(ULTA) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty's conference call to discuss results for the first quarter of fiscal 2023. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 2023 財年第一季度的結果。（操作員說明）提醒一下，本次會議正在錄製中。

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

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

Thank you. Good afternoon, everyone, and thank you for joining us for a discussion of Ulta Beauty's financial and operational results for the first quarter of fiscal 2023. Hosting our call today are Dave Kimbell, Chief Executive Officer; and Scott Settersten, Chief Financial Officer. Kecia Steelman, our Chief Operating Officer, will join us for the Q&A session.

謝謝。大家下午好，感謝您加入我們討論 Ulta Beauty 2023 財年第一季度的財務和運營業績。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。我們的首席運營官 Kecia Steelman 將加入我們的問答環節。

Before we begin, I'd like to remind you of the company's safe harbor language. 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, May 25, 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，我想提醒您公司的安全港語言。本次電話會議中包含的陳述並非歷史事實，可被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。由於以下原因，未來的實際結果可能與此類陳述中預測的結果存在重大差異許多風險和不確定性，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 5 月 25 日生效。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，您應該不要指望我們這樣做。

We'll begin this afternoon with prepared remarks from Dave and Scott. Following our prepared comments, we'll open up the call for questions. 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.

今天下午，我們將從 Dave 和 Scott 準備好的發言開始。在我們準備好的評論之後，我們將打開問題電話。為了讓我們在本次電話會議預定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. Fiscal 2023 is off to a good start. For the first quarter, we delivered net sales, operating margin and diluted EPS that were consistent with our internal expectations.

謝謝 Kiley，大家下午好。感謝您對 Ulta Beauty 的關注。 2023 財年開局良好。第一季度，我們實現了與內部預期一致的淨銷售額、營業利潤率和攤薄每股收益。

Net sales increased 12.3% to $2.6 billion, and comparable sales increased 9.3%. Operating margin was 16.8% of sales and diluted EPS increased 9.2% to $6.88 per share. Our store traffic remained healthy and member growth continued to be strong. We delivered growth across key categories, and we strengthened engagement with the Ulta Beauty brand. I want to thank our Ulta Beauty associates for their focus on creating great guest experiences while continuing to adapt to a dynamic environment and executing our transformational agenda.

淨銷售額增長 12.3% 至 26 億美元，可比銷售額增長 9.3%。營業利潤率為銷售額的 16.8%，稀釋後每股收益增長 9.2% 至 6.88 美元。我們的商店客流量保持健康，會員增長繼續強勁。我們實現了關鍵類別的增長，並加強了與 Ulta Beauty 品牌的互動。我要感謝我們的 Ulta Beauty 員工專注於創造出色的賓客體驗，同時繼續適應動態環境並執行我們的轉型議程。

The operating environment continues to evolve and consumers are exploring how best to navigate the economic uncertainty. Inflation concerns remain high and consumers are spending more selectively while also showing a continued willingness to splurge and treat themselves. Engagement with beauty remains strong, reflecting the prioritization of self-care. Category growth is healthy but moderating as we lap 2 years of unprecedented growth. And as category growth normalizes, promotional activity is increasing. While we do not intend to lead promotional intensity, we will respond as appropriate to protect and expand our share using a variety of tools we have developed and invested in over the last several years.

經營環境不斷發展，消費者正在探索如何最好地應對經濟不確定性。對通脹的擔憂依然高漲，消費者的消費更加有選擇性，同時也表現出繼續揮霍和犒勞自己的意願。與美的接觸仍然很強烈，反映了自我保健的優先次序。隨著我們過去 2 年前所未有的增長，類別增長是健康的，但正在放緩。隨著類別增長正常化，促銷活動也在增加。雖然我們不打算領導促銷強度，但我們將採取適當的措施，使用我們在過去幾年開發和投資的各種工具來保護和擴大我們的份額。

Using the consumer lens of how guests experience Ulta Beauty through our multiple touch points to include our physical stores, our e-commerce business and Ulta Beauty at Target, the Ulta Beauty experience is resonating with our guests and gaining share. As we have seen in previous quarters, sales in our mass category grew faster than prestige categories. It is difficult to know with certainty if the robust growth of mass products is due to strong engagement with innovative mass brands such as e.l.f. and La Roche-Posay or due to increased consumer price sensitivity. Importantly, Ulta Beauty is the only beauty retailer that offers a wide variety of price points, from entry level mass to luxury and everything in between. And as such, we are uniquely positioned to capture any consumer shifts within price points in the beauty category.

通過我們的多個接觸點（包括我們的實體店、電子商務業務和 Target 的 Ulta Beauty），從消費者角度了解客人如何體驗 Ulta Beauty，Ulta Beauty 體驗正在與我們的客人產生共鳴並獲得份額。正如我們在前幾個季度所看到的那樣，大眾類別的銷售額增長速度快於高端類別。很難確定大眾產品的強勁增長是否是由於與 e.l.f. 等創新大眾品牌的密切合作。和 La Roche-Posay 或由於消費者對價格的敏感性增加。重要的是，Ulta Beauty 是唯一一家提供各種價位的美妝零售商，從入門級大眾到奢侈品以及介於兩者之間的一切。因此，我們具有獨特的優勢，可以捕捉美容品類價格點內的任何消費者變化。

Skincare was our best performing category again this quarter with both prestige and mass delivering double-digit comp growth, driven primarily by newness, engaging social media content and strong performance through 21 Days of Beauty and Spring Hall. Newness from innovative brands like The Ordinary, Drunk Elephant and Hero Cosmetics, as well as new brands, including Bubble, Beautycounter and BYOMA, contributed to growth during the quarter. In addition, social media platforms continue driving content category engagement, resulting in robust growth for dermatologist-recommended brands like La Roche-Posay and trend forward brands like COSRX.

護膚品在本季度再次成為我們表現最好的類別，聲望和大眾都實現了兩位數的收入增長，這主要是由於新穎性、引人入勝的社交媒體內容以及通過 21 Days of Beauty 和 Spring Hall 的強勁表現。 The Ordinary、Drunk Elephant 和 Hero Cosmetics 等創新品牌以及 Bubble、Beautycounter 和 BYOMA 等新品牌的創新為本季度的增長做出了貢獻。此外，社交媒體平台繼續推動內容類別的參與，導致 La Roche-Posay 等皮膚科醫生推薦品牌和 COSRX 等潮流品牌的強勁增長。

The fragrance and bath categories delivered low double-digit percent growth this quarter, lapping 2 consecutive years of strong double-digit growth. Newness from Ariana Grande, Carolina Herrera and Valentino contributed meaningfully, and our monthly Fragrance Crush program fueled strong engagement with newer brand Billie Eilish as well as established brands Lancome and Dior. In addition, Valentine's stay gift-giving was healthy across both men's and women's fragrances.

香水和沐浴品類本季度實現了低兩位數的百分比增長，連續 2 年實現兩位數的強勁增長。來自 Ariana Grande、Carolina Herrera 和 Valentino 的新品做出了有意義的貢獻，我們每月的 Fragrance Crush 計劃推動了與新品牌 Billie Eilish 以及知名品牌 Lancome 和 Dior 的強烈互動。此外，男士和女士香水的情人節禮物贈送都很健康。

Makeup delivered high single-digit growth for the quarter, driven by newness and guest engagement with 21 Days of Beauty and Spring Hall. Soft bronzing, glossy lips and expressive eyes and nails are trends driving growth for the category. New brands like Dior, about-face and NATASHA DENONA drove sales during the quarter, while new products from a wide range of brands including e.l.f., Fenty and NYX also contributed to growth. In addition, the expansion of MAC into more stores, combined with compelling newness, continued to drive sales.

在 21 Days of Beauty 和 Spring Hall 的新穎性和賓客參與度的推動下，化妝品在本季度實現了高個位數增長。柔軟的古銅色、有光澤的嘴唇和富有表現力的眼睛和指甲是推動該類別增長的趨勢。 Dior、about-face 和 NATASHA DENONA 等新品牌推動了本季度的銷售，而來自 e.l.f.、Fenty 和 NYX 等眾多品牌的新產品也為增長做出了貢獻。此外，MAC 擴展到更多商店，加上引人注目的新品，繼續推動銷售。

Finally, the hair category was flat for the quarter, with growth in hair care products and color offset by lower demand for tools as we lapped strong newness last year. Products focused on hair health, including bonding, scalp treatments and hydration, as well as those focused on styling, are resonating strongly. Newer brands like Donna's Recipe, Odele and Divi as well as new products from masstige brands Eva Nyc, Batiste and Andrew Fitzsimons were notable drivers for the category. Trend-relevant products from OUIA, Redken and Kenra resonated with guests, while engaging social media content drove healthy growth for Mielle and IGK.

最後，頭髮類別在本季度持平，護髮產品和顏色的增長被工具需求的下降所抵消，因為我們去年推出了強勁的新產品。專注於頭髮健康的產品，包括粘合、頭皮護理和補水，以及那些專注於造型的產品，引起了強烈共鳴。 Donna's Recipe、Odele 和 Divi 等新品牌以及大眾品牌 Eva Nyc、Batiste 和 Andrew Fitzsimons 的新產品是該類別的顯著推動因素。 OUIA、Redken 和 Kenra 的潮流相關產品引起了客人的共鳴，而引人入勝的社交媒體內容則推動了 Mielle 和 IGK 的健康發展。

Our services business delivered double-digit comp growth again this quarter, driven by growth in cut and style, blowout and makeup services. As we have expanded our service offerings and enhanced our stylist talent, more members are using services. And our Salon Backbar Takeovers, which give our stylists a unique opportunity to introduce new brands and products to guests, drove sales growth and new member acquisition for participating brands.

我們的服務業務本季度再次實現兩位數的收入增長，這主要得益於剪裁和造型、美妝和化妝服務的增長。隨著我們擴大服務範圍並增強造型師人才，越來越多的會員正在使用服務。我們的 Salon Backbar Takeovers 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，推動了參與品牌的銷售增長和新會員獲取。

Now similar to what other retailers have shared, we continue to see pressure from inventory shrink this quarter and we have updated our full year guidance to reflect the persistence of this trend. While shrink is the result of various factors, theft, specifically organized retail crime, or ORC, is an increasingly concerning challenge, especially as we've seen a rise in violence and aggression during these incidents.

現在與其他零售商分享的情況類似，我們繼續看到本季度庫存減少帶來的壓力，我們更新了全年指導以反映這一趨勢的持續性。雖然縮水是多種因素的結果，但盜竊，特別是有組織的零售犯罪 (ORC) 是一個越來越令人擔憂的挑戰，尤其是當我們看到這些事件中暴力和侵略事件增加時。

Our first priority is the safety and well-being of our associates and our guests. We are committed to ensuring a safe work environment and are investing in fixtures, training, support structures and increased staffing and security to aggressively address this concerning trend. ORC impacts all of our stakeholders, guests, associates, brand partners, investors and communities, and it will not be solved by retailers alone. Given the complexity, it will take collaboration across retail, manufacturing, law enforcement and legislative levels to solve these problems. Now working together, I am optimistic we can create meaningful impact and bring forward creative, sustainable solutions to restore safe shopping experiences for everyone.

我們的首要任務是員工和客人的安全和福祉。我們致力於確保安全的工作環境，並投資於固定裝置、培訓、支持結構並增加人員配備和安全性，以積極應對這一令人擔憂的趨勢。 ORC 影響我們所有的利益相關者、客人、員工、品牌合作夥伴、投資者和社區，它不會僅靠零售商來解決。鑑於其複雜性，需要零售、製造、執法和立法層面的合作來解決這些問題。現在一起工作，我很樂觀，我們可以創造有意義的影響，並提出創造性的、可持續的解決方案，為每個人恢復安全的購物體驗。

As we have previously discussed, beauty is not immune to macroeconomic challenges, but has historically been more resilient compared to other discretionary categories due to its deep emotional connection with consumers. We believe this connection is even greater today given the importance of beauty as a form of self-care and wellness. As we navigate this dynamic operating environment, our strategic framework guides our priorities and positions us to build on our market leadership and drive long-term profitable growth.

正如我們之前所討論的，美容產品並非不受宏觀經濟挑戰的影響，但由於與消費者有著深厚的情感聯繫，因此與其他可自由支配的類別相比，美容產品在歷史上更具彈性。鑑於美容作為自我保健和健康的一種形式的重要性，我們相信這種聯繫在今天更加重要。在我們駕馭這個充滿活力的運營環境時，我們的戰略框架指導著我們的優先事項，並使我們能夠鞏固市場領導地位並推動長期盈利增長。

Let me give you an update on the progress we've made against this framework in the first quarter. Starting with our efforts to drive growth with an expanded definition of All Things Beauty, our strategy is to delight beauty enthusiasts with our thoughtfully curated assortment focused on inclusivity and leading trends. During the first quarter, we further enhanced our assortment with the launch of several exciting brands, including: NATASHA DENONA, a luxury artistry brand known for high-quality makeup pallets across eye, face and cheek; Beautycounter, a clean beauty pioneer, offering high-performing skincare and makeup with unmatched ingredient safety standards; and Odele, a haircare brand focused on clean, accessible products for the whole family. To drive engagement and capture additional market share this quarter, we launched Luxury at Ulta Beauty in 200 stores and on ulta.com. Driven by social platforms and strong Gen Z interest, luxury brands are fueling beauty category growth.

讓我向您介紹我們在第一季度針對該框架取得的進展的最新情況。從我們通過擴大對萬物之美的定義來推動增長的努力開始，我們的戰略是通過我們精心策劃的專注於包容性和引領趨勢的產品系列來取悅美容愛好者。在第一季度，我們推出了幾個令人興奮的品牌，進一步豐富了我們的產品組合，包括：NATASHA DENONA，一個以高品質眼部、面部和臉頰彩妝盤聞名的奢華藝術品牌； Beautycounter，清潔美容先驅，提供具有無與倫比的成分安全標準的高性能護膚和化妝品； Odele 是一個護髮品牌，專注於為整個家庭提供清潔、易於使用的產品。為了在本季度推動參與並獲得更多市場份額，我們在 200 家門店和 ulta.com 上推出了 Luxury at Ulta Beauty。在社交平台和 Z 世代強烈興趣的推動下，奢侈品牌正在推動美妝品類的增長。

Our vision for Luxury at Ulta Beauty is to provide guests with a uniquely modern luxury beauty experience, strategically curated to reflect what guests are engaging most in, including iconic luxury with brands like Dior and Lancome Absolue; clean luxury with brands like Hourglass CHANEL N°1; and luxe artistry brands like NATASHA DENONA. In addition to strengthening our core assortment, we continue to expand, evolve and amplify our cross-category platforms.

我們對 Ulta Beauty 的 Luxury 願景是為客人提供獨特的現代奢華美容體驗，精心策劃以反映客人最感興趣的事物，包括 Dior 和 Lancome Absolue 等品牌的標誌性奢華； Hourglass CHANEL N°1 等品牌的干淨奢華；以及 NATASHA DENONA 等奢華藝術品牌。除了加強我們的核心品類之外，我們還繼續擴展、發展和擴大我們的跨品類平台。

Let me share some first quarter highlights. We ended the quarter with 306 brands certified and at least one conscious beauty pillar, including newly certified brands Nutritious Estee Lauder, Winky Lux and Mielle. In celebration of Earth Day, to promote sustainability and to drive discovery, we launched a collectible Ulta Beauty reusable tote and a Conscious Beauty essential sample kit with Hero products from 14 certified brands, including boscia, Beekman 1802 and ACURE. We continue to support black-owned and founded brands with the launch of new brands, hanahana beauty and GOLDE. We created a black-owned and founded brands discovery kit featuring 11 brands, and 100% of the purchase price of this kit was donated to Big Brothers Big Sisters of America.

讓我分享一些第一季度的亮點。本季度結束時，我們有 306 個品牌獲得認證，並且至少有一個有意識的美容支柱，包括新認證的品牌 Nutritious Estee Lauder、Winky Lux 和 Mielle。為慶祝地球日，為促進可持續發展和推動發現，我們推出了一款具有收藏價值的 Ulta Beauty 可重複使用手提袋和一個 Conscious Beauty 必備樣品套裝，其中包含來自 boscia、Beekman 1802 和 ACURE 等 14 個認證品牌的英雄產品。我們通過推出新品牌 hanahana beauty 和 GOLDE 繼續支持黑人擁有和創立的品牌。我們創建了一個黑人擁有和創立的品牌發現工具包，其中包含 11 個品牌，該工具包的購買價格的 100% 捐贈給了美國的大兄弟大姐妹。

In recognition of Black History Month, we celebrated and supported the Black community through [rich] Ode to Black Beauty storytelling and used our digital and social platforms to highlight innovative brands like Nude Sugar, Beauty Bakerie and Sunday II Sunday.

為了表彰黑人歷史月，我們通過 [豐富的] 黑人美人頌故事來慶祝和支持黑人社區，並使用我們的數字和社交平台來突出創新品牌，例如 Nude Sugar、Beauty Bakerie 和 Sunday II Sunday。

As we meet beauty enthusiasts wherever they are on their beauty journey, all in your world, we are investing to enhance guest experiences across all of our touch points. This quarter, we completed the 2-year phased rollout of the guest-facing element of our digital store, delivering a fresh, innovative front-end guest experience across both ulta.com and our app. Today, guests enjoy more seamless navigation and checkout experiences; can discover and browse new experiences, including buy more save more, Luxury at Ulta Beauty and our new foundation finder; and also benefit from enhanced search and recommendation capabilities.

當我們在美容之旅的任何地方與美容愛好者會面時，在您的世界中，我們正在投資以增強我們所有接觸點的客人體驗。本季度，我們完成了為期 2 年的數字商店面向客人元素的分階段推出，在 ulta.com 和我們的應用程序中提供了全新的、創新的前端客人體驗。如今，客人享受更加無縫的導航和結賬體驗；可以發現和瀏覽新體驗，包括多買多省、Luxury at Ulta Beauty 和我們新的粉底查找器；還受益於增強的搜索和推薦功能。

Later this year, we will finish the transition by converting our back-end infrastructure to support enhanced checkout, order and inventory management and pricing and promotion capabilities. The completion of the front end of our digital store is a major milestone in our journey to enhance our omnichannel experiences. And it is worth noting, our teams executed these changes while maintaining an active digital platform and delivering our e-commerce growth goals.

今年晚些時候，我們將通過轉換後端基礎架構來完成轉型，以支持增強的結賬、訂單和庫存管理以及定價和促銷功能。我們數字商店前端的完成是我們提升全渠道體驗之旅的一個重要里程碑。值得注意的是，我們的團隊在執行這些更改的同時維護了一個活躍的數字平台並實現了我們的電子商務增長目標。

While we experienced some minor disruption during the transition, I am proud of how our digital, IT and guest services teams have worked together while minimizing the guest impact. To support omnichannel guest experience is -- we continued to expand our buy anywhere fill anywhere capabilities. This quarter, we introduced same-day delivery in 6 new markets, bringing the number of stores with this convenient option to 540 stores across 18 markets. In addition, we're making it easier for store associates to assist guests in ordering products online when not available in store through our upgraded POS system. We have refreshed store POS systems in 1,100 stores and are on track to complete this transition before holiday.

雖然我們在過渡期間經歷了一些小的中斷，但我為我們的數字、IT 和客戶服務團隊如何協同工作同時最大限度地減少客戶影響感到自豪。為了支持全渠道客戶體驗——我們繼續擴大我們隨處購買、隨處填充的能力。本季度，我們在 6 個新市場推出了當日送達服務，使 18 個市場的 540 家門店擁有這種便利的選擇。此外，我們還讓店員可以更輕鬆地協助客人通過我們升級的 POS 系統在線訂購店內沒有的產品。我們已經更新了 1,100 家商店的商店 POS 系統，並有望在假期前完成這一過渡。

Turning to our partnership with Target. We opened 4 Ulta Beauty shops in the quarter, ending with 359 locations. This touch point introduces new guests to Ulta Beauty and enables reengagement of lapsed guests, and we are leveraging our CRM capabilities to ensure bounce back to Ulta Beauty. Our dedicated field team continues to support this important partnership with training and field engagement, and we are working together with our Target partners to deliver an outstanding guest experience.

轉向我們與 Target 的合作夥伴關係。我們在本季度開設了 4 家 Ulta Beauty 門店，共有 359 家門店。這個接觸點向 Ulta Beauty 介紹了新客人，並使流失的客人重新參與進來，我們正在利用我們的 CRM 功能來確保回到 Ulta Beauty。我們敬業的現場團隊繼續通過培訓和現場參與支持這一重要的合作夥伴關係，並且我們正在與我們的 Target 合作夥伴合作，以提供出色的賓客體驗。

Beauty is a personal emotionally connected category. To increase consideration, loyalty and engagement, we are creating authentic connections with our guests with work that sits at the heart of the beauty community. In the first quarter, we executed impactful activations around key cultural moments, including Black History Month, prom and Earth Day, and delivered improved brand health metrics with significant increases in awareness across Gen Z, Black and Hispanic consumers. These trends confirm that the Ulta Beauty brand is continually becoming stronger, more relevant and more meaningful to guests. We ended the first quarter with 41 million active members, 9% higher than the first quarter last year, driven by new member acquisition, lapsed member reactivation and healthy retention rates. Spend per member also increased, driven primarily by trip frequency and growth of Elite members. Increased visibility, personalized reminders and incentives are driving growth of Diamond and Platinum members.

美是一種與個人情感相關的類別。為了增加關注度、忠誠度和參與度，我們正在通過位於美容社區核心的工作與我們的客人建立真正的聯繫。在第一季度，我們圍繞關鍵文化時刻開展了有影響力的活動，包括黑人歷史月、舞會和地球日，並提供了改進的品牌健康指標，顯著提高了 Z 世代、黑人和西班牙裔消費者的意識。這些趨勢證實了 Ulta Beauty 品牌不斷變得更強大、更相關、對客人更有意義。第一季度結束時，我們擁有 4100 萬活躍會員，比去年第一季度增長 9%，這主要受新會員獲取、失效會員重新激活和健康保留率的推動。主要受旅行頻率和精英會員增長的推動，每位會員的支出也有所增加。知名度的提高、個性化的提醒和獎勵正在推動鑽石和白金會員的增長。

At the end of the first quarter, the number of members in these higher tiers increased more than 30% compared to the same period last year, which is a strong indicator of high loyalty and elevated engagement in all that Ulta Beauty has to offer. Our multifaceted go-to-market plan to drive member growth and nurture the member lifecycle is delivering results.

在第一季度末，這些較高級別的會員數量與去年同期相比增加了 30% 以上，這有力地表明了 Ulta Beauty 所提供的所有產品的高忠誠度和高參與度。我們推動會員增長和培養會員生命週期的多方面上市計劃正在取得成果。

To drive new member acquisition and reactivate lapsed members, we refreshed store associate training and created new tools to help associates communicate the program's benefits. We enhanced the integration of our loyalty program across our refreshed digital experiences and introduced guest-facing signage in stores to drive awareness. And we executed targeted reactivation campaigns and tested new personalized digital communications to improve retention and contactability.

為了推動新會員的獲取並重新激活流失的會員，我們更新了店員培訓並創建了新工具來幫助店員傳達該計劃的好處。我們加強了忠誠度計劃在我們更新的數字體驗中的整合，並在商店中引入了面向客人的標牌以提高知名度。我們執行了有針對性的重新激活活動並測試了新的個性化數字通信，以提高保留率和可聯繫性。

Turning to UB Media, our retail media network, we are harnessing the power of our exclusive first-party data to transform the way our brands connect with beauty enthusiasts. With dedicated resources and new tools in place, this quarter, we engaged with more brands, managed more digital campaigns and expanded our product portfolio to include advertising opportunities on Ulta-owned digital properties. As UB Media continues to scale, we are confident it will add meaningful value to our company over time.

轉向我們的零售媒體網絡 UB Media，我們正在利用我們獨有的第一方數據的力量來改變我們的品牌與美容愛好者聯繫的方式。憑藉專用資源和新工具，本季度，我們與更多品牌合作，管理更多數字營銷活動，並擴展了我們的產品組合，包括在 Ulta 擁有的數字資產上投放廣告的機會。隨著 UB Media 不斷擴大規模，我們相信它會隨著時間的推移為我們公司增加有意義的價值。

Reflecting our priority to drive operational excellence and optimization, we are executing an ambitious multiyear road map of transformation initiatives, which will unlock new capabilities and operation -- operating efficiencies to fuel our future growth. We are upgrading our enterprise resource planning platform, expanding and optimizing our supply chain with new facilities, systems and processes; transitioning our digital store to modern technology and architecture while upgrading our order management system; expanding our data management systems to enable further analytical capabilities; and upgrading POS systems in all stores.

為了反映我們推動卓越運營和優化的優先事項，我們正在執行一項雄心勃勃的多年轉型計劃路線圖，這將釋放新的能力和運營——運營效率，以推動我們未來的增長。我們正在升級我們的企業資源規劃平台，通過新設施、系統和流程擴展和優化我們的供應鏈；將我們的數字商店過渡到現代技術和架構，同時升級我們的訂單管理系統；擴展我們的數據管理系統以實現進一步的分析能力；升級所有門店的 POS 系統。

We have made good progress against our road map and expect to deliver major milestones over the next several months. While change of this magnitude can be disruptive, our teams have consistently moved quickly and collaboratively to limit impact to guests and associates. Our success is enabled by our people and we are investing purposely in our teams to protect and cultivate our world-class culture and talent.

我們已經根據我們的路線圖取得了良好進展，並期望在未來幾個月內實現重要的里程碑。儘管如此巨大的變化可能會帶來破壞性影響，但我們的團隊一直在快速協作地採取行動，以限制對客人和員工的影響。我們的成功得益於我們的員工，我們有目的地投資於我們的團隊，以保護和培養我們世界一流的文化和人才。

In the first quarter, we launched a refreshed and modernized Ulta Beauty competency model across the enterprise to drive further consistency in talent management processes, establish clear measures of success and enhance culture with common language. We also launched a new service award recognition program to elevate the associate experience and reward associates in meaningful ways. And we hosted our annual field leadership meeting, bringing together our general managers, district managers, field support teams and brand partners for several days of recognition, leadership development and product education. I walked away from this event inspired by our talented associates and their passion for serving our guests and driving Ulta Beauty's growth.

第一季度，我們在整個企業推出了經過更新和現代化的 Ulta Beauty 能力模型，以進一步推動人才管理流程的一致性，建立明確的成功衡量標準，並通過共同語言增強文化。我們還啟動了一項新的服務獎勵表彰計劃，以提升員工體驗並以有意義的方式獎勵員工。我們舉辦了年度現場領導會議，將我們的總經理、地區經理、現場支持團隊和品牌合作夥伴聚集在一起，進行為期幾天的表彰、領導力發展和產品教育。我離開了這次活動，受到我們才華橫溢的同事的啟發，以及他們為客人服務和推動 Ulta Beauty 發展的熱情。

Finally, we continue to expand our environmental and social impact. This quarter, we partnered with Pact Collective to test the packaging recycling program in select locations with the goal of collecting the beauty industry's hard to recycle packaging so that it is diverted from landfills and put to its highest and best use. We also published our 2022 ESG report, which describes our approach to priorities in these areas and provide key updates on our ESG initiatives, their connectedness to our business and the positive impact of beauty as a force for good.

最後，我們繼續擴大我們的環境和社會影響。本季度，我們與 Pact Collective 合作，在選定地點測試包裝回收計劃，目標是收集美容行業難以回收的包裝，以便將其從垃圾填埋場轉移並發揮最大和最佳用途。我們還發布了 2022 年 ESG 報告，其中描述了我們處理這些領域優先事項的方法，並提供了有關我們 ESG 舉措、它們與我們業務的聯繫以及美容作為一種向善力量的積極影響的重要更新。

In closing, fiscal 2023 is off to a good start. Our teams are executing well against an ambitious transformational agenda while navigating a dynamic environment. While we expect the operating environment will continue to evolve, we are confident the resilience of the category, combined with the power of our proven business model and world-class team, position Ulta Beauty for continued profitable growth.

最後，2023 財年開局良好。我們的團隊在適應充滿活力的環境的同時，也很好地執行了一項雄心勃勃的轉型議程。雖然我們預計經營環境將繼續發展，但我們相信該類別的彈性，加上我們久經考驗的商業模式和世界一流團隊的力量，將使 Ulta Beauty 實現持續的盈利增長。

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 said earlier, today, we reported results for the first quarter that were generally in line with our expectations. We entered 2023 anticipating that the unprecedented growth in the beauty category would moderate and that the promotional environment would increase. These trends materialized in the first quarter and are reflected in our results.

謝謝，戴夫，大家下午好。正如戴夫早些時候所說，今天，我們報告的第一季度業績總體上符合我們的預期。進入 2023 年，我們預計美容品類的空前增長將放緩，促銷環境將有所改善。這些趨勢在第一季度實現，並反映在我們的業績中。

Starting with the income statement. Net sales for the quarter increased 12.3%, driven by 9.3% growth in comp sales and strong new store performance. In addition, other revenue increased $19 million, primarily due to growth in both credit card income and royalty income from our Target partnership. The comp sales growth for the quarter was driven by an 11% increase in transactions, primarily due to double-digit growth in store traffic, which more than offset a 1.5% decline in average ticket. The decline in average ticket reflected lower units per transaction, which more than offset higher average selling price. We estimate that product price increases, most of which were executed last year, contributed about 400 basis points to the overall comp increase.

從損益表開始。本季度的淨銷售額增長了 12.3%，這得益於 9.3% 的銷售額增長和強勁的新店業績。此外，其他收入增加了 1900 萬美元，這主要是由於來自我們的 Target 合作夥伴關係的信用卡收入和特許權使用費收入的增長。本季度的 comp 銷售增長是由交易量增長 11% 推動的，這主要是由於商店客流量的兩位數增長，這抵消了平均票價 1.5% 的下降。平均票價的下降反映了每筆交易的單位減少，這抵消了較高的平均售價。我們估計產品價格上漲（其中大部分是去年執行的）為整體薪酬增長貢獻了約 400 個基點。

Looking at the cadence of sales through the quarter, momentum from post-holiday tailwinds continued into February, which also benefited from lapping COVID headwinds last year. Comp sales subsequently moderated to mid-single digits as we move through the quarter. During the quarter, we opened 5 new stores and closed one store. In addition, we relocated one store and remodeled 2 stores.

從整個季度的銷售節奏來看，節後順風的勢頭一直持續到 2 月，這也得益於去年 COVID 的逆風。隨著我們進入本季度，Comp 銷售額隨後放緩至中等個位數。本季度，我們新開了 5 家門店，關閉了 1 家門店。此外，我們搬遷了一家門店並改造了兩家門店。

For the quarter, gross margin was down 10 basis points compared to the same period last year at 40% of sales. Higher inventory shrink, lower merchandise margin, higher supply chain costs, and deleverage of salon expenses were partially offset by strong growth in other revenue and leverage of store fixed costs. As Dave shared earlier, we continue to experience a worsening trend of theft and organized retail crime. We are actively working to stabilize and mitigate these trends through investments in staffing, training and fixtures, and we are working collaboratively with law enforcement and third-party organizations to address these challenges.

本季度，毛利率為銷售額的 40%，與去年同期相比下降了 10 個基點。更高的庫存收縮、更低的商品利潤率、更高的供應鏈成本和沙龍費用的去槓桿化被其他收入的強勁增長和商店固定成本的槓桿作用部分抵消。正如戴夫早些時候分享的那樣，我們繼續經歷盜竊和有組織零售犯罪的惡化趨勢。我們正積極努力通過對人員配備、培訓和固定裝置的投資來穩定和緩解這些趨勢，並且我們正在與執法部門和第三方組織合作應對這些挑戰。

In addition to greater pressure from shrink, gross margin was impacted by lower merchandise margin, primarily due to increased promotional activity and category mix shifts, which more than offset benefit from price increases. We also incurred additional costs in the quarter related to our supply chain optimization efforts.

除了收縮帶來的更大壓力外，毛利率還受到商品利潤率下降的影響，這主要是由於促銷活動增加和品類組合轉變，這抵消了價格上漲帶來的好處。我們在本季度還產生了與供應鏈優化工作相關的額外成本。

SG&A increased 22.2% to $612 million, which was slightly better than our plan. As a percentage of sales, SG&A increased 180 basis points to 23.2% compared to 21.4% last year, primarily due to deleverage of store payroll and benefits, corporate overhead and marketing expense, partially offset by leverage of incentive compensation and store expenses due to higher sales.

SG&A 增長 22.2% 至 6.12 億美元，略好於我們的計劃。與去年的 21.4% 相比，SG&A 佔銷售額的百分比增加了 180 個基點，達到 23.2%，這主要是由於商店工資和福利、公司管理費用和營銷費用的去槓桿化，部分被激勵補償和商店費用的槓桿作用所抵消銷售量。

Store payroll and benefits expense increased, driven primarily by higher average wage rates and increased staffing levels compared to the same period last year. Corporate overhead expense deleveraged in the quarter, primarily due to investments related to our strategic priorities, including Project SOAR, other IT capabilities and UB Media. Marketing expense increased, reflecting investment in strategies to drive member acquisition and retention, increase brand awareness, and expand omni member penetration.

商店工資和福利費用增加，主要是由於與去年同期相比更高的平均工資率和增加的員工人數。公司管理費用在本季度去槓桿化，這主要是由於與我們的戰略重點相關的投資，包括 Project SOAR、其他 IT 能力和 UB Media。營銷費用增加，反映了對推動會員獲取和保留、提高品牌知名度和擴大全方位會員滲透的戰略的投資。

Operating margin was 16.8% of sales compared to 18.7% of sales in the first quarter of 2022. As expected, the decline in operating margin primarily reflects the impact of SG&A deleverage and lapping our extraordinary results in the first quarter of fiscal 2022. Net interest income for the quarter increased to $7.3 million, driven by higher average interest rates and higher average cash balances during the quarter. The company's tax rate decreased to 22.8% compared to 24.2% in the first quarter last year. The lower effective tax rate is primarily due to greater benefit from income tax accounting for stock-based compensation. Diluted GAAP earnings per share increased 9.2% to $6.88 compared to $6.30 last year.

營業利潤率為銷售額的 16.8%，而 2022 年第一季度為銷售額的 18.7%。正如預期的那樣，營業利潤率的下降主要反映了 SG&A 去槓桿化的影響以及我們在 2022 財年第一季度的非凡業績。淨利息在本季度較高的平均利率和較高的平均現金餘額的推動下，本季度的收入增加到 730 萬美元。公司的稅率從去年第一季度的 24.2% 降至 22.8%。較低的有效稅率主要是由於股票薪酬的所得稅會計收益更大。與去年的 6.30 美元相比，稀釋後的 GAAP 每股收益增長 9.2% 至 6.88 美元。

Moving on to the balance sheet and cash flow statement. Total inventory increased 11.5% to $1.8 billion compared to $1.6 billion last year. In addition to the impact of 41 net new stores, the increase reflects the impact of higher purchases to support demand, product cost increases and inventory to support new brand launches and expansion of existing brands.

轉到資產負債表和現金流量表。與去年的 16 億美元相比，總庫存增加了 11.5%，達到 18 億美元。除了 41 家淨新店的影響外，這一增長還反映了為支持需求而增加採購、產品成本增加和庫存以支持新品牌發布和現有品牌擴張的影響。

Capital expenditures were $109.8 million for the quarter compared to $71.1 million last year. The increase in capital expenditures was primarily related to investments in IT and supply chain, as well as new, remodeled and relocated stores.

本季度資本支出為 1.098 億美元，而去年同期為 7110 萬美元。資本支出的增加主要與 IT 和供應鏈的投資，以及新店、改造店和搬遷店的投資有關。

Depreciation decreased to $57.9 million compared to $62.8 million last year, primarily due to lower store depreciation and a shift of IT investments from capital to cloud expense. We ended the quarter with $636.4 million in cash and cash equivalents. In the first quarter, we repurchased 541,000 shares at a cost of $285.8 million. At the end of the quarter, we had $816 million remaining under our current $2 billion repurchase authorization.

折舊從去年的 6280 萬美元減少到 5790 萬美元，這主要是由於商店折舊減少以及 IT 投資從資本支出轉向雲支出。我們在本季度末擁有 6.364 億美元的現金和現金等價物。第一季度，我們以 2.858 億美元的成本回購了 541,000 股股票。在本季度末，我們目前的 20 億美元回購授權還剩下 8.16 億美元。

Turning now to our outlook. We have refined our expectations for the full year to reflect our first quarter actual performance and recent trends. We are maintaining our expectations for annual comp sales growth and diluted earnings per share, but are updating our outlook for operating margin. We continue to expect comp sales growth for the year will be between 4% and 5%, with growth moderating as we move through the year. As we shared on our last call, we expect comp growth for the first half to be in the upper single-digit range and then moderate to low single-digit growth in the second half.

現在轉向我們的展望。我們改進了對全年的預期，以反映我們第一季度的實際業績和近期趨勢。我們維持對年度銷售增長和每股攤薄收益的預期，但正在更新我們對營業利潤率的展望。我們繼續預計今年的 comp 銷售額增長將在 4% 到 5% 之間，隨著我們今年的增長，增長將放緩。正如我們在上次電話會議上分享的那樣，我們預計上半年的 comp 增長將在較高的個位數範圍內，然後在下半年實現中等至較低的個位數增長。

We now expect operating margin for the full year will be between 14.5% and 14.8% of sales, primarily reflecting an updated view of gross margin. We have increased our expectations for gross margin deleverage from our original outlook to include the impact of higher shrink and a more competitive and promotional environment. We continue to expect SG&A deleverage, driven primarily by $60 million to $70 million of incremental spend to support strategic investments as well as the impact of ongoing inflationary pressures.

我們現在預計全年營業利潤率將在銷售額的 14.5% 至 14.8% 之間，這主要反映了對毛利率的最新看法。我們已將毛利率去槓桿化的預期從最初的展望提高到包括更高收縮和更具競爭力和促銷環境的影響。我們繼續預計 SG&A 去槓桿化，主要受 6000 萬至 7000 萬美元增量支出的推動，以支持戰略投資以及持續通脹壓力的影響。

We have updated our assumptions for interest income to reflect the current interest rate environment and are now planning for about $17 million of interest income for the year. We have also incorporated our first quarter tax rate into our full year forecast and now expect the effective tax rate for the year will be approximately 23.8%. These assumptions result in guidance for diluted earnings per share in the range of $24.70 to $25.40 per share.

我們更新了利息收入的假設以反映當前的利率環境，現在計劃今年的利息收入約為 1700 萬美元。我們還將第一季度的稅率納入了全年預測，現在預計全年的實際稅率約為 23.8%。這些假設導致每股攤薄收益在 24.70 美元至 25.40 美元之間的指導。

In closing, fiscal 2023 is off to a solid start. We remain optimistic about the health of the beauty category, confident in our team and our growth strategies and steadfast in our belief that our proven business model uniquely positions us to deliver for our guests, associates and shareholders.

最後，2023 財年開局良好。我們對美容品類的健康狀況保持樂觀，對我們的團隊和增長戰略充滿信心，並堅信我們行之有效的商業模式使我們能夠為我們的客人、員工和股東提供獨特的服務。

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 Simeon Siegel with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Dave, I know you talked about the mass versus prestige dynamic within the Ulta offering. Do you have any view as to whether you're seeing any signs of external trade down, I guess, either customers trading into or out of Ulta from somewhere else? And then Dave or Scott, I was hoping you could speak a little bit more about the decline in ticket. Any opinions on the lower UPT despite the higher ASP and transactions? I don't know if you think this is because of a purse tightening or if it's a mix dynamic or compare. Just any further color there would be helpful.

戴夫，我知道你談到了 Ulta 產品中的大眾與聲望動態。您是否認為您是否看到任何外部貿易下降的跡象，我猜，無論是客戶從其他地方進入或離開 Ulta 嗎？然後戴夫或斯科特，我希望你能多談談門票下降的問題。儘管 ASP 和交易量較高，但對較低的 UPT 有何看法？我不知道您是否認為這是因為錢包收緊，或者它是否是混合動力或比較。任何其他顏色都會有所幫助。

Yes. Thanks, Simeon. What we are seeing, as we said in the call, is mass and our business is growing faster than preceding -- we saw that in some previous quarters right now. And so a little bit of detail about that as we look underneath. As we look across income levels, there's actually good -- there's growth across all income levels, across all income cohorts, roughly equivalent across all cohorts, although the growth rate did moderate from Q4 pretty consistently. .

是的。謝謝，西蒙。正如我們在電話中所說，我們所看到的是大眾化，我們的業務增長速度比以前更快——我們在之前的幾個季度就看到了這一點。因此，當我們在下面查看時，有一些關於它的細節。當我們縱觀收入水平時，實際上是好的——所有收入水平、所有收入群體都有增長，所有群體的增長大致相當，儘管增長率從第四季度開始一直在放緩。 .

As we said, traffic remains strong. Double-digit traffic average spend per member increased. Average ticket did decline as we have fewer units per transaction. When we look at the mass category, it's -- we have some exceptional newness going on and some really high-performing brands in our mass category, brands like e.l.f., NYX, The Ordinary, La Roche-Posay. So we know that is certainly contributing to that. And it's -- so the fact that mass is growing higher than prestige, it's difficult for us to exactly parse apart the core driver of that. But we know for sure, there's a high level of engagement in those brands because they are culturally relevant and driving great engagement.

正如我們所說，流量仍然強勁。兩位數的每位會員流量平均支出增加。平均票價確實下降了，因為我們每筆交易的單位較少。當我們看大眾類別時，它是——我們有一些特別的新事物，我們的大眾類別中有一些真正高性能的品牌，如 e.l.f.、NYX、The Ordinary、La Roche-Posay 等品牌。所以我們知道這肯定會促成這一點。而且它 - 因此質量增長高於聲望的事實，我們很難準確地解析其核心驅動因素。但我們可以肯定地知道，這些品牌的參與度很高，因為它們與文化相關並推動了良好的參與度。

At the same time, we have strong growth and some strong newness on our prestige side of the business as well. Prestige skincare comping double digit as an example of that. So we're watching closely. What we feel is the total category remains strong. Engagement is high. As we've talked in previous quarters, this is an emotionally connected category that's important, and coming out of the pandemic, even more important in overall self-care and wellness and we expect that to continue. But the high level of growth that we've seen in these last 2 years, as we've talked about in several quarters, will moderate. We think ultimately getting back to more the high end of historical average, but we know engagement's high, and we continue to be encouraged by overall consumer engagement.

與此同時，我們在聲望業務方面也有強勁的增長和一些強大的新鮮感。 Prestige skincare 就是一個例子。所以我們正在密切關注。我們的感覺是總類別仍然強勁。參與度很高。正如我們在前幾個季度所說的那樣，這是一個與情感相關的類別，它很重要，並且從大流行中走出來，在整體自我保健和健康方面更為重要，我們希望這種情況會繼續下去。但是，正如我們在幾個季度中談到的那樣，我們在過去兩年中看到的高水平增長將會放緩。我們認為最終會回到歷史平均水平的高端，但我們知道參與度很高，我們繼續受到整體消費者參與度的鼓舞。

Yes. So overall, I would just remind you, Simeon, that we did state, so total units are up across the enterprise, right, for the period year-over-year, and total spend per member is up year-over-year as well. So again, great evidence of a healthy, strong business model at play. Very strong traffic trends in both channels, but especially in our brick-and-mortar channel that we're pleased to see.

是的。所以總的來說，我只想提醒你，Simeon，我們確實說過，所以整個企業的單位總數都在增加，正確的，在這段時間內同比，每個成員的總支出也同比增加.因此，再次證明健康、強大的商業模式在發揮作用。這兩個渠道的流量趨勢都非常強勁，尤其是在我們很高興看到的實體渠道中。

When we look at the specific units per transaction, again, it was down. It's been decelerating a bit over the course of the last 3 or 4 quarters, I guess, I would say. So again, not totally surprising to us to see that. And again, we would take away from that what most people, just looking at the trends and looking at how consumers, are just being a little bit more selective now than maybe they were at this time last year. But we're trying not to read too much into that at this point in time.

當我們查看每筆交易的具體單位時，它再次下降。在過去的 3 或 4 個季度中，它一直在減速，我想，我會說。再次重申，我們看到這一點並不完全令人驚訝。再一次，我們會從大多數人那裡拿走，看看趨勢，看看消費者，現在比去年這個時候可能更具選擇性。但我們現在正試圖不對此進行過多解讀。

Our next question comes from Rupesh Parikh with Oppenheimer.

我們的下一個問題來自 Rupesh Parikh 和 Oppenheimer。

So I wanted to go back to your commentary on the promotional environment. So clearly, it's gotten more competitive out there. I was just hoping to get more color in terms of what you guys are seeing. And if you look at some of the promotions out there, how is the gap compared to maybe what we've seen maybe pre-pandemic 2019 earlier?

所以我想回到你對促銷環境的評論。很明顯，它在那裡變得更具競爭力。我只是希望根據你們所看到的內容獲得更多顏色。如果你看看那裡的一些促銷活動，與我們之前看到的 2019 年大流行前的情況相比，差距有多大？

Yes. Well, as I mentioned on the call, we anticipated and planned for it to be more promotional this year coming out of all the trends that we've talked about over the couple of years. And what we saw as the quarter progressed that actually promotional activity did increase and was even a little bit more than we had anticipated through that quarter. So when we look at broader competitive activity, we know this is a strong category. It's an important category for all of our competitors. And our long-term approach to this has been to not to lead the promotional intensity, but to make sure that we are competitive and continue to be the leader and gain share in the environment. And so that's what's driving some of the competitive activity and the increase in promotional.

是的。好吧，正如我在電話中提到的那樣，我們預計併計劃在今年根據我們過去幾年討論的所有趨勢進行更多宣傳。隨著本季度的進展，我們看到促銷活動確實有所增加，甚至比我們對該季度的預期還要多一點。因此，當我們審視更廣泛的競爭活動時，我們知道這是一個強大的類別。對於我們所有的競爭對手來說，這是一個重要的類別。我們對此的長期做法是不引領促銷強度，而是確保我們具有競爭力並繼續成為領導者並在環境中獲得份額。因此，這就是推動一些競爭活動和促銷活動增加的原因。

As versus 2019, we're still below 2019, and we've planned and anticipate that, that will be the case through this year. As you know well, Rupesh, the 2019 and leading up to that was a highly promotional period. We're not anticipating getting back to those levels. But as we've talked about really throughout the last several quarters, we anticipated it getting more promotional, and we're certainly seeing that in the environment. As a reminder, we worked hard for the last several years and certainly through the last 2 years to expand our CRM capabilities to grow our loyalty program. 9% growth in our loyalty program, 41 million members now, gives us some new tools, some new capabilities to be more strategic, more pinpointed in our promotional activities targeted with those efforts, and we've employed those and we'll continue to be strategic and thoughtful as we look ahead in the environment as the year unfolds.

與 2019 年相比，我們仍低於 2019 年，我們已經計劃並預計今年情況會如此。正如你所知，Rupesh，2019 年及之前是一個高度促銷的時期。我們預計不會回到這些水平。但正如我們在過去幾個季度中真正談到的那樣，我們預計它會得到更多的促銷，而且我們肯定會在環境中看到這一點。提醒一下，我們在過去幾年努力工作，當然在過去 2 年中努力擴展我們的 CRM 功能以發展我們的忠誠度計劃。我們的忠誠度計劃增長了 9%，現在有 4100 萬會員，這為我們提供了一些新工具和一些新功能，使我們在針對這些努力的促銷活動中更具戰略性、更精確，我們已經採用了這些，我們將繼續隨著新的一年的展開，我們在展望環境時要有戰略眼光和深思熟慮。

Our next question is from Steve Forbes with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的史蒂夫福布斯。

This is Anders Myhre, on for Steve Forbes. I wanted to start with services. So maybe a two-part question. One, outside of the details in the prepared remarks, can you comment further on the trends you were seeing broadly within services and possibly measured by member utilization rate? And two, can you provide an update on the percentage of consumers that make an in-store purchase after receiving a service? I believe in the past, there is approximately 50%. So I wanted to see if there's any moderation there.

我是 Anders Myhre，代表 Steve Forbes。我想從服務開始。所以也許是一個由兩部分組成的問題。第一，除了準備好的評論中的細節之外，你能否進一步評論你在服務中廣泛看到的趨勢，並可能通過會員利用率來衡量？第二，您能否提供有關在接受服務後進行店內購買的消費者百分比的最新信息？我相信在過去，大約有50%。所以我想看看那裡是否有節制。

Yes. Well, thank you for the question. Yes. So again, our salon service business was really strong again in the quarter. We -- what we like that we've seen is we -- in the prepared remarks, we talked about these backbar events. So not that we specifically ever break out purchase by service guests, but what I can share with you is that our backbar events, what we've seen is 90% of guests that are purchasing through those activations are new to those brands. So the guest experience and services is really resonating when we get them in the chair.

是的。嗯，謝謝你的問題。是的。因此，我們的沙龍服務業務在本季度再次表現強勁。我們——我們喜歡的是我們所看到的——在準備好的發言中，我們談到了這些支持事件。因此，並不是說我們專門打破了服務客人的購買量，但我可以與您分享的是我們的後台活動，我們所看到的是，通過這些活動購買的客人中有 90% 是這些品牌的新客人。因此，當我們讓他們坐在椅子上時，他們的體驗和服務真的會引起共鳴。

[Hot] and color is the main driver of our overall services business. And then the trends that we're seeing really are around health care -- hair care around loss of hair treatments, and that also helps with our average ticket. So the business is really strong. Our stylists are really critical to our overall business. We hired over 950 stylists in this last quarter. So the business is strong. We've got capacity, and it's a unique proposition that we have here at Ulta Beauty.

[熱門] 和色彩是我們整體服務業務的主要驅動力。然後我們看到的趨勢實際上是圍繞醫療保健——圍繞脫髮治療的頭髮護理，這也有助於我們的平均票價。所以業務真的很強大。我們的造型師對我們的整體業務非常重要。我們在上個季度聘請了 950 多名造型師。所以生意很強。我們有能力，這是我們在 Ulta Beauty 擁有的獨特主張。

Our next question is from Krisztina Katai with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Krisztina Katai。

I had a question on the Ultamate Rewards program, right, which continues to set records, both with membership and spend per member, has your share of wallet increased with your members, given some of the successful high-profile brand launches and also the luxury assortment that you're creating? And I also wanted to ask what type of return do you see on some of the more personalized or tailored promos that you offer whenever needed as you leverage the vast amount of data that you have?

我有一個關於 Ultamate Rewards 計劃的問題，對吧，它繼續創造記錄，包括會員資格和每位會員的消費，考慮到一些成功的知名品牌發布以及奢侈品，您的錢包份額隨著您的會員而增加您正在創建的分類？我還想問一下，在您利用所擁有的大量數據時，在需要時提供的一些更加個性化或量身定制的促銷活動中，您看到了什麼類型的回報？

Great. Well, yes, our loyalty program, Ultamate Rewards, is one of our greatest assets, and I'm really excited that the investments that we've made, the work that the team does, the commitment that our store teams have driving that experience continue to pay off. We're really proud of 9% growth in members in Q1, spend per member growth. Our strategies, our plans are working.

偉大的。嗯，是的，我們的忠誠度計劃 Ultamate Rewards 是我們最大的資產之一，我真的很高興我們所做的投資、團隊所做的工作以及我們商店團隊推動這種體驗的承諾繼續還清。我們為第一季度會員增長 9% 感到自豪，每個會員的支出增長。我們的戰略、我們的計劃正在奏效。

We do -- separately, we do believe we continue to improve share of wallet of our best guests. I talked about Platinum and Diamond members being -- showing strong growth. We believe we continue to add new experiences, add new brands, engage them in more touch points. Everything that we do really is designed to increase share of wallet. If we have a store-only guest, to get them to shop, to use our salon, to shop online, to download our app, to get our credit card, to shop at Target. All these experiences collectively add to share of wallet. And we have continued evidence that when we do that, it works to increase share of wallet.

我們確實 - 單獨地，我們確實相信我們會繼續提高我們最好的客人的錢包份額。我談到了白金和鑽石會員——顯示出強勁的增長。我們相信我們會繼續增加新的體驗，增加新的品牌，讓他們參與更多的接觸點。我們所做的一切實際上都是為了增加錢包份額。如果我們有一個只在商店購物的客人，讓他們來購物，使用我們的沙龍，在線購物，下載我們的應用程序，獲得我們的信用卡，在 Target 購物。所有這些經驗共同增加了錢包份額。我們不斷有證據表明，當我們這樣做時，它會增加錢包份額。

And one example, a store-only guest that starts shopping us in an omnichannel online way. Their spend with us increases over 2.5x. So we know we're improving share of wallet across our engaged guests. And as we add new members, which we continue to do as we grow, we're on the journey of getting them more engaged with all of our touch points. So we are committed to that. We're finding a lot of success.

舉個例子，一位光顧商店的客人開始以全渠道在線方式向我們購物。他們在我們這裡的花費增加了 2.5 倍以上。所以我們知道我們正在提高參與客人的錢包份額。當我們增加新成員時，我們會隨著我們的成長繼續這樣做，我們正在努力讓他們更多地參與我們所有的接觸點。所以我們致力於此。我們取得了很大的成功。

As far as some of the personalization, that's another aspect of our experience that we've been working hard on for several years, and it is working and paying off. The return of our programs around things like replenishment or engaging in new categories are working. We see strong return. And in fact, the return is strong enough that we're going to continue to invest more in data capabilities, bringing in new tools, leveraging innovation across all ways of experimenting and engaging with our guests. So we're seeing good returns, and we see there's a lot more opportunity for us ahead. In the world of personalization, you will buy our data.

就某些個性化而言，這是我們多年來一直努力打造的體驗的另一個方面，它正在發揮作用並取得回報。我們圍繞補貨或參與新類別的計劃的回歸正在奏效。我們看到強勁的回報。事實上，回報足夠強勁，我們將繼續加大對數據能力的投資，引入新工具，利用各種方式進行創新，與我們的客人進行試驗和互動。所以我們看到了良好的回報，我們看到我們未來有更多的機會。在個性化世界中，您將購買我們的數據。

Our next question is from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Scott, I was just wondering if you could give more color on the shrink theft component of what's impacting you guys in the P&L. And I'm just asking, it does sound like it's a fairly meaningful dynamic that's taking place. And if there's any way you can kind of quantify that so we kind of know what the impact was in Q1 or what you're now pricing in for the remainder of the year? Anything there would just be a little bit more helpful so we understand just how impactful it is to your gross margin.

斯科特，我只是想知道你是否可以在損益表中影響你們的收縮盜竊部分提供更多顏色。我只是問，這聽起來確實是一個相當有意義的動態正在發生。如果有任何方法可以量化，那麼我們就會知道第一季度的影響是什麼，或者你現在為今年剩餘時間定價的是什麼？任何東西都會更有幫助，所以我們了解它對您的毛利率有多大影響。

Yes. So it was -- when I think about the financial results and totality, and really shrink was the thing that surprised us in the quarter, and that's really the driver when we think about the operating margin adjustment for the year. So we knew sales were going to moderate a little bit after 2 spectacularly strong years. We knew the promotional environment was going to ramp up some. And maybe it's slightly richer than we were expecting, but that's not the driver.

是的。所以它是 - 當我考慮財務結果和整體時，真正收縮是本季度令我們感到驚訝的事情，當我們考慮今年的營業利潤率調整時，這確實是驅動因素。所以我們知道，在經歷了 2 年的強勁增長後，銷售額會有所放緩。我們知道促銷環境會有所改善。也許它比我們預期的要豐富一些，但這不是驅動因素。

The driver is shrink, by far. And so that's what put a pretty meaningful drag on our first quarter, and we're expecting those trends to continue the rest of the year. Again, coming into 2023, we thought the shrink trends were going to moderate a little bit because of some of the investments we were putting behind mitigation tactics. But they haven't resonated yet. We're still hopeful. We're still -- our teams are doing a great job. A lot of effort is going into this. But from a financial standpoint, we're not banking on any improvement the rest of the way. So kind of remain a challenge for the rest of the year.

到目前為止，驅動程序縮小了。因此，這對我們的第一季度造成了相當大的拖累，我們預計這些趨勢將在今年餘下時間繼續下去。同樣，進入 2023 年，我們認為收縮趨勢會有所緩和，因為我們在緩解策略上進行了一些投資。但他們還沒有產生共鳴。我們仍然充滿希望。我們仍然 - 我們的團隊做得很好。為此付出了很多努力。但從財務的角度來看，我們並不指望在接下來的過程中有任何改進。因此，在今年餘下的時間裡，這仍然是一個挑戰。

Ike, I'm glad you asked. I just -- I'd add the -- as I mentioned in the script, this is a really important and critical topic. There's certainly the financial impact that Scott described. But this is impacting our associates. It's impacting our guests. And unfortunately, despite our efforts, and investments, it's getting worse, not better, and we need to -- we're working hard.

艾克，很高興你提出這個問題。我只是 - 我要補充 - 正如我在腳本中提到的那樣，這是一個非常重要和關鍵的話題。斯科特描述的財務影響肯定存在。但這正在影響我們的同事。它正在影響我們的客人。不幸的是，儘管我們做出了努力和投資，但情況變得更糟，而不是更好，我們需要——我們正在努力工作。

And I mentioned this, but what it's going to take is our efforts, and I'm going to ask Kecia to describe in a bit more detail some of the steps we're taking. But we're working hard within what we directly control, but we need support from other -- partnership with other retailers, support from local leaders, from law enforcement, from DAs, from national governmental leaders. This is a macro problem that needs a macro answer, and I'm personally heavily involved in it to help try to find solutions, both for our business and hopefully contribute to some answers across retail. But it's an important topic and one that I'm focused on. But we are doing a lot. Kecia, do you want to highlight a few of those things?

我提到了這一點，但這需要我們的努力，我將請 Kecia 更詳細地描述我們正在採取的一些步驟。但我們在我們直接控制的範圍內努力工作，但我們需要其他方面的支持——與其他零售商的合作夥伴關係，地方領導人、執法部門、地方檢察官、國家政府領導人的支持。這是一個需要宏觀答案的宏觀問題，我個人大量參與其中，以幫助嘗試找到解決方案，既為我們的業務，也希望為零售業的一些答案做出貢獻。但這是一個重要的話題，也是我關注的話題。但我們正在做很多事情。 Kecia，你想強調其中的一些事情嗎？

Sure. Yes. We'll be in 70% of the chain by the end of this year, with locked fragrance cabinets as fragrance is one of the base target areas that we see them going after. And we're also increasing labor in those specific locations. We're training and educating our associates how best to handle these types of situations. It's upsetting. If you're shopping in a store, and you see this activity happening, it's pretty shocking.

當然。是的。到今年年底，我們將進入 70% 的連鎖店，並使用鎖定的香水櫃，因為香水是我們看到他們追求的基本目標領域之一。我們還在這些特定地點增加勞動力。我們正在培訓和教育我們的員工如何最好地處理這些類型的情況。這令人沮喪。如果你在商店購物，看到這種活動發生，那將是非常令人震驚的。

I'm sure you've seen some of the reports that have come out there, the camera systems catching these groups coming in. So we've invested in security guards, armed security guards in some locations, partnering with our landlords at what can we do to help police the parking lots and throw them from even coming in. So it's a full court press out there, and we're keeping the communication lines open with our associates when this happens. Like I said, very disturbing and deciding to course-correct as an entire retail group.

我敢肯定你已經看到了那裡出現的一些報告，攝像頭系統捕捉到了這些團體的進來。所以我們在一些地方投資了保安，武裝保安，與我們的房東合作，盡一切可能我們這樣做是為了幫助監管停車場，甚至阻止他們進入。所以這是一個完整的法庭壓力，當這種情況發生時，我們會與我們的同事保持溝通渠道暢通。就像我說的，非常令人不安，並決定作為整個零售集團進行調整。

Just one final note, Ike, on that one. So for quantification purposes, as a reference point in the first quarter, the shrink deleveraged above expectations, totally offset all fixed store cost.

最後一點，艾克，關於那個。因此，出於量化目的，作為第一季度的參考點，收縮去槓桿高於預期，完全抵消了所有固定門店成本。

Our next question is from Korinne Wolfmeyer with Piper Sandler.

我們的下一個問題來自 Korinne Wolfmeyer 和 Piper Sandler。

I'd just like to touch on -- a little bit on your customer retention efforts. I know you've talked a bit on the loyalty program and how that's been doing. But as we think about maybe consumers doing a little bit more pressure in their wallet and maybe seeking out more, say, mass retailers or lower-cost items. How are you ensuring customers stick with Ulta and keeping that retention rate strong?

我只想談一談您的客戶保留工作。我知道您已經談到了忠誠度計劃以及它的表現。但正如我們所想的那樣，消費者可能會在他們的錢包裡承受更多的壓力，並且可能會尋找更多的東西，比如大眾零售商或低成本的商品。您如何確保客戶堅持使用 Ulta 並保持強勁的保留率？

Well, Korinne, this is, as you would imagine, a huge focus for our entire team. And everybody in the company really participates in loyalty and retention. And that fundamentally starts with delivering a great experience. We have 50,000 associates in our stores that are committed to delighting our guests every time they walk in, and that's key to retention that every guest experience is a positive uplifting fun, engaging experience. And I'm proud that, that is so consistently the experience that our guests receive and what they love about.

嗯，Korinne，正如你想像的那樣，這是我們整個團隊的一個巨大關注點。公司中的每個人都真正參與了忠誠度和保留。而這從根本上始於提供出色的體驗。我們的商店有 50,000 名員工，他們致力於讓客人每次走進時都感到愉悅，這是保持每次客人體驗都是積極向上、有趣、引人入勝的體驗的關鍵。我感到自豪的是，這始終是我們的客人所獲得的體驗以及他們所熱愛的。

Our retention remains strong, and we -- and that was an important driver of our 9% growth in loyalty in Q1. And we've got a number of activities from, as I said, the in-store experience with all of our digital touch points, our experience and connection that we have with our guests through -- through Target, our Ulta Beauty at Target, and all of our personalization and communication efforts really engage and excite and delight our guests. So we are pleased with retention and feel that we have a very strong, probably best-in-class retention rate that we do.

我們的保留率仍然很高，而且我們 - 這是我們第一季度忠誠度增長 9% 的重要推動力。正如我所說，我們已經開展了許多活動，包括我們所有數字接觸點的店內體驗，我們與客人的體驗和聯繫——通過 Target，我們在 Target 的 Ulta Beauty，我們所有的個性化和溝通努力真正吸引了我們的客人，讓他們興奮和愉悅。因此，我們對保留率感到滿意，並認為我們擁有非常強大的、可能是同類最佳的保留率。

And as things -- as the environment shifts, and I talked about some of that in the script and an earlier question about shifts between mass and prestige. And as that changes, again, that is one of the unique aspects of Ulta Beauty. Nobody does what Ulta Beauty does. We're the only ones that offer from entry-level price, the masstige, to prestige, to luxury, all price points, all categories. So as long as we keep delighting and exciting our guests, if they choose to adjust their spending or maybe decide to buy different price points, they can do that within Ulta across all aspects, and that's been a key aspect -- a key part of our business and one that we'll continue to lean on and leverage going forward.

隨著事情的發展——隨著環境的變化，我在劇本中談到了其中的一些內容，以及之前關於質量和聲望之間變化的問題。隨著這種變化，這再次成為 Ulta Beauty 的獨特之處之一。沒有人做 Ulta Beauty 做的事。我們是唯一一家提供從入門級價格、大眾到聲望、到豪華、所有價位、所有類別的產品。因此，只要我們不斷取悅和刺激我們的客人，如果他們選擇調整支出或可能決定購買不同價位的產品，他們就可以在 Ulta 的各個方面做到這一點，這是一個關鍵方面——一個關鍵部分我們的業務以及我們將繼續依賴和利用的業務。

Our next question is from Olivia Tong with Raymond James.

我們的下一個問題來自 Olivia Tong 和 Raymond James。

I want to see if you could talk a little bit about the incremental promotions coming from, whether it's certain categories, certain channels that are pushing it harder as they try to expand or whether it's fairly broad-based. And then you said you -- I know you said you won't leave the promos, but of course, you have to be competitive. Can you talk about how your promo levels compare to your peers? And is there more you can do to leverage your loyalty members and the data that you have that you could potentially promote less [versus previous] years and still stay at the same level of competitiveness?

我想看看你是否可以談談來自的增量促銷，無論是某些類別，某些渠道在他們試圖擴展時更加努力地推動它，或者它是否具有相當廣泛的基礎。然後你說你——我知道你說過你不會離開宣傳片，但當然，你必須有競爭力。你能談談你的促銷水平與同行相比如何嗎？你是否可以做更多的事情來利用你的忠誠會員和你擁有的數據，你可以在 [與前幾年] 相比更少的情況下推廣，但仍保持相同的競爭力水平？

Yes. First, I'd say the incremental promotion we see it happening. We see really an intense competitive environment across all parts of the beauty category. And again, because of our model, mass to prestige, to luxury, we are directly competing with everybody that sells beauty. And so we watch and track and we're seeing promotional activity across mass, across prestige, across luxury. And so that's all part of it. And so I wouldn't say it's any one part of the category.

是的。首先，我會說我們看到它正在發生的增量促銷。我們看到美容品類的所有部分都存在激烈的競爭環境。再一次，由於我們的模式，大眾到聲望，再到奢侈品，我們直接與所有銷售美容產品的人競爭。因此，我們觀察和跟踪，我們看到了大眾、聲望和奢侈品的促銷活動。所以這就是它的全部。所以我不會說它是該類別的任何一部分。

As far as exactly, we don't have perfect insight. So we don't know exactly what each of our competitors are doing and understand all of their kind of internal measurements. But we watch very closely, track year-to-year, observe what's happening and then we do get some industry data that gives us a macro picture. So for us, it is just about making sure that we're delivering a great experience to our guests and delivering the right value at the right time.

就確切而言，我們沒有完美的洞察力。所以我們不確切地知道我們的每個競爭對手在做什麼，也不了解他們所有的內部衡量標準。但我們非常密切地觀察，逐年跟踪，觀察正在發生的事情，然後我們確實獲得了一些行業數據，這些數據為我們提供了宏觀圖景。所以對我們來說，這只是為了確保我們為客人提供出色的體驗，並在正確的時間提供正確的價值。

And you touched on it, but we have invested heavily in our capabilities to personalize and be more targeted. And that's what's allowed us to reduce our promotion from the levels that we saw in 2018 and 2019. And even as we plan for a more elevated level this year, as I mentioned earlier, we believe it will be below those levels, in part because of the tools that we have, the fact that now we have 41 million people. We have new personalization capabilities. We've got better CRM experience that allows us to be more pinpointed. That doesn't mean we won't do some broad scale offers here and there as they make sense for us. But under the covers, we're doing a whole lot more value add at a more personalized level, and that's paying off in an important way.

你提到了它，但我們在個性化和更有針對性的能力上投入了大量資金。這就是我們能夠降低我們在 2018 年和 2019 年看到的晉升水平的原因。即使我們計劃今年提高晉升水平，正如我之前提到的，我們相信它會低於這些水平，部分原因是我們擁有的工具，事實上我們現在有 4100 萬人。我們擁有新的個性化功能。我們擁有更好的 CRM 體驗，使我們能夠更加精準。這並不意味著我們不會在這里和那裡做一些大規模的報價，因為它們對我們有意義。但在幕後，我們在更加個性化的層面上做了更多的增值工作，並且以一種重要的方式得到了回報。

Our next question is from Michael Lasser with UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

One of the narratives from the skeptics that's going to come out of this report is that their hypothesis is coming true, trends are going to slow, promotional activity is going to increase and that's going to put pressure on Ulta Beauty's margins, and it's probably going to now feature some element of shrink as well. So if you look at where your margins are on pace to be this year, somewhere in the mid-14% range, you add the increase in shrink and the dilution that that's going to have on your margins. And if promotional activity were to go back to 2019 levels, what would that mean for your margins in that scenario?

這份報告中來自懷疑論者的敘述之一是，他們的假設正在成真，趨勢將會放緩，促銷活動將會增加，這將給 Ulta Beauty 的利潤率帶來壓力，而且它可能會現在還具有一些收縮元素。因此，如果你看看你今年的利潤率在哪裡，在 14% 左右的範圍內，你會加上收縮的增加和利潤率的稀釋。如果促銷活動回到 2019 年的水平，在這種情況下這對您的利潤率意味著什麼？

Let me start, and I'm going to ask Scott to give a bit more color, but -- or definitely more color on specifically around your question. What I'd say is we're really confident in our business. We guided for this year that we'd be delivering 4% to 5% comp growth, and we're committed to doing that. That's what we set out to do, and we are on track to do that. .

讓我開始，我將請 Scott 提供更多顏色，但是 — 或者絕對是圍繞您的問題提供更多顏色。我要說的是，我們對我們的業務非常有信心。我們今年的指導是實現 4% 到 5% 的薪酬增長，我們致力於實現這一目標。這就是我們著手做的事情，而且我們正在朝著這個方向努力。 .

We've made an adjustment to our operating margins. Scott will give more detail on that, but that's a reflection of some very specific things. But we remain confident in our long-term operating margin and our profitability over time. And we will go address some of the shrink issues. We do not believe promo is going to get back to historic highs, and in part because of what I just talked about, the impact -- our ability, our capabilities around personalization and others. So I understand that some of those questions might be out there. But I'll tell you, we are committed to delivering what we set out to do.

我們對營業利潤率進行了調整。 Scott 將提供更多詳細信息，但這是對一些非常具體的事情的反映。但隨著時間的推移，我們對我們的長期營業利潤率和盈利能力仍然充滿信心。我們將解決一些收縮問題。我們不相信促銷會回到歷史高位，部分原因是我剛才談到的影響——我們的能力，我們在個性化方面的能力和其他。所以我知道其中一些問題可能已經存在。但我會告訴你，我們致力於實現我們的目標。

We are off to a good start to doing that in Q1: 9.3% comp, strong operating margin, strong EPS growth. And we believe our model is uniquely positioned to navigate whatever comes our way, and we've got the right team and the right strategies in place. So that's kind of how I feel about it at a macro level. But Scott, any color specifically about Michael's question?

我們在第一季度有了一個良好的開端：9.3% comp、強勁的營業利潤率、強勁的每股收益增長。我們相信我們的模型具有獨特的定位，可以應對我們遇到的任何問題，而且我們擁有合適的團隊和正確的戰略。這就是我在宏觀層面上的感受。但是 Scott，關於 Michael 的問題有什麼特別的顏色嗎？

No, I would just add that, again, shrink and slightly richer promotional mix, temporary headwinds, we are very ready and able to be able to react to those kinds of things. So again, to Dave's point, with the toolbox that we have and the levers that we have to optimize this business, we're still very confident the 14% to 15% is the right range to be in. Things like UB Media, that's just kind of really getting off the ground, is a long-term margin accretive part of our business model. Project SOAR, digital store of the future, all these other large strategic initiatives we have underway right now are going to provide meaningful benefits for our stakeholders over a long period of time. So very confident in our (inaudible).

不，我只想補充一點，再次收縮和稍微豐富的促銷組合，暫時的逆風，我們已經準備好並且能夠對這些事情做出反應。因此，對於 Dave 的觀點，憑藉我們擁有的工具箱和我們必須優化這項業務的槓桿，我們仍然非常有信心 14% 到 15% 是正確的範圍。像 UB Media 這樣的東西，就是這樣只是有點真正起步，是我們商業模式的長期利潤增長部分。 SOAR 項目、未來的數字商店，以及我們目前正在進行的所有其他大型戰略計劃，將在很長一段時間內為我們的利益相關者帶來有意義的利益。對我們的（聽不清）非常有信心。

Our next question is from Susan Anderson with Canaccord.

我們的下一個問題來自 Susan Anderson 和 Canaccord。

I was wondering if you could talk about the health and wellness business and how that's been trending relative to the rest of the store? Are you seeing a pretty good response from the consumer in terms of adding that to their basket? And then also, where do you see that going longer term?

我想知道你是否可以談談健康和保健業務，以及它相對於商店其他業務的趨勢如何？就將其添加到他們的購物籃而言，您是否看到消費者的良好反應？然後，從長遠來看，你認為它會在哪裡發展？

Yes, I'm glad you asked as wellness is it's an important growth opportunity. I'd start -- before I talk specifically about the wellness shop and the assortment we have there, I'd say this overall idea of wellness and self-care and the connection it has to beauty, I talked about this for a little while. So you may have heard this before, but it is an important trend coming out over the last couple of years that we think will drive continued growth and engagement.

是的，我很高興你問健康是一個重要的增長機會。我會開始 - 在我具體談論健康商店和我們那裡的分類之前，我想說一下健康和自我保健的整體概念以及它與美容的聯繫，我談了一會兒.所以你以前可能聽說過，但這是過去幾年出現的一個重要趨勢，我們認為這將推動持續增長和參與。

The fact that more and more consumers understand the importance of beauty as part of their overall wellness routine is a very strong positive. It's one that's driving so much innovation, both in products specifically designed for wellness but also across makeup and fragrance and just bringing in more the idea of wellness into all forms of innovation. We did launch our wellness shop in May of 2021. We're currently in about 800 doors. We'll be adding more doors this year to continue to expand that presence.

越來越多的消費者了解美容作為其整體健康習慣的一部分的重要性，這一事實具有很強的積極意義。它推動瞭如此多的創新，無論是在專為健康設計的產品中，還是在化妝品和香水領域，以及將更多健康理念帶入所有形式的創新中。我們確實在 2021 年 5 月開設了我們的健康商店。我們目前有大約 800 家門。今年我們將增加更多的門，以繼續擴大這種影響力。

We have a strong presence online. We have 140 brands, 700 SKUs across category focus, and it's a great experience. It's working really well. A number of really engaging brands like Love Wellness, Truly, Kitsch, megababe, GOLDE that we just added, Lemme by Kourtney Kardashian, there's a strong experience, high level of engagement across all 6 of our segments and pillars. And we're really pleased with its impact in connection. But we're also just getting started in that assortment. And so we see good growth in that area over time, and we're excited about the potential of that business for the long term.

我們在網上有很強的影響力。我們擁有 140 個品牌、700 個 SKU，涵蓋各個品類，這是一次很棒的體驗。它工作得很好。許多真正吸引人的品牌，如我們剛剛添加的 Love Wellness、Truly、Kitsch、megababe、GOLDE，以及 Kourtney Kardashian 的 Lemme，在我們的所有 6 個細分市場和支柱中都有豐富的經驗和高水平的參與度。我們對它在相關方面的影響感到非常滿意。但我們也才剛剛開始這個分類。因此，隨著時間的推移，我們看到該領域的良好增長，我們對該業務的長期潛力感到興奮。

Our final question is from Simeon Gutman with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Simeon Gutman。

Everyone, I think you had the wrong Simeon to start the call, but it's okay. My question is two parts. The first part is actually related to his earlier question, thinking about the AUR and some of the innovation that's driven some of the inflation, whether or not the customer is reaching some resistant point and the number of items they put in the basket. And second, how to think about shrink and just what level of accrual given we're seeing it still ramping across other retailers, how much you've accrued for and how much could work to get.

各位，我認為你讓 Simeon 開始通話是錯誤的，但沒關係。我的問題分為兩部分。第一部分實際上與他之前的問題有關，考慮 AUR 和一些推動通貨膨脹的創新，客戶是否達到某個阻力點以及他們放入籃子中的物品數量。其次，如何考慮縮減以及考慮到我們看到它仍在其他零售商中增加的應計水平，您已經累積了多少以及可以努力獲得多少。

Maybe I'll start with shrink. So I addressed here just a few minutes earlier, just directional in the first quarter, shrink basically offset fixed store cost leverage entirely. So again, remember, that's been trending upward over the last couple of years with a huge peer step on the top line, Simeon. And so we would expect that trend to continue through the rest of the year. We're not -- we were expecting some moderation in 2023, but at this stage, it doesn't seem like we're going to be able to deliver that. So not optimistic about how that plays out in gross margin the rest of the way.

也許我會從收縮開始。所以我在幾分鐘前在這裡發表了講話，只是在第一季度定向，收縮基本上完全抵消了固定商店成本槓桿。所以，請記住，在過去的幾年裡，這一趨勢一直呈上升趨勢，並且同行在頂線邁出了巨大的一步，Simeon。因此，我們預計這一趨勢將持續到今年餘下時間。我們不是——我們預計 2023 年會有所緩和，但在現階段，我們似乎無法實現這一目標。因此，對於接下來的毛利率如何發揮作用並不樂觀。

Yes. And Simeon, it's good to book end our Q&A by Simeon, so we're glad to do that. And I'd just say, yes, on the point, I mean, I think we covered some of the thoughts there about how we're seeing both spend per member, AUR, the units. I mean there's a lot of positive indicators on our business, and we're still working hard to get a read on how our consumer is navigating. We know there's pressures out there, but we also see a high level of engagement in beauty.

是的。 Simeon，很高興通過 Simeon 結束我們的問答，所以我們很高興這樣做。我只想說，是的，在這一點上，我的意思是，我認為我們已經涵蓋了一些關於我們如何看待每個成員的支出、AUR、單位的想法。我的意思是我們的業務有很多積極的指標，我們仍在努力了解我們的消費者是如何導航的。我們知道那裡存在壓力，但我們也看到人們對美容的高度參與。

And so our focus now is to continue to drive great engagement across all aspects, newness, innovation, our core business, to get them engaged in all of our touch points and make sure that we're delivering a great Ulta Beauty guest experience because we know when we do that, they respond. So we're tracking all that carefully. We'll continue to report out in future earnings calls and make sure that we are leading the category appropriately.

因此，我們現在的重點是繼續在我們的核心業務、新穎性、創新等各個方面推動良好的參與，讓他們參與到我們所有的接觸點，並確保我們提供出色的 Ulta Beauty 客戶體驗，因為我們知道當我們這樣做時，他們會回應。所以我們正在仔細跟踪所有這些。我們將繼續在未來的財報電話會議上進行報告，並確保我們將適當地領先該類別。

So with that, let me just say I'd like to close by, again, thanking all of our Ulta Beauty associates across our stores, distribution centers and our corporate office offices for delivering another strong quarter for our stakeholders. We know the environment will continue to evolve. But as I've said, we remain committed to our long-term growth strategies, and we are very confident in our team as we look forward to build -- continue to build the foundation that we set here in the first quarter. So we look forward to speaking to you all again when we report results for the second quarter on August 24. Thanks. I hope everybody has a nice Memorial Day weekend, and we'll talk to you all again soon.

因此，讓我只想說，我想再次結束，感謝我們所有商店、配送中心和公司辦公室的 Ulta Beauty 員工為我們的利益相關者帶來了另一個強勁的季度。我們知道環境將繼續發展。但正如我所說，我們仍然致力於我們的長期增長戰略，我們對我們的團隊非常有信心，因為我們期待建立 - 繼續建立我們在第一季度在這裡建立的基礎。因此，我們期待在 8 月 24 日報告第二季度業績時再次與大家交談。謝謝。我希望每個人都有一個愉快的陣亡將士紀念日週末，我們很快就會再次與大家交談。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。