(ULTA) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty conference to discuss results for the fourth quarter of fiscal 2022. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Ms. Kiley Rawlins, Vice President of Investor Relations. Ms. Rawlins, please proceed.

下午好，歡迎參加 Ulta Beauty 會議，討論 2022 財年第四季度的結果。（操作員說明）提醒一下，本次會議正在錄製中。現在我很高興介紹投資者關係副總裁 Kiley Rawlins 女士。羅林斯女士，請繼續。

Thank you, Sherry. Good afternoon, everyone, and thank you for joining us for a discussion of our fiscal '22 results and our expectations for fiscal '23. Hosting our call today are Dave Kimbell, Chief Executive Officer; and Scott Settersten, Chief Financial Officer. Dave will begin with some key highlights from our fourth quarter and full year and then share our priorities for fiscal '23. Then Scott will review our fiscal results -- our financial results in more detail and discuss our financial outlook. After our prepared comments, we will open the call for questions. And Kecia Steelman, Chief Operating Officer, will join us for the Q&A session.

謝謝你，雪莉。大家下午好，感謝您加入我們討論我們的 22 財年業績和我們對 23 財年的預期。今天主持我們電話會議的是首席執行官 Dave Kimbell；和首席財務官 Scott Settersten。 Dave 將從我們第四季度和全年的一些重要亮點開始，然後分享我們 23 財年的優先事項。然後，斯科特將審查我們的財務結果——更詳細地討論我們的財務結果，並討論我們的財務前景。在我們準備好的評論之後，我們將開始提問。首席運營官 Kecia Steelman 將加入我們的問答環節。

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. 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, March 9, 2023. 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.

在我們開始之前，我想提醒您，本次電話會議中包含的並非歷史事實的陳述可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際未來由於許多風險和不確定性，結果可能與此類聲明中預測的結果存在重大差異，所有這些都在公司提交給美國證券交易委員會的文件中有所描述。我們告誡您不要過分依賴這些前瞻性陳述，這些陳述僅在今天，即 2023 年 3 月 9 日生效。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，您不應該期望我們這樣做。

Today's prepared remarks will be a little longer than usual to allow us. To accommodate as many questions as possible during the hour scheduled for this call, we respectfully ask that you limit your time to one question. If you have additional questions, please requeue. As always, the IR team will be available for any follow-up questions after the call.

今天準備好的發言將比往常稍長一些。為了在本次電話會議安排的時間內盡可能多地解決問題，我們謹請您將時間限制在一個問題上。如果您還有其他問題，請重新排隊。與往常一樣，IR 團隊將在電話會議後回答任何後續問題。

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

現在我想把電話轉給戴夫。戴夫？

Thank you, Kiley, and good afternoon, everyone. We appreciate your interest in Ulta Beauty. Our fourth quarter was a strong end to a record-setting year. For the first time in our 33-year history, our annual revenue surpassed $10 billion, and our annual net income exceeded $1 billion. In addition, we expanded our loyalty program to more than 40 million members. Achieving such meaningful milestones reflects healthy consumer engagement with the beauty category, the power of Ulta Beauty's highly differentiated model and the impact of our winning culture and outstanding teams.

謝謝 Kiley，大家下午好。感謝您對 Ulta Beauty 的關注。我們的第四季度為創紀錄的一年畫上了圓滿的句號。在我們 33 年的歷史中，我們的年收入首次超過 100 億美元，年淨收入超過 10 億美元。此外，我們將忠誠度計劃擴展到超過 4000 萬會員。實現如此有意義的里程碑反映了消費者對美容品類的健康參與、Ulta Beauty 高度差異化模式的力量以及我們成功文化和優秀團隊的影響。

The Ulta Beauty team continues to execute with excellence and inspire me daily with their passion and leadership. I want to thank all of our associates for their commitment to delivering great guest experiences and for working together as one team to move our business forward. I am honored to lead such a great company of talented associates who bring our mission, vision and values to life for all of our stakeholders.

Ulta Beauty 團隊繼續以卓越的表現執行工作，每天都以他們的熱情和領導力激勵著我。我要感謝我們所有的員工致力於提供卓越的賓客體驗，並作為一個團隊共同努力推動我們的業務向前發展。我很榮幸能夠領導這樣一家由才華橫溢的員工組成的偉大公司，他們將我們的使命、願景和價值觀帶給我們所有的利益相關者。

Now to the results. Starting with the fourth quarter, net sales increased 18.2% to $3.2 billion. Operating profit increased to 13.9% of sales, and diluted EPS increased 23.5% to $6.68 per share. Sales of all major categories exceeded our expectations, and we saw solid sales momentum across both our store and digital channels.

現在到結果。從第四季度開始，淨銷售額增長 18.2% 至 32 億美元。營業利潤增加至銷售額的 13.9%，稀釋後每股收益增加 23.5% 至 6.68 美元。所有主要類別的銷售額都超出了我們的預期，我們在商店和數字渠道上都看到了強勁的銷售勢頭。

Additionally, we continued to see healthy growth in spend per member across all income demographics. This broad-based strength reflects successful execution of our key fourth quarter events, including holiday, Jumbo Love and Love Your Skin. Our holiday marketing plan, which included new television advertising, engaging storytelling and robust digital and social support, delivered strong guest engagement and drove significant increases in top-of-mind awareness. Our holiday gifting assortment, which was thoughtfully curated across every category and budget, resonated with guests, and our innovative and inclusive gift card program delivered strong double-digit growth across Ulta Beauty-owned and third-party channels.

此外，我們繼續看到所有收入人群的每位會員支出都在健康增長。這種廣泛的實力反映了我們第四季度關鍵活動的成功執行，包括假期、Jumbo Love 和 Love Your Skin。我們的假日營銷計劃包括新的電視廣告、引人入勝的故事講述以及強大的數字和社交支持，提供了強大的客人參與度，並顯著提高了人們的第一印象。我們的節日禮物分類經過精心挑選，涵蓋了每個類別和預算，引起了客人的共鳴，而我們創新且包容的禮品卡計劃在 Ulta Beauty 旗下和第三方渠道實現了兩位數的強勁增長。

Turning to performance by category. All major categories delivered double-digit growth again this quarter, and we increased our market share in prestige beauty versus the fourth quarter last year based on data from the NPD Group.

轉向按類別劃分的性能。本季度所有主要品類再次實現兩位數增長，根據 NPD Group 的數據，我們在高端美容領域的市場份額與去年第四季度相比有所增加。

Skin care delivered the strongest growth this quarter with double-digit growth in both prestige and mass. Growth in the quarter was primarily driven by serums, moisturizers, acne treatments and holiday gift sets. Guests engaged with newness from brands like Drunk Elephant, The Ordinary and Hero cosmetics. While dermatology-based brands like La Roche-Posay and CeraVe also resonated strongly with guests. Our successful Love Your Skin event also contributed to the category's strong growth.

護膚品在本季度實現了最強勁的增長，聲望和質量均實現了兩位數的增長。本季度的增長主要由精華素、潤膚霜、痤瘡治療劑和節日禮品套裝推動。來賓們接觸了 Drunk Elephant、The Ordinary 和 Hero 化妝品等品牌的新品。理膚泉和 CeraVe 等皮膚科品牌也引起了客人的強烈共鳴。我們成功的 Love Your Skin 活動也為該類別的強勁增長做出了貢獻。

In addition to converting members to the skin care category with prestige skin care offers, we also introduced guests to our wellness assortment with new beauty steals from a variety of brands, including Truly, Love Wellness and Sugarbear.

除了通過優質護膚產品將會員轉化為護膚品類別外，我們還向客人介紹了我們的健康產品系列，其中包括來自 Truly、Love Wellness 和 Sugarbear 等多個品牌的全新美容產品。

The fragrance and bath category delivered another quarter of double-digit growth on top of strong double-digit growth last year. Compelling newness from luxury brands like Burberry, YSL and Dior as well as exclusive newness from Billie Eilish and Ariana Grande including her latest fragrance, MOD, contributed to the positive growth. In addition, the category benefited from strong engagement with our exclusive holiday fragrance gift sets and monthly Fragrance Crush programs.

在去年強勁的兩位數增長基礎上，香水和沐浴品類又實現了四分之一的兩位數增長。 Burberry、YSL 和 Dior 等奢侈品牌的引人注目的新品以及 Billie Eilish 和 Ariana Grande 的獨家新品，包括她的最新香水 MOD，都為正增長做出了貢獻。此外，該類別還受益於我們獨家節日香水禮品套裝和每月 Fragrance Crush 計劃的大力參與。

Growth of the makeup category accelerated from the third quarter with double-digit growth in both prestige and mass makeup. Top subcategories were base and lip driven by newness in foundation, concealers and lip balms and glosses. New brands like Fenty Beauty, r.e.m. beauty and recently launched Dior contributed to growth during the quarter, while new products from a wide range of brands, including Tarte, e.l.f., NYX and Clinique also continued to engage guests.

彩妝品類的增長從第三季度開始加速，高端彩妝和大眾彩妝均實現兩位數增長。受粉底、遮瑕膏、潤唇膏和唇彩的新穎性推動，熱門子類別是底妝和唇膏。 Fenty Beauty、r.e.m. 等新品牌美容和最近推出的 Dior 為本季度的增長做出了貢獻，而 Tarte、e.l.f.、NYX 和 Clinique 等眾多品牌的新產品也繼續吸引著客人。

Finally, hair care delivered double-digit growth driven by newness and innovation focused on hair health. Newer brands like OLAPLEX, MAËLYS and recently launched Donna's Recipe contributed to the quarter's growth. Our Jumbo Love event drove healthy growth for key professional brands like Pureology, Redken and Biolage as well as masstige brands, KRISTIN ESS and Batiste.

最後，在專注於頭髮健康的新穎性和創新的推動下，護髮實現了兩位數的增長。 OLAPLEX、MAÈLYS 和最近推出的 Donna's Recipe 等新品牌為本季度的增長做出了貢獻。我們的 Jumbo Love 活動推動了 Pureology、Redken 和 Biolage 等主要專業品牌以及大眾品牌 KRISTIN ESS 和 Batiste 的健康增長。

Hair tools continued to experience broad softness as we lapped strong newness last year. Our services business also delivered strong double-digit growth again this quarter, driven by an increase in transactions. Leveraging our CRM capabilities, we continue to welcome new members to services while increasing frequency with members who already engaged in our service offering. And the salon back bar takeovers which give our stylists a unique opportunity to introduce new brands and products to guests, help drive growth and new member acquisition for OUAI and Bumble and bumble.

美髮工具繼續經歷廣泛的柔軟，因為我們在去年獲得了強勁的新鮮感。在交易增加的推動下，我們的服務業務在本季度也再次實現了兩位數的強勁增長。利用我們的 CRM 功能，我們繼續歡迎新成員使用服務，同時增加與已經參與我們服務產品的成員的頻率。沙龍後酒吧的收購為我們的造型師提供了向客人介紹新品牌和產品的獨特機會，有助於推動 OUAI 和 Bumble and bumble 的增長和新會員的獲取。

Now turning to the full year. Strong consumer demand and outstanding execution by our teams fueled broad-based strength across our business. Net sales for the year increased 18.3% to $10.2 billion. Operating profit increased to 16.1% of sales, and diluted EPS increased 33.5% to a record $24.01 per share.

現在轉向全年。強勁的消費者需求和我們團隊出色的執行力推動了我們業務的廣泛發展。全年淨銷售額增長 18.3% 至 102 億美元。營業利潤增至銷售額的 16.1%，攤薄每股收益增長 33.5% 至創紀錄的每股 24.01 美元。

In 2021, we introduced a new strategic framework designed to guide our priorities and enable Ulta Beauty to expand our market leadership and drive profitable growth. Let me share a few highlights of the progress we made against this framework in fiscal 2022.

2021 年，我們引入了一個新的戰略框架，旨在指導我們的優先事項，並使 Ulta Beauty 能夠擴大我們的市場領導地位並推動盈利增長。讓我分享我們在 2022 財年針對該框架取得的進展的一些亮點。

Our first strategic pillar is to drive growth through an expanded definition of All Things Beauty. And this year, we continued to enhance our offerings to engage and excite beauty enthusiasts. All major categories delivered double-digit comp growth, and we increased our market share in prestige beauty versus fiscal 2021 based on data from the NPD Group.

我們的第一個戰略支柱是通過擴展 All Things Beauty 的定義來推動增長。今年，我們繼續增強我們的產品以吸引和激髮美容愛好者。所有主要類別都實現了兩位數的收入增長，並且根據 NPD Group 的數據，與 2021 財年相比，我們在高端美容領域的市場份額有所增加。

We strengthened our assortment with the addition of leading brands in every major category, including Fenty Beauty, Dior, BYOMA and MAËLYS and expanded MAC and Chanel Beauté into more doors. We also introduced guests to exciting emerging brands, including about-face, Divi, sk*p and Vacation through our Sparked platform.

我們通過在每個主要類別中增加領先品牌來加強我們的產品組合，包括 Fenty Beauty、Dior、BYOMA 和 MAÈLYS，並將 MAC 和 Chanel Beauté 擴展到更多門類。我們還通過我們的 Sparked 平台向客人介紹了激動人心的新興品牌，包括 about-face、Divi、sk*p 和 Vacation。

We enhanced conscious beauty at Ulta Beauty, ending the year with 300 brands certified in at least 1 conscious beauty pillar and made it easier for guests to identify brands and products that reflect their values in this important space. We added 12 black-owned and founded brands to our assortment and launched our Muse Accelerator program to help early-stage BIPOC brands prepare for retail readiness. And we expanded The Wellness Shop to an additional 330 stores and enhanced our online offering to include intimate wellness.

我們在 Ulta Beauty 加強了有意識的美，到年底有 300 個品牌在至少一個有意識的美容支柱上獲得了認證，並使客人更容易識別在這個重要領域反映他們價值觀的品牌和產品。我們將 12 個黑人擁有和創立的品牌添加到我們的產品組合中，並啟動了我們的 Muse 加速器計劃，以幫助處於早期階段的 BIPOC 品牌為零售做好準備。我們將 The Wellness Shop 擴展到另外 330 家商店，並增強了我們的在線服務以包括私密健康。

Turning now to our second strategic pillar, All In Your World. We're focused on evolving guest experiences through a personalized connected omni-channel ecosystem. In fiscal 2022, we continued to enhance the guest experience across all our touch points. We expanded our physical footprint, opening 47 new stores and renovating or relocating 32 stores. We relaunched makeup services and introduced new salon services, including curl-specific treatments and extensions. These enhancements, combined with record-setting stylist productivity and increased transactions, resulted in strong double-digit growth for our services business.

現在轉向我們的第二個戰略支柱，All In Your World。我們專注於通過個性化的互聯全渠道生態系統提升賓客體驗。在 2022 財年，我們繼續提升所有接觸點的賓客體驗。我們擴大了我們的實體足跡，開設了 47 家新店並翻新或搬遷了 32 家店。我們重新推出了化妝服務，並推出了新的沙龍服務，包括特定於捲髮的護理和延展。這些改進，加上創紀錄的造型師工作效率和增加的交易量，使我們的服務業務實現了兩位數的強勁增長。

Reflecting our efforts to enhance our buy anywhere, fill anywhere capabilities, we expanded our same-day delivery offering to 6 new markets and delivered significant improvement in guest satisfaction with the BOPIS experience. Between BOPIS, same-day delivery and ship from store capabilities, 31% of our digital orders this year were fulfilled by stores, up from 28% last year.

為了反映我們為增強“隨處購買、隨處填滿”能力所做的努力，我們將當天送達服務擴展到 6 個新市場，並顯著提高了客人對 BOPIS 體驗的滿意度。在 BOPIS、當日送達和門店發貨功能之間，今年我們 31% 的數字訂單由門店完成，高於去年的 28%。

We also created new digital experiences through the phased refresh of our digital store and the expansion of virtual try-on capabilities, including GLAMlab Skin Advisor 2.0 and the hair style try-on.

我們還通過分階段更新數字商店和擴展虛擬試穿功能（包括 GLAMlab Skin Advisor 2.0 和髮型試穿）創造了新的數字體驗。

Finally, our successful partnership with Target continued to grow with the opening of 254 additional Ulta Beauty at Target shop-in-shop locations. We also created a dedicated field team to help unlock greater opportunity with the partnership, and through engaging store visits and communications, this team had a positive impact on staffing, training and loyalty.

最後，隨著在 Target 店中店開設 254 家額外的 Ulta Beauty，我們與 Target 的成功合作夥伴關係繼續發展。我們還創建了一個專門的現場團隊來幫助通過合作夥伴關係釋放更多機會，並且通過參與商店訪問和溝通，該團隊對人員配置、培訓和忠誠度產生了積極影響。

Moving to our third strategic pillar, expanding and deepening our engagement with guests by ensuring Ulta Beauty operates at the heart of the beauty community. During the year, we continued to drive guest love, loyalty and share of wallet, and our efforts created stronger, more emotional connections with our guests. Overall, unaided awareness grew significantly with meaningful gains among key audiences including Gen Z, Hispanic and Black beauty consumers.

轉向我們的第三個戰略支柱，通過確保 Ulta Beauty 在美容社區的核心運營來擴大和加深我們與客人的互動。在這一年裡，我們繼續推動客人的喜愛、忠誠度和錢包份額，我們的努力與客人建立了更牢固、更情感化的聯繫。總體而言，在包括 Z 世代、西班牙裔和黑人美容消費者在內的主要受眾中，獨立意識顯著提高，並取得了有意義的進展。

Importantly, we increased the number of active members in our loyalty program by more than 3 million members, ending fiscal 2022 with a record-breaking 40.2 million Ultamate Reward members, who shopped more frequently and spent more with us on average. And we launched our retail media network, UB Media, with a dedicated sales team and supported by new processes and tools.

重要的是，我們將忠誠度計劃中的活躍會員數量增加了超過 300 萬，到 2022 財年結束時，Ultamate Reward 會員數量達到創紀錄的 4020 萬，他們購物更頻繁，平均在我們這里花費更多。我們還推出了我們的零售媒體網絡 UB Media，擁有一支專門的銷售團隊，並得到新流程和工具的支持。

Our fourth strategic pillar is to drive operational excellence and optimization to enable us to capture additional market share on guest experience enhancements and deliver future profitable growth. In fiscal 2022, we made progress on a number of initiatives that will enable us to scale more easily, including successfully executing Phase 1 of Project SOAR, our 3-year effort to upgrade our enterprise resource planning platform on time and on budget.

我們的第四個戰略支柱是推動卓越運營和優化，使我們能夠在增強客戶體驗方面獲得更多市場份額，並實現未來的盈利增長。在 2022 財年，我們在多項舉措上取得了進展，這些舉措將使我們能夠更輕鬆地擴展規模，包括成功執行項目 SOAR 的第一階段，這是我們在 3 年的時間和預算內按時升級企業資源規劃平台的努力。

In addition to successfully navigating inflationary pressures in wages and fuel, we initiated a multiyear supply chain optimization effort, breaking ground on our first market fulfillment center and beginning the planned retrofit of our Greenwood distribution center. Both facilities are on track to be fully operational in fiscal 2023.

除了成功應對工資和燃料方面的通脹壓力外，我們還啟動了一項多年的供應鏈優化工作，在我們的第一個市場履行中心破土動工，並開始計劃對我們的格林伍德配送中心進行改造。這兩個設施有望在 2023 財年全面投入運營。

Our winning culture is key to driving our success, so our fifth strategic pillar is focused on protecting and cultivating our world-class culture and talent. Our vision is to create a highly aligned, engaged workforce and an inclusive workplace that creates opportunities for our people and our business, and I am proud of the progress we made last year.

我們的致勝文化是推動我們成功的關鍵，因此我們的第五個戰略支柱專注於保護和培養我們世界一流的文化和人才。我們的願景是打造高度團結、敬業的員工隊伍和包容性的工作場所，為我們的員工和企業創造機會，我為我們去年取得的進步感到自豪。

With strong participation rates in our annual company-wide engagement survey, our overall engagement remains high and continued to exceed retail benchmarks. And our investments in our team and culture enabled us to promote more than 11,000 associates into new roles and improve associate retention across the enterprise.

由於我們年度全公司敬業度調查的參與率很高，我們的整體敬業度仍然很高，並繼續超過零售基準。我們對團隊和文化的投資使我們能夠提拔 11,000 多名員工擔任新角色，並提高整個企業的員工保留率。

Finally, our sixth strategic pillar is to expand our environmental and social impact. As the largest U.S. beauty retailer, we can influence how the world sees beauty while driving positive impact. In fiscal 2022, we delivered on our DEI commitments by investing $50 million across our major areas of focus, including multicultural media to amplify underrepresented voices, dedicated support for BIPOC brands, and associate training to reinforce inclusivity and address unconscious bias.

最後，我們的第六個戰略支柱是擴大我們的環境和社會影響。作為美國最大的美妝零售商，我們可以在推動積極影響的同時影響世界對美的看法。在 2022 財年，我們通過在我們的主要關注領域投資 5000 萬美元來兌現我們的 DEI 承諾，包括多元文化媒體以擴大代表性不足的聲音、對 BIPOC 品牌的專門支持，以及加強包容性和解決無意識偏見的相關培訓。

On the environmental side, we continue to reduce our energy usage through the expansion of our LED lighting retrofit program to an additional 100 stores and our Chambersburg DC as well as additional energy efficiency project in select stores. We also enhanced our ESG disclosures in our second ESG report and submitted emissions targets to The Science Based Target Initiative, a globally recognized organization that validates these targets.

在環境方面，我們通過將 LED 照明改造計劃擴展到另外 100 家商店和我們的 Chambersburg DC 以及選定商店的額外能源效率項目，繼續減少能源使用。我們還在第二份 ESG 報告中加強了 ESG 披露，並向 The Science Based Target Initiative 提交了排放目標，The Science Based Target Initiative 是一家全球公認的驗證這些目標的組織。

Fiscal 2022 was an outstanding year, and I am incredibly proud of our associates' dedication to delivering value for all stakeholders while building the foundation for the future. As we move into fiscal 2023, we remain optimistic about the strength and resiliency of the beauty category and the opportunities for Ulta Beauty. Over the last 2 years, the U.S. beauty category experienced unprecedented growth, reflecting various factors such as product innovation, expanding regimens, new social media platforms, return to work and resumed social activities, and the elevated connection between beauty and overall self-care.

2022 財年是出色的一年，我為我們的員工致力於為所有利益相關者創造價值同時為未來奠定基礎而感到無比自豪。隨著我們進入 2023 財年，我們對美容類別的實力和彈性以及 Ulta Beauty 的機遇保持樂觀。在過去 2 年中，美國美容品類經歷了前所未有的增長，反映了多種因素，例如產品創新、擴展方案、新的社交媒體平台、重返工作崗位和恢復社交活動，以及美容與整體自我保健之間聯繫的加強。

In addition to these consumer drivers, an elevated level of price increases also contributed to growth for the category. While some are unique to the post-pandemic recovery, we believe other factors will continue driving growth for the category. Importantly, consumer engagement with beauty is stronger than ever and is more connected with wellness. These factors give us confidence that the growth of the U.S. beauty category will remain healthy but moderate to the higher end of the category's historical annual growth rate of between 2% and 5%, barring a major economic event.

除了這些消費者驅動因素外，價格上漲幅度的提高也促進了該類別的增長。雖然有些是大流行後復蘇所特有的，但我們相信其他因素將繼續推動該類別的增長。重要的是，消費者對美容的參與比以往任何時候都強烈，並且與健康的聯繫也更加緊密。這些因素讓我們相信，除非發生重大經濟事件，否則美國美容品類的增長將保持健康但溫和，達到該品類 2% 至 5% 的歷史年增長率的上限。

Building on the progress made in fiscal 2022, we intend to continue executing against our strategic framework to further expand our market leadership, drive profitable growth and transform our business for the future in fiscal 2023. Starting with our consumer-centric strategic pillars, we will continue to innovate, evolve and expand All Things Beauty to excite and engage the beauty enthusiast. Today, Ulta Beauty is the preferred destination for mass and prestige beauty. To maintain this leadership and capture additional market share, we will continue to add relevant brands to our assortment across categories and price points.

基於 2022 財年取得的進展，我們打算繼續執行我們的戰略框架，以進一步擴大我們的市場領導地位，推動盈利增長，並在 2023 財年轉變我們的業務。從我們以消費者為中心的戰略支柱開始，我們將繼續創新、發展和擴展 All Things Beauty，以激發和吸引美容愛好者。今天，Ulta Beauty 是大眾和高端美容的首選目的地。為了保持這種領先地位並獲得更多的市場份額，我們將繼續在我們的品類和價位產品中添加相關品牌。

Additionally, building on customer insights and strong engagement with our current portfolio of luxury brands, we see luxury beauty as an emerging opportunity. In fiscal 2023, we will expand our luxury beauty offering with an engaging experience in select stores and an elevated presence on ulta.com. In addition to strengthening our core assortment, we will continue to expand, evolve and amplify our cross-category platforms, including Conscious Beauty, our BIPOC-founded brands, The Wellness Shop and Sparked, our emerging brands platform.

此外，基於對客戶的洞察力和與我們當前奢侈品牌組合的密切參與，我們將奢侈美妝視為一個新興機遇。在 2023 財年，我們將通過在精選商店提供引人入勝的體驗並提高在 ulta.com 上的影響力來擴大我們的奢華美容產品。除了加強我們的核心品類之外，我們還將繼續擴展、發展和擴大我們的跨品類平台，包括我們的 BIPOC 創立品牌 Conscious Beauty、我們的新興品牌平台 The Wellness Shop 和 Sparked。

As we meet beauty enthusiasts, wherever they are in their beauty journey, All In Your World, we will continue to invest in our omni-channel experiences. Our physical footprint is a strategic advantage, and we plan to open 25 to 30 net new stores and remodel or relocate 20 to 30 stores throughout the year. As we expand our physical footprint, we will also accelerate growth across digital platforms, supported by the completed transition of our digital store to a modern technology and architecture as well as the expansion of our buy anywhere, fill anywhere capabilities.

當我們遇到美容愛好者時，無論他們在美容之旅中的何處，All In Your World，我們將繼續投資於我們的全渠道體驗。我們的實體足跡是一項戰略優勢，我們計劃全年淨開設 25 至 30 家新店，並改建或搬遷 20 至 30 家店。隨著我們擴大我們的實體足跡，我們還將加速跨數字平台的增長，這得益於我們的數字商店已完成向現代技術和架構的過渡，以及我們隨處購買、隨處填充功能的擴展。

Our partnership with Target will continue to expand as we support additional Ulta Beauty at Target shops, evolve the assortment and leverage our dedicated field team to deliver elevated guest experiences. This newest touch point is introducing new guests to Ulta Beauty, and we intend to leverage our customer insights and CRM capabilities to continue driving additional member acquisition and bounce back to Ulta Beauty.

我們與 Target 的合作夥伴關係將繼續擴大，因為我們在 Target 商店支持更多的 Ulta Beauty，改進產品種類並利用我們專門的現場團隊提供更高的客戶體驗。這個最新的接觸點正在向 Ulta Beauty 介紹新客人，我們打算利用我們的客戶洞察力和 CRM 功能繼續推動更多會員的獲取並重新回到 Ulta Beauty。

To operate at the heart of the beauty community, we will continue to create and nurture authentic meaningful connections with our guests to drive stronger relevance and brand consideration, especially with key constituents. We plan to expand the power of our loyalty program by enhancing our media mix to acquire new members and elevate the loyalty program throughout our digital shopping experience.

為了在美容社區的核心開展業務，我們將繼續與我們的客人建立和培養真正有意義的聯繫，以推動更強的相關性和品牌考慮，尤其是與關鍵組成部分。我們計劃通過增強我們的媒體組合來獲得新會員並在我們的數字購物體驗中提升忠誠度計劃，從而擴大我們忠誠度計劃的力量。

We plan to leverage our analytics and data insights further to reactivate lapsed guests, increased retention and shift share of wallet. And we intend to leverage our digital and physical assets to drive greater omni-channel member penetration. Finally, we plan to accelerate UB Media to capture greater demand from our brand partners. Building on the foundation established in 2022, we will offer new opportunities on Ulta-owned properties and enhanced existing products with advanced reporting and optimized audience selection.

我們計劃進一步利用我們的分析和數據洞察力來重新激活流失的客人，增加保留率和轉移錢包份額。我們打算利用我們的數字和實物資產來推動更大的全渠道會員滲透。最後，我們計劃加速 UB Media 以捕捉來自我們品牌合作夥伴的更大需求。在 2022 年建立的基礎上，我們將為 Ulta 擁有的資產提供新的機會，並通過高級報告和優化的受眾選擇來增強現有產品。

Turning now to our operational excellence and optimization efforts. In fiscal 2023, we plan to implement the next phase of Project SOAR, transitioning key supply chain and merchandising processes to the new platform. We will continue our supply chain optimization efforts as we complete the retrofit of our Greenwood DC and the opening of our first market fulfillment center. In addition, we will begin the retrofit of our Dallas DC and construction of our second market fulfillment center here in Bolingbrook, Illinois. This new facility will replace our existing Romeoville facility and transition our experienced team to a new state-of-the-art facility. In addition to these transformation initiatives, we will leverage our established continuous improvement capabilities to drive additional cost efficiencies.

現在轉向我們的卓越運營和優化工作。在 2023 財年，我們計劃實施下一階段的 SOAR 項目，將關鍵供應鍊和銷售流程過渡到新平台。隨著我們完成 Greenwood DC 的改造和我們第一個市場履行中心的開放，我們將繼續我們的供應鏈優化工作。此外，我們將開始對我們的達拉斯配送中心進行改造，並在伊利諾伊州博林布魯克建設我們的第二個市場履行中心。這個新設施將取代我們現有的 Romeoville 設施，並將我們經驗豐富的團隊轉移到一個新的最先進的設施。除了這些轉型舉措外，我們還將利用我們已建立的持續改進能力來推動額外的成本效率。

Our success is enabled by our world-class culture. Values-based and anchored in caring for each other, the Ulta Beauty culture attracts and retains top talent who deliver great guest experiences across multiple channels every day. To protect and cultivate our culture and enable future business performance, we will invest purposefully in our associates and teams. This year, we plan to modernize our talent strategy and planning practices, enrich our learning and development offerings, and enable a leading DEI ecosystem.

我們的成功得益於我們世界一流的文化。 Ulta Beauty 文化以價值觀為基礎，以相互關懷為基礎，吸引並留住了每天通過多個渠道提供卓越客戶體驗的頂尖人才。為了保護和培養我們的文化並實現未來的業務績效，我們將有目的地投資於我們的員工和團隊。今年，我們計劃實現人才戰略和規劃實踐的現代化，豐富我們的學習和發展產品，並打造領先的 DEI 生態系統。

Finally, in 2023, we will stay focused on our environmental and social impact. Being good stewards of resources, taking care of each other and creating a positive impact on the world is part of our DNA, and our ESG priorities are integrated into our guest-facing, operational excellence and culture strategies.

最後，到 2023 年，我們將繼續關注我們的環境和社會影響。成為資源的好管家、互相照顧並為世界創造積極影響是我們 DNA 的一部分，我們的 ESG 優先事項已融入我們面向賓客、卓越運營和文化戰略。

Building on progress made to date, we expect The Science Based Targets Initiative to take action on our submission in the first quarter, and based on their feedback, we plan to develop a road map to achieve our emission reduction targets. We also plan to launch packaging, recycling and reusable bag pilots as we explore ways to support a more sustainable beauty industry. We will continue working to expand our DEI efforts to amplify underrepresented voices, support Black entrepreneurs in the business industry, ensure inclusivity remains a top priority in every guest engagement, and foster an inclusive bias-free and equitable workplace for all associates.

在迄今為止取得的進展的基礎上，我們預計科學減碳倡議將在第一季度對我們提交的材料採取行動，並根據他們的反饋，我們計劃制定路線圖以實現我們的減排目標。我們還計劃啟動包裝、回收和可重複使用袋試點，探索支持更具可持續性的美容行業的方法。我們將繼續努力擴大我們的 DEI 工作，以擴大代表性不足的聲音，支持商業行業的黑人企業家，確保包容性仍然是每位客人參與的首要任務，並為所有員工營造一個包容、無偏見和公平的工作場所。

And we will continue to strengthen our corporate governance practices. Over the last several years, our Board has updated our governance guidelines to better express our commitment to diversity, implemented an age limit for directors to encourage Board refreshment and updated committee charters to address oversight of ESG risks. This year, our Board will propose, for stockholder approval, changes to our certificate of incorporation and bylaws, which, among other things, will declassify the Board and provide for the annual election of each director for 1-year terms.

我們將繼續加強我們的公司治理實踐。在過去幾年中，我們的董事會更新了我們的治理指南以更好地表達我們對多元化的承諾，對董事實施年齡限制以鼓勵董事會更新並更新委員會章程以解決對 ESG 風險的監督。今年，我們的董事會將提議修改我們的公司註冊證書和章程，以供股東批准，除其他外，這將取消董事會的機密性，並規定每位董事的年度選舉任期為 1 年。

If approved, the Board will be fully declassified by our 2025 annual stockholder meeting. These proactive measures reflect our commitment to operating with best-in-class governance practices. More detail about these proposed changes will be provided in our 2023 proxy statements.

如果獲得批准，董事會將在我們的 2025 年年度股東大會上完全解密。這些積極措施反映了我們致力於以一流的治理實踐運營。我們的 2023 年代理聲明中將提供有關這些擬議變更的更多詳細信息。

In closing, the Ulta Beauty team delivered an outstanding performance in fiscal 2022, on top of a very strong performance in fiscal '21. As we look to 2023, I am optimistic about our opportunities to expand our market leadership and drive profitable growth. We are leaders in a culturally relevant growing category with a strong proven business model and a winning culture with outstanding associates who are passionate about caring for our guests and each other.

最後，Ulta Beauty 團隊在 2022 財年的表現非常出色，而在 21 財年的表現非常強勁。展望 2023 年，我對我們擴大市場領導地位和推動盈利增長的機會持樂觀態度。我們是與文化相關的不斷增長的類別中的領導者，擁有經過驗證的強大商業模式和成功的文化，擁有熱衷於關心我們的客人和彼此的優秀員工。

I remain confident we will continue to lead the category and move beauty forward in ways that have a positive impact on our guests, our associates and the communities we serve.

我仍然相信，我們將繼續引領這一類別，並以對我們的客人、我們的員工和我們所服務的社區產生積極影響的方式推動美容向前發展。

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

現在我將把電話轉給斯科特討論財務結果。斯科特？

Thanks, Dave, and good afternoon, everyone. Before I review our financial results, I want to take a moment to express my sincere gratitude to our teams for delivering these exceptional results for our shareholders. We have long known our associates are our competitive advantage, and this year's results are an ongoing reflection of their relentless commitment to our guests and to executing with excellence.

謝謝，戴夫，大家下午好。在回顧我們的財務業績之前，我想花點時間向我們的團隊表示衷心的感謝，感謝他們為我們的股東帶來了這些非凡的業績。我們早就知道我們的員工是我們的競爭優勢，今年的業績不斷反映出他們對我們客人的不懈承諾和卓越執行。

Now to our fourth quarter results beginning with the income statement. Results for the quarter were well ahead of our expectations, primarily driven by strong holiday sales and robust guest demand, which accelerated post holiday.

現在我們的第四季度業績從損益表開始。本季度的業績遠超我們的預期，主要是受強勁的假期銷售和強勁的客人需求推動，這在假期後加速。

Sales growth across both physical and digital channels were stronger than expected, resulting in less gross margin deleverage than planned and greater SG&A leverage. As a result, operating margin increased to 13.9% for the quarter. Net sales for the quarter increased 18.2%, driven by 15.6% growth in comp sales and strong new store performance.

實體渠道和數字渠道的銷售增長都強於預期，導致毛利率去槓桿化低於計劃，SG&A 槓桿率更高。因此，本季度的營業利潤率增至 13.9%。本季度的淨銷售額增長了 18.2%，這主要得益於 comp 銷售額增長 15.6% 和強勁的新店業績。

In addition, other revenue increased $18 million, primarily due to credit card income growth and an increase in royalty income from our partnership with Target. The growth in comp sales was primarily a result of a 13.6% increase in transactions driven by double-digit growth in store traffic. Average ticket increased 1.8% driven by higher average selling price, which more than offset lower units per transaction. Similar to last quarter, we estimate that product price increases contributed about 500 basis points to the overall comp increase.

此外，其他收入增加了 1800 萬美元，這主要是由於信用卡收入的增長以及我們與 Target 的合作夥伴關係帶來的特許權使用費收入的增加。比較銷售額的增長主要是由於商店客流量兩位數增長推動交易量增長 13.6%。平均售價上漲 1.8%，這大大抵消了每筆交易單位數量的減少。與上一季度類似，我們估計產品價格上漲對整體薪酬增長貢獻了約 500 個基點。

Looking at the cadence of sales through the quarter, sales moderated in November from the third quarter trend as we lapped more challenging comparisons, but well-executed holiday plans drove strong results and momentum that accelerated in January. Post-holiday results benefited from robust guest traffic in stores and the lapping of weather and impacts from COVID-19 variants during the same period last year. During the quarter, we opened 12 new stores, relocated 1 and remodeled 12 stores.

從整個季度的銷售節奏來看，由於我們進行了更具挑戰性的比較，11 月份的銷售額與第三季度的趨勢相比有所放緩，但執行良好的假期計劃推動了強勁的業績和 1 月份加速的勢頭。節後業績得益於商店客流量強勁、天氣變化以及去年同期 COVID-19 變種的影響。本季度，我們新開了 12 家門店，搬遷了 1 家，改造了 12 家門店。

For the quarter, gross margin was flat compared to the same period last year at 37.6%. Leverage of fixed costs, favorable channel mix shifts and strong growth in other revenue were offset by higher inventory shrink. The impact of promotional activity was flat compared to last year.

本季度毛利率與去年同期持平，為 37.6%。固定成本的槓桿作用、有利的渠道組合轉變和其他收入的強勁增長被庫存減少所抵消。與去年相比，促銷活動的影響持平。

Consistent with trends we experienced in the first 3 quarters of the year, in the fourth quarter, robust top line growth delivered significant fixed cost leverage. Channel mix was favorable as the penetration of e-commerce sales was about 270 basis points lower than last year, and solid growth in other revenue was primarily driven by increased credit card income and royalties earned through our Target partnership.

與我們在今年前 3 季度經歷的趨勢一致，在第四季度，強勁的收入增長帶來了顯著的固定成本槓桿。渠道組合是有利的，因為電子商務銷售的滲透率比去年低了約 270 個基點，其他收入的穩健增長主要是由信用卡收入增加和通過我們的 Target 合作夥伴賺取的特許權使用費推動的。

SG&A increased 17% to $763 million. As a percentage of sales, SG&A decreased 20 basis points to 23.6% compared to 23.8% last year, primarily due to leverage in marketing expenses and incentive compensation due to higher sales, partially offset by deleverage of store payroll and benefits and corporate overhead.

SG&A 增長 17% 至 7.63 億美元。與去年的 23.8% 相比，SG&A 佔銷售額的百分比下降了 20 個基點至 23.6%，這主要是由於營銷費用的槓桿作用和銷售額增加導致的激勵補償，部分被商店工資和福利以及公司管理費用的去槓桿化所抵消。

Marketing expenses during the quarter were lower as a percentage of sales compared to the same period last year. As we have discussed on previous calls, this year, we offset the incremental marketing expense of digital campaigns we manage for our brand partners with vendor income that is a direct reimbursement for these specific costs within total marketing expense. We will begin to cycle this change in the first quarter of fiscal 2023.

與去年同期相比，本季度營銷費用佔銷售額的百分比較低。正如我們在之前的電話會議上所討論的那樣，今年，我們用供應商收入抵消了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，這是對總營銷費用中這些特定成本的直接報銷。我們將在 2023 財年第一季度開始循環這一變化。

Incentive compensation drove 50 basis points of leverage in the quarter, primarily driven by higher sales and a shift in the timing of bonus accruals for store associates. Offsetting these benefits, corporate overhead expense was higher than the same period last year, primarily reflecting investments related to our strategic priorities, including Project SOAR and other IT capabilities, UB Media and Ulta Beauty at Target.

激勵性薪酬在本季度推動了 50 個基點的槓桿率，這主要是由於銷售額增加和商店員工獎金累積時間的變化。抵消了這些收益，公司間接費用高於去年同期，主要反映了與我們的戰略重點相關的投資，包括 Project SOAR 和其他 IT 能力、UB Media 和 Target 的 Ulta Beauty。

Store payroll and benefits spend in the quarter was higher than last year driven by an increase in the number of store associates and higher average wage rates. Operating margin was 13.9% compared to 13.8% last year. Healthy top line growth driven primarily by stores combined with the impact of our ongoing cost optimization efforts supported better operating margin performance.

由於門店員工數量增加和平均工資率上升，本季度門店工資和福利支出高於去年。營業利潤率為 13.9%，而去年為 13.8%。主要由商店推動的健康收入增長加上我們持續的成本優化努力的影響支持了更好的營業利潤率表現。

The company's tax rate increased to 24.6% compared to 22.9% in the fourth quarter last year. A higher effective tax rate is primarily due to less benefit from income tax accounting for share-based compensation and state tax credits.

公司的稅率從去年第四季度的 22.9% 提高到 24.6%。較高的有效稅率主要是由於基於股份的薪酬和州稅收抵免的所得稅會計收益較少。

Diluted GAAP earnings per share increased 23.5% to $6.68 compared to $5.41 last year.

與去年的 5.41 美元相比，稀釋後的 GAAP 每股收益增長 23.5% 至 6.68 美元。

To recap the full year, net sales increased 18.3% to $10.2 billion. Comp sales increased 15.6% driven by a 10.8% increase in transactions and a 4.3% increase in average ticket. We estimate that product price increases contributed about 400 basis points to the overall comp increase for the year. Operating profit increased to 16.1% of sales primarily driven by strong revenue growth, and diluted EPS increased 33.5% to a record $24.01 per share.

回顧全年，淨銷售額增長 18.3% 至 102 億美元。在交易量增長 10.8% 和平均票價增長 4.3% 的推動下，比較銷售額增長了 15.6%。我們估計，產品價格上漲為今年的整體薪酬增長貢獻了約 400 個基點。營業利潤增長至銷售額的 16.1%，這主要受收入強勁增長的推動，稀釋後每股收益增長 33.5% 至創紀錄的每股 24.01 美元。

Moving on to the balance sheet and cash flow statement. Total inventory increased 7% to $1.6 billion compared to $1.5 billion last year. In addition to the impact of 47 new stores, the increase reflects inventory purchases to support new brand launches and brand expansions as well as the impact of inventory cost increases.

轉到資產負債表和現金流量表。與去年的 15 億美元相比，總庫存增加了 7%，達到 16 億美元。除了 47 家新店的影響外，這一增長還反映了為支持新品牌推出和品牌擴張而進行的庫存採購以及庫存成本增加的影響。

Our well-established business model continues to generate significant cash from operations, including more than $1.4 billion in fiscal 2022. Our capital allocation philosophy remains consistent. Our first priority is to reinvest in our business to drive future growth followed by returning excess cash to our shareholders.

我們完善的商業模式繼續從運營中產生大量現金，包括 2022 財年的超過 14 億美元。我們的資本配置理念始終如一。我們的首要任務是對我們的業務進行再投資以推動未來增長，然後將多餘的現金返還給我們的股東。

In fiscal 2022, we invested $312 million in capital expenditures, including approximately $136 million for new stores, remodels and merchandise fixtures, $74 million for IT, $70 million for supply chain, and $32 million for store maintenance and other. Depreciation for the year was $241 million compared to $268 million last year primarily due to a shift of IT investments from capital to cloud expense.

在 2022 財年，我們投入了 3.12 億美元的資本支出，其中約 1.36 億美元用於新店、改造和商品固定裝置，7400 萬美元用於 IT，7000 萬美元用於供應鏈，3200 萬美元用於商店維護和其他。與去年的 2.68 億美元相比，今年的折舊為 2.41 億美元，這主要是由於 IT 投資從資本支出轉向雲支出。

During the fourth quarter, we repurchased 722,000 shares at a cost of $328 million, bringing total share repurchases to $900 million for the year. Since launching our stock buyback program in 2014, we purchased more than 16 million shares at a weighted average price of $293, effectively returning $4.8 billion to shareholders while continuing to invest in strategic growth drivers.

第四季度，我們以 3.28 億美元的成本回購了 722,000 股股票，使全年的股票回購總額達到 9 億美元。自 2014 年啟動股票回購計劃以來，我們以 293 美元的加權平均價格購買了超過 1600 萬股股票，有效地向股東返還了 48 億美元，同時繼續投資於戰略增長動力。

Turning to our outlook for fiscal 2023. We ended fiscal 2022 with strong momentum and are confident the U.S. beauty category will remain healthy. Our financial expectations reflect this optimism but are risk adjusted to reflect an uncertain macro environment, increasing competitive pressures and the reality that we will lap 2 years of stronger-than-expected performance.

談到我們對 2023 財年的展望。我們以強勁的勢頭結束了 2022 財年，並相信美國美容品類將保持健康。我們的財務預期反映了這種樂觀情緒，但進行了風險調整，以反映不確定的宏觀環境、不斷增加的競爭壓力以及我們將連續 2 年表現好於預期的現實。

Specifically for fiscal 2023, we plan to open between 25 and 30 net new stores and remodel or relocate 20 to 30 existing stores. As we shared on our last earnings call, we are seeing project delays resulting from external real estate and construction issues as well as supply chain disruption for key equipment. We continue to expect to open about 100 stores over the next 2 years, but the timing of openings are expected to shift between fiscal 2023 and 2024 as we navigate these external challenges.

具體到 2023 財年，我們計劃淨開設 25 至 30 家新店，並改造或搬遷 20 至 30 家現有店。正如我們在上次財報電話會議上分享的那樣，我們看到項目延誤是由外部房地產和建築問題以及關鍵設備的供應鏈中斷造成的。我們繼續預計在未來 2 年內開設約 100 家門店，但隨著我們應對這些外部挑戰，預計開業時間將在 2023 財年和 2024 財年之間發生變化。

We expect net sales will increase 7% to 8% with comp sales growth between 4% and 5%. We anticipate comp growth in the first half will be in the upper single-digit range driven by stronger growth in the first quarter and then moderate to low single-digit growth in the second half of the year. We expect operating margin for the year will be between 14.7% and 15% of sales driven primarily by SG&A deleverage, reflecting investments to support our strategic priorities and higher store expenses as well as ongoing wage pressures.

我們預計淨銷售額將增長 7% 至 8%，而銷售額將增長 4% 至 5%。我們預計上半年的 comp 增長將在第一季度強勁增長的推動下處於較高的個位數範圍內，然後在下半年實現中等至低個位數增長。我們預計今年的營業利潤率將在銷售額的 14.7% 至 15% 之間，主要受 SG&A 去槓桿化的推動，這反映了支持我們戰略重點的投資和更高的商店費用以及持續的工資壓力。

We expect gross margin will deleverage modestly as we lap benefits from the timing of retail price changes in 2022 and plan for a more normalized promotional environment in 2023. We expect to invest an incremental $60 million to $70 million to support our strategic priorities, including Project SOAR, our digital store and other IT capabilities and UB Media. In fiscal 2022, we invested $52 million to support our strategic agenda.

我們預計毛利率將適度去槓桿化，因為我們將從 2022 年零售價格變化的時機中獲益，併計劃在 2023 年建立更正常的促銷環境。我們預計將增加 6000 萬至 7000 萬美元的投資來支持我們的戰略重點，包括項目SOAR、我們的數字商店和其他 IT 功能以及 UB Media。在 2022 財年，我們投資了 5200 萬美元來支持我們的戰略議程。

These assumptions result in guidance for diluted earnings per share in the range of $24.70 to $25.40 per share, including the impact of approximately $900 million in share repurchases. As a reminder, fiscal 2023 will be a 53-week year. We anticipate the additional week will add between $165 million to $175 million in sales and approximately $0.40 of earnings per share.

這些假設導致每股攤薄收益在 24.70 美元至 25.40 美元之間，包括約 9 億美元的股票回購的影響。提醒一下，2023 財年將是 53 週的一年。我們預計額外的一周將增加 1.65 億美元至 1.75 億美元的銷售額和大約 0.40 美元的每股收益。

Finally, we plan to spend between $400 million to $475 million in CapEx, including approximately $200 million to $220 million for supply chain and IT; $155 million to $205 million for new stores, remodels and merchandise fixtures; and $45 million to $50 million for store maintenance and other. We expect depreciation for the year will be between $245 million to $250 million.

最後，我們計劃在資本支出上花費 4 億至 4.75 億美元，其中包括用於供應鍊和 IT 的大約 2 億至 2.2 億美元； 1.55 億美元至 2.05 億美元用於新店、改造和商品固定裝置； 4500 萬至 5000 萬美元用於商店維護和其他。我們預計今年的折舊將在 2.45 億美元至 2.5 億美元之間。

In closing, our business has recovered from the pandemic faster than initially expected. Our annual net sales this year exceeded $10 billion, which is 2 years earlier than planned and when combined with our ongoing efforts to optimize our model, has enabled record profitability. In fiscal 2022, operating margin was a record 16.1% of sales as compared to 12.1% in fiscal 2019 driven primarily by fixed cost leverage, higher merchandise margin and other revenue growth, partially offset by shrink and channel mix.

最後，我們的業務從大流行中恢復的速度比最初預期的要快。我們今年的年度淨銷售額超過 100 億美元，比計劃提前 2 年，再加上我們不斷努力優化我們的模式，實現了創紀錄的盈利能力。在 2022 財年，營業利潤率達到創紀錄的銷售額的 16.1%，而 2019 財年為 12.1%，這主要是受固定成本槓桿、更高的商品利潤率和其他收入增長的推動，部分被收縮和渠道組合所抵消。

While stronger revenue growth has resulted in a meaningful improvement compared to pre-pandemic levels, our efforts to optimize our model through this period of disruption are delivering sustainable benefits. As a result, we are updating our expectations for operating margins. We remain confident we can deliver comp sales growth between 3% to 5% but now believe we can maintain operating margins between 14% to 15% of sales over the next few years. We believe the outlook for the beauty category is bright, and we are confident our strategic framework and strong financial foundation will enable us to drive long-term growth and shareholder returns.

與大流行前的水平相比，雖然收入增長強勁帶來了有意義的改善，但我們在這段混亂時期優化模型的努力正在帶來可持續的收益。因此，我們正在更新對營業利潤率的預期。我們仍然相信我們可以實現 3% 至 5% 的銷售額增長，但現在相信我們可以在未來幾年內將營業利潤率維持在銷售額的 14% 至 15% 之間。我們相信美容品類的前景一片光明，我們相信我們的戰略框架和強大的財務基礎將使我們能夠推動長期增長和股東回報。

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

現在我將把電話轉回給我們的接線員來主持問答環節。

(Operator Instructions) Our first question is from Kate McShane with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Kate McShane。

I think you mentioned there were 5 points of pricing that you got in the comp for Q4. How should we think about the role of higher prices in the 2023 comp guide?

我想你提到你在第四季度的競爭中獲得了 5 個定價點。我們應該如何考慮更高價格在 2023 年競爭指南中的作用？

Kate, yes, thanks for the question. Yes, we -- 500 basis points in Q4 similar to Q3. The pricing, what we anticipate for pricing going forward into 2023 is a more normalized level. 2022 is really unprecedented across the category. We believe that, that will return to kind of more steady state level of price increases going forward or at least into 2023.

凱特，是的，謝謝你的提問。是的，我們 - 第四季度與第三季度相似的 500 個基點。定價，我們預計到 2023 年的定價將是一個更正常的水平。 2022 年在整個類別中確實是前所未有的。我們相信，這將在未來或至少到 2023 年恢復到更穩定的價格上漲水平。

So that is included in our comp guidance and is, in part, driving the stronger first half versus second half. As Scott mentioned, high single digits in the first half, lower single digits in the second half. One contributor to that is lapping price increases. Many of them happened through the second quarter into the third quarter last year. So as we lap those, the comparables get a little tougher. So it's incorporated in our guidance, and we anticipate it being at a more moderate normalized rate going forward.

因此，這包含在我們的 comp 指南中，並且在一定程度上推動了上半年與下半年的對比。正如斯科特提到的，上半場高個位數，下半場低個位數。造成這種情況的一個因素是價格上漲。其中許多發生在去年第二季度到第三季度。因此，當我們對這些進行測試時，可比對像變得更加艱難。所以它被納入了我們的指導，我們預計它在未來會以更溫和的標準化速度發展。

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

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

Congrats on an incredibly strong year. I was intrigued by your comments about, I guess, this luxury department is -- or expanding the luxury beauty offering in select stores and online. What exactly does that look like? Because when I think about Ulta, particularly where you are now versus where you were, let's say, 10 years ago, you have a ton of luxury brands. So if you can just help me sort of dimensionalize that.

恭喜你度過了非常強勁的一年。我對你的評論很感興趣，我猜，這個奢侈品部門是——或者在精選商店和網上擴大奢侈美容產品。那到底是什麼樣子的？因為當我想到 Ulta 時，特別是你現在所處的位置與你所在的位置，比方說，10 年前，你有很多奢侈品牌。所以，如果你能幫我把它量化一下。

Absolutely. Thanks for the question. We are excited about the luxury opportunity, and we have been participating in luxury for a while. We've had a long-term relationship with Chanel, among many other brands. But what's evolving and changing is an expanded presence of luxury in select stores and online. We recently launched Dior in makeup and skin care. We had the Dior fragrance business. So Dior is another along with Chanel, key anchors of our expanded luxury business.

絕對地。謝謝你的問題。我們對奢侈品的機會感到興奮，我們參與奢侈品已有一段時間了。我們與 Chanel 以及許多其他品牌建立了長期合作關係。但正在演變和變化的是奢侈品在精選商店和網上的擴張。我們最近在彩妝和護膚品領域推出了 Dior。我們有迪奧香水業務。因此，Dior 與 Chanel 是我們擴大的奢侈品業務的主要支柱。

NATASHA DENONA, which is a beautiful and elevated color brand; HOURGLASS, Chanel N°1, Lancôme Absolue, we believe other luxury brands over time, now that complements a portfolio of luxury fragrance brands that we have, including YSL, TOM FORD, Gucci and others. And so the effort here is to make a stronger statement in luxury that further reinforces our All Things Beauty all in one place.

NATASHA DENONA，一個美麗又高貴的色彩品牌； HOURGLASS、Chanel N°1、Lancôme Absolue，我們相信隨著時間的推移，其他奢侈品牌也會補充我們現有的奢侈香水品牌組合，包括 YSL、TOM FORD、Gucci 等。因此，這裡的努力是在奢華方面做出更強有力的聲明，進一步強化我們的萬物之美。

The idea that you can shop across all price points, all categories and luxury, while we had a presence, we felt there was an opportunity to expand and solidify. And that's the actions we've been taking so far this year, and we're really encouraged by the results of the launch of several of these brands including Dior and excited about the opportunity ahead.

您可以在所有價位、所有類別和奢侈品上購物的想法，在我們存在的同時，我們覺得有機會擴大和鞏固。這就是我們今年迄今為止採取的行動，我們對包括 Dior 在內的幾個品牌推出的結果感到非常鼓舞，並對未來的機會感到興奮。

Our next question is from Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的克里斯托弗霍弗斯。

So a couple of related questions about the business momentum. You talked about the acceleration in January. If you teased out the Omicron lap and weather, was there an underlying acceleration? You also lapped the launch of Fenty and OLAPLEX into the first quarter. How did that play out relative to your expectations? Did it sort of -- did the business slow in line with the lift that you saw last year? Or did it do better? And then last related question is, as you think about the high single-digit comp guide in the first quarter, are you essentially assuming that from today forward to the balance of the year the business comps in line with the annual guide?

所以有幾個關於業務勢頭的相關問題。你談到了 1 月份的加速。如果你梳理了 Omicron 的單圈和天氣，是否存在潛在的加速？您還在第一季度推出了 Fenty 和 OLAPLEX。相對於您的期望，結果如何？它有點——業務放緩是否與你去年看到的提升一致？還是做得更好？然後最後一個相關的問題是，當你考慮第一季度的高個位數 comp 指南時，你是否基本上假設從今天到今年的餘額，業務 comp 與年度指南一致？

Let's see. So a few things in that. First of all, yes, January was elevated, as Scott said there. And there were multiple factors. It's hard to nail down exact drivers, exact -- the exact elements of the contribution, but you mentioned a few, Omicron, lapping Omicron being one of those. And -- but we -- the underlying consumer engagement was strong as we emerged out of holiday. There's no doubt about that. The importance of the category, the elevated connection between beauty and wellness is showing up in January and gives us confidence as we go into the year.

讓我們來看看。所以有幾件事。首先，是的，正如斯科特在那裡所說的那樣，1 月份有所上升。並且有多種因素。很難確定確切的驅動程序，確切的 - 貢獻的確切元素，但你提到了一些，Omicron，研磨 Omicron 就是其中之一。而且 - 但我們 - 當我們走出假期時，潛在的消費者參與度很高。毫無疑問。該類別的重要性、美麗與健康之間的聯繫在 1 月份顯現出來，讓我們在進入這一年時充滿信心。

We are lapping some major launches, OLAPLEX in January. Fenty, actually, the launch happened in Q1 of last year, so that launch was not lapped in January but will be lapped here in the first quarter. And as we look into the year, again, the outlook that we have is 4% to 5% comp growth, stronger in the first half -- higher in the first half, a double digit -- I'm sorry, high single digits -- excuse me, high single digit in the first half of the year, lower single digit in the second half of the year leading to the 4% to 5% comp guidance for the full year. The drivers, again, of that are import pricing, some continued momentum coming out of the strength we saw in January and other factors that lead to a bit stronger in the first half of the year.

我們正在對一些主要的發射進行研磨，OLAPLEX 將在 1 月份推出。 Fenty，實際上，發布發生在去年的第一季度，因此該發布不是在一月份進行的，而是在第一季度進行的。當我們回顧這一年時，我們的前景是 4% 到 5% 的複合增長率，上半年更強——上半年更高，兩位數——對不起，高個位數--對不起，上半年的高個位數，下半年的低個位數導致全年 4% 至 5% 的補償指導。其驅動因素再次是進口定價、我們在 1 月份看到的強勁勢頭帶來的一些持續勢頭，以及導致今年上半年略微走強的其他因素。

Our next question is from Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations on the quarter and the year and the great start to the new year. David, I guess -- well, actually -- so I'll start with kind of a question about the model itself. So pre-COVID, sales per gross square foot was kind of averaging in the $500 a square foot and at that time, sort of the potential margin at 15%. We're now kind of post COVID in that $800 a square foot range. And it looks like these are new TAM bolt-on services, BIPOC, Conscious Beauty. It doesn't look skin care -- it doesn't seem like there's kind of a replacement or a shift going on. So I'm just wondering if you can kind of talk about the 15% sustainable margin and how we should think about sort of that on a longer-term basis after you get through the investment phase.

祝賀季度和年度以及新的一年的良好開端。大衛，我想——嗯，實際上——所以我將從一個關於模型本身的問題開始。因此，在 COVID 之前，每平方英尺的銷售額平均為每平方英尺 500 美元，當時的潛在利潤率約為 15%。我們現在在 800 美元一平方英尺的範圍內有點像後 COVID。看起來這些是新的 TAM 附加服務，BIPOC，Conscious Beauty。它看起來不像護膚品——似乎沒有任何替代品或轉變正在進行。所以我只是想知道你是否可以談談 15% 的可持續利潤率，以及在你完成投資階段後我們應該如何從長期的角度考慮這一點。

Yes, Adrienne. Maybe I'll just give that a slightly different spin. So again, as we said, we're confident that we can deliver now adjusted 14% to 15% operating margin on a 3% to 5% comp for the next few years. Again, we came -- at our Analyst Day back in late fall 2021, we were giving our point of view on the financial model through the end of 2024. So since then, a lot of things have changed. I think less so on the sales drivers because there's a lot -- again, this category provides a lot of opportunities for us to drive the top line through various means.

是的，艾德麗安。也許我只是給它一個稍微不同的旋轉。因此，正如我們所說，我們有信心在未來幾年內以 3% 至 5% 的成本實現調整後的 14% 至 15% 的營業利潤率。我們又來了——在 2021 年秋末的分析師日，我們給出了我們對 2024 年底財務模型的觀點。所以從那以後，很多事情都發生了變化。我對銷售驅動因素的看法不那麼重要，因為有很多——同樣，這一類別為我們提供了很多機會，可以通過各種方式推動收入增長。

Really, the change is versus 2019, a lot are in the infrastructure, the cost infrastructure of the business overall. So you've probably heard us refer to some of this in the past. So we -- of course, we benefited here over the last couple of years from double-digit sales growth, driving a lot of fixed cost leverage across the business. There's also been a more rational promotional environment the last couple of years. And so -- and these elevated sales levels have also mitigated some of the other inflationary cost pressures that we are experiencing across the business.

實際上，與 2019 年相比，變化很大，在基礎設施方面，即整個企業的成本基礎設施方面。所以你可能聽說過我們過去提到過其中的一些。所以我們 - 當然，我們在過去幾年中受益於兩位數的銷售增長，推動了整個企業的大量固定成本槓桿。過去幾年也有一個更合理的促銷環境。因此——這些提高的銷售水平也減輕了我們在整個企業中遇到的其他一些通脹成本壓力。

So as we look to 2023, we expect sales growth to moderate from where it's been the last couple of years. And so that will -- that's going to drive some deleverage. That's our year-over-year tougher comparisons. We've described that. I mean, as we think about, again, stronger and sustainable operating margins, we just feel like the business is in a much healthier position today than it was back in 2019.

因此，展望 2023 年，我們預計銷售增長將比過去幾年放緩。所以這將 - 這將推動一些去槓桿化。這是我們逐年進行的更嚴格的比較。我們已經描述過了。我的意思是，當我們再次考慮更強勁和可持續的營業利潤率時，我們只是覺得今天的業務比 2019 年要健康得多。

Again, we've described improved capabilities across the business, like ship from store and BOPIS helping to do that. Our ESG initiative that we started years ago now are continuing to drive significant benefits to the business overall. And we believe that, coupled with some of the new initiatives that we have along the lines of continuous improvement and some of the other long-term strategic investments we're making for the business, help give us comfort that we can hold on to those stronger margins with a 3% to 5% comp over the next few years.

同樣，我們已經描述了整個業務的改進功能，例如從商店發貨和 BOPIS 幫助做到這一點。我們多年前啟動的 ESG 計劃現在正在繼續為整體業務帶來顯著效益。我們相信，再加上我們在持續改進方面採取的一些新舉措，以及我們為業務所做的一些其他長期戰略投資，有助於讓我們感到欣慰，因為我們可以堅持這些未來幾年利潤率將提高 3% 至 5%。

Our next question is from Kelly Crago with Citi.

我們的下一個問題來自花旗的 Kelly Crago。

I was wondering if you could talk a little bit about category growth and break down how you're looking at growth by category in F '23. And then just talk about some of the opportunities you have in skin. I think at 17% of sales, you indexed lower than the beauty category overall. So just curious if you have any initiatives in place to expand. I think you talked about maybe eyeing some square footage in stores dedicated to skin care. So anything else from like a brand perspective? Any partnerships there? Would be helpful.

我想知道您是否可以談談類別增長並分解您如何看待 F '23 中的類別增長。然後談談你在皮膚方面的一些機會。我認為在 17% 的銷售額中，你的指數低於整體美容類別。所以很好奇您是否有任何擴展計劃。我想你談到過可能會關註一些專用於皮膚護理的商店。那麼從品牌的角度來看還有什麼其他的嗎？那裡有合作關係嗎？會有幫助的。

Great. Yes. Of course, our assortment is key to our success. One of the things that's really encouraging to us and again, gives us confidence moving forward is our performance has been broad-based. We're seeing double-digit growth across all major categories. And as we look forward into 2023, we see good healthy momentum in each of the categories. So we feel confident.

偉大的。是的。當然，我們的分類是我們成功的關鍵。真正令我們鼓舞並再次讓我們充滿信心的事情之一是我們的表現基礎廣泛。我們看到所有主要類別都實現了兩位數的增長。展望 2023 年，我們在每個類別中都看到了良好的健康勢頭。所以我們很有信心。

And fundamentally, it's driven by a overarching beauty trend and understanding of the power and importance of beauty and how it connects to overall wellness and self-care. That elevated connection, the increased emotional connection and the importance that beauty plays is fueling the entire category. And that's what's helping drive each element in each individual subcategory within the total beauty space.

從根本上說，它是由一種總體美容趨勢和對美容的力量和重要性的理解以及它與整體健康和自我保健的聯繫所驅動的。這種更高的聯繫、增加的情感聯繫以及美的重要性正在推動整個類別。這就是幫助推動整個美容空間中每個單獨子類別中的每個元素的原因。

So we feel clearly good about what 2022 looked like and have good optimism going forward. A lot of newness, a lot of activity across each of our major categories. We've got newness in makeup and in hair care and fragrance. We'll continue to drive innovation in things we're excited about.

因此，我們對 2022 年的情況感到非常滿意，並對未來充滿樂觀。我們每個主要類別都有很多新鮮事物，很多活動。我們在化妝品、護髮和香水方面有了新意。我們將繼續在令我們興奮的事情上推動創新。

Skin care is -- as we mentioned in the script, was our fastest-growing category. We had double-digit growth in each category, but skin care led the way. And we feel like there's even more opportunity. We've launched new products like Drunk Elephant. We've had great growth with The Ordinary, Hero Cosmetics. We have in our newest store design that we started rolling out last year. We brought skin care together, and our other categories, makeup with skin care and a more prominent front-of-store location that allows our guests to engage across all price points in a really elevated, beautiful way.

正如我們在劇本中提到的，皮膚護理是我們增長最快的類別。我們在每個類別中都有兩位數的增長，但護膚品處於領先地位。我們覺得還有更多機會。我們推出了 Drunk Elephant 等新產品。我們通過 The Ordinary, Hero Cosmetics 取得了長足的進步。我們擁有去年開始推出的最新商店設計。我們將護膚品和我們的其他品類、彩妝品和護膚品結合在一起，並在更顯眼的店面位置讓我們的客人以一種真正高尚、美麗的方式參與所有價位的活動。

We're bringing new brands in. We just launched a partnership, an exclusive partnership with Beautycounter, which spans both color and skin care but has a very strong skin care presence. So we'll bring innovation across all parts of the business, and we see strong trends, most of which are rooted in wellness and overall health and self-care, which we think will drive each of the categories in a positive way going into 2023.

我們正在引入新品牌。我們剛剛與 Beautycounter 建立了合作夥伴關係，這是一項獨家合作夥伴關係，它涵蓋色彩和皮膚護理，但具有非常強大的皮膚護理能力。因此，我們將在業務的各個方面進行創新，我們看到了強勁的趨勢，其中大部分植根於健康、整體健康和自我保健，我們認為這將以積極的方式推動每個類別進入 2023 年.

Our next question is from Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

I hope you can hear me, and well done on 2022. Scott, I may have missed this, but I heard modest deleverage on gross margin. I don't know if you gave any framework for that. But if this math is right, down 50 or so, it means SG&A dollars would be up around 8%. And if those are roughly right numbers, can you get us the building blocks to why SG&A is up that much? And then obviously, if gross is down even less, then the dollars are greater. It just seems like a big amount. I'm curious what the building blocks are.

我希望你能聽到我的聲音，並在 2022 年做得很好。斯科特，我可能錯過了這一點，但我聽說毛利率適度去槓桿化。我不知道你是否為此提供了任何框架。但如果這個計算是正確的，下降 50 左右，這意味著 SG&A 美元將上漲 8% 左右。如果這些數字大致正確，你能告訴我們為什麼 SG&A 上漲那麼多的基石嗎？然後很明顯，如果毛利率下降得更少，那麼美元就會更多。這似乎是一個很大的數目。我很好奇構建塊是什麼。

Sure, Simeon. So yes, we expect operating margin is going to be leveraged in fiscal 2023 compared to last year driven by slight deleverage in gross margin, but the primary lever is going to be SG&A. That's where most of the pressure will come from during the year. We expect gross margin, again, modest deleverage there as we lap benefits and the timing of retail price increases during 2022, and we plan for a more normalized promotional environment overall. Those headwinds will probably be offset by growth in other revenue and continued fixed cost leverage.

當然，西蒙。因此，是的，我們預計與去年相比，2023 財年的營業利潤率將受到毛利率輕微去槓桿化的推動，但主要槓桿將是 SG&A。這就是今年大部分壓力的來源。我們預計毛利率將再次適度去槓桿化，因為我們會在 2022 年獲得收益和零售價格上漲的時間，並且我們計劃在整體上打造一個更加正常的促銷環境。這些逆風可能會被其他收入的增長和持續的固定成本槓桿所抵消。

So on the SG&A side, it really comes down to continuing our efforts with our strategic investments, our strategic initiatives across the business. So again, last year, we got out of the gates on most all of those things, Project SOAR being the largest by far but Digital Store of the Future, UB Media. There are a number of other digital investments across the business, so really getting into the thick of it, I guess, I would say, during 2023, so that's the primary driver of it.

因此，在 SG&A 方面，這實際上歸結為我們繼續努力進行戰略投資，我們在整個業務中的戰略舉措。因此，去年，我們再次走出了大部分這些事情的大門，Project SOAR 是迄今為止最大的，但未來的數字商店，UB Media。整個企業還有許多其他數字投資，所以真正深入其中，我想，我會說，在 2023 年期間，這是它的主要驅動力。

But there's also inflationary pressures in store expenses. And of course, we referenced the wage pressure as well, and most of that falls through to our field teams, which is recognized in our SG&A line. So that's it by far.

但商店開支也存在通脹壓力。當然，我們也提到了工資壓力，其中大部分壓力都落在了我們的現場團隊身上，這在我們的 SG&A 系列中得到了認可。到目前為止就是這樣。

I'd say overall, we feel good about where we are. We've got a good plan. We think it's balanced in all ways and takes recognition of both the opportunities we have but also the risks that we see in 2023.

我想說的是，總的來說，我們對自己的處境感覺良好。我們有一個很好的計劃。我們認為它在所有方面都是平衡的，並承認我們擁有的機會以及我們在 2023 年看到的風險。

Our next question is from Oliver Chen with TD Cowen.

我們的下一個問題來自 Oliver Chen 和 TD Cowen。

This is Jonna on for Oliver. Just curious what you're seeing in terms of the promotional environment broader in the industry and you talked about normalizing promo levels. But what are your strategies as you think about 2023?

這是奧利弗的喬娜。只是好奇您在行業更廣泛的促銷環境方面看到了什麼，您談到了標準化促銷水平。但是，您認為 2023 年的策略是什麼？

Yes. We -- in the fourth quarter, we saw, we'd call it, rational promotional intensity. It was relatively flat to the previous year, still down versus 2019. And of course, as we -- I guess, we probably have said several times, Q4 is an elevated promotional quarter because of the role of holiday and the gifting and the competition that we have with all gifting, not just within beauty. So -- but nothing extraordinary in Q4.

是的。我們——在第四季度，我們看到了，我們稱之為理性的促銷強度。與去年相比持平，但與 2019 年相比仍有所下降。當然，正如我們——我想，我們可能已經說過好幾次了，由於假期、禮品和競爭的作用，第四季度是一個提升的促銷季度我們擁有所有天賦，而不僅僅是美麗。所以 - 但第四季度沒有什麼特別的。

As we look into this fiscal year, we do see that continue to normalize. The step down of the improvements that we've made versus 2019 over the last couple of years will moderate somewhat. We won't continue the pace of improvement. We'll see a more normalized level of promotion, not back to previous pre-pandemic levels, but it is a competitive environment. There are added points of distribution, brands, bringing newness and innovation and competing. So we would anticipate, as I said, a somewhat normalized level of promotion but not in a rational level of promotion as we look going forward.

當我們回顧本財年時，我們確實看到這種情況繼續正常化。我們在過去幾年中相對於 2019 年所做的改進將會有所緩和。我們不會繼續改進的步伐。我們將看到更正常的晉升水平，而不是回到大流行前的水平，但這是一個競爭激烈的環境。有更多的分銷點，品牌，帶來新鮮和創新以及競爭。因此，正如我所說，我們預計會有某種程度的正常化晉升，但不會像我們期待的那樣處於合理的晉升水平。

Our next question is from Dana Telsey with the Telsey Group.

我們的下一個問題來自 Telsey Group 的 Dana Telsey。

Making sure you can hear me okay. As you think about the levels of strength that are out there and obviously was incorporated into the results, how are you looking at that for 2023? And what are you baking in? And then just on pricing, where the expectation to go to a more normalized pricing cadence, what do you see in that more normalized pricing cadence of increases? And does it differ by category?

確保你能聽到我的聲音。當您考慮現有的實力水平並且顯然已納入結果時，您如何看待 2023 年的實力水平？你在烤什麼？然後就定價而言，期望達到更規範化的定價節奏，你在更規範化的定價節奏中看到了什麼？它是否因類別而異？

Maybe I'll start, Dana. Like you're hearing from the broader retail industry, organized retail crime and shrink is a real issue out there, and we're not immune to what's happening. The concern is really twofold. Firstly, it's about safety and well-being of our associates and our guests. The news groups are coming in to the stores. It's really upsetting and can take an emotional toll on everyone that's involved. And secondly, as you mentioned, it's clearly a financial impact to our bottom line.

也許我會開始，達娜。就像你從更廣泛的零售業聽到的那樣，有組織的零售犯罪和縮水是一個真正的問題，我們不能倖免於正在發生的事情。這種擔憂實際上是雙重的。首先，這關係到我們員工和客人的安全和福祉。新聞組正在進入商店。這真的很令人沮喪，並且會給所有相關人員帶來情緒上的傷害。其次，正如你提到的，這顯然對我們的底線產生了財務影響。

We're continuing to invest in measures to not only deter but catch those who are conducting these activities. So the investments are around increasing our talent level, targeting our payroll in both our store and our loss prevention team, testing new technology, and then also installing new fixtures that can protect some of our key categories. Fragrance is the one we're really leaning into right now.

我們將繼續投資於措施，不僅要威懾而且要抓住那些進行這些活動的人。因此，投資圍繞著提高我們的人才水平，針對我們商店和防損團隊的工資單，測試新技術，然後安裝可以保護我們的一些關鍵類別的新固定裝置。香水是我們現在真正喜歡的。

What we're seeing is when we're investing in these locked cases in fragrance, we're seeing sales go up and shrink goes down. And our associates are very, very thankful for this because it's really deterring these bad actors from coming into our stores. We're going to be at 75% of the chain by the end of the year with these new fixtures.

我們看到的是，當我們投資於這些帶鎖的香水盒時，我們看到銷量上升而銷量下降。我們的員工對此非常非常感謝，因為它確實阻止了這些不良行為者進入我們的商店。到今年年底，我們將使用這些新裝置達到 75% 的連鎖店。

And then in regards to what the shrink impact is, it's about 70 basis points of headwinds that we had in 2022 to gross margin, and we're proactively taking these steps, as I mentioned before, to make sure that we understand these macro factors are going to continue to persist, but we're looking at only a modest benefit and shrink improvement in 2023.

然後關於收縮的影響是什麼，我們在 2022 年對毛利率有大約 70 個基點的逆風，正如我之前提到的，我們正在積極採取這些步驟，以確保我們了解這些宏觀因素將繼續存在，但我們預計到 2023 年只會出現適度的收益和收縮改善。

And on the pricing side, we don't see any real differences by category. What we saw in 2022 was really broad-based across categories because the inflationary pressures for brands was -- really impacted all segments. So as we look forward, by normalize, we mean every year in beauty over time, there's a percentage of brands that go through just more standard price increases, and we anticipate kind of going back into that. And we think it will be across categories.

在定價方面，我們沒有看到任何類別的真正差異。我們在 2022 年看到的情況在各個類別中都具有廣泛的基礎，因為品牌的通脹壓力確實影響了所有細分市場。因此，當我們展望未來時，通過正常化，我們的意思是隨著時間的推移，每年在美容領域，都有一定比例的品牌經歷了更標準的價格上漲，我們預計會回到這種情況。我們認為這將是跨類別的。

Our next question would be from Mark Altschwager with Baird.

我們的下一個問題來自 Mark Altschwager 和 Baird。

So it sounds like things are going great with Target. Just any color you can provide on the incrementality of that new Target customer that may be returning to Ulta? And then separately, I know there's been some supply chain delays impacting your store openings, but just wondering if you could provide a broader update on how you view the store runway and perhaps how any of the learnings from the Target relationship are impacting the pace of openings over the next few years.

所以聽起來 Target 進展順利。關於可能返回 Ulta 的新 Target 客戶的增量，您可以提供任何顏色嗎？然後分別地，我知道有一些供應鏈延遲影響了你的商店開業，但只是想知道你是否可以提供更廣泛的更新，說明你如何看待商店跑道，以及從 Target 關係中學到的任何東西如何影響速度未來幾年開放。

I'll go ahead and start. And what I would say is that we've got 3 areas of really concentrated efforts in our partnership with the Ulta Beauty and Target partnership. First is about deepening the guest engagement. It's really focusing on new guest acquisition, increasing the spend of the existing linked Circle and Ulta Beauty reward members in engaging that lapsed member. When we see the Ulta Beauty at Target member coming in and engaging with Ulta Beauty itself, what we're seeing is we like what their spend patterns look like. They're at our average spend, if not, even higher. So we like what we're seeing from the ecosystem.

我會繼續並開始。我要說的是，在與 Ulta Beauty 和 Target 的合作夥伴關係中，我們在 3 個領域真正集中精力。首先是深化賓客參與度。它真正專注於吸引新客人，增加現有關聯 Circle 和 Ulta Beauty 獎勵會員的支出，以吸引流失的會員。當我們看到 Target 會員的 Ulta Beauty 進來並與 Ulta Beauty 本身互動時，我們看到的是我們喜歡他們的消費模式。他們是我們的平均支出，如果不是，甚至更高。所以我們喜歡我們從生態系統中看到的東西。

In regards to new store growth, I mean, listen, we've got competition out there always on in regards to where we're opening up new stores. So we are looking at this as part of the ecosystem where we actually would even have, in some locations, Ulta Beauty at Target in the same center as an Ulta Beauty store. And what we're seeing is that's really -- it's performing very nicely that the customer is shopping in both.

關於新店的增長，我的意思是，聽著，我們在開設新店的地方一直存在競爭。因此，我們將其視為生態系統的一部分，在某些地方，我們甚至可以在與 Ulta Beauty 商店位於同一中心的 Target 擁有 Ulta Beauty。我們所看到的是，客戶在這兩種情況下購物的表現都非常好。

So while there's competition out there, it's not necessarily playing into what our new store opening guidelines looks like. Maybe you want to weigh in on the supply chain with supplies for new stores.

因此，儘管存在競爭，但不一定符合我們的新店開業指南。也許您想在供應鏈中權衡新店的供應情況。

Yes. So for our new store outlook, our long-term outlook, still 1,500 to 1,700 stores with roughly 800 Ulta Beauty at Target locations on top of that. So again, we're still very comfortable from everything we've seen, the interaction between, as Kecia just described, between the shop in shops and what we're doing in our stand-alone stores, are happy with the overall performance.

是的。因此，對於我們的新店前景，我們的長期前景，仍然有 1,500 至 1,700 家商店，其中約有 800 家 Ulta Beauty 位於 Target 地點。因此，我們仍然對我們所看到的一切感到非常滿意，正如 Kecia 剛剛描述的那樣，商店之間的互動與我們在獨立商店中所做的事情之間的互動，對整體表現感到滿意。

Again, this year, there's just a shift or just smart business, we think, not chasing a number with new store openings and trying to be wise about how we plan that to make sure we keep good disciplines on site selection and the cost ramifications because these are long-term investments.

同樣，今年，我們認為，這只是一個轉變或只是聰明的業務，而不是追逐新店開張的數量，並試圖明智地規劃我們如何計劃，以確保我們在選址和成本影響方面保持良好的紀律，因為這些都是長期投資。

All right. Great. Well, thank you all for your interest and engagement today. And I want to close by thanking all 53,000 Ulta Beauty associates for delivering just excellent financial results in 2022 while executing against our strategic priorities. I am excited about the future of Ulta Beauty and believe firmly in our differentiated business model, strategic framework and talented and committed teams will continue to drive success and create significant shareholder value.

好的。偉大的。好吧，謝謝大家今天的關注和參與。最後，我要感謝所有 53,000 名 Ulta Beauty 員工在執行我們的戰略重點的同時，在 2022 年取得了出色的財務業績。我對 Ulta Beauty 的未來感到興奮，並堅信我們差異化的商業模式、戰略框架以及才華橫溢、敬業的團隊將繼續推動成功並創造重要的股東價值。

We look forward to speaking to all of you again when we report results for the first quarter of fiscal 2023 on May 25. Have a good evening and talk to you all soon. Thanks.

我們期待著在 5 月 25 日報告 2023 財年第一季度業績時再次與大家交談。祝大家晚上愉快，盡快與大家交談。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。