Ulta Beauty Inc (ULTA) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty's conference call to discuss results for the second quarter of fiscal 2022. (Operator Instructions) And as a reminder, this conference call is being recorded. And it is now my pleasure to introduce Ms. Kiley Rawlins, Vice President of Investor Relations. Thank you, Ms. Rawlins, please proceed.

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 2022 財年第二季度的業績。（操作員說明）作為提醒，本次電話會議正在錄音中。現在我很高興介紹投資者關係副總裁 Kiley Rawlins 女士。謝謝你，羅林斯女士，請繼續。

Thanks, John. Good afternoon, everyone, and thank you for joining us today for our discussion of Ulta Beauty's results for the second quarter of fiscal 2022. Hosting our call are Dave Kimbell, Chief Executive Officer; and Scott Settersten, Chief Financial Officer; Kecia Steelman, Chief Operating Officer, will join us for the Q&A session.

謝謝，約翰。大家下午好，感謝您今天加入我們，討論 Ulta Beauty 2022 財年第二季度的業績。主持我們電話會議的是首席執行官 Dave Kimbell；和首席財務官 Scott Settersten；首席運營官 Kecia Steelman 將加入我們的問答環節。

This afternoon, we announced our financial results for the second quarter. A copy of the press release is available in the Investor Relations section of our website. Before we begin, I'd like to remind you that 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.

今天下午，我們公佈了第二季度的財務業績。新聞稿的副本可在我們網站的投資者關係部分獲得。在我們開始之前，我想提醒您，本次電話會議中包含的非歷史事實的陳述可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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. We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, August 25, 2022. We have no obligation to update or revise our forward-looking statements, except as required by law, and you should not expect to do so.

由於存在許多風險和不確定性，未來的實際結果可能與此類聲明中的預測存在重大差異，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。我們提醒您不要過分依賴這些前瞻性陳述，這些陳述僅在今天，即 2022 年 8 月 25 日發表。我們沒有義務更新或修改我們的前瞻性陳述，除非法律要求，您應該不希望這樣做。

We'll begin this afternoon with prepared remarks from Dave and Scott. Following our prepared comments, we'll open the call for questions. (Operator Instructions) As always, the IR team will be available for any follow-up questions after the call. Now I'll turn the call over to Dave. Dave?

今天下午，我們將從戴夫和斯科特准備好的發言開始。根據我們準備好的評論，我們將打開問題電話。 （操作員說明）與往常一樣，IR 團隊將在電話會議後提供任何後續問題。現在我將把電話轉給戴夫。戴夫？

Thank you, Kiley, and good afternoon. We appreciate your continued interest in Ulta Beauty. The Ulta Beauty team delivered outstanding performance again this quarter. For the second quarter, net sales increased 16.8% to $2.3 billion. Operating profit increased to 17% of sales and diluted EPS increased 25% to $5.70 per share.

謝謝你，Kiley，下午好。感謝您對 Ulta Beauty 的持續關注。 Ulta Beauty 團隊本季度再創佳績。第二季度，淨銷售額增長 16.8% 至 23 億美元。營業利潤增加至銷售額的 17%，攤薄後每股收益增加 25% 至每股 5.70 美元。

We continue to be very pleased with the broad-based strength of our business. For the quarter, all major categories exceeded our expectations, and we increased our market share in prestige beauty versus last year based on point-of-sale data from the NPD Group. Sales in stores and digital channels also increased -- exceeded our expectations with both channels delivering solid comp growth in the quarter. And we saw healthy sales gain from members across all income demographics.

我們繼續對我們業務的廣泛實力感到非常滿意。本季度，所有主要類別都超出了我們的預期，根據 NPD 集團的銷售點數據，我們在聲望美妝領域的市場份額與去年相比有所增加。商店和數字渠道的銷售額也有所增長——超出了我們的預期，這兩個渠道在本季度都實現了穩健的複合增長。我們看到所有收入人群的成員都取得了健康的銷售增長。

Consumer engagement with beauty remains strong, reflecting a deep emotional connection with the category as well as the continued importance of self-care and wellness. This healthy engagement paired with solid operational execution from our teams, fueled our results. Before we talk about the results, I want to recognize and thank our Ulta Beauty associates. Their collaborative commitment to serving our guests, caring for each other and executing our plans with absolute excellence has enabled us to continue navigating a dynamic environment and deliver outstanding results.

消費者對美容的參與度仍然很高，反映出與該類別的深厚情感聯繫以及自我保健和健康的持續重要性。這種健康的參與與我們團隊穩健的運營執行相結合，推動了我們的成果。在我們談論結果之前，我想認識並感謝我們的 Ulta Beauty 員工。他們對服務客人、相互關懷和以絕對卓越的態度執行我們的計劃的合作承諾使我們能夠繼續在充滿活力的環境中航行並取得出色的成果。

The strength in our business, despite a turbulent environment reflects the power of our differentiated model and our ability to capitalize on the strength of the overall beauty category. Our unique enduring value proposition continues to drive our success and our strategic framework anchors our focus as we look forward.

儘管環境動盪，但我們業務的實力反映了我們差異化模式的力量以及我們利用整體美容品類優勢的能力。我們獨特的持久價值主張繼續推動我們的成功，我們的戰略框架將我們的重點放在展望未來。

This afternoon, I want to share an update on our strategic progress. Our first strategic priority is to drive disruptive growth through an expanded definition of all things beauty. We engage into light beauty enthusiasts with a curated differentiated assortment focused on inclusivity and leading trends, and this approach continues to deliver results.

今天下午，我想分享我們戰略進展的最新情況。我們的首要戰略重點是通過擴大對所有事物美的定義來推動顛覆性增長。我們通過精心策劃的差異化產品系列吸引輕美容愛好者，專注於包容性和領先趨勢，這種方法將繼續取得成果。

From a category perspective, fragrance and bath, skincare, haircare and makeup all exceeded expectations, delivering double-digit comp growth against the second quarter last year. We are encouraged that the vast majority of our comparable sales growth was fueled by growth from both core and newness with a modest benefit from recently executed price increases.

從品類來看，香水和沐浴、護膚、護髮和彩妝均超出預期，與去年第二季度相比實現了兩位數的增長。我們感到鼓舞的是，我們的可比銷售額增長的絕大部分是由核心和新品的增長推動的，最近執行的價格上漲帶來了適度的收益。

As we have discussed on previous calls, we have received a large number of price increases from our brand partners in the first half of this year. Given ongoing cost pressures facing our brand partners, we expect to receive additional increases as we move throughout the rest of the year.

正如我們在之前的電話會議中所討論的，今年上半年我們收到了來自品牌合作夥伴的大量提價。鑑於我們的品牌合作夥伴面臨持續的成本壓力，我們預計在今年餘下的時間裡會獲得額外的增長。

Turning to the performance of our core categories, starting with our largest category, makeup. Compared to the second quarter of 2021, both prestige and mass makeup delivered double-digit comp growth. As consumers participated in more in-person activities, traveled and increasingly used makeup as a form of self-expression. Guests continue to engage with new brands like Fenty Beauty, R.E.M. Beauty and recently launched About-Face by Halsey, while new products from established brands like Clinique, NYX, e.l.f. and ColourPop also contributed to the sales growth. In addition, the ongoing expansion of MAC and Chanel Beauté into more stores contributed to the strong prestige performance.

轉向我們核心類別的表現，從我們最大的類別開始，化妝品。與 2021 年第二季度相比，聲望和大眾化妝品均實現了兩位數的增長。隨著消費者參與更多的面對面活動、旅行並越來越多地使用化妝作為自我表達的一種形式。客人繼續與 Fenty Beauty、R.E.M. 等新品牌互動。美容，最近由 Halsey 推出 About-Face，而來自 Clinique、NYX、e.l.f. 等知名品牌的新產品。和 ColourPop 也為銷售增長做出了貢獻。此外，MAC 和 Chanel Beauté 不斷向更多門店擴張，也促成了強勁的聲望表現。

Haircare, our second largest category, delivered another quarter of double-digit growth driven by newness and strong engagement in our semiannual Gorgeous Hair Event, a strategic event designed to acquire new guests, increase existing member spend and drive salon penetration. New brands like OLAPLEX as well as new product launches from (inaudible) and Living Proof contributed to the category growth in the quarter and the initial launch of Dyson's latest Airwrap styling tool with new features and attachment sold out quickly.

護髮是我們的第二大類別，在我們每半年一次的 Gorgeous Hair Event 的新奇和強烈參與的推動下，又實現了四分之一的兩位數增長，這是一項旨在吸引新客人、增加現有會員消費和推動沙龍滲透率的戰略活動。 OLAPLEX 等新品牌以及（聽不清）和 Living Proof 推出的新產品促進了本季度的品類增長，並且首次推出的具有新功能和附件的 Dyson 最新 Airwrap 造型工具迅速售罄。

Guests continue to engage with core professional brands like Redken and Pureology and our salon [Back Bird] takeovers drove strong growth with Joico and recently launched Andrew Fitzsimons.

客人繼續與 Redken 和 Pureology 等核心專業品牌互動，我們的沙龍 [Back Bird] 收購推動了 Joico 的強勁增長，最近推出了 Andrew Fitzsimons。

Skin care was one of our best-performing categories this quarter with both prestige and mass delivering double-digit comp growth, driven by new brands and product innovation. Newness continued to appeal to guests with newer brands such as Drunk Elephant, Fresh, Supergoop! and recently launched Vacation as well as new products from Peach & Lily, OSEA and Hero cosmetics contributing to category growth during the quarter. And Skinfatuation, our monthly skincare program, which works to demystify skin care with educational content and focused themes delivered nice growth for established brands like Tula, Sun Bum, COOLA and Good Molecules.

在新品牌和產品創新的推動下，護膚品是我們本季度表現最好的品類之一，在聲望和大眾產品方面都實現了兩位數的增長。 Newness 繼續以 Drunk Elephant、Fresh、Supergoop 等新品牌吸引客人！最近推出的 Vacation 以及 Peach & Lily、OSEA 和 Hero 化妝品的新產品為該季度的品類增長做出了貢獻。我們的每月護膚計劃 Skinfatuation 致力於通過教育內容和重點主題揭開護膚的神秘面紗，為 Tula、Sun Bum、COOLA 和 Good Molecules 等知名品牌帶來了良好的增長。

The fragrance category again delivered strong double-digit comp growth on top of extraordinary growth last year. Compelling newness and strong engagement with our Mother's Day and Father's Day events contributed to this performance. Recently launched Ulta Beauty exclusive Billie Eilish and Charli D'Amelio Born Dreamer as well as (inaudible) from Gucci, YSL and Dior drove meaningful sales growth. While our monthly Fragrance Crush program drove greater engagement with established brands like Valentino and [Armada].

除了去年的非凡增長之外，香水類別再次實現了兩位數的強勁增長。我們的母親節和父親節活動令人信服的新穎性和強烈參與促成了這一表現。最近推出的 Ulta Beauty 獨家 Billie Eilish 和 Charli D'Amelio Born Dreamer 以及來自 Gucci、YSL 和 Dior 的（聽不清）推動了有意義的銷售增長。雖然我們每月的 Fragrance Crush 計劃推動了與 Valentino 和 [Armada] 等知名品牌的更多互動。

In addition, in core category growth, we are investing in 3 cross-category platforms to increase guest engagement and expand our market share. We know consumers seek beauty brands that are good for the world and align with their values. And Conscious Beauty at Ulta Beauty continues to resonate with guests as it addresses these interests.

此外，在核心品類增長方面，我們正在投資 3 個跨品類平台，以提高客戶參與度並擴大我們的市場份額。我們知道消費者尋求對世界有益並符合其價值觀的美容品牌。 Ulta Beauty 的 Conscious Beauty 在解決這些興趣時繼續引起客人的共鳴。

At the end of the second quarter, 290 brands offered certified products in at least 1 Conscious Beauty pillar, including newly certified brands, Born Dreamer, About-Face, (inaudible) and Good Light. To increase the visibility of Conscious Beauty and to make it easier for guests to identify products that align with what is important to them, this quarter we refreshed the landing page on ulta.com and added digital badging to all product pages. Now guests can quickly identify certified brands and products across our Conscious Beauty pillars, whether shopping in stores or on our digital channels.

在第二季度末，有 290 個品牌在至少 1 個 Conscious Beauty 支柱中提供認證產品，包括新認證品牌 Born Dreamer、About-Face、（聽不清）和 Good Light。為了提高 Conscious Beauty 的知名度，並讓客人更容易識別與他們認為重要的產品，本季度我們刷新了 ulta.com 的登錄頁面，並在所有產品頁面中添加了數字徽章。現在客人可以通過我們的 Conscious Beauty 支柱快速識別經過認證的品牌和產品，無論是在商店購物還是在我們的數字渠道上購物。

Moving to our efforts to expand and support our assortment of BIPOC brands, we are committed to diversifying our assortments, so all guests can see themselves reflected at Ulta Beauty. In addition to continuing to expand our portfolio of BIPOC brands and enhance our marketing support for these brands, we are focused on driving structural change within the beauty industry.

為了努力擴大和支持我們的 BIPOC 品牌品種，我們致力於使我們的品種多樣化，以便所有客人都能在 Ulta Beauty 看到自己的形象。除了繼續擴大我們的 BIPOC 品牌組合併加強對這些品牌的營銷支持外，我們還專注於推動美容行業的結構變革。

As the leader in beauty, we believe we have a responsibility to take tangible steps to create foundational industry change through the investment of capital and resources. As such, next month, we will officially launch our MUSE Accelerator program focused on early-stage BIPOC brands. Through this program, we will provide 8 diverse leaders, founders and entrepreneurs with resources, mentorship and support to prepare them for retail readiness. I look forward to sharing more about our inaugural class on future calls.

作為美容行業的領導者，我們相信我們有責任採取切實可行的步驟，通過資本和資源的投資創造基礎性的行業變革。因此，下個月，我們將正式啟動專注於早期 BIPOC 品牌的 MUSE Accelerator 計劃。通過該計劃，我們將為 8 位不同的領導者、創始人和企業家提供資源、指導和支持，為他們做好零售準備。我期待在未來的電話會議上分享更多關於我們就職班的信息。

Finally, we continue to enhance our wellness shop to support guests as they prioritize self-care. This quarter, we expanded the shop to additional stores and now roughly 750 stores offer guests an elevated cohesive presentation of wellness products to help them easily navigate their personal journey. Today, we offer a curated omni assortment of more than 140 brands, including newly launched brands, Womeness and Olay and more than 700 SKUs to help our guests feel their best inside and out.

最後，我們繼續加強我們的健康店，以支持客人優先考慮自我保健。本季度，我們將店鋪擴大到更多店鋪，現在約有 750 家店鋪為客人提供高度一致的健康產品展示，幫助他們輕鬆駕馭個人旅程。今天，我們提供 140 多個品牌的精選全品類，包括新推出的品牌、Womeness 和 Olay 以及 700 多個 SKU，以幫助我們的客人從內到外都感受到最佳狀態。

Moving now to our ongoing efforts to evolve the omnichannel experience through a connected physical and digital ecosystem, all in your world. Store traffic trends were strong again this quarter as guests return to in-store shopping and services. While store traffic remained slightly below pre-pandemic levels, the trend continues to improve. Our services business delivered another quarter of double-digit comp growth, primarily due to increased capacity and new service offerings. In addition, we implemented modest price increases for core services in May.

現在轉向我們不斷努力通過連接的物理和數字生態系統來發展全渠道體驗，所有這些都在您的世界中。隨著客人返回店內購物和服務，本季度的商店客流量趨勢再次強勁。儘管商店客流量仍略低於大流行前的水平，但趨勢仍在繼續改善。我們的服務業務又實現了四分之一的兩位數增長，這主要是由於容量的增加和新的服務產品。此外，我們在 5 月份對核心服務實施了適度漲價。

Notably, member engagement with services accelerated from the first quarter, reflecting our ongoing efforts to amplify our salon services and encourage first-time trial through our Member Love offers. As guests return to stores, they are also engaging in our digital channels. After lapping the tremendous digital acceleration prompted by COVID, our e-commerce channel returned to more normalized growth, delivering mid-single-digit comp growth for the quarter.

值得注意的是，從第一季度開始，會員參與服務的速度加快，這反映了我們不斷努力擴大我們的沙龍服務，並通過我們的 Member Love 優惠鼓勵首次試用。當客人返回商店時，他們也在參與我們的數字渠道。在經歷了 COVID 帶來的巨大數字加速之後，我們的電子商務渠道恢復了更加正常的增長，本季度實現了中個位數的增長。

We continue to incentivize guests to try alternative delivery options for e-commerce orders while also investing to improve the guest experience. During the quarter, BOPIS increased 32% to 25% of e-commerce sales compared to 20% last year. Importantly, we saw a significant improvement in guest satisfaction with the BOPIS experience, reflecting the engagement and focus of our store associates. While limited to 12 markets, guests are also increasing their use of our same-day delivery options, and we continue to be pleased with the AOV and profitability metrics of this fulfillment capability. Between BOPIS, same-day delivery and ship from store, more than 1/3 of our digital orders were fulfilled by stores.

我們繼續鼓勵客人嘗試電子商務訂單的替代交付方式，同時還投資以改善客人體驗。本季度，BOPIS 在電子商務銷售額中的佔比從去年的 20% 增加了 32% 至 25%。重要的是，我們看到客戶對 BOPIS 體驗的滿意度顯著提高，這反映了我們門店員工的參與度和專注度。雖然僅限於 12 個市場，但客人也越來越多地使用我們的當日送達選項，我們繼續對這種履行能力的 AOV 和盈利能力指標感到滿意。在 BOPIS、當日送達和門店發貨之間，我們超過 1/3 的數字訂單由門店完成。

We continue to expand and enhance our guest experience across all channels. In our digital channels, our teams continue to deliver a more seamless experience through what we call our digital store of the future. This quarter, we introduced new, more engaging products on both ulta.com and our mobile app.

我們將繼續在所有渠道擴展和增強我們的客戶體驗。在我們的數字渠道中，我們的團隊繼續通過我們所謂的未來數字商店提供更加無縫的體驗。本季度，我們在 ulta.com 和我們的移動應用程序上推出了新的、更具吸引力的產品。

We are also improving our physical store experience. Next month, we plan to introduce a new front of store presentation that will allow us to enhance our ability to support more editorial storytelling around newness, events and trends. And later this fall, we will introduce a new layout in select stores to elevate key growth categories, unify the presentation of skincare and makeup and enhance the store -- the services experience.

我們也在改善我們的實體店體驗。下個月，我們計劃推出一個新的店面展示，這將使我們能夠增強我們支持更多圍繞新事物、事件和趨勢的編輯故事講述的能力。今年秋季晚些時候，我們將在精選門店引入新佈局，提升重點增長品類，統一護膚彩妝展示，提升門店服務體驗。

Longer term, we are exploring innovative ways to connect our digital and physical stores and deliver forward-thinking guest experiences. This quarter, we officially launched Prisma Ventures, a $20 million fund focused on investing in early-stage start-ups and emerging tech entrepreneurs who will shape the future of retail and beauty.

從長遠來看，我們正在探索創新方式來連接我們的數字和實體店，並提供具有前瞻性的客戶體驗。本季度，我們正式推出了 Prisma Ventures，這是一個 2000 萬美元的基金，專注於投資於將塑造零售和美容行業未來的早期初創企業和新興科技企業家。

To date, the fund has partnered and invested in a variety of startups to enable greater personalization, including Haut.AI, Adeptmind, Revea and ReStyle. And we recently announced an investment in LUUM, a startup that provides robotic lash extensions, opening new intersections between beauty and robotics.

迄今為止，該基金已與多家初創公司合作並投資，以實現更大的個性化，包括 Haut.AI、Adeptmind、Revea 和 ReStyle。我們最近宣布投資 LUUM，這是一家提供機器人睫毛延伸的初創公司，在美容和機器人技術之間開闢了新的交匯點。

Finally, we continue to enhance and expand our partnership with Target. During the second quarter, we opened 59 Ulta Beauty at Target shops, ending the quarter with 186 locations. During the quarter, we refreshed the assortment, expanding the fragrance offering, launched 2 Black-owned brands, Sunday to Sunday and Melanin Haircare and introduce newness from existing brand partners, including Benefit, Morphe and Tula.

最後，我們將繼續加強和擴大與 Target 的合作夥伴關係。在第二季度，我們在 Target 商店開設了 59 家 Ulta Beauty，截至本季度末，共有 186 家門店。在本季度，我們更新了品類，擴大了香水供應，推出了 2 個黑人自有品牌，Sunday to Sunday 和 Melanin Haircare，並從現有品牌合作夥伴（包括 Benefit、Morphe 和 Tula）引入新品。

As we anniversary the initial launch of this innovative partnership and reflect on the progress made, we continue to be pleased with overall guest engagement and we are encouraged by the behavior of new members who enter our ecosystem through this new channel. The foundation of our partnership is strong, and we are focused on driving further loyalty conversion to unlock even greater value as we scale.

在我們紀念這一創新合作夥伴關係的首次啟動並回顧所取得的進展時，我們繼續對整體客戶參與感到滿意，並且我們對通過這個新渠道進入我們生態系統的新成員的行為感到鼓舞。我們合作夥伴關係的基礎很牢固，我們專注於推動進一步的忠誠度轉換，以在我們擴大規模時釋放更大的價值。

Now let me give you an update on some of the steps we're taking to drive love, loyalty and emotional connection with Ulta Beauty. We have been on a multiyear journey to create a stronger, more emotional connection with our guests and bring our brand purpose to life. Beauty is inherently inclusive. Every individual is unique and beauty can help celebrate this uniqueness. As the leader in the category, we want to move beauty forward, making it a force for good for all and inspiring everyone to discover their own possibilities through the power of beauty.

現在讓我向您介紹我們為推動與 Ulta Beauty 的愛、忠誠和情感聯繫而採取的一些步驟。多年來，我們一直在努力與客人建立更強大、更情感的聯繫，並將我們的品牌目標變為現實。美麗本質上是包容的。每個人都是獨一無二的，美麗可以幫助慶祝這種獨特性。作為該類別的領導者，我們希望推動美向前發展，使其成為造福所有人的力量，並通過美的力量激勵每個人發現自己的可能性。

Building on our previous brand equity work, we are launching a new brand equity campaign, beauty and to celebrate the expansive nature of beauty and empower people to embrace their endless possibilities. The campaign will launch with content across paid, owned and earned media with unique elements that we believe will prompt new culturally relevant conversations about beauty and inspire greater inclusivity and positivity in our industry and the world. This campaign has performed extraordinarily well in consumer testing, and I'm proud of the efforts Ulta Beauty is making to change the way the world sees beauty.

在我們之前的品牌資產工作的基礎上，我們推出了一項新的品牌資產活動，即美容，以慶祝美容的廣闊天性，讓人們擁抱無限的可能性。該活動將在付費、自有和免費媒體中推出具有獨特元素的內容，我們相信這些元素將促進有關美的新文化相關對話，並激發我們行業和世界更大的包容性和積極性。該活動在消費者測試中表現非常出色，我為 Ulta Beauty 為改變世界看待美的方式所做的努力感到自豪。

Turning to our loyalty program. We ended the quarter with 38.2 million active members in our Ultimate Rewards loyalty program, 10% above the second quarter last year. In addition to converting new members and reengaging lapsed members, we are maintaining healthy retention rates, especially among our Diamond and Platinum members. Overall spend per member increased again this quarter, driven by both increased trip frequency and higher average ticket. And our channel metrics remain steady with in-store-only members totaling 76% of members and omnichannel-only members totaling 17%.

轉向我們的忠誠度計劃。截至本季度末，我們的 Ultimate Rewards 忠誠度計劃擁有 3820 萬活躍會員，比去年第二季度增長 10%。除了轉換新會員和重新吸引失效會員外，我們還保持健康的保留率，尤其是在我們的鑽石和白金會員中。本季度每位會員的總體支出再次增加，這得益於旅行頻率的增加和平均票價的上漲。我們的渠道指標保持穩定，僅店內會員佔會員總數的 76%，僅全渠道會員佔 17%。

Over the last several years, we have expanded our CRM capabilities and developed stronger life cycle marketing strategies that will allow us to drive loyal shopping behaviors more precisely through promotional activity. Today, we are leveraging predictive decisioning to target strategic member segments with personalized communications and offers to increase frequency and drive higher lifetime value. We are seeing encouraging engagement in these offers, resulting in increases in spend per member. As promotional intensity increases in beauty and across retail, these capabilities enable us to rely less on mass market promotions and leverage more targeted and profitable offers.

在過去的幾年裡，我們擴展了我們的 CRM 功能並製定了更強大的生命週期營銷策略，這將使我們能夠通過促銷活動更精確地推動忠誠的購物行為。今天，我們正在利用預測性決策，通過個性化的溝通和優惠來瞄準戰略成員細分市場，以提高頻率並推動更高的生命週期價值。我們看到這些優惠的參與令人鼓舞，導致每位會員的支出增加。隨著美容和整個零售領域的促銷強度增加，這些能力使我們能夠減少對大眾市場促銷的依賴，並利用更有針對性和有利可圖的優惠。

In May, we launched UB Media, our new retail media network and the response from brand partners has been tremendous. Our brand partners are excited about the opportunity to leverage the power of our exclusive first-party data to transform the way they connect with beauty enthusiasts. Our team is ramping up well, and we remain excited about the opportunity to unlock a new income stream and drive sales as we enable our brand partners to engage consumers more effectively.

5 月，我們推出了新零售媒體網絡 UB Media，品牌合作夥伴反響熱烈。我們的品牌合作夥伴很高興有機會利用我們獨家第一方數據的力量來改變他們與美容愛好者的聯繫方式。我們的團隊發展良好，我們對有機會開啟新的收入來源並推動銷售感到興奮，因為我們使我們的品牌合作夥伴能夠更有效地吸引消費者。

In closing, I am incredibly pleased with the strength we have seen across our business so far this year. Our operational and financial performance is a testament to the power of our values-based culture, our business model and the important role beauty plays in our customers' lives. We recognize beauty is not immune to macroeconomic challenges, but the category's deep emotional connection has historically resulted in stronger resilience compared to other discretionary categories. And as our results illustrate, we believe this is even more true today given the importance of self-care and wellness.

最後，我對今年迄今為止我們在業務中所看到的實力感到非常滿意。我們的運營和財務業績證明了我們以價值觀為基礎的文化的力量、我們的商業模式以及美容在客戶生活中所扮演的重要角色。我們認識到美妝產品並非不受宏觀經濟挑戰的影響，但與其他非必需品類別相比，該類別的深厚情感聯繫歷來具有更強的韌性。正如我們的結果所表明的那樣，鑑於自我保健和健康的重要性，我們相信今天更是如此。

As we look to the future, we know there will be challenges, particularly with the wide-ranging impact of rising inflation, both on our business and our guests. But we remain confident in the resilience of the beauty category and our ability to lead the beauty category and drive long-term profitable growth.

展望未來，我們知道將會面臨挑戰，尤其是通脹上升對我們的業務和客人造成的廣泛影響。但我們仍然對美妝品類的彈性以及我們引領美妝品類和推動長期盈利增長的能力充滿信心。

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

現在我將把電話轉給斯科特討論財務結果。斯科特?

Thanks, Dave, and good afternoon, everyone. As Dave indicated, our second quarter results were better than we expected. Strong sales growth due to several factors, including the resilience of the beauty category, stronger-than-expected sales growth from stores and the impact of new brands, drove better-than-expected performance in gross margin and SG&A leverage, resulting in an operating margin of 17%. These results reflect the hard work and commitment of our associates, and I want to thank all of our teams for staying focused on serving our guests and managing our business through this dynamic operating environment.

謝謝，戴夫，大家下午好。正如戴夫所說，我們第二季度的業績好於我們的預期。由於美妝品類的韌性、門店銷售增長強於預期以及新品牌的影響等多種因素，銷售增長強勁，推動毛利率和 SG&A 槓桿的表現好於預期，導致經營利潤率為 17%。這些結果反映了我們員工的辛勤工作和承諾，我要感謝我們所有的團隊在這個充滿活力的運營環境中始終專注於為我們的客人服務和管理我們的業務。

Now to the financial results, starting with the income statement. Net sales for the quarter increased 16.8%, driven by 14.4% growth in comp sales, a $19 million increase in other revenue and strong new store performance. Transactions for the quarter increased 8.3%, primarily driven by growth from stores. Average ticket increased 5.6%, resulting primarily from an increase in average selling price. Average units per transaction were down slightly. The increase in average selling price primarily reflects the impact of product mix and retail price increases executed this year. We estimate that price increases contributed about 300 basis points to the overall comp.

現在到財務結果，從損益表開始。本季度的淨銷售額增長了 16.8%，這主要得益於復合銷售額增長 14.4%、其他收入增長 1900 萬美元以及新店業績強勁。本季度交易量增長 8.3%，主要受門店增長推動。平均票價增長 5.6%，主要是由於平均售價上升。每筆交易的平均單位數略有下降。平均售價的上漲主要反映了今年執行的產品組合和零售價格上漲的影響。我們估計價格上漲對整體構成貢獻了約 300 個基點。

During the quarter, we opened 7 new stores and relocated 4 stores. For the quarter, gross margin decreased 20 basis points to 40.4% of sales compared to 40.6% last year. Although we had less total promotional activity during the quarter, overall merchandise margin was lower than last year, primarily due to the impact of brand mix and lapping benefits from favorable inventory reserve adjustments in the second quarter last year.

本季度，我們開設了 7 家新店並搬遷了 4 家店。本季度，毛利率下降 20 個基點至佔銷售額的 40.4%，而去年為 40.6%。儘管我們在本季度的總促銷活動較少，但整體商品利潤率低於去年，主要是由於品牌組合的影響以及去年第二季度有利的庫存儲備調整帶來的重疊收益。

Gross margin was also negatively impacted by higher inventory shrink primarily due to increased theft across the retail landscape, theft and organized retail crime are increasing, and we are seeing similar trends in our business. We are working diligently to keep our associates and guests safe and to reduce the risk of impact through investment in new fixtures, additional associate training, innovative technology solutions and increased staffing levels.

毛利率也受到較高的庫存縮減的負面影響，主要是由於零售領域的盜竊增加，盜竊和有組織的零售犯罪正在增加，我們在我們的業務中看到了類似的趨勢。我們正在努力確保我們的員工和客人的安全，並通過投資新設備、額外的員工培訓、創新技術解決方案和增加人員配備水平來降低影響風險。

We are also working with and supporting retail industry organizations and the Buy Safe Coalition to address opportunities at the legislative level. These gross margin headwinds were partially offset by leverage of fixed costs due to the strong top line growth and an increase in other revenue. Double-digit growth in supply chain costs persisted into the second quarter, driven by increased freight costs and higher wage rates in our distribution centers. Strong top line growth enabled us to mitigate the gross margin impact this quarter but as sales growth moderates, we continue to expect that higher supply chain costs, including fuel costs, which are expected to remain above last year, will be a larger headwind to gross margin in the second half of the year.

我們還與零售行業組織和 Buy Safe Coalition 合作並提供支持，以解決立法層面的機會。由於強勁的收入增長和其他收入的增加，固定成本的槓桿作用部分抵消了這些毛利率不利因素。供應鏈成本的兩位數增長持續到第二季度，這是由於貨運成本增加和我們配送中心的工資率提高。強勁的收入增長使我們能夠減輕本季度對毛利率的影響，但隨著銷售增長放緩，我們繼續預計包括燃料成本在內的更高供應鏈成本（預計將保持在去年以上）將對毛利率造成更大的不利影響下半年毛利率。

SG&A increased 15.1% to $534.5 million. As a percentage of sales, SG&A decreased 30 basis points to 23.3% compared to 23.6% last year. Lower marketing expense and leverage of store payroll and benefits due to higher sales were partially offset by the leverage of corporate overhead primarily reflecting strategic investments as well as higher incentive compensation, reflecting our strong performance. Year-to-date through the second quarter, we have invested about 1/3 of our plan in support of our strategic initiatives.

SG&A 增長 15.1% 至 5.345 億美元。 SG&A 佔銷售額的百分比從去年的 23.6% 下降 30 個基點至 23.3%。較低的營銷費用和因銷售額增加而導致的商店工資和福利的槓桿被公司間接費用的槓桿部分抵消，主要反映了戰略投資以及更高的激勵薪酬，反映了我們的強勁表現。年初至今到第二季度，我們已經投資了大約 1/3 的計劃來支持我們的戰略舉措。

As we discussed last quarter, this year, we are offsetting the incremental marketing expense of the digital campaigns we manage for our brand partners with the vendor income that is a direct reimbursement for these specific costs within total marketing expense. Similar to the first quarter, this resulted in about 70 basis points of favorable impact to SG&A in the second quarter. Operating income increased 17.8% to $391.4 million compared to $332.3 million last year. As a percentage of sales, operating margin increased 10 basis points to 17% compared to 16.9% last year. Diluted GAAP earnings per share increased 25% to $5.70 per share compared to $4.56 per share last year.

正如我們上個季度所討論的那樣，今年，我們正在用供應商收入來抵消我們為品牌合作夥伴管理的數字營銷活動的增量營銷費用，這是在總營銷費用中直接報銷這些特定成本的費用。與第一季度類似，這對第二季度的 SG&A 產生了約 70 個基點的有利影響。與去年的 3.323 億美元相比，營業收入增長 17.8% 至 3.914 億美元。作為銷售額的百分比，營業利潤率從去年的 16.9% 上升 10 個基點至 17%。與去年的每股 4.56 美元相比，稀釋後的 GAAP 每股收益增長 25% 至每股 5.70 美元。

Moving to the balance sheet and cash flow statement. Total inventory increased 15.4% to $1.67 billion compared to $1.44 billion last year. In addition to the impact of 29 additional stores, the increase reflects inventory purchases to support key brand launches and increases in inventory costs as well as ongoing efforts to maintain strong in-stocks of key items to support expected demand.

轉到資產負債表和現金流量表。與去年的 14.4 億美元相比，總庫存增加 15.4% 至 16.7 億美元。除了增加 29 家門店的影響外，這一增長還反映了為支持主要品牌推出而進行的庫存採購和庫存成本的增加，以及為維持主要商品的強勁庫存以支持預期需求所做的持續努力。

Capital expenditures were $49.4 million for the quarter compared to $22.7 million last year. The increase in capital expenditures was primarily related to investments in new, remodeled and relocated stores, supply chain investments and merchandising improvements. Depreciation was $60.9 million compared to $69 million last year, primarily due to a shift of IT investments from capital to cloud expense.

本季度的資本支出為 4940 萬美元，而去年為 2270 萬美元。資本支出的增加主要與新店、改建店和搬遷店的投資、供應鏈投資和商品銷售改善有關。折舊為 6090 萬美元，而去年為 6900 萬美元，主要是由於 IT 投資從資本轉向雲支出。

We ended the quarter with $434.2 million in cash and cash equivalents. During the quarter, we repurchased 798,000 shares at a cost of $301.6 million. At the end of the second quarter, we had $1.6 billion remaining under our current $2 billion repurchase authorization.

我們在本季度末擁有 4.342 億美元的現金和現金等價物。在本季度，我們以 3.016 億美元的成本回購了 798,000 股股票。在第二季度末，我們目前的 20 億美元回購授權剩餘 16 億美元。

Turning now to our outlook. Reflecting our second quarter performance and sales trends we've experienced so far in August, we are increasing our outlook for fiscal 2022. We now expect net sales to be between $9.65 billion and $9.75 billion, with comp sales growth between 9.5% and 10.5%. Our updated outlook reflects year-to-date trends while continuing to consider uncertainties that could impact the second half of the year, particularly during the holiday season.

現在轉向我們的前景。為反映我們在 8 月份迄今為止所經歷的第二季度業績和銷售趨勢，我們正在提高對 2022 財年的展望。我們現在預計淨銷售額將在 96.5 億美元至 97.5 億美元之間，複合銷售額增長在 9.5% 至 10.5% 之間.我們更新的展望反映了年初至今的趨勢，同時繼續考慮可能影響下半年的不確定性，尤其是在假期期間。

Embedded in our forecast is an expectation for mid-single-digit comp growth in the second half, reflecting the risk of potential shifts in consumer spending due to inflationary pressures, the impact of increased points of distribution for prestige beauty and the likelihood of a more promotional holiday season. We now expect operating margin for the year will be between 14.6% and 14.8% of sales. We expect operating margin will deleverage in the second half as sales growth moderates and cost pressures and planned investments have a greater impact. We expect gross margin expansion for the year with leverage of fixed costs and growth in other revenue, partially offset by lower merchandise margin, higher shrink and higher supply chain costs.

我們的預測中包含對下半年中個位數增長的預期，這反映了由於通脹壓力導致消費者支出潛在變化的風險，增加了聲望美容的分銷點的影響以及更多的可能性促銷假期。我們現在預計今年的營業利潤率將在銷售額的 14.6% 至 14.8% 之間。我們預計，隨著銷售增長放緩以及成本壓力和計劃投資產生更大的影響，下半年的營業利潤率將去槓桿化。我們預計今年毛利率將在固定成本和其他收入增長的槓桿作用下擴大，部分被較低的商品利潤率、較高的收縮率和較高的供應鏈成本所抵消。

We continue to expect SG&A expense will deleverage for the year, driven primarily by $60 million to $65 million of expenses related to our strategic priorities, as well as higher wage rate growth across the enterprise, partially offset by lower marketing expense. In addition, we expect inflationary pressure in operating expenses will continue. These assumptions result in updated full year guidance for diluted EPS growth between $20.70 and $21.20.

我們繼續預計 SG&A 費用將在今年去槓桿化，主要是由於與我們的戰略重點相關的 6000 萬至 6500 萬美元的費用，以及整個企業的更高工資率增長，部分被較低的營銷費用所抵消。此外，我們預計運營費用的通脹壓力將持續。這些假設導致稀釋後每股收益增長在 20.70 美元至 21.20 美元之間的更新全年指導。

One final update. We now expect to spend between $350 million and $400 million in CapEx in fiscal 2022, including approximately $195 million for supply chain and IT, $180 million for new stores, remodels and merchandise fixtures, and about $20 million for store maintenance and other. We expect depreciation for the year will be around $250 million.

最後一次更新。我們現在預計 2022 財年的資本支出將在 3.5 億至 4 億美元之間，其中約 1.95 億美元用於供應鍊和 IT，1.8 億美元用於新店、改造和商品固定裝置，以及約 2000 萬美元用於商店維護和其他。我們預計今年的折舊將在 2.5 億美元左右。

In closing, we are very pleased with our performance year-to-date. While we continue to face uncertainties in the current macro environment, we are focused on delivering great guest experiences and driving sustained profitable growth. Longer term, we believe the beauty category will continue to be resilient, and we are confident that we are differentiated and proven model and growth strategy, combined with our outstanding associates will continue to position Ulta Beauty as the preferred beauty destination.

最後，我們對今年迄今為止的表現感到非常滿意。儘管我們在當前宏觀環境中繼續面臨不確定性，但我們專注於提供卓越的客戶體驗並推動持續的盈利增長。從長遠來看，我們相信美妝品類將繼續保持彈性，我們相信我們的差異化和成熟的模式和增長戰略，再加上我們優秀的員工，將繼續將 Ulta Beauty 定位為首選的美妝目的地。

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

現在我將把電話轉給我們的接線員來主持問答環節。

(Operator Instructions) And our first question comes from the line of Rupesh Parikh with Oppenheimer.

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

Also congrats on a really strong quarter. So I guess I start -- I want to start out with the consumer. So I was curious if you guys are seeing any behavior changes of note and whether you're seeing any side of the trade down or even resistance to price increases? And then just given some concerns out there about volatility and trends, I'm just curious if you're seeing more volatility in the business than what you've seen in the prior months.

也祝賀一個非常強勁的季度。所以我想我開始——我想從消費者開始。所以我很好奇你們是否看到了任何值得注意的行為變化，以及你們是否看到了交易的任何一面，甚至是對價格上漲的阻力？然後只是考慮到一些關於波動性和趨勢的擔憂，我只是好奇你是否看到業務中的波動性比你在前幾個月看到的更多。

Rupesh, thanks for the question. Yes, the short answer on trade down is no. We're not experiencing that or seeing that at this time, similar to what we talked about last quarter. We're seeing strong growth across all aspects of our business. As I mentioned, every category performed in double digits, strength across channels, stores, e-comm services. And as we look at income levels of our guests, we're seeing healthy growth at all income levels.

魯佩什，謝謝你的提問。是的，關於向下交易的簡短回答是否定的。我們目前沒有經歷或看到這種情況，類似於我們上個季度所說的那樣。我們在業務的各個方面都看到了強勁的增長。正如我所提到的，每個類別的表現都是兩位數，跨渠道、商店、電子商務服務的實力。當我們查看客人的收入水平時，我們看到所有收入水平的健康增長。

So no real signs or signals of trade down within the marketplace yet. And again, I think that's a reflection of the importance that this category plays in our guest lives, the increasing connection that beauty has, wellness, the desire to express them -- our guests to express themselves to the world in this -- as the world reopens. So the importance of this category is demonstrating itself. And so, so far, we're not seeing it, but we're prepared as we look forward to continue to make any adjustments if and when that behavior starts to show up, as you know, within our model, we're uniquely prepared to adjust. If any of that does show up with our mass to prestige offering, all price points, all different categories. But as of now, we're seeing strong growth.

因此，市場內還沒有真正的交易跡像或信號。再一次，我認為這反映了這一類別在我們客人生活中的重要性，與美容、健康、表達它們的願望日益緊密的聯繫——我們的客人在此向世界表達自己——作為世界重新開放。所以這個類別的重要性正在證明自己。因此，到目前為止，我們還沒有看到它，但我們已經做好了準備，因為我們期待在這種行為開始出現時繼續做出任何調整，如你所知，在我們的模型中，我們是獨一無二的準備調整。如果其中任何一個確實出現在我們的大眾到聲望產品中，所有價格點，所有不同的類別。但截至目前，我們看到了強勁的增長。

As far as throughout the quarter, the quarter started very strong. We did see a slight moderation towards the end of June and early July as you may have seen with other retailers, but the trends picked up towards the end of the quarter, and we're pleased with what we're seeing so far this quarter. So no big concerns or down trends is across any part of our business right now.

就整個季度而言，該季度開局非常強勁。正如您可能在其他零售商那裡看到的那樣，我們確實在 6 月底和 7 月初看到了輕微的放緩，但趨勢在本季度末有所回升，我們對本季度到目前為止所看到的情況感到滿意.因此，目前我們業務的任何部分都沒有大問題或下降趨勢。

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

我們的下一個問題來自與 Evercore ISI 的 Omar Saad。

So I just want to confirm, a lot of retailers are saying they thought some deceleration beginning around June. It doesn't sound like you guys are seeing that. And then also on the profitability of the business, gross margin sounds like there's a little bit of pressure there versus last year, but last year was so clean. It seems like it's still -- the promotional levels are still well below pre-COVID. Is that a sustainable phenomenon in your opinion?

所以我只想確認，很多零售商都說他們認為從 6 月左右開始會出現一些減速。這聽起來不像你們看到的那樣。然後在業務的盈利能力方面，毛利率聽起來與去年相比有一點壓力，但去年非常乾淨。看起來它仍然 - 促銷水平仍然遠低於 COVID 之前的水平。在您看來，這是一種可持續的現象嗎？

Let me just -- I'll start with the deceleration and Scott can pick up on the gross margin and some of the things we're seeing there. So again, yes, we did -- our quarter in total was strong. We were pleased with the results throughout the quarter. There was a modest slowdown in the trends right at the end of June, early July as a number of things, both, I guess, within retail and in the world around us, we're showing up.

讓我 - 我將從減速開始，斯科特可以提高毛利率和我們在那裡看到的一些事情。再次，是的，我們做到了——我們的季度總體表現強勁。我們對整個季度的結果感到滿意。在 6 月底和 7 月初，趨勢出現了適度放緩，我想，無論是在零售業還是在我們周圍的世界，我們都在出現。

But again, nothing alarming on our business. And we did see trends return to early in the quarter rates as we got to the end of July and then certainly, as I said, into this quarter. So a modest impact. But again, the category itself, the importance it plays in our guest lives, allowed us to kind of ride through any macro disruption and short-term impacts that we saw throughout the quarter.

但同樣，我們的業務沒有什麼令人擔憂的。我們確實看到趨勢回歸到本季度初的利率，因為我們到了 7 月底，然後當然，正如我所說，進入本季度。所以影響不大。但同樣，這個類別本身，它在我們客人生活中的重要性，讓我們能夠度過我們在整個季度看到的任何宏觀破壞和短期影響。

And as far as gross margin is concerned, again, we're very happy with the results that the business is generating year-to-date. Our longer-term guidance assumes gross margin is going to moderate somewhat from what we saw last year, again, when we started out with our longer-term algorithm. And again, this year, the sales performance has just been extraordinary.

就毛利率而言，我們對業務今年迄今產生的結果感到非常滿意。我們的長期指導假設毛利率將從我們去年看到的情況有所緩和，當時我們再次開始使用我們的長期算法。再說一次，今年的銷售業績非常出色。

So if you're looking at it year-over-year, I'd say product mix has something to do with the variability, UB Media mix and how we're accounting for that in the geography and the P&L has something to do with that. As we look out towards the remainder of 2022, we've been clear about we expect the promotional environment is probably going to get a little bit tougher, especially what we've seen here across the retail universe here most recently.

因此，如果您逐年查看，我會說產品組合與可變性有關，UB 媒體組合以及我們如何在地理上考慮這一點，而損益表與那。當我們展望 2022 年剩餘時間時，我們很清楚，我們預計促銷環境可能會變得更加艱難，尤其是我們最近在零售領域看到的情況。

So moderation as we look to the future. It's still a lot of great levers we have in the business. When we talk about Project SOAR delivering benefits over the longer term. Our continuous improvement in EFG efforts still with a lot of benefit to generate for the company over the long term.

所以在我們展望未來時要適度。這仍然是我們在業務中擁有的許多強大的槓桿。當我們談論 Project SOAR 帶來的長期收益時。從長遠來看，我們在 EFG 工作中的持續改進仍然可以為公司帶來很多好處。

So I think operating margin, we feel good about opportunities to continue to leverage there, but we think gross margin will certainly moderate as we look ahead.

因此，我認為營業利潤率，我們對繼續在那裡利用槓桿的機會感到滿意，但我們認為，隨著我們展望未來，毛利率肯定會放緩。

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

我們的下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

Congratulations on the nice performance. You had mentioned the services business and the improvement there. Can you talk a little bit about what you're seeing there? What that impact could be? And last -- and then next, just on the price increases that you had put in place. Where are we in the scale of price increases by category? And how do you see it blending out for the year?

祝賀精彩的表演。你提到了服務業務和那裡的改進。你能談談你在那裡看到的東西嗎？這種影響可能是什麼？最後 - 然後是下一個，就在你已經實施的價格上漲上。我們在分類價格上漲的規模中處於什麼位置？您如何看待這一年的融合？

Thanks, Dana. I'll start and then turn it over to Scott. Our salon team delivered strong quarter growth of double-digit comps during the quarter, and really what we saw with some strength in our hair coloring services. We have strength across all geographies and regions, which was great. And the sales were really fairly consistent throughout the quarter.

謝謝，達娜。我會開始，然後把它交給斯科特。我們的沙龍團隊在本季度實現了兩位數的強勁季度增長，而我們在染髮服務方面確實看到了一些實力。我們在所有地區和地區都有實力，這很棒。整個季度的銷售額確實相當穩定。

What we like what we see is these partnerships with the [Back Bird Saloon] takeover event, as Dave was mentioning in his spoken notes that Joico, Andrew Fitzsimons (inaudible) are examples of where you can have a salon expert and really engage with the consumer to try a new brand that they've never made tried before.

我們喜歡我們看到的是與 [Back Bird Saloon] 收購活動的這些合作夥伴關係，正如 Dave 在他的演講中提到的那樣，Joico、Andrew Fitzsimons（聽不清）是您可以擁有沙龍專家並真正參與其中的例子消費者嘗試一個他們以前從未嘗試過的新品牌。

We're also really driving trial through our personalized offers. So we're getting people to come in and try our services, which is really important. From a staffing perspective, we continue to really invest in our education, in our training for our stylists, particularly focusing on textured hair sales. And then from a pricing perspective, Dave was mentioning, that's not really playing into the comp. This is the first time that we've increased our price in the last 3 years. It was really modest. So really, it's through the growth of the core business and services that's driving that comparable off. So I'm really pleased with how the guest is refining coming out of COVID. Scott?

我們還通過我們的個性化優惠真正推動試用。因此，我們正在讓人們進來嘗試我們的服務，這非常重要。從人員配置的角度來看，我們繼續真正投資於我們的教育，對我們的造型師進行培訓，特別是專注於有質感的頭髮銷售。然後從定價的角度來看，戴夫提到，這並沒有真正影響到比賽。這是過去 3 年來我們第一次提高價格。這真的很謙虛。所以真的，是通過核心業務和服務的增長推動了這種可比性。因此，我對客人如何從 COVID 中提煉出來感到非常滿意。斯科特?

And price increases as far as product is concerned throughout the channels. Again, where a number of increases in the second quarter, slightly higher than what we saw in the first quarter. We estimate it's about 300 basis points to total comp for the second quarter.

就整個渠道的產品而言，價格上漲。同樣，第二季度的數量增加，略高於我們在第一季度看到的。我們估計第二季度的總薪酬約為 300 個基點。

Again, the number of SKUs that have been impacted and the total all impact to our assortment is higher than we expected early in the year and we expect there to be in the back half of the year. We've already been alerted by some of our vendor partners that there's some in the queue now, and we expect there to be more as we get deeper into the year. So we'll continue to update quantitatively on how that impacts our business and how we're thinking about it maybe for 2023 when we get further down the road.

同樣，受到影響的 SKU 數量以及對我們產品品類的總影響高於我們年初的預期，我們預計今年下半年會出現這種情況。我們的一些供應商合作夥伴已經提醒我們，現在有一些正在排隊，我們預計隨著今年的深入，還會有更多。因此，我們將繼續定量更新這對我們的業務有何影響，以及我們在 2023 年可能會如何考慮它，屆時我們會進一步走下去。

And our next question comes from the line of Mark Altschwager with Baird.

我們的下一個問題來自 Mark Altschwager 和 Baird。

With respect to the recovery you're seeing in the makeup category, what are your current views on whether we're seeing with whether what we are seeing is pent-up replenishment post COVID versus perhaps the early innings of a new innovation-driven cycle that could have some legs to it? And then bigger picture, just based on the trends you're seeing in your business year-to-date and the projections for the year, calling for low teens sales growth at the high end, is the 5% to 7% 3-year CAGR still the right way to be thinking about the medium-term growth outlook?

關於您在化妝品類別中看到的複蘇，您目前對我們是否看到我們所看到的是否是 COVID 後被壓抑的補貨與可能是新的創新驅動週期的早期階段有何看法那可能有一些腿嗎？然後更大的圖景，僅基於您今年迄今為止在業務中看到的趨勢和今年的預測，要求高端青少年銷售增長較低，是 5% 到 7% 的 3 年CAGR 仍然是思考中期增長前景的正確方法嗎？

Great, Mark. Yes, on makeup, yes, we're really, really pleased and encouraged with what we're seeing as I mentioned, double-digit growth across mass and prestige. And you know well. You've been following us for a while. That category has had its ups and downs and been struggling for a little bit. And so we're really pleased with the results and we think it's well rounded. There's no doubt there's some elements of maybe pent-up demand, although as we get further into the reopening, we think that's probably a smaller and smaller part of what's driving the business.

太好了，馬克。是的，在化妝方面，是的，正如我所提到的，我們對我們所看到的情況感到非常非常高興和鼓舞，質量和聲望的兩位數增長。你很清楚。你已經關注我們一段時間了。該類別有起有落，並且一直在掙扎。所以我們對結果非常滿意，我們認為它很全面。毫無疑問，可能存在一些需求被壓抑的因素，儘管隨著我們進一步重新開放，我們認為這可能是推動業務發展的越來越小的部分。

What we do see happening is just strong innovation across both mass and prestige, really good performance by new brands that we brought in, Fenty, R.E.M., new brand About-Face, great innovation. On the mass side with NYX and ColourPop and e.l.f. and others, but also on the prestige with Benefit, MAC, Clinique and many others. So we're seeing strong innovation that's really connecting.

我們所看到的只是在大眾和聲望方面的強大創新，我們引入的新品牌 Fenty、R.E.M.、新品牌 About-Face 的出色表現，偉大的創新。在 NYX 和 ColourPop 和 e.l.f. 的大眾方面。和其他人，而且在 Benefit、MAC、Clinique 和許多其他人中享有盛譽。因此，我們看到了真正相互聯繫的強大創新。

And it's being fueled by some core trends that we think are here to stay for a while that are driving engagement. And it's kind of an interesting time within makeup right now that we're seeing a combination of very bold, playful looks, kind of retro looks, euphoria type engagement driven engagement that are reminiscent of some of the things we saw back in 2016 that are encouraging. But at the same time, there's an equally strong trend around a clean look, glowy, glazed, that are driven by higher usage of foundation and highlighters, which are really important to the category and frankly, have been struggling for a little bit.

它受到一些核心趨勢的推動，我們認為這些趨勢會持續一段時間，從而推動參與度。現在是化妝界的一個有趣時期，我們看到了非常大膽、俏皮的外觀、復古外觀、欣快型參與驅動的參與，這讓人想起我們在 2016 年看到的一些事情鼓勵。但與此同時，乾淨、亮澤、亮澤的外觀也有同樣強烈的趨勢，這是由粉底和熒光筆的更多使用所推動的，這對於該類別非常重要，坦率地說，一直在掙扎。

So we are pleased with the innovation, the -- as people get out and want to express themselves to the world and there are more occasions that's driving more usage and there's some core underlying trends and innovation that are supporting the category. So we're optimistic about the path ahead, and we'll continue to be investing in our makeup business and partnering with our brands to drive this trend for the foreseeable future.

因此，我們對創新感到滿意，隨著人們走出去並希望向世界表達自己，並且有更多的場合推動了更多的使用，並且有一些核心的潛在趨勢和創新正在支持該類別。因此，我們對未來的道路持樂觀態度，我們將繼續投資於我們的化妝品業務並與我們的品牌合作，在可預見的未來推動這一趨勢。

As far as our long-term targets, no -- we're not updating or changing that. So yes, the outlook that we shared with you last fall is still on our horizon, and so I'd keep that as our long-term guidance.

至於我們的長期目標，不——我們不會更新或改變它。所以，是的，我們去年秋天與您分享的前景仍在我們的視野中，因此我會將其作為我們的長期指導。

Our next question comes from the line of Krisztina Katai with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Krisztina Katai。

Congratulations on a very nice quarter. I just wanted to follow up on innovation, especially on the skin care and haircare side of the business, which has been really strong. Can you talk about some of the areas of the business that you are seeing this newness that is driving very strong sequential performance? How we should think about some of the product innovation and just potential launch time for any big launches that are coming up?

祝賀一個非常好的季度。我只是想跟進創新，尤其是業務的護膚和護髮方面，這方面非常強大。您能否談談您所看到的推動非常強勁的連續業績的一些業務領域？我們應該如何考慮一些產品創新以及即將到來的任何大型發布的潛在發佈時間？

And then secondly, if you could just touch on your expectations and member growth going forward. You're bringing back a lot of lab consumers, are they all back now? Is there still room there to get them back? And then maybe layer in the opportunity that you see from the target partnership?

其次，如果你能談談你的期望和未來的會員增長。你帶回了很多實驗室消費者，他們現在都回來了嗎？還有空間讓他們回來嗎？然後可能會加入您從目標合作夥伴中看到的機會？

Okay. There's a lot of great stuff to talk about in that. Let me just hit a few of that. First, on innovation. So yes, I talked about makeup, let's hit on skin care and haircare. And it's that kind of highlights one of the aspects of our business that we're really excited about right now is the strength we're seeing across all of our categories, double-digit growth in every category, which, again, I think is a reflection of the strength of our model and the power of beauty right now.

好的。有很多很棒的東西可以談論。讓我打幾個。一是關於創新。所以是的，我談到了化妝，讓我們談談護膚和護髮。正是這種突出了我們業務的一個方面，我們現在真正興奮的是我們在所有類別中看到的實力，每個類別都實現了兩位數的增長，我認為這也是反映了我們模特的力量和美的力量。

Within skin care, we're seeing the strong growth that's driven by a combination of new behaviors that were strengthened or developed during COVID around skin health and skincare, new brands that we've launched that continue to drive our business, Drunk Elephant, Fresh, Supergoop!, Vacation, new innovation, great innovation across moisturizers, serums, eye creams, acne by brands like Peach & Lily, OSEA, Hero, so many others, Clinique across the entire assortment.

在護膚品方面，我們看到了強勁的增長，這是由 COVID 期間圍繞皮膚健康和護膚品得到加強或發展的新行為組合推動的，我們推出的新品牌繼續推動我們的業務，Drunk Elephant, Fresh ，Supergoop！，假期，新的創新，在保濕霜，精華液，眼霜，粉刺等品牌的偉大創新，如桃百合，OSEA，英雄，還有很多其他品牌，倩碧在整個分類中。

The trends that we're seeing in skincare again, we think will help -- will sustain for a while. We continue to see skinification that consumers, including young Gen Z consumers seen the importance of skincare and how that lays the foundation for their overall skin health and their overall look. There is a growth in science or clinically backed or dermatological improvements. So savvy consumers are looking for these active ingredients, and that's been driving a lot of growth. And there's been a lot of innovation around just core hydration as a recognition that, that's healthy skin is driven by that. So many things coming together to drive that double-digit comp in both mass and prestige on skincare.

我們在護膚品中再次看到的趨勢，我們認為會有所幫助——將持續一段時間。我們繼續看到皮膚化，包括年輕的 Z 世代消費者在內的消費者看到了護膚的重要性，以及這如何為他們的整體皮膚健康和整體外觀奠定基礎。科學或臨床支持或皮膚病學的改善都有所增長。因此，精明的消費者正在尋找這些活性成分，這一直在推動大量增長。圍繞核心水合作用有很多創新，因為人們認識到，健康的皮膚是由它驅動的。如此多的東西匯集在一起，推動了護膚品在大眾和聲望方面的兩位數競爭。

Haircare, similarly strong growth we think, in strong engagement, both by newness but also the execution of our programs like Gorgeous Hair Events. We benefited from a number of new brands, including OLAPLEX. We're seeing strong innovation across a number of brands like (inaudible) and Living Proof. I mentioned Dyson as being a key to our overall haircare and the innovation that they continue to bring. So in that area, it's hair health, much like skin health, continues to resonate and be important and take a priority. There's a growing trend around shine and the treatments and accessories that help drive that. And of course, texture has been a growing and increasingly important part of the category and Ulta Beauty's expression for the last couple of years, and that continues to be strong.

護髮，我們認為同樣強勁的增長，在強烈的參與中，無論是通過新事物還是通過我們的計劃（如 Gorgeous Hair Events）的執行。我們受益於許多新品牌，包括 OLAPLEX。我們看到許多品牌（如（聽不清）和 Living Proof）的強大創新。我提到戴森是我們整體護髮和他們繼續帶來的創新的關鍵。所以在那個領域，頭髮健康，就像皮膚健康一樣，繼續引起共鳴，變得重要並被優先考慮。圍繞光澤以及有助於推動光澤的治療和配飾的趨勢正在增長。當然，在過去的幾年裡，質地一直是該類別和 Ulta Beauty 表達中越來越重要的一部分，而且這種趨勢仍然很強勁。

So we're seeing strong growth, and we think innovation, consumer behaviors, the connection and the importance of these categories much like makeup will help sustain growth as we look into the future. On members, we're really pleased, 10% growth on members for the quarter, a new record high in our member performance driven by guest acquisition, reactivation, retention. Yes, we've reactivated a number of members, but there are more to get. And as high as retention is, there's always some guests that are dropping out for a number of reasons. So there's an always on activity to reactivate members, and we have quite a few a large pool to continue to activate.

因此，我們看到了強勁的增長，我們認為創新、消費者行為、這些類別的聯繫和重要性就像化妝品一樣，將有助於在我們展望未來時保持增長。在會員方面，我們真的很高興，本季度會員人數增長了 10%，在客戶獲取、重新激活和保留的推動下，我們的會員績效創下新高。是的，我們已經重新激活了一些成員，但還有更多要獲得。儘管留存率很高，但總會有一些客人出於多種原因退出。所以有一個永遠在線的活動來重新激活成員，我們有很多大型池要繼續激活。

And there's quite a few beauty enthusiasts as big as we've grown, there's a huge pool of beauty enthusiasts that are not yet members of our program, and we think they should be and we're going after them. One of the ways to do that, Kecia through our target program and what we're doing, so do you want to talk a little bit about that?

有很多美容愛好者和我們一樣大，還有一大群美容愛好者還不是我們計劃的成員，我們認為他們應該加入，我們正在追趕他們。其中一種方法是，Kecia 通過我們的目標程序和我們正在做的事情，所以你想談談這個嗎？

Yes, we're really pleased with how our partnership is progressing and the future opportunities that really provide our guests, brand partners Target in Ulta Beauty. We're leaning in. In fact, one of the nuances that we're introducing this next quarter is that we're creating a dedicated field team that as we scale this partnership, they're going to be really focused on training and education with an emphasis really on loyalty and unlocking that loyalty opportunity with not only our existing members, but with new members as they come into the Ulta Beauty at Target.

是的，我們對我們的合作夥伴關係的進展以及真正為我們的客人、品牌合作夥伴 Target in Ulta Beauty 提供的未來機會感到非常高興。我們正在努力。事實上，我們將在下個季度引入的細微差別之一是，我們正在創建一個專門的現場團隊，隨著我們擴大這種夥伴關係，他們將真正專注於培訓和教育真正強調忠誠度，不僅與我們現有的會員，而且與新會員一起解鎖忠誠度機會，因為他們進入了 Target 的 Ulta Beauty。

So we're excited as we continue to expand and grow, and we feel Ulta Media and Target is another way to drive loyalty members into our ecosystem.

因此，隨著我們繼續擴大和發展，我們感到很興奮，我們認為 Ulta Media 和 Target 是推動忠誠度會員進入我們生態系統的另一種方式。

And the next question comes from the line of Oliver Chen with Cowen.

下一個問題來自 Oliver Chen 和 Cowen 的台詞。

Great quarter. As we think in terms of the guidance, what's embedded with respect to pricing? And how would you speak to that against the promotional needs that you'll have fourth quarter is always a very promotional time and you do a lot of great personalization to drive promotions as well?

很棒的季度。正如我們在指導方面考慮的那樣，在定價方面嵌入了什麼？對於第四季度的促銷需求，您將如何看待這始終是一個非常促銷的時間，並且您也做了很多很棒的個性化來推動促銷活動？

And a follow-up on the new layout. There can be disruption and customers don't necessarily like new layouts sometimes and your inventory needs to change. So I would love your thoughts on timing and execution risk and rationale. It sounds like it's a prudent move to focus on categories, but it comes with different risk factors.

並跟進新佈局。有時可能會出現中斷，客戶不一定喜歡新的佈局，您的庫存需要改變。所以我喜歡你對時間和執行風險和基本原理的想法。這聽起來像是一個謹慎的舉動，專注於類別，但它伴隨著不同的風險因素。

Yes. So I'll start that one. So pricing, we said about 300 basis points of price increases reflected in our 2Q results. And all the price increases that we're aware of through our vendor partnerships are embedded in our guidance, right, for the back half of the year. So we feel like we have that framed up well.

是的。所以我會開始那個。所以定價，我們說我們的第二季度業績中反映了大約 300 個基點的價格上漲。我們通過我們的供應商合作夥伴關係了解到的所有價格上漲都包含在我們的指導中，正確的，在今年下半年。所以我們覺得我們的框架很好。

When we think about, again, the second quarter spectacular performance above our expectations. Our updated guidance includes, right, the beat on the second quarter and the trends we've seen so far, early stages of the third quarter.

當我們再次考慮第二季度的驚人表現時，超出了我們的預期。我們更新的指導包括，對，第二季度的節拍和我們迄今為止看到的趨勢，第三季度的早期階段。

When I think about the top line trends, and again, back half of the year, we're going to be lapping some stronger performance last year. We've referenced the competitive environment. We expect that to be tougher as we get into the back half of the year, the promotional environment, again, you know this well, Oliver, in the fourth quarter holiday. We compete with all of retail for gift giving, right? So it's a whole totally different kind of game for a relatively short period of time. So we expect it to be more competitive, more promotional this year than it was a year ago. You've heard us talk about distribution points, additional points of distribution on prestige beauty coming as we get deeper into the year. That's another consideration.

當我想到頂線趨勢時，再一次，在今年下半年，我們將在去年取得一些更強勁的表現。我們參考了競爭環境。我們預計，隨著我們進入下半年，促銷環境會變得更加艱難，奧利弗，在第四季度的假期裡，你很清楚這一點。我們與所有零售店競爭送禮，對吧？因此，在相對較短的時間內，這是一種完全不同的遊戲。因此，我們預計今年它會比一年前更具競爭力，更具促銷性。你聽說過我們談論分銷點，隨著我們深入這一年，關於聲望美的額外分銷點即將到來。這是另一個考慮因素。

Then on the operating income side, we referenced the strategic initiative expenses kind of pushing back later into the year. Some of that's due to just shortages of manpower and delay sometimes in shifting some of the hardware that we need to get some of these projects finalized. So again, nothing to be overly concerned with, but there are some delays as there is in all parts of the world right now, it seems. So nothing unusual there. And then some of the costs, right, the increased cost, inflationary pressures we're seeing in the business. It's going to be heavier in the back half of the year than it was the first half of the year. So all in, we think we're in a good place, and it's reasonable -- it's a reasonable estimate of the guide and what we expect for the second half of the year.

然後在營業收入方面，我們提到了推遲到今年晚些時候的戰略計劃費用。其中一些是由於人力短缺和有時延遲轉移我們需要完成其中一些項目的一些硬件。再說一次，沒有什麼可過分擔心的，但似乎現在世界各地都有一些延誤。所以那裡沒有什麼不尋常的。然後是一些成本，對，增加的成本，我們在業務中看到的通脹壓力。下半年會比上半年重。所以總而言之，我們認為我們處於一個好位置，這是合理的——這是對指南的合理估計，也是我們對下半年的預期。

And for new store layouts, we're really focused on our new stores and our planned remodels going forward. While we're always making changes to improving the in-store guest experience, it's been a while since we've really made any significant changes to the store layout itself.

對於新店佈局，我們真正專注於我們的新店和未來計劃的改造。雖然我們一直在為改善店內顧客體驗做出改變，但我們已經有一段時間沒有真正對商店佈局本身進行任何重大改變了。

Just as a point of reference, our -- today, our merchandise is organized by price point with prestige makeup and skin care in 1 side of the store and mass makeup and skin care on the other, with fragrance in the middle and haircare in the back and salon. Going forward, we really want to have a merchandise layout to magnify our differentiated assortment and really better reflect how a guest really shops with consolidated categories and intuitive adjacencies. So we're going to take mass and prestige makeup together in the front of the store with real clear brand delineation and then also reflect the growth of the category and that's important to the guests that moving skincare upfront.

作為參考，我們的商品 - 今天，我們的商品按價格點排列，商店一側是高檔化妝品和護膚品，另一側是大眾化妝品和護膚品，中間是香水，中間是護髮產品回來和沙龍。展望未來，我們真的希望有一個商品佈局來放大我們的差異化分類，並真正更好地反映客人如何通過統一的類別和直觀的鄰接來購物。因此，我們將在店面進行大眾化和聲望化的妝容，真正清晰的品牌劃分，然後也反映品類的增長，這對於將護膚品放在首位的客人來說很重要。

So the mass and prestige skincare are going to be all together, again with clear brand delineation. So you'll be able to tell the difference between mass and prestige, but it will be organized together the way the guest shops it. We're also going to elevate the front of the store to support more editorial storytelling and newness and events and recent trends. And then we're going to also create this new beauty bar at the center of the store that's really going to amplify the service experience and highlight the beauty attainment that is really happening on the sales floor. We're really excited to see this all come to life later yet this fall.

因此，大眾和聲望護膚品將結合在一起，再次具有清晰的品牌輪廓。因此，您將能夠區分大眾和聲望之間的區別，但它將按照客人購物的方式進行組織。我們還將提升商店的正面，以支持更多的社論故事講述、新鮮事物、事件和最近的趨勢。然後我們還將在商店中心創建這個新的美容吧，這將真正增強服務體驗並突出銷售現場真正發生的美容成就。我們真的很高興看到這一切在今年秋天晚些時候實現。

Great job on the BIPOC initiatives as well.

在 BIPOC 倡議方面也做得很好。

And our next question comes from the line of Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

As a follow-up question, maybe for Scott, could you talk about how your thoughts on the cadence of the back half changed? It seems like your -- you originally said low single digits for the back half, it seems like you're raising the third quarter comp, but keeping 4Q intact, 3Q gets more leverage. But at the same time, it sounds like you're adding a bit more promotion in the fourth quarter and maybe more investments potentially hitting that fourth quarter as well?

作為一個後續問題，也許是對於斯科特，你能談談你對後半場節奏的看法是如何改變的嗎？看起來你 - 你最初說後半部分的低個位數，看起來你正在提高第三季度的薪酬，但保持 4Q 不變，3Q 獲得更多槓桿。但與此同時，聽起來你在第四季度增加了更多的促銷活動，也許更多的投資也可能會影響到第四季度？

Chris, you don't need me to answer the question. You already figured it all out. So gold star for you today. So I mean, that's it in essence. I mean, again, we talk about guidance and estimates on every one of these calls, people have questions. I mean -- and we really do look at it right up to just before the call. And so what we've seen in the last couple of weeks with sales strength. Again, Dave mentioned this late July bounced back just like how it looked early parts of the quarter. And August, we've kind of continued on the same trend.

克里斯，你不需要我回答這個問題。你已經想通了。所以今天給你金星。所以我的意思是，本質上就是這樣。我的意思是，我們再次討論對這些電話中的每一個電話的指導和估計，人們有問題。我的意思是 - 我們確實在電話會議之前查看了它。所以我們在過去幾週看到的銷售實力。再次，戴夫提到今年 7 月下旬的反彈就像本季度早期的情況一樣。八月，我們繼續保持同樣的趨勢。

So we're taken up the third quarter, in essence, for the strength there. And we're kind of being careful with the fourth quarter for the reasons we've already stated. We think promotional environment is going to be higher. And so just navigating that balance between the sales line and the margin investment it takes to close that. So that's exactly right.

所以我們在第三季度被佔用，本質上是因為那裡的實力。由於我們已經說明的原因，我們對第四季度有點謹慎。我們認為促銷環境會更好。因此，只需在銷售線和關閉它所需的保證金投資之間找到平衡。所以這是完全正確的。

Since I answered my own -- since I answered my own question maybe (inaudible) one in here. I guess maybe can you talk about how the prestige category performed in 2Q versus '19? And was that acceleration relative to what you saw in the first quarter?

因為我回答了我自己的問題——因為我回答了我自己的問題，也許（聽不清）這裡有一個問題。我想也許你能談談聲望類別在 2Q 與 19 年的表現如何？相對於你在第一季度看到的情況，這種加速是什麼？

Yes. The prestige category is up versus 2019. And so we're encouraged by that. You know that prestige has been -- we talked about this had been the laggard, prestige makeup in particular. And now we're seeing that performance come back.

是的。聲望類別與 2019 年相比有所上升。因此我們對此感到鼓舞。你知道，聲望一直是——我們談到過這一直是落後的，特別是聲望化妝。現在我們看到這種表現又回來了。

Compared to 2019, it would still be -- have the kind of the lowest, I guess, performance, incremental performance over that as these other categories have been strong, like hair care and skincare really throughout the last couple of years. But yes, we're pleased with the performance. We've been working on this for a while. As you know, the brands have continued to bring innovation and the combination of changing consumer behaviors, opening up engagement and the innovation that I talked about.

與 2019 年相比，它仍然是——我猜，它的表現是最低的，因為這些其他類別一直很強勁，比如頭髮護理和護膚品，在過去的幾年裡真的是這樣。但是，是的，我們對性能感到滿意。我們已經為此工作了一段時間。如您所知，這些品牌繼續帶來創新以及不斷變化的消費者行為、開放參與和我談到的創新的結合。

And I think with -- specifically within Ulta Beauty, as we've -- our merchants have done just a tremendous job evolving our assortment to make sure we have the brands, the products, the innovation that allow us to gain share and lead in the category. So we're pleased with the overall performance and glad to see prestige performing at a high level.

而且我認為——特別是在 Ulta Beauty 內部，正如我們所做的那樣——我們的商家在發展我們的產品種類方面做得非常出色，以確保我們擁有品牌、產品和創新，讓我們能夠獲得份額並引領市場類別。因此，我們對整體表現感到滿意，也很高興看到 Prestige 表現出色。

And the next question comes from the line of Mark Astrachan with Stifel.

下一個問題來自 Mark Astrachan 和 Stifel。

Just a brief question, I think. curious about the contribution to Ultimate Rewards members from the Target relationship at year-end. Target mentioned, I think it was about $1.5 million guest co-linking accounts from their loyalty program to yours. Are those incremental kind of any learnings that you've gotten as those folks have participated in your program as well?

只是一個簡短的問題，我想。對年底 Target 關係對 Ultimate Rewards 會員的貢獻感到好奇。 Target 提到，我認為大約 150 萬美元的客人將他們的忠誠度計劃中的帳戶與您的帳戶關聯起來。當這些人也參與了您的計劃時，您是否已經獲得了這些漸進式的學習？

We've mentioned in the past that there's been a large number that have linked their accounts, but we haven't shared specific details on number of new members and break out by that, and we're not planning on doing that now. But as Kecia mentioned, we're just -- we're really encouraged by what we're seeing. We're really pleased with the overall partnership. The execution has been strong. The consumer reaction has been very positive. And the engagement in Ulta Beauty has really been a positive aspect.

我們過去曾提到，有很多人關聯了他們的賬戶，但我們沒有分享關於新成員數量的具體細節，並且我們現在不打算這樣做。但正如 Kecia 所說，我們只是 - 我們對所看到的感到非常鼓舞。我們對整體合作夥伴關係感到非常滿意。執行力很強。消費者的反應非常積極。參與 Ulta Beauty 確實是一個積極的方面。

So our focus going forward, as I mentioned in the remarks, is to continue to drive that loyalty. That's key to our success is to engage guests in a new way to touch Ulta Beauty and ultimately get them connected to all aspects. We're encouraged by what we're seeing, and we're focused on driving that well into the future.

因此，正如我在評論中提到的，我們未來的重點是繼續提高這種忠誠度。我們成功的關鍵是讓客人以一種新的方式接觸 Ulta Beauty，並最終讓他們與各個方面建立聯繫。我們對所看到的感到鼓舞，我們專注於將其推向未來。

John, I think we have time for one more question.

約翰，我想我們還有時間再問一個問題。

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

下一個問題來自 Kelly Crago 與 Citi 的對話。

I'm just curious, we did notice that you did sort of layer back in another sort of store-wide 20% off coupon promotion more recently. And I'm just trying to understand that. I know you pulled away from it during 2021 just because the business was so strong and promotions across the board are low. But I'm just curious some of the comments you're saying about back half of the year, whether or not you're sort of seeing that tick and that's a response to an uptick in promotions across beauty. So just curious any thoughts on that and if we should kind of expect that to be layered into your promotional strategy going forward?

我只是好奇，我們確實注意到您最近在另一種全店範圍內的 20% 優惠券促銷活動中做了一些分層。我只是想理解這一點。我知道你在 2021 年退出了它，只是因為業務如此強勁，而且全面的促銷活動很低。但我只是好奇你在今年下半年所說的一些評論，無論你是否看到了那個勾號，這是對美容促銷活動上升的回應。所以只是好奇對此有何想法，我們是否應該期望將其納入您未來的促銷策略中？

And then secondly, on the same line of thinking, just curious with the promotional environment in some apparel categories and some other categories out there, just wondering if in the past, you've had to sort of step up promotions even if the beauty category has been strong. Have you had to get more promotional during the holiday period in the past? Just curious on your thoughts there.

其次，以同樣的思路，只是對某些服裝類別和其他一些類別的促銷環境感到好奇，只是想知道在過去，即使是美妝品類，你也必須加強促銷一直很強大。在過去的假期期間，您是否必須獲得更多促銷？只是好奇你的想法。

Great. I'm really glad you asked, Kelly. I do want to clarify, I know there's been some comments about a 20% off storewide customer base-wide. That is not -- we have not executed that. We haven't all year executed that.

偉大的。我真的很高興你問，凱利。我確實想澄清一下，我知道有一些評論說全店客戶群可享受 20% 的折扣。那不是——我們還沒有執行。我們一整年都沒有執行。

And that -- going back in history, we -- that was a trigger that we used frequently. And then pulling that out is core to our strategy of being more purposeful in how we're connecting with our guests. What you may have seen is more targeted. I mentioned how we've been -- you know we've been on this journey of investing in our personalization and our CRM capabilities. So we use a variety of offers, including 20% off but also points offers or newness offers or other broad communication to pinpoint and target subgroups within our typically smaller subgroups based on a specific behavior that we want to incentivize.

並且 - 回顧歷史，我們 - 這是我們經常使用的觸發器。然後把它拉出來是我們在如何與客人聯繫上更有目的性的戰略的核心。你可能看到的更有針對性。我提到了我們的經歷——你知道我們一直在投資我們的個性化和 CRM 能力。因此，我們使用各種優惠，包括 20% 的折扣，以及積分優惠或新品優惠或其他廣泛的溝通，以根據我們想要激勵的特定行為在我們通常較小的子組中查明和定位子組。

One example might be if it's a Diamond member that hasn't shopped with us all year for several months, that guest may get a 20% off coupon, but it's only a small subset of groups. And we test and learn and we drive and we understand the profitability and return of doing that. So any 20% off has not been. There was an offer just -- if some of you saw this week that came out that was 20% off, that is a comp offer and is not storewide. It is -- we have a strategy within our mass side of the business that is -- as you know, mass tends to be a bit more promotional. So if any of you saw an offer this week that was 20% off, that was not storewide that was focused on our non-prestige side of our business, and we've been doing that particular offer for many years at this time of the year. So that's a comp event. So no incremental offers at this point.

一個例子可能是，如果它是一個鑽石會員，並且幾個月都沒有在我們這裡購物，那麼該客人可能會獲得 20% 的優惠券，但這只是一小部分群體。我們測試和學習，我們開車，我們了解這樣做的盈利能力和回報。所以沒有任何 20% 的折扣。有一個優惠——如果你們中的一些人本週看到了 20% 的折扣，那是一個補償優惠，不在全店範圍內。這是 - 我們在業務的大眾方面有一個戰略 - 如你所知，大眾往往更具促銷性。因此，如果你們中的任何一個人本週看到了 20% 的優惠，那不是全店範圍內的，而是專注於我們業務的非聲望方面，而且我們在這個時候已經做了很多年了。年。所以這是一場比賽。因此，此時沒有增量報價。

Now having said that to your second point about promotional intensity going forward. And holidays, Scott has mentioned this as well. We are seeing promotional intensity. That's obviously no surprise to any of you on the call, you're seeing it -- you mentioned Kelly apparel, it's happening just across retail right now. We continue to be focused. And in the second quarter, we're able to decrease our promotional intensity. We haven't layered in any big programs like I mentioned. But as we look forward, particularly going into the holiday, as Scott mentioned, the competitive set expands in gift giving to really all possible gifts, including apparel.

現在已經談到了關於未來促銷強度的第二點。和假期，斯科特也提到了這一點。我們看到了促銷力度。顯然，你們在電話中的任何人都不會感到驚訝，你們看到了——你提到了凱利服裝，它現在正在整個零售業中發生。我們繼續專注。在第二季度，我們能夠降低促銷強度。我們沒有像我提到的那樣在任何大型程序中分層。但正如我們所期待的那樣，特別是進入假期，正如斯科特所說，競爭範圍擴大到送禮到所有可能的禮物，包括服裝。

So we're going to watch that. We are more promotional in the fourth quarter in the holiday historically. We -- and we see that as a strategic move to be competitive and to make sure we're delivering both on the gifting and the gaming side of our business. So we're watching that carefully. And Scott mentioned, that's kind of incorporated in our guidance going forward.

所以我們要觀察它。從歷史上看，我們在假期的第四季度促銷活動更多。我們 - 我們認為這是一項具有競爭力的戰略舉措，並確保我們在業務的禮品和遊戲方面都提供服務。所以我們正在仔細觀察。斯科特提到，這在我們未來的指導中有所體現。

Okay. So with that, a great question and thank you all again for your interest, and thank you for joining us today. I'll wrap up here. And I want to wrap up by again thanking the entire Ulta Beauty team for their passionate commitment to delivering on our mission, vision and values every day. Our strong performance is the direct result of our store, DC and corporate associates working together as 1 unified Ulta Beauty team to take care of our guests and to take care of each other while driving our business forward.

好的。因此，這是一個很好的問題，再次感謝大家的關注，感謝你們今天加入我們。我會在這裡結束。最後，我想再次感謝整個 Ulta Beauty 團隊，他們熱情地致力於每天實現我們的使命、願景和價值觀。我們的強勁表現是我們的商店、DC 和企業合作夥伴作為 1 個統一的 Ulta Beauty 團隊一起工作的直接結果，以照顧我們的客人並互相照顧，同時推動我們的業務向前發展。

So we look forward to speaking to all of you again in early December when we report our third quarter results. Thanks again for joining, and I hope you all have a great evening.

因此，我們期待在 12 月初報告第三季度業績時再次與大家交談。再次感謝您的加入，希望大家度過一個愉快的夜晚。

Thank you, everyone. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝大家。今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。