃的更具挑戰性，但我為我們的團隊如何應對和調整美國彩妝品類的意外逆風並為我們的股東帶來了可觀的業績感到自豪。

From a financial perspective, total sales increased 10% to $7.4 billion, and comp store sales increased 5%.

從財務角度來看，總銷售額增長 10% 至 74 億美元，同店銷售額增長 5%。

We expanded gross profit margin and delivered EPS growth of 11%.

我們擴大了毛利率並實現了 11% 的每股收益增長。

Importantly, this year, we made good progress across each of our strategic imperatives, which positioned us to deliver industry-leading growth and long-term shareholder value.

重要的是，今年，我們在每一項戰略要求方面都取得了良好進展，這使我們能夠實現行業領先的增長和長期股東價值。

Some of the highlights of 2019.

2019 年的一些亮點。

We opened up 86 new stores, remodeled 12 stores, relocated 8 and refreshed 240 stores.

新開86家，改造12家，搬遷8家，更新240家。

We increased our unaided brand awareness by 3 points from 53% to 56% with increases across every demographic group.

我們將獨立的品牌知名度從 53% 提高了 3 個百分點到 56%，每個人口群體的知名度都有所提高。

We gained market share across all major beauty categories.

我們在所有主要美容類別中都獲得了市場份額。

We expanded membership in Ultamate Rewards by 8% to 34.3 million active members and increased our average spend per member to $206.

我們將 Ultamate Rewards 的會員人數增加了 8%，達到 3430 萬活躍會員，並將每位會員的平均支出增加到 206 美元。

We grew Diamond and Platinum membership by 10%, which outpaced overall portfolio growth, and continue to retain these members at very high rates.

我們的鑽石和白金會員增長了 10%，這超過了整體投資組合的增長，並繼續以非常高的比例留住這些會員。

We increased the number of cardholders in our Ultamate Rewards credit card program by 40%, thanks to outstanding execution from both our store and digital teams in engaging with our guests.

由於我們的商店和數字團隊在與客人互動方面的出色執行，我們將 Ultamate Rewards 信用卡計劃的持卡人數量增加了 40%。

We increased our penetration of omnichannel members.

我們提高了全渠道會員的滲透率。

While the percentage of members to shop in-store only remains in the low 80s, the percentage of members who shop online and in-store increased to just over 12% of total members.

雖然在店內購物的會員比例僅保持在 80 年代的低水平，但在網上和店內購物的會員比例增加到略高於會員總數的 12%。

We expanded the distribution for our iconic prestige brands, including Clinique, Lancôme, MAC and Estée Lauder to more doors.

我們將 Clinique、Lancôme、MAC 和 Estée Lauder 等標誌性知名品牌的分銷範圍擴大到更多門店。

In total, we rolled out 973 expressions of these brands in 2019 in various in-store presentations.

2019 年，我們在各種店內展示中總共推出了 973 種這些品牌的表達方式。

We completed the rollout of services optimization in all stores.

我們在所有門店完成了服務優化的推出。

As a result, we significantly improved our retention of stylists and aestheticians and are seeing encouraging trends in guest retention and average ticket.

因此，我們顯著提高了造型師和美容師的保留率，並且在客人保留率和平均票價方面看到了令人鼓舞的趨勢。

We delivered strong double-digit growth in e-commerce sales on top of strong double-digit growth last year.

在去年強勁的兩位數增長基礎上，我們的電子商務銷售額實現了強勁的兩位數增長。

We completed the rollout of Buy Online, Pick Up In Store in all stores, refreshed our mobile app and launched Afterpay as a new payment option for online purchases.

我們在所有商店完成了在線購買、店內提貨的推出，更新了我們的移動應用程序，並推出了 Afterpay 作為在線購買的新支付選項。

We seamlessly transitioned our Romeoville distribution center into a fast fulfillment center and improved the productivity in our full-service facilities, resulting in faster e-commerce order processing for our guests and more consistent on-time deliveries to our stores as well as better in-stocks during the holiday season.

我們將我們的 Romeoville 配送中心無縫轉變為一個快速履行中心，並提高了我們全方位服務設施的生產力，從而為我們的客人更快地處理電子商務訂單，更一致地準時交貨到我們的商店以及更好的 -節日期間的庫存。

We began planning and building the capabilities to operate as a global beauty brand.

我們開始規劃和建設作為全球美容品牌運營的能力。

And we continue to strengthen our culture and again achieved industry-leading associate engagement scores and accelerated our diversity and inclusion efforts across the company, culminating a national recognition, including Forbes Best Employers for Women and Best Employers for Diversity.

我們繼續加強我們的文化，再次獲得行業領先的員工敬業度分數，並加快我們在整個公司的多元化和包容性努力，最終獲得全國認可，包括福布斯最佳女性雇主和最佳多元化雇主。

We also raised more than $5 million to benefit life-changing breast cancer research at BCRF.

我們還籌集了超過 500 萬美元，用於資助 BCRF 改變生命的乳腺癌研究。

Now 2019 was not without challenges, but by keeping our guests and our associates at the center of all of our decisions, staying focused on the longer-term growth opportunities and also staying agile and flexible in the moment, our teams delivered solid results.

2019 年並非沒有挑戰，但通過將我們的客人和員工置於我們所有決策的中心，專注於長期增長機會，並在當下保持敏捷和靈活，我們的團隊取得了可觀的成果。

As I describe now our priorities for 2020, I want to acknowledge that these plans were developed before the recent changes we've made to services and do not consider any prolonged disruption to demand resulting from coronavirus.

正如我現在描述的我們 2020 年的優先事項，我想承認這些計劃是在我們最近對服務進行更改之前製定的，並且不考慮冠狀病毒對需求造成的任何長期中斷。

As I said earlier, we're actively assessing various actions we may take to react to the current environment, but the theme still hold and are important to discuss.

正如我之前所說，我們正在積極評估我們可能採取的各種行動來應對當前環境，但主題仍然存在並且值得討論。

So first, in 2020, we expect the makeup -- U.S. makeup category will continue to be challenged, and we built a plan that reflects these headwinds while also supporting opportunities for longer-term growth.

因此，首先，在 2020 年，我們預計化妝品——美國化妝品類別將繼續受到挑戰，我們制定了一個計劃來反映這些不利因素，同時也支持長期增長的機會。

Starting with our strategic imperative to drive growth across beauty enthusiast segment and strengthen the Ulta Beauty brand, in 2019, we continue to evolve our guest messaging to reflect our brand purpose.

從我們推動美容愛好者細分市場增長和加強 Ulta Beauty 品牌的戰略要務開始，我們在 2019 年繼續改進我們的客戶信息以反映我們的品牌宗旨。

We created stronger, more immersive storytelling in all of our communications, and we launched key partnerships with NBCUniversal Telemundo, ESSENCE and Allure to connect with key consumer segments.

我們在所有通信中創造了更強大、更身臨其境的故事講述，我們與 NBCUniversal Telemundo、ESSENCE 和 Allure 建立了重要的合作夥伴關係，以與關鍵的消費者群體建立聯繫。

We also continue to optimize our marketing mix and invested in channels that drive even stronger returns, including mass channels, multicultural media, digital, streaming and emerging channels like podcast.

我們還繼續優化我們的營銷組合，並投資於能夠帶來更高回報的渠道，包括大眾渠道、多元文化媒體、數字、流媒體和播客等新興渠道。

Building on these successes in 2020, we'll continue to elevate media partnerships that help us raise awareness and deepen our connection with key beauty enthusiast segment and increase our focus on cross-category storytelling and events that reflects how our guests engage with beauty.

在 2020 年取得這些成功的基礎上，我們將繼續加強媒體合作夥伴關係，幫助我們提高知名度並加深我們與主要美容愛好者群體的聯繫，並更加關注反映我們的客人如何與美容互動的跨類別故事和活動。

Moving to our efforts to deepen love and loyalty with our members, in 2019, we added 2.5 million guests to our loyalty program and increased our average spend per member driven by double-digit growth in our lead membership levels, credit card program and mix of omnichannel guests as well as our personalization efforts.

為了加深對會員的喜愛和忠誠度，2019 年，我們的忠誠度計劃增加了 250 萬名賓客，並增加了每位會員的平均消費，這得益於我們的主要會員級別、信用卡計劃和混合服務的兩位數增長全渠道客人以及我們的個性化努力。

With more than 34 million active members, we built a differentiated loyalty program that engages guests and provides us with valuable customer insights.

我們擁有超過 3400 萬活躍會員，建立了差異化的忠誠度計劃，吸引客人並為我們提供有價值的客戶洞察。

As the program matures and as new store growth flows, we know that absolute new member growth will continue to moderate.

隨著計劃的成熟和新店的增長，我們知道新會員的絕對增長將繼續放緩。

In 2020, we'll focus our efforts to attract, educate and engage new members while also reaching out to members who haven't shopped with us in a while.

2020 年，我們將集中精力吸引、教育和吸引新會員，同時也接觸有一段時間沒有在我們這裡購物的會員。

We'll also sharpen our focus on increasing spend per member through more personalized experiences across categories and channels.

我們還將更加專注於通過跨類別和渠道的更個性化體驗來增加每位會員的支出。

Turning now to our strategy to delight our guests with a one of a kind world-class beauty assortment, our focus in 2020 is on increasing our market share across all major beauty categories, especially in skincare, haircare and makeup.

現在轉向我們的戰略，以一種世界一流的美容品組合取悅我們的客人，我們 2020 年的重點是增加我們在所有主要美容品類的市場份額，尤其是在護膚、護髮和彩妝領域。

Skincare delivered double-digit comp growth and was our fastest-growing category in 2019 and remains a meaningful growth opportunity for us.

護膚品實現了兩位數的收入增長，是我們 2019 年增長最快的類別，對我們來說仍然是一個有意義的增長機會。

In 2019, we added 47 new skincare brands to our assortment, including The Ordinary, Sunday Riley, Urban Skin Rx and most recently, belif skincare.

2019 年，我們的產品組合新增了 47 個護膚品牌，包括 The Ordinary、Sunday Riley、Urban Skin Rx 以及最近推出的 belif 護膚品。

We also increased selling space in stores and enhanced our marketing communications to support this growing category.

我們還增加了商店的銷售空間並加強了我們的營銷傳播以支持這一不斷增長的類別。

In 2020, we'll continue these efforts with a focus on further expanding the assortment across channels to highlight emerging brands and product innovation, and we'll increase associate training and education in this category.

2020 年，我們將繼續這些努力，重點是進一步擴大跨渠道的品類，以突出新興品牌和產品創新，我們將增加該類別的員工培訓和教育。

Haircare delivered high single-digit comp growth in 2019 driven by newness and a focus on key categories like color and texture.

在新穎性和對顏色和質地等關鍵類別的關注的推動下，護髮產品在 2019 年實現了高個位數的收入增長。

Newness in 2019, including popular brands like IGK and OUAI as well as exclusive brands like Pattern by Tracee Ellis Ross and Curlsmith.

2019 年的新品，包括 IGK 和 OUAI 等熱門品牌，以及 Pattern by Tracee Ellis Ross 和 Curlsmith 等獨家品牌。

In 2020, we'll continue to focus on growth areas like texture and color care, and we'll look for additional opportunities to gain share in prestige hair.

2020 年，我們將繼續專注於質地和顏色護理等增長領域，我們將尋找更多機會在高端美髮領域獲得份額。

We also plan to leverage our salons and experienced stylists with signature hair events to highlight brands, educate guests and drive sales.

我們還計劃利用我們的沙龍和經驗豐富的造型師舉辦標誌性的美髮活動來突出品牌、教育客人和推動銷售。

Makeup remains our largest category and delivered low single-digit comp growth in 2019.

彩妝仍然是我們最大的類別，並在 2019 年實現了較低的個位數收入增長。

While the category continues to face near-term sales headwinds, our research continues to show strong interest in makeup among Gen Z and millennial segment.

雖然該類別繼續面臨近期銷售逆風，但我們的研究繼續顯示 Z 世代和千禧一代對化妝品的濃厚興趣。

Leveraging our proprietary research and loyalty member data, in 2020, we'll focus on key brands that are driving growth, look to add new brands that address assortment opportunities and continue to explore co-creation opportunities.

利用我們專有的研究和忠誠會員數據，到 2020 年，我們將專注於推動增長的關鍵品牌，尋求增加新品牌來解決分類機會，並繼續探索共同創造的機會。

And finally, Clean beauty continues to be a growing area of interest with our guests.

最後，Clean beauty 繼續成為我們客人越來越感興趣的領域。

Guests are engaging in a variety of areas within beauty, including ingredients, animal testing and sustainable packaging.

客人們參與了美容領域的各個領域，包括成分、動物測試和可持續包裝。

While the demand for Clean products is strong and growing, the landscape is challenging.

雖然對清潔產品的需求強勁且不斷增長，但前景充滿挑戰。

Regulation, particularly related to chemicals, doesn't provide the clarity that guests need or want in this space.

法規，尤其是與化學品相關的法規，並未提供客人在此領域需要或想要的清晰度。

Guests are seeking transparency and choice in the products that are aligned to their personal values, but they need help navigating the complexities.

客人正在尋求符合他們個人價值觀的產品的透明度和選擇，但他們需要幫助來應對複雜的情況。

So in 2020, we intend to provide our guests with a framework to help them evaluate products based on what's most important to them.

因此，在 2020 年，我們打算為客人提供一個框架，幫助他們根據對他們來說最重要的因素來評估產品。

Our goal is to give our guests access to more choices, guide them along their journey and celebrate the brands and products that are aligned with this mission.

我們的目標是為我們的客人提供更多選擇，引導他們完成旅程，並慶祝符合這一使命的品牌和產品。

We'll share more about these efforts on future calls.

我們將在未來的電話會議上分享更多關於這些努力的信息。

Now moving on to beauty services.

現在轉向美容服務。

In 2019, we completed the rollout of services optimization to all stores, and as a result, delivered better trends in average ticket, guest retention and satisfaction and product attachment.

2019 年，我們完成了對所有門店的服務優化，因此在平均客票、顧客保留率和滿意度以及產品依戀度方面呈現出更好的趨勢。

We also increased stylist retention and strengthened our recruitment of experienced stylists with established client books.

我們還增加了造型師的保留率，並加強了我們對經驗豐富的造型師的招聘，這些造型師擁有已建立的客戶群。

In 2020, we'll work to optimize these investments and to drive further improvements.

2020 年，我們將努力優化這些投資並推動進一步改進。

To support these efforts, we'll introduce our new proprietary online booking and scheduling tool in all stores this spring.

為了支持這些努力，我們將於今年春天在所有門店推出我們新的專有在線預訂和日程安排工具。

Available through the Ulta Beauty app, this tool will make it easier and more convenient for guests to schedule and manage their salon service appointment, and it will make it easier for our associates to manage their guest books.

該工具可通過 Ulta Beauty 應用程序使用，讓客人更輕鬆、更方便地安排和管理他們的沙龍服務預約，也讓我們的員工更輕鬆地管理他們的留言簿。

Beyond our new booking tool, we've increased our focus on reinventing digital engagement.

除了我們新的預訂工具之外，我們還更加關注重塑數字參與。

In 2019, we refreshed the Ulta Beauty app to incorporate more personalization, reinforce the value of our loyalty program and make it even easier to shop directly from the app.

2019 年，我們更新了 Ulta Beauty 應用程序，以融入更多個性化內容，強化我們忠誠度計劃的價值，並讓直接從應用程序購物變得更加容易。

We also leveraged augmented reality capabilities to provide virtual try-on experiences for our guests across multiple categories.

我們還利用增強現實功能為多個類別的客人提供虛擬試穿體驗。

Building on these capabilities, in 2020, we'll invest to accelerate engagement with the app with the goal of transforming the app into the Ulta Beauty personal shopping assistant, where guests can track and activate points, respond to app-only personalized offers, schedule services, check store availability, engage with BOPIS and play with new looks, including lashes, brows, makeup and hair.

在這些功能的基礎上，我們將在 2020 年投資以加速與該應用程序的互動，目標是將該應用程序轉變為 Ulta Beauty 個人購物助理，客人可以在其中跟踪和激活積分、響應僅限應用程序的個性化優惠、安排時間服務、檢查商店可用性、與 BOPIS 互動並嘗試新造型，包括睫毛、眉毛、妝容和髮型。

Now let me give you a quick update on our ongoing efforts to drive operational excellence and deliver efficiencies for growth.

現在讓我向您簡要介紹一下我們為推動卓越運營和提高增長效率所做的持續努力。

In 2019, we have leveraged our size and scale to deliver cost savings, improved key merchandise planning processes and enhanced processes to support core operational disciplines across our real estate and supply chain operations.

2019 年，我們利用我們的規模和規模來節省成本，改進關鍵商品規劃流程並增強流程，以支持我們房地產和供應鏈運營的核心運營紀律。

As a result, we delivered meaningful savings to fund investments.

因此，我們為投資提供了可觀的儲蓄。

In 2020, we'll build on these efforts and work to improve our operational execution through enhancing our merchandising effectiveness, optimizing our supply chain network, enhancing fulfillment capabilities and capturing additional efficiencies for growth.

2020 年，我們將在這些努力的基礎上，通過提高商品銷售效率、優化我們的供應鍊網絡、增強履行能力和獲取額外的增長效率來改善我們的運營執行力。

We'll also work to ensure we delivered expected returns from investments and process improvements we made in 2018 and 2019.

我們還將努力確保我們從 2018 年和 2019 年的投資和流程改進中獲得預期回報。

Finally, in 2020, we'll continue to invest to build our international capabilities as we continue to believe this is an important long-term growth opportunity.

最後，在 2020 年，我們將繼續投資建設我們的國際能力，因為我們仍然相信這是一個重要的長期增長機會。

As we discussed in previous calls, Canada will be our first step towards becoming a global beauty brand and will allow us to build experience and capabilities to expand successfully into other international markets.

正如我們在之前的電話會議中討論的那樣，加拿大將是我們成為全球美容品牌的第一步，將使我們能夠積累經驗和能力，以成功擴展到其他國際市場。

We intend to leverage U.S. best practices to preserve what has made Ulta Beauty successful, but we'll also enhance our assortment, systems and processes to ensure that we address the unique needs of our Canadian guests.

我們打算利用美國的最佳實踐來保留使 Ulta Beauty 取得成功的因素，但我們還將改進我們的產品種類、系統和流程，以確保我們滿足加拿大客人的獨特需求。

In 2019, we began the effort developing our strategies, plans and requirements.

2019 年，我們開始努力製定我們的戰略、計劃和要求。

In 2020, we'll ready our systems and processes and begin hiring and training new associates with the goal of offering an omnichannel experience for Canadian guests in 2021.

2020 年，我們將準備好我們的系統和流程，並開始招聘和培訓新員工，目標是在 2021 年為加拿大客人提供全渠道體驗。

So today, we've shared with you our priorities for 2020.

所以今天，我們與您分享了我們 2020 年的優先事項。

While we believe the U.S. makeup category will return to growth at some point, we believe it's prudent to build a plan for 2020 that assumes no improvements this year.

雖然我們相信美國化妝品類別將在某個時候恢復增長，但我們認為為 2020 年制定一個假設今年沒有改善的計劃是謹慎的。

We can certainly adjust if we start to see positive momentum in the category.

如果我們開始看到該類別的積極勢頭，我們當然可以進行調整。

Before Scott discusses the financials in more detail, I want to talk about how we're thinking about the longer-term growth opportunity for Ulta Beauty.

在斯科特更詳細地討論財務狀況之前，我想談談我們如何考慮 Ulta Beauty 的長期增長機會。

At our analyst meeting in late 2018, we talked about growth targets for 2019 through 2021 of comp sales growth in the 5% to 7% range, modest operating margin expansion and earnings growth in the mid- to high teens.

在我們 2018 年底的分析師會議上，我們討論了 2019 年至 2021 年的增長目標，即 5% 至 7% 的銷售額增長、適度的營業利潤率增長和中高收入增長。

Since we initially shared these expectations, the U.S. makeup category has experienced much slower sales trends than we initially expected.

自從我們最初分享這些預期以來，美國化妝品類別的銷售趨勢比我們最初預期的要慢得多。

We remain very optimistic about our future.

我們對我們的未來仍然非常樂觀。

The beauty market is growing, and the Ulta Beauty model is strong and winning share.

美妝市場正在增長，Ulta Beauty 模式強勁並贏得市場份額。

And we remain confident that we will see a return to growth in the U.S. makeup category, although the exact timing of recovery is still uncertain.

我們仍然相信我們將看到美國化妝品類別恢復增長，儘管復甦的確切時間仍不確定。

Without improvement in the U.S. makeup category, we believe we can deliver comp growth in the range of 3% to 4% and EPS growth in the high single-digit range, and our expectations for 2020 after adjusting for incentive compensation and tax benefits in 2019 are in line with this view.

如果美國化妝品類別沒有改善，我們相信我們可以實現 3% 至 4% 的薪酬增長和高個位數的每股收益增長，以及我們在調整 2019 年的激勵薪酬和稅收優惠後對 2020 年的預期符合這個觀點。

While we're confident that the U.S. makeup category will return to growth, it's unlikely that it will return to the elevated levels of growth seen during the most recent up-cycle.

雖然我們相信美國化妝品類別將恢復增長，但不太可能恢復到最近上升週期中的高增長水平。

However, with more normalized growth in the U.S. makeup category, we think we can deliver mid-single-digit comp growth and low double-digit EPS growth.

然而，隨著美國化妝品類別的正常化增長，我們認為我們可以實現中等個位數的複合增長和低兩位數的每股收益增長。

And with that, I'll turn it over to Scott to discuss our financial results and outlook for 2020 in more detail.

有了這個，我將把它交給斯科特來更詳細地討論我們的財務業績和 2020 年的展望。

Thanks, Mary, and good afternoon, everyone.

謝謝，瑪麗，大家下午好。

I'll begin with an overview of our fourth quarter before turning to a summary of our results for 2019, and I'll close by sharing our outlook for 2020.

我將首先概述我們的第四季度，然後再總結我們 2019 年的業績，最後我將分享我們對 2020 年的展望。

Starting with the income statement.

從損益表開始。

Q4 top line growth of 8.5% was driven by a 4% comp, strong new store productivity and robust growth in other income primarily driven by continued growth of our credit card program.

第四季度 8.5% 的收入增長是由 4% 的收入增長、強勁的新店生產力和其他收入的強勁增長推動的，這主要是由我們信用卡計劃的持續增長推動的。

The total company comp of 4% was composed of 2.2% average ticket growth and 1.8% transaction growth.

4% 的公司總收入由 2.2% 的平均票價增長和 1.8% 的交易增長組成。

Our retail comp was down slightly as growth in average ticket was more than offset by a low single-digit decline in transactions.

我們的零售收入略有下降，因為平均票價的增長被交易量的低個位數下降所抵消。

Ulta.com growth was modestly above our expected range of 20% to 30% growth driven by traffic.

Ulta.com 的增長略高於我們預期的由流量驅動的 20% 至 30% 的增長范圍。

To provide some more color on our e-commerce performance, we were up against an easier comparison this quarter.

為了給我們的電子商務表現提供更多色彩，我們在本季度進行了更簡單的比較。

You may recall that in the fourth quarter of 2018, we experienced a reverse channel shift given our guests' avid interest to come to stores to see and experience high-profile launches from several digitally native brands.

您可能還記得，在 2018 年第四季度，我們經歷了反向渠道轉變，因為我們的客人對來商店觀看和體驗幾個數字原生品牌的高調發布有著濃厚的興趣。

This year, the rollout of Buy Online, Pick Up In Store and enhancements made to our app were also contributors to the e-commerce channel's outperformance.

今年，在線購買、店內提貨的推出以及對我們應用程序的改進也為電子商務渠道的出色表現做出了貢獻。

From a mix perspective, makeup was 48% of our sales, down 300 points from last year.

從組合的角度來看，化妝品占我們銷售額的 48%，比去年下降了 300 個百分點。

The skincare, bath and fragrance category increased 200 basis points to 25% of sales.

護膚、沐浴和香水類別增長了 200 個基點，佔銷售額的 25%。

As a percent of sales, haircare products and styling tools were flat at 18%.

護髮產品和造型工具佔銷售額的百分比持平，為 18%。

The services category was also flat at about 4% of sales.

服務類別也持平，約佔銷售額的 4%。

Gross profit margin of 35% increased 10 basis points from 34.9% a year ago, primarily due to improvement in merchandise margins driven by marketing and merchandising strategies, partially offset by investments in services and supply chain.

毛利率為 35%，比一年前的 34.9% 增長了 10 個基點，這主要是由於營銷和銷售策略推動商品利潤率提高，部分被服務和供應鏈投資所抵消。

We leveraged fixed store costs slightly.

我們略微利用固定商店成本。

To provide more color on merchandise margin, the improvement year-over-year reflects ongoing benefits from our Efficiencies For Growth, or EFG, cost optimization program, which more than offset headwinds from channel and category mix.

為了提供更多關於商品利潤率的顏色，同比改善反映了我們的增長效率或 EFG 成本優化計劃的持續好處，這大大抵消了渠道和類別組合的不利因素。

While we made good progress this year in improving the profitability across many of our merchandise categories, particularly our prestige skincare category, the softness in prestige makeup, which is our largest category as well as the expanded distribution of our iconic brands, pressured merchandise margin in the quarter.

雖然我們今年在提高許多商品類別的盈利能力方面取得了良好進展，尤其是我們的高端護膚品類別，但我們最大的品類高端化妝品的疲軟以及我們標誌性品牌的擴大分銷，對商品利潤率造成了壓力季度。

The impact of promotional activity during the quarter was slightly higher than last year.

本季度促銷活動的影響略高於去年。

As we shared on our last earnings call, we expect it to be more promotional in the quarter to offset the headwinds we are experiencing in the color cosmetics category and did indeed implement incremental promotions, many of which were in partnership with our brand partners.

正如我們在上次財報電話會議上分享的那樣，我們預計本季度將進行更多促銷活動，以抵消我們在彩妝品類中遇到的不利因素，並且確實實施了增量促銷活動，其中許多活動是與我們的品牌合作夥伴合作進行的。

I would remind you that we take a holistic approach to our promotional strategy, and we're able to pull back on other promotional levers during the quarter to minimize the overall impact of merchandise margin.

我想提醒您，我們對促銷策略採取整體方法，並且我們能夠在本季度撤回其他促銷手段，以盡量減少商品利潤率的整體影響。

SG&A rate of 22.4% deleveraged 90 basis points from 21.5% last year.

SG&A 率為 22.4%，比去年的 21.5% 去槓桿化了 90 個基點。

As anticipated, we experienced the most deleverage from planned investments and growth initiatives, and we saw a deleverage of marketing expense as we invested in digital marketing campaigns and media spend to support the holiday season.

正如預期的那樣，我們從計劃的投資和增長計劃中經歷了最大的去槓桿化，並且當我們投資於數字營銷活動和媒體支出以支持假期時，我們看到了營銷費用的去槓桿化。

We also experienced deleverage in store labor and benefits versus last year, primarily due to continued investments to support the guest experience as well as wage pressure as we adjust to rising minimum hourly wages.

與去年相比，我們在商店勞動力和福利方面也經歷了去槓桿化，這主要是由於持續投資以支持客戶體驗以及我們調整以適應不斷上漲的最低小時工資時的工資壓力。

This was partially offset by lower incentive compensation expense, reflecting our actual financial performance versus our internal targets, which were established at the beginning of the year.

這部分被較低的激勵薪酬費用所抵消，反映了我們的實際財務業績與我們年初制定的內部目標的對比。

Operating margin of 12.5% was down 70 basis points from 13.2% in the fourth quarter of 2018.

營業利潤率為 12.5%，較 2018 年第四季度的 13.2% 下降了 70 個基點。

Diluted GAAP earnings per share grew 7.8% to $3.89 per share, which included a $0.06 per share benefit, primarily due to an increase in federal income tax credits, compared to $3.61 per share reported for last year's fourth quarter.

稀釋後的 GAAP 每股收益增長 7.8% 至每股 3.89 美元，其中包括每股 0.06 美元的收益，這主要是由於聯邦所得稅抵免的增加，而去年第四季度報告的每股收益為 3.61 美元。

Before we move on, I'd like to take a moment to review our operating results for fiscal year 2019.

在我們繼續之前，我想花點時間回顧一下我們 2019 財年的經營業績。

Net sales increased 10.1% driven by a 5% comp on top of an 8.1% comp in fiscal 2018.

在 2018 財年 8.1% 的基礎上，淨銷售額增長了 10.1%，增幅為 5%。

For the year, e-commerce sales growth was near the high end of our expected range of 20% to 30% growth.

今年，電子商務銷售額增長接近我們 20% 至 30% 增長預期範圍的高端。

Operating profit for the year increased 5.5%.

全年營業利潤增長 5.5%。

As Mary highlighted, our EFG efforts provided meaningful net savings in 2019.

正如 Mary 強調的那樣，我們的 EFG 工作在 2019 年提供了可觀的淨節省。

Operating profit margin also benefited from about 30 basis points of lower incentive stock -- and stock compensation expense this year as our actual results were below our internal targets.

由於我們的實際業績低於我們的內部目標，營業利潤率也受益於今年較低的激勵股票和股票補償費用約 30 個基點。

These gains were more than offset by 110 basis points of pressure from strategic investments to drive longer-term growth, including salon optimization, personalization, digital store of the future and efforts to support EFG.

這些收益被戰略投資帶來的 110 個基點壓力所抵消，以推動長期增長，包括沙龍優化、個性化、未來的數字商店以及支持 EFG 的努力。

SG&A was also pressured by increases in payroll and benefits, primarily due to continued investments to support the guest experience as well as ongoing wage pressures.

SG&A 還受到工資和福利增加的壓力，這主要是由於持續投資以支持客戶體驗以及持續的工資壓力。

Diluted GAAP earnings per share increased 11.1% to $12.15 per share, which included $0.20 per share of benefit related to income tax accounting for share-based compensation and $0.10 per share related to federal income tax credits compared to $10.94 per share in fiscal 2018, which included a $0.09 per share benefit due to income tax accounting for share-based compensation.

稀釋後的 GAAP 每股收益增長 11.1% 至每股 12.15 美元，其中包括每股 0.20 美元與所得稅會計相關的基於股票薪酬的收益和每股 0.10 美元與聯邦所得稅抵免相關的收益，而 2018 財年為每股 10.94 美元，這包括每股 0.09 美元的收益，這是由於基於股份的薪酬的所得稅會計處理。

Moving on to the balance sheet and cash flow.

轉到資產負債表和現金流量。

Total inventory grew 6.5% driven by 80 net new stores.

在 80 家淨新店的推動下，總庫存增長了 6.5%。

Inventory per store was approximately flat as we continue to gain efficiencies from enhanced merchandising and supply chain processes.

由於我們繼續通過增強的商品銷售和供應鏈流程提高效率，每家商店的庫存大致持平。

Capital expenditures for the year were $298.5 million for new, remodeled and relocated stores, investments in IT systems, store maintenance, merchandise fixtures and supply chain activities.

這一年的資本支出為 2.985 億美元，用於新建、改建和搬遷的商店、IT 系統投資、商店維護、商品固定裝置和供應鏈活動。

Free cash flow, defined as cash flow from operations less CapEx, was $802.8 million for the year.

自由現金流（定義為運營產生的現金流減去資本支出）全年為 8.028 億美元。

We ended the quarter with $502.3 million in cash, cash equivalents and short-term investments.

本季度末，我們擁有 5.023 億美元的現金、現金等價物和短期投資。

During the fourth quarter, we repurchased 681,000 shares for a cost of $174.1 million.

第四季度，我們以 1.741 億美元的成本回購了 681,000 股股票。

For the full year, we repurchased 2.3 million shares for a cost of $681 million.

全年，我們以 6.81 億美元的成本回購了 230 萬股股票。

Turning now to guidance for 2020.

現在轉向 2020 年的指導。

Before I get into specifics, I'd like to provide an overview of how we are approaching this year.

在詳細介紹之前，我想概述一下我們今年的工作進展情況。

As Mary mentioned earlier, our outlook assumes that the U.S. makeup category remains challenged throughout the year.

正如 Mary 之前提到的，我們的展望假設美國彩妝品類全年仍面臨挑戰。

We are no less confident in our ability to gain share and believe we will be well positioned when the U.S. makeup category returns to growth, but we lack visibility into the exact timing of recovery.

我們對我們獲得市場份額的能力同樣充滿信心，並相信當美國化妝品類別恢復增長時我們將處於有利地位，但我們對複甦的確切時間缺乏了解。

Given our expectations that top line growth will continue to be challenged, we are prioritizing our investments and slowing CapEx and SG&A growth while continuing to invest in initiatives that will further differentiate Ulta Beauty and drive long-term growth.

鑑於我們預計收入增長將繼續受到挑戰，我們正在優先考慮我們的投資並減緩資本支出和 SG&A 增長，同時繼續投資將進一步區分 Ulta Beauty 並推動長期增長的計劃。

Reflecting our confidence in the longer-term growth opportunity, we intend to leverage our strong financial position to accelerate our share repurchase program this year.

為了反映我們對長期增長機會的信心，我們打算利用我們強大的財務狀況來加快我們今年的股票回購計劃。

Our Board of Directors has approved a new share repurchase authorization of $1.6 billion, which replaces the prior authorization implemented in March 2019.

我們的董事會已批准 16 億美元的新股份回購授權，取代 2019 年 3 月實施的先前授權。

Yesterday, we expanded our revolver to $1 billion and extended the term to 2025.

昨天，我們將左輪手槍擴大到 10 億美元，並將期限延長到 2025 年。

We intend to use our strong free cash flow and some of the capacity of our expanded revolver to repurchase around $1.3 billion worth of stock in fiscal 2020.

我們打算在 2020 財年利用我們強勁的自由現金流和我們擴大的左輪手槍的部分能力來回購價值約 13 億美元的股票。

Now specifically for 2020, we expect to open approximately 75 net new stores, remodel or relocate 15 stores and execute 42 store refreshes or mini remodels to facilitate the addition of new brands and improvements to overall fixturing.

現在具體到 2020 年，我們預計將淨開設約 75 家新店，改建或搬遷 15 家店，並執行 42 家店面更新或小型改建，以促進新品牌的加入和整體裝修的改進。

We anticipate driving top line growth in the 7% to 8% range with total company comparable sales planned in the 3% to 4% range.

我們預計將推動收入增長 7% 至 8%，公司可比銷售額總額計劃在 3% 至 4% 之間。

Reflecting the quarterly cadence in 2019, we expect comps in the first half of the year will be near the low end of this range, and comps in the second half of the year will be near the high end of the range.

反映 2019 年的季度節奏，我們預計上半年的 comps 將接近該範圍的低端，下半年的 comps 將接近該範圍的高端。

We expect operating margin for the year will delever by approximately 70 to 80 basis points.

我們預計今年的營業利潤率將下降約 70 至 80 個基點。

To give you a little bit more color on the expected puts and takes driving our operating margin expectation, overall, we expect modest gross margin expansion in 2020 with benefits from EFG and our credit card program offset by higher shrink.

為了給您更多關於預期看跌期權的顏色，並推動我們的營業利潤率預期，總體而言，我們預計 2020 年毛利率將適度增長，EFG 和我們的信用卡計劃帶來的好處將被更高的收縮所抵消。

While shrink was flat in 2019, we started to see some adverse trends emerge.

雖然 2019 年收縮率持平，但我們開始看到一些不利趨勢出現。

We expect other items in cost of goods, including fixed costs, supply chain cost in salon will be mostly flat as a percent of sales for the year given our comp expectations.

根據我們的預期，我們預計商品成本中的其他項目，包括固定成本，沙龍的供應鏈成本佔全年銷售額的百分比將基本持平。

Also embedded in our operating margin guidance is an expectation that SG&A will delever, primarily due to investments to support long-term growth and the normalization of incentive comp.

我們的營業利潤率指引中還包含對 SG&A 去槓桿化的預期，這主要是由於支持長期增長的投資和激勵補償的正常化。

While we are investing at a lower pace in 2020 than we did in 2019, we expect that investments to support international expansion, personalization, digital store of the future and other IT capabilities will result in about 60 basis points of SG&A headwind in 2020.

雖然我們 2020 年的投資速度低於 2019 年，但我們預計用於支持國際擴張、個性化、未來數字商店和其他 IT 能力的投資將在 2020 年導致約 60 個基點的 SG&A 逆風。

In addition, the normalization of incentive compensation expense will result in about 30 basis points of SG&A deleverage for the year.

此外，激勵補償費用的正常化將導致全年 SG&A 去槓桿化約 30 個基點。

We estimate that depreciation and amortization expense will be between $310 million and $320 million.

我們估計折舊和攤銷費用將在 3.1 億美元至 3.2 億美元之間。

Net interest expense is expected to be approximately $9 million, and we expect our tax rate for the year to be in the range of 24% to 24.5% as we do not expect to repeat the benefit of federal income tax credit that we experienced in 2019.

淨利息支出預計約為 900 萬美元，我們預計今年的稅率將在 24% 至 24.5% 之間，因為我們預計不會重複我們在 2019 年經歷的聯邦所得稅抵免的好處.

These assumptions result in guidance for diluted earnings per share in the range of $12.55 to $12.75 per share, assuming weighted average diluted shares of approximately $54 million.

這些假設導致稀釋後每股收益的指導範圍為每股 12.55 美元至 12.75 美元，假設加權平均稀釋後股份約為 5400 萬美元。

We expect to repurchase about $1.3 billion of stock in 2020.

我們預計將在 2020 年回購約 13 億美元的股票。

While we don't provide quarterly guidance, we expect the first half of the year will be more challenging than the second half.

雖然我們不提供季度指引，但我們預計今年上半年將比下半年更具挑戰性。

Specifically, we expect that EPS in the first half of the year will be lower than EPS in the first half of last year as we anniversary strong comp growth, strong gross margin expansion and $0.21 in tax rate benefit from share-based compensation.

具體來說，我們預計今年上半年的每股收益將低於去年上半年的每股收益，因為我們週年紀念強勁的公司增長、強勁的毛利率擴張和 0.21 美元的稅率受益於股份補償。

We expect CapEx to be in the range of $280 million to $300 million, including approximately $165 million for new stores, remodels and merchandise fixtures, $90 million for supply chain and IT and about $35 million for store maintenance and other.

我們預計資本支出在 2.8 億美元至 3 億美元之間，其中約 1.65 億美元用於新店、改造和商品固定裝置，9000 萬美元用於供應鍊和 IT，約 3500 萬美元用於商店維護和其他。

Finally, I would note again that our guidance for 2020 does not include assumptions for any impact related to coronavirus.

最後，我要再次指出，我們對 2020 年的指導不包括對與冠狀病毒相關的任何影響的假設。

The situation is dynamic, and it's very difficult to predict or quantify the impact of any potential disruption to our supply chain, changes in consumer demand or any other actions that may become necessary as events unfold.

情況是動態的，很難預測或量化對我們供應鏈的任何潛在破壞、消費者需求的變化或隨著事件的發展可能變得必要的任何其他行動的影響。

As Mary indicated, we are monitoring this evolving situation closely.

正如 Mary 所指出的，我們正在密切關注這種不斷變化的情況。

We are assessing actions we can take to manage our business through this rapidly changing conditions, and we will certainly adjust our plans as necessary.

我們正在評估在這種瞬息萬變的情況下可以採取哪些措施來管理我們的業務，我們一定會根據需要調整我們的計劃。

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

現在，我將把電話轉回接線員以主持問答環節。

(Operator Instructions) Our first question comes from the line of Rupesh Parikh of Oppenheimer.

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

So I guess, Mary, just going back to your comments on the coronavirus, I was just curious if you can just share any color in terms of what impact you're seeing right now in your stores, and if you're seeing any changes in the behavior, I guess, the past few days.

所以我想，瑪麗，回到你對冠狀病毒的評論，我只是好奇你是否可以就你現在在商店中看到的影響以及你是否看到任何變化分享任何顏色在行為中，我猜，過去幾天。

Thank you, Rupesh.

謝謝你，魯佩什。

Thanks for asking that.

謝謝你這麼問。

I guess I would start with just reiterating that our first priority is really focusing on the safety and health of our associates, our guests, our brand partners.

我想我首先要重申，我們的首要任務是真正關注我們的員工、客人和品牌合作夥伴的安全和健康。

You can imagine, as a leadership team, we're very focused on this, staying agile 24/7, focused, really action-oriented.

你可以想像，作為一個領導團隊，我們非常專注於此，保持 24/7 全天候敏捷，專注，真正以行動為導向。

So -- and I think, obviously, everybody in business will look at it that way.

所以——我認為，顯然，商界的每個人都會這樣看。

And I'd say if you break it apart from a supply chain perspective, we really haven't seen any material impacts to our supply chain.

我想說，如果你從供應鏈的角度來看，我們真的沒有看到對我們的供應鏈有任何實質性影響。

Our team has been working closely with our brand partners and our carrier partners really for weeks as necessary to pull forward some inventory of high velocity SKUs.

我們的團隊已經與我們的品牌合作夥伴和我們的運營商合作夥伴密切合作了數週，以根據需要推出一些高速 SKU 庫存。

So right now, we feel pretty good about that.

所以現在，我們對此感覺很好。

It's possible that it could get disrupted, but we feel good about that.

它有可能會被打亂，但我們對此感覺很好。

On the demand side, we started to see some impact, on store traffic this week, but it really varies by market.

在需求方面，我們開始看到本週對商店客流量的一些影響，但它確實因市場而異。

On the flip side, our e-commerce business has continued to perform strongly.

另一方面，我們的電子商務業務繼續表現強勁。

And I'd say that's true broadly, really, even including affected areas.

我想說的是，這在很大程度上是正確的，真的，甚至包括受影響的地區。

So we're keeping a close eye on all of this.

所以我們正在密切關注這一切。

It's really too early to tell how it's going to play out.

現在判斷結果如何還為時過早。

But so far, that's our assessment of the situation.

但到目前為止，這是我們對形勢的評估。

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

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

I'll get my one question in, and I'll jump off.

我會提出我的一個問題，然後我會跳下去。

It's somewhat of a modeling question.

這有點像建模問題。

First, you mentioned on the makeup comps, you're not expecting an improvement.

首先，你在化妝比賽中提到，你並不期望有所改善。

If we heard it right, I think you actually ended the year positive even though the fourth quarter was negative.

如果我們沒聽錯的話，我認為即使第四季度是負數，你實際上也以正數結束了這一年。

If I heard that right, what is the assumption for the full year for 2020?

如果我沒聽錯，那麼 2020 年全年的假設是什麼？

Is it a low single digit comp?

它是一個低個位數的補償嗎？

Or is it the negative run rate from the fourth quarter?

還是第四季度的負運行率？

And then related to your point that you just said on e-commerce, Mary, doing well, what is your expectation for the mix of e-commerce, I guess, deliveries in 2020?

然後關於你剛才說的關於電子商務的觀點，瑪麗，做得很好，你對電子商務的組合有什麼期望，我想，2020 年的交付？

And could that end up being low given what we're going to maybe see from consumer behavior over the next, I don't know, weeks or months?

鑑於我們可能會在接下來的幾週或幾個月內從消費者行為中看到什麼，這最終會不會很低？

E-commerce deliveries, did you say, or e-commerce demand?

你是說電商配送，還是電商需求？

I'm sorry, just to clarify that, Simeon.

對不起，我只是想澄清一下，Simeon。

I think he's gone...

我覺得他已經走了...

Thinking of the mix of the -- yes, if the deliveries goes up, what happens to the gross margin?

考慮的組合 - 是的，如果交付量增加，毛利率會發生什麼變化？

Okay.

好的。

So do you want to start with the category question, Dave, and then we'll come back to e-commerce?

所以你想從類別問題開始嗎，戴夫，然後我們再回到電子商務？

Sure.

當然。

We'll start with makeup.

我們將從化妝開始。

And yes, to reiterate one thing, we remain confident over the long term of makeup and are optimistic about the role that, that will continue to play over the long term.

是的，重申一件事，我們對化妝品的長期前景充滿信心，並對化妝品將長期發揮的作用持樂觀態度。

But as both Scott and Mary mentioned, we are uncertain about when this turnaround will happen.

但正如 Scott 和 Mary 所提到的，我們不確定這種轉變何時會發生。

So specifically, wanting to answer your question, yes, we did see a combined total growth in makeup.

所以具體來說，想回答你的問題，是的，我們確實看到了化妝品的總體增長。

We're anticipating that to be roughly in line or maybe slightly below that, flat to maybe slightly negative.

我們預計這將大致符合或可能略低於該水平，持平甚至可能略微為負。

So consistent-ish with 2019 performance and not a dramatic change in results.

與 2019 年的表現如此一致，結果沒有發生巨大變化。

But again, over time, as we look at both demographic change, innovation that we feel like there's opportunities down the road, we believe that the category will be returned to health at some point.

但是，隨著時間的推移，當我們看到人口變化和創新時，我們認為未來會有機會，我們相信該類別將在某個時候恢復健康。

On the e-commerce front, yes, we're watching it closely.

在電子商務方面，是的，我們正在密切關注。

I mean the good news is that we feel like the investments that we've been making to improve the overall experience for our guests from the app to the platform, to the offerings as well as investing in our supply chain capabilities has put us in a good place as well as BOPIS.

我的意思是好消息是，我們覺得我們一直在為改善客人的整體體驗而進行的投資，從應用程序到平台，再到產品以及對我們供應鏈能力的投資，使我們處於好地方以及 BOPIS。

I mean BOPIS was a good addition to the portfolio of the omnichannel tools last year.

我的意思是 BOPIS 是去年全渠道工具組合的一個很好的補充。

So we'll watch it closely.

所以我們會密切關注它。

I mean certainly, a shift up in that mix has some pressure on margin.

我的意思是，當然，這種組合的轉變會對利潤率產生一些壓力。

But we'll -- obviously, we're going to meet consumer demand where it is and make other adjustments in the business model as we need to.

但我們——顯然，我們將滿足消費者的需求，並根據需要對商業模式進行其他調整。

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

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

Mary, one of the strategies that's under -- unfolding here is social distancing in terms of the strategy to mitigate what's unfolding.

瑪麗，這裡正在展開的戰略之一是社會疏遠，以減輕正在發生的事情。

What are your thoughts on how your business is best prepared in that context?

在這種情況下，您對您的企業如何做好最好的準備有何看法？

And what are some levers you could pull regarding traffic and thinking about the interplay of physical traffic as well as a potential for a recession?

關於交通和考慮物理交通的相互作用以及經濟衰退的可能性，您可以採取哪些措施？

I would love your thoughts.

我會喜歡你的想法。

Well, again, the investments that we've been making in our digital platforms, our AR platforms, are all, I think, are smart that we have those capabilities, right?

好吧，我認為，我們一直在數字平台、AR 平台上進行的投資都是明智的，因為我們擁有這些能力，對吧？

So one of the things that we're encouraging guests to do is to get engaged with our app and use our GLAM LAB to do a virtual try-on.

因此，我們鼓勵客人做的一件事就是使用我們的應用程序並使用我們的 GLAM LAB 進行虛擬試穿。

It's really, I'd say, pretty state of the art and allows the guests to really explore a lot of different looks virtually, digitally, which is pretty cool.

這真的，我想說，非常先進，讓客人能夠真正地以虛擬、數字方式探索許多不同的外觀，這非常酷。

In store, and I talked about this a little bit earlier, we've taken some steps.

在店裡，我之前談過這個，我們已經採取了一些措施。

I mean certainly, our guests' health and safety and that of our associates is really is our top priority.

我的意思是，當然，客人和員工的健康和安全確實是我們的首要任務。

We've been focused always on really cleanliness of stores, but what we've done is increase sort of some of the protocols there.

我們一直專注於商店的真正清潔，但我們所做的是增加那裡的一些協議。

We've also, as I mentioned, temporarily suspended services that are touching the face, makeup, skin and brows services.

正如我提到的，我們還暫停了涉及面部、化妝、皮膚和眉毛的服務。

And really, I guess, doing more of a coaching, no-touch kind of approach.

我想，真的，更多的是在做一種教練式的、非接觸式的方法。

We're starting that right now in terms of helping our guests.

我們現在就開始幫助我們的客人。

Having said that, hair services based on expert advice that we're getting, we're going to continue to do hair services and just continue to implement additional protections as needed.

話雖如此，基於我們得到的專家建議的美髮服務，我們將繼續提供美髮服務，並根據需要繼續實施額外的保護措施。

So I think that -- the other thing I would say is extra attention is being placed on things like testers and telling our guests, if you want to use a tester, if you want to see how somebody looks, go to GLAM LAB virtual try-on or an associate can help you and we'll sanitize that first.

所以我認為——我要說的另一件事是要特別注意測試人員之類的事情，並告訴我們的客人，如果你想使用測試人員，如果你想看看某人的樣子，請去 GLAM LAB 虛擬嘗試-on 或同事可以幫助您，我們將首先對其進行消毒。

So these things are fluid.

所以這些東西是流動的。

We're exploring a number of options, and we'll adjust as necessary.

我們正在探索多種選擇，並會根據需要進行調整。

We see our guests wanting to shop in person for beauty, and we want to accommodate them in every way that we can.

我們看到我們的客人想要親自購買美容產品，我們希望盡我們所能滿足他們的需求。

But we'll stay fluid and pay close attention, obviously, make adjustments if needed.

但我們會保持流暢並密切關注，顯然，如果需要會進行調整。

I guess the other part is -- when somebody signs off now, we can't say -- I can't ask them to clarify the second question, but you did ask, Oliver, about a potential recession.

我想另一部分是——當有人現在簽字時，我們不能說——我不能要求他們澄清第二個問題，但你確實問過，奧利弗，關於潛在的經濟衰退。

And now certainly I'll just touch on that, which is that we think as a category, right, we are in a good category to be in.

現在我當然會談到這一點，那就是我們認為作為一個類別，對，我們屬於一個很好的類別。

And that beauty is, in some ways, essential, very essential in people's lives, replenishable, kind of an affordable indulgent -- indulgence.

在某些方面，美是必不可少的，在人們的生活中非常重要，可以補充，是一種負擔得起的放縱——放縱。

Our business model, while it could moderate like others during a recession, our category will, we think, perform better than others in retail as we've seen historically.

我們的商業模式，雖然在經濟衰退期間可能會像其他人一樣緩和，但我們認為，我們的類別將比我們歷史上看到的零售業表現更好。

And of course, our model, we're able to flex based on consumer preferences.

當然，我們的模型能夠根據消費者的喜好進行調整。

So having a broad range of price points and categories allows our guests to really have a lot of options in terms of how they spend their money.

因此，擁有廣泛的價位和類別讓我們的客人在如何花錢方面真正有很多選擇。

We also have a strong margin profile that allows us to invest in driving traffic.

我們還擁有強大的利潤率，使我們能夠投資於增加流量。

And I'd say most importantly, we've got a strong team in place that knows how to be operationally and financially disciplined.

我想說最重要的是，我們擁有一支強大的團隊，他們知道如何在運營和財務上自律。

So good communication and visibility in what's occurring, flexing to meet consumer demand, that's how we're going to lead through this.

如此良好的溝通和對正在發生的事情的可見性，靈活地滿足消費者的需求，這就是我們將如何引領它。

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

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

My on one question is around the loyalty program.

我的一個問題是關於忠誠度計劃。

I believe you've said there are 34 members now in -- 34 million members now in the program, which I think would be flat relative to the third quarter.

我相信你說過現在有 34 名成員 - 3400 萬名成員加入該計劃，我認為這與第三季度持平。

So as that program matures, how do you think about the ongoing potential for transaction growth, particularly given that we did see it kind of ticked down in this quarter?

因此，隨著該計劃的成熟，您如何看待交易增長的持續潛力，特別是考慮到我們確實看到它在本季度有所下降？

Just curious on that.

只是好奇。

I'll let Dave take that one, Erinn.

我會讓戴夫拿那個，愛琳。

Thank you.

謝謝。

Yes.

是的。

So I'll start with saying that we continue to be really excited about the power of our loyalty program.

所以我首先要說的是，我們仍然對忠誠度計劃的力量感到非常興奮。

It did grow 8% for 2019 to 34 million, which we believe makes it one of the leading loyalty programs certainly in our space in the country and a powerful tool for us to continue to drive our business.

它在 2019 年確實增長了 8% 至 3400 萬，我們相信這使其成為該國領先的忠誠度計劃之一，也是我們繼續推動業務的強大工具。

You did highlight that in the fourth quarter, growth versus the third quarter was a little slower than some of the recent trends.

您確實強調了第四季度與第三季度相比的增長比最近的一些趨勢要慢一些。

We would look at that as both -- as the program gets bigger, we did anticipate that it would moderate somewhat in growth, but also as we were lapping some of the strong traffic driver and new guest driver activity of some of the launches that we've talked about also made our overlap a little bit tougher as it relates to that.

我們會同時考慮這兩種情況——隨著項目規模的擴大，我們確實預計它的增長會有所緩和，但同時我們也在利用我們推出的一些強大的流量驅動程序和新的來賓驅動程序活動已經討論過也使我們的重疊變得更加困難，因為它與此相關。

But we're optimistic about our opportunity to continue to reach beauty enthusiasts across the country and continue to grow that.

但我們對繼續接觸全國美容愛好者並繼續發展的機會持樂觀態度。

But having said that, you are right that we also see an important growth opportunity over an extended period around spend per member, and it's a big focus for us.

但話雖如此，你是對的，我們在很長一段時間內也看到了一個重要的增長機會，圍繞每個會員的支出，這是我們的一個重點。

Really, everything that we're doing is focused on continuing to find new and engaging ways for our guests to participate in Ulta whether it's the new brands we're bringing in, credit card program, innovation and loyalty services.

事實上，我們所做的一切都集中在繼續為我們的客人尋找新的和有吸引力的方式來參與 Ulta，無論是我們引入的新品牌、信用卡計劃、創新和忠誠度服務。

And then of course personalization is, we believe, one of the biggest opportunities ahead of us, and we've been investing heavily in that to make sure that we can continue to find ways to delight our guests.

當然，我們相信個性化是擺在我們面前的最大機會之一，我們一直在這方面投入大量資金，以確保我們能夠繼續找到取悅客人的方法。

Mary and Scott both highlighted some of the things that we've been doing that we believe will drive personalization.

Mary 和 Scott 都強調了我們一直在做的一些我們認為會推動個性化的事情。

Our app and innovation and refreshes of our app both in 2019 and more to come, we think, will drive more personalized connection.

我們認為，我們的應用程序以及我們應用程序在 2019 年及未來的創新和更新將推動更加個性化的聯繫。

Our integration of augmented reality or virtual reality with GLAM LAB.

我們將增強現實或虛擬現實與 GLAM LAB 集成。

GLAM LAB continues to get better, and we expand that across new formats like foundation and skin tone.

GLAM LAB 不斷變得更好，我們將其擴展到粉底和膚色等新形式。

We have skin quizzes.

我們有皮膚測驗。

And we continue to get better and better on product recommendations, new member engagement, replenishment reminders, all these things, we think, will contribute to the growth that we've seen -- continue the growth that we've seen on spend per member.

我們在產品推薦、新會員參與度、補貨提醒方面繼續做得越來越好，所有這些，我們認為，將有助於我們看到的增長——繼續我們看到的每位會員支出的增長.

So both sides of the equation we are optimistic about, and we'll continue to drive that.

因此，我們對等式的兩邊都持樂觀態度，我們將繼續推動這一點。

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

我們的下一個問題來自 Jefferies 的 Steph Wissink。

Scott, I have a question for you about the operating margin guidance.

斯科特，我有一個關於營業利潤率指導的問題要問你。

I believe you quantified about 60 basis points of the drag year-over-year from incremental investments.

我相信你從增量投資中量化了大約 60 個基點的同比拖累。

So a 2-part question.

所以一個由兩部分組成的問題。

One is just what are you looking for to kind of justify those returns to maintain that level of incremental investment?

一個是您正在尋找什麼來證明這些回報是合理的，以維持這種增量投資水平？

And is it something related to market share disruption that you're watching for or that you think an opportunity exist to take incremental share in the near term?

它是否與您正在關注的市場份額中斷有關，或者您認為存在在短期內增加份額的機會？

Yes, I would just say we look at it in a very balanced and pragmatic kind of way.

是的，我只想說我們以一種非常平衡和務實的方式來看待它。

So the things that we called out in our prepared remarks around the investments that we believe we need to continue to move ahead on, including the big international opportunity, again, long-term sales and margin dollar driver for us over the long term, personalization is something again that we've been working on for some time but continue to ramp up and see results now, I mean these things are helping drive sales for us today, and we think there's a lot more opportunity for that over the longer term.

因此，我們在準備好的評論中提到了我們認為我們需要繼續前進的投資，包括巨大的國際機會，從長遠來看，我們的長期銷售和利潤美元驅動因素，個性化再次是我們已經努力了一段時間但現在繼續增加並看到結果的東西，我的意思是這些東西正在幫助推動我們今天的銷售，我們認為從長遠來看會有更多的機會。

Salon optimization is another big one.

沙龍優化是另一個大問題。

Again, we're -- it's a bit of a headwind in the first half of 2020 until we anniversary some of the start-up initial cost there, but we expect to get benefits out of that over the long term.

同樣，我們 - 在 2020 年上半年有點逆風，直到我們在那裡慶祝一些啟動初始成本，但我們預計從長遠來看會從中受益。

So I mean you could just all -- these are all market share opportunity levers, and that's the way we're looking at it.

所以我的意思是你可以全部 - 這些都是市場份額機會槓桿，這就是我們看待它的方式。

And we think these are, again, the right things to do for investors for the long term.

我們認為，從長遠來看，這些對投資者來說是正確的做法。

Our next question comes from the line of Joe Altobello of Raymond James.

我們的下一個問題來自 Raymond James 的 Joe Altobello。

I guess, first, the comp impact from the suspension of makeup, skin and brow services.

我想，首先是暫停化妝、皮膚和眉毛服務對補償的影響。

I don't know if you guys quantified that, but that'd be helpful.

我不知道你們是否量化了這一點，但這會有所幫助。

And then maybe a quick one for Scott.

然後可能是 Scott 的一個快速的。

The pace of share repurchases this year, is that going to be ratable throughout the year?

今年股票回購的速度，全年都會變化嗎？

Or is it more front-end loaded?

還是更多的前端加載？

Yes, I'll start.

是的，我會開始。

No, we have not quantified that yet.

不，我們還沒有對此進行量化。

That was today's decision.

那是今天的決定。

But I would say that, certainly, one of the things, for sure, our associates that would perform those services will be actively in stores also selling products and servicing guests, right?

但我想說的是，其中一件事，當然，我們提供這些服務的員工將積極地在商店裡銷售產品和服務客人，對吧？

So we hope to keep our associates engaged, and we'll see how this plays out.

所以我們希望讓我們的員工保持參與，我們將看看結果如何。

We'll quantify that at some point, but it's just an early decision.

我們會在某個時候對其進行量化，但這只是一個早期的決定。

So we haven't done that yet.

所以我們還沒有這樣做。

And the repurchases, I think for modeling, you should just assume kind of a ratable kind of run rate throughout the year.

而回購，我認為對於建模來說，你應該假設全年的運行率都是可比的。

Again, I'll remind folks that we were opportunistic last year when we saw a disruption in the stock price midway through the year.

再次，我要提醒大家，去年我們在年中看到股價中斷時是機會主義的。

We took opportunities there where we thought it was appropriate.

我們在那裡抓住了我們認為合適的機會。

Again, in light of what's going on with the market right now, again, we would take a very pragmatic approach.

同樣，鑑於目前市場的情況，我們將再次採取非常務實的方法。

This is something that's always top of mind with us, with our Board of Directors and something that we're in constant communication on.

這是我們、我們的董事會以及我們一直在不斷溝通的事情。

So you can, whatever, expect us to be very measured in our approach here, right, and not put the company at risk.

因此，無論如何，您都可以期望我們在這裡的方法非常慎重，對吧，而不是讓公司面臨風險。

Next question comes from the line of Paul Trussell of Deutsche Bank.

下一個問題來自德意志銀行的 Paul Trussell。

Good fourth quarter.

第四季不錯

I would want to just dig into the puts and takes around gross margin, both in regards to the up 10 basis points in 4Q and the outlook.

我只想深入研究看跌期權和毛利率，包括第四季度上漲 10 個基點和前景。

If you can just give a little bit more color on what you're seeing in terms of the promotional environment.

如果你能在促銷環境方面給你看到的東西多一點色彩。

You called out shrink and then obviously the EFG contribution that we can expect moving forward.

你呼籲收縮，然後顯然是我們可以期待向前發展的 EFG 貢獻。

Yes.

是的。

So there's a lot to unpack there.

所以那裡有很多東西要拆開。

So just going back to fourth quarter, give you a little bit more color on that.

所以回到第四季度，給你更多的顏色。

So again, in our prepared remarks, I mean there's always a lot of different factors that go into the outcome of any particular quarter.

因此，在我們準備好的發言中，我的意思是，任何特定季度的結果總是有很多不同的因素。

So the GM, gross margin, expansion in the quarter, we're happy with the result.

因此，通用汽車、毛利率、本季度的擴張，我們對結果感到滿意。

It was roughly in line with kind of what our expectations were.

這大致符合我們的預期。

So EFG was a big component of that.

所以 EFG 是其中的重要組成部分。

We've been talking about that consistently through 2019.

整個 2019 年，我們一直在談論這個問題。

So that theme continues into 2020.

因此，該主題將持續到 2020 年。

There was definitely benefits captured there through a lot of hard work by a lot of our teams, and that's something that's a benefit that's going to produce good results for us in years to come as well.

通過我們許多團隊的大量辛勤工作，肯定在那裡獲得了好處，而這種好處也會在未來幾年為我們帶來良好的結果。

The post-holiday, we called out, the events in the hair and the Jumbo Love events were great, executed well, both in-store and online, were beneficial to us.

節後，我們呼籲，頭髮中的事件和 Jumbo Love 事件很棒，執行得很好，無論是在店內還是在網上，對我們都有好處。

Promotion, while it was a bit higher than last year as we expected, it was a little bit less than what we had forecasted when we were looking ahead to fourth quarter.

促銷，雖然如我們預期的那樣比去年高一點，但比我們展望第四季度時的預測要低一點。

Credit card continues to deliver great incremental benefits for us.

信用卡繼續為我們帶來巨大的增量收益。

And again, that's another lever that's going to be a multiyear contributor overall to the gross margin expansion.

再一次，這是另一個將成為毛利率擴張的多年貢獻者的槓桿。

And so those benefits were enough to offset the mix headwind, the e-commerce channel shift that we've been talking about for many years now and some of the shrink -- tougher shrink results that we had in the quarter.

因此，這些好處足以抵消混合逆風、我們多年來一直在談論的電子商務渠道轉變以及我們在本季度取得的一些收縮——更艱難的收縮結果。

Again, shrink, by and large, was flattish to last year, which is the good news, but it was a little bit tougher than we were expecting.

同樣，收縮總體上與去年持平，這是個好消息，但比我們預期的要難一些。

All right?

好的？

And so we're seeing trends there, not unlike many across the retail world.

所以我們在那裡看到了趨勢，與零售界的許多趨勢不同。

I mean you've probably seen this referred to in other places.

我的意思是你可能在其他地方看到過這個。

And so this is something, again, we haven't spent a lot of time talking about with investors over time because the pendulum does swing back and forth a bit like whack-a-mole, I guess you could say.

所以這又是一件事情，隨著時間的推移，我們沒有花很多時間與投資者討論，因為鍾擺確實來回擺動，有點像打地鼠，我想你可以說。

Our teams are doing a great job managing shrink.

我們的團隊在管理收縮方面做得很好。

We're focused on things that we can control around processes and tools, but this is a trend that we think is going to be tougher in 2020 than we were expecting as it's probably going to mitigate some of the gross margin expansion that we were hoping for.

我們專注於我們可以圍繞流程和工具控制的事情，但我們認為這種趨勢在 2020 年將比我們預期的更加艱難，因為它可能會減輕我們希望的一些毛利率增長為了。

As we look ahead to next year, again, EFG helps.

當我們展望明年時，EFG 再次提供幫助。

Shrink, a bit of a headwind.

收縮，有點逆風。

Salon optimization is going to be a bit of a headwind in the first half of the year but will moderate in the second half, and hopefully, do better than we have planned.

沙龍優化在今年上半年會有點不利，但在下半年會有所緩和，希望比我們計劃的要好。

Fixed store cost, I would say, flattish in 2020 compared to good leverage that we saw last year.

我想說，與我們去年看到的良好槓桿率相比，固定商店成本在 2020 年持平。

Again, most of that is due to a lower comp expectation for the full year.

同樣，其中大部分是由於全年的薪酬預期較低。

Supply chain, doing well overall.

供應鏈，整體表現良好。

Mary mentioned our facilities are being optimized and producing better results than expected.

Mary 提到我們的設施正在優化並產生比預期更好的結果。

A little bit of pressure in supply chain late in the year.

今年年底供應鏈有點壓力。

The new FFC, we start ramping up activities there.

新的 FFC，我們開始在那裡加強活動。

One thing I would call out on the gross margin line is BOPIS.

我要在毛利率線上指出的一件事是 BOPIS。

So again, we just rolled that out late in the second quarter.

再一次，我們只是在第二季度末推出了它。

Really, we're just getting our hands wet with that, I guess you could say.

真的，我想你可以這麼說，我們只是開始嘗試。

So there's a lot of learnings that we captured during the fourth quarter, and so I think that's an area where we could see some upside potentially to help maybe drive gross margin in 2020.

因此，我們在第四季度吸取了很多經驗教訓，所以我認為這是一個我們可以看到一些可能有助於提高 2020 年毛利率的領域。

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

我們的下一個問題來自富國銀行的 Ike Boruchow。

So I guess my question, going back to the corona impact on the business.

所以我想我的問題，回到電暈對業務的影響。

Maybe just at a higher level for Mary or Scott, can you maybe talk about what percent of your makeup transactions do you believe carry some kind of in-store trial components and maybe combined with the service component of what you guys offer?

也許只是對 Mary 或 Scott 來說更高的層次，你能談談你認為你的化妝品交易中有多少百分比帶有某種店內試用組件，並且可能與你們提供的服務組件相結合？

And I guess where I'm going with that is I'm just trying to understand important customer trial and in-store behavior is to the sales model.

我想我要去的地方是我只是想了解重要的客戶試用和店內行為對銷售模式的影響。

Yes.

是的。

I mean it's a good question.

我的意思是這是個好問題。

I would say, certainly, services in total are much, much -- it's a very small part of our business compared to what we sell at retail, right?

我會說，當然，服務總量非常非常多 - 與我們零售銷售的產品相比，它只占我們業務的一小部分，對嗎？

So in general -- and most of that is hair services.

所以總的來說——其中大部分是美髮服務。

So the thing is that -- and that part of the business, we're going to continue as planned.

所以事情是 - 以及業務的那一部分，我們將按計劃繼續進行。

Certainly, the notion of being able to try things is an important asset of how we serve up beauty, but it doesn't happen in every transaction.

當然，能夠嘗試事物的想法是我們如何提供美容服務的重要資產，但並非在每筆交易中都會發生。

It really just doesn't.

它真的只是沒有。

And also, we have the ability for our associates to still help our guests in multiple ways, right?

而且，我們有能力讓我們的員工以多種方式幫助我們的客人，對吧？

So they can take a tester, sanitize it, put on somebody's hand to show them a color.

所以他們可以拿一個測試儀，對其進行消毒，然後戴在某人的手上給他們看顏色。

We can use our GLAM Street -- our GLAM LAB app, which is really very realistic.

我們可以使用我們的 GLAM Street——我們的 GLAM LAB 應用程序，它非常逼真。

And so it's early stages, but we don't really think that's something that is going to prevent people from making great transactions and decisions.

所以這是早期階段，但我們真的不認為這會阻止人們做出偉大的交易和決定。

We're going to do everything we can.

我們將竭盡所能。

We've got a skin match tool also on our app.

我們的應用程序中也有皮膚匹配工具。

So we've got tools that we think will allow that kind of consumer behavior.

所以我們有我們認為可以允許這種消費者行為的工具。

But we'll -- as we look at this, we'll learn more and quantify more.

但是我們會 - 當我們看到這個時，我們會學到更多並量化更多。

But if -- I mean there's no question it's the right decision to make right now in the short term, and your question is a good one about -- and this may not last for that long.

但是，如果——我的意思是毫無疑問，這是短期內做出的正確決定，而且你的問題是一個很好的問題——而且這可能不會持續那麼久。

We'll just have to see.

我們只需要看看。

But we'll do our level best to make the shopping experience online and in-store for our guests just as immersive as we can, if that makes sense.

但我們會盡最大努力為我們的客人提供盡可能身臨其境的在線和店內購物體驗，如果這有意義的話。

But we feel like it's fine, it's going to be the right thing to do, and guests would expect it.

但我們覺得這很好，這將是正確的做法，客人也會期待它。

Our next question comes from the line of Anthony Chukumba of Loop Capital Markets.

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

So I just had a real quick question on Buy Online, Pick Up In Store.

所以我剛剛有一個關於在線購買，店內提貨的快速問題。

If you can just give us just a little bit more color on that now that you've been doing it for a few quarters.

如果你能給我們多一點顏色，既然你已經做了幾個季度了。

Just particularly in terms of penetration or just any learnings that you've gotten from doing that.

特別是在滲透方面或您從中獲得的任何學習方面。

Yes, I'll take that.

是的，我會接受的。

We're just really thrilled with the performance.

我們對錶演感到非常興奮。

Probably first and foremost, executionally, our store teams picked up this new capability and delivered it with excellence, and we're really excited about being able to offer this to our guests because our guests responded very favorably to it.

可能首先也是最重要的是，在執行方面，我們的商店團隊採用了這項新功能並以卓越的方式交付，我們很高興能夠將此提供給我們的客人，因為我們的客人對此反應非常好。

As you know, we rolled that out to all stores in midyear last year, and we saw very strong adoption across the entire chain.

如您所知，我們在去年年中將其推廣到所有商店，我們看到整個連鎖店的採用率非常高。

Every store had transactions, of course, some more than others, but every store participated.

每個商店都有交易，當然，有些比其他的多，但每個商店都參與了。

Our guest was interested across small markets, big markets and everything in between.

我們的客人對小市場、大市場以及介於兩者之間的一切都感興趣。

We're -- it's still -- despite the success we had over the end of the year last year, it's still a relatively small part of our e-commerce business, and we're getting learnings.

我們 - 它仍然 - 儘管我們在去年年底取得了成功，但它仍然是我們電子商務業務中相對較小的一部分，我們正在學習。

We're trying to understand the incrementality of BOPIS.

我們正在嘗試了解 BOPIS 的增量。

We believe it's there, but we still have some learning to really understand what's the longer-term behavior.

我們相信它就在那裡，但我們仍然需要學習才能真正理解什麼是長期行為。

One thing we do know is the average ticket for our BOPIS orders is somewhat lower than a full regular e-commerce order, in part suggesting -- using that capability to avoid shipping costs or to be able to pick up items with certainty that same day.

我們確實知道的一件事是，我們的 BOPIS 訂單的平均票價略低於完整的常規電子商務訂單，這在一定程度上表明——使用該功能可以避免運費或能夠確定當天提貨.

So the last thing I'd say is we're seeing a nice attachment level -- attachment rate in-store, meaning those that are coming to pick up their BOPIS orders, many of them are also picking up additional items while they're there in the store.

所以我最後要說的是，我們看到了一個很好的依戀水平——店內依戀率，這意味著那些來取 BOPIS 訂單的人，他們中的許多人也在取其他物品。在商店裡。

So overall, pleased but early, and we're looking forward to learning even more about ways to leverage this with our guests through 2020.

總的來說，很高興但還早，我們期待在 2020 年之前了解更多關於如何與我們的客人一起利用這一點的方法。

Thanks, Dave.

謝謝，戴夫。

I'd just like to wrap up by thanking our more than 44,000 associates.

最後，我想感謝我們的 44,000 多名員工。

We're staying focused on delivering -- serving our guests and delivering really solid results in 2019.

我們將繼續專注於交付——為我們的客人提供服務，並在 2019 年取得真正可觀的成果。

I am very excited about the future for Ulta Beauty.

我對 Ulta Beauty 的未來感到非常興奮。

I believe our business model, our strategy and our talented team will continue to drive success and create significant shareholder value.

我相信我們的商業模式、我們的戰略和我們才華橫溢的團隊將繼續推動成功並創造重要的股東價值。

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

我們期待在 5 月份報告第一季度業績時再次與大家交談。

Thank you.

謝謝。

This concludes today's 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。