(ULTA) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty's Conference Call to discuss results for the third 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 財年第三季度的業績。（操作員說明）謹此提醒，本次會議正在錄製中。

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

現在我很高興向大家介紹投資者關係副總裁 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 results for the third quarter of fiscal 2023. Hosting our call today are Dave Kimbell, Chief Executive Officer; and Scott Settersten, Chief Financial Officer; Kecia Steelman, President and Chief Operating Officer, will join us for the Q&A session; Paula Oyibo, Senior Vice President of Finance, is also on the call with us today.

謝謝。大家下午好，感謝您加入我們討論 Ulta Beauty 2023 財年第三季的業績。今天主持我們電話會議的是執行長 Dave Kimbell；財務長 Scott Settersten；總裁兼營運長 Kecia Steelman 將參加我們的問答環節；財務高級副總裁 Paula Oyibo 今天也參加了我們的電話會議。

Before we begin, I'd like to remind you of the company's safe harbor language. The statements contained in our 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, November 30, 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.

在開始之前，我想提醒您公司的安全港語言。我們電話會議中包含的陳述並非歷史事實，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。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，所有這些都在該公司向 SEC 提交的文件中進行了描述。我們提醒您不要過度依賴這些前瞻性陳述，這些陳述僅截至今天（2023 年 11 月 30 日）。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，並且您應該不指望我們這樣做。

We'll begin this afternoon with prepared remarks from Dave and Scott, and then 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 and one follow-up question. (Operator Instructions). As always, the IR team will be available for any follow-up questions after the call.

我們將從今天下午戴夫和斯科特準備好的演講開始，然後開始提問。為了讓我們能夠在本次電話會議的預定時間內回答盡可能多的問題。我們謹請您將時間限制在一個問題和一個後續問題上。 （操作員說明）。與往常一樣，投資者關係團隊將在電話會議後回答任何後續問題。

Now I'll turn the call over to Dave. Dave?

現在我將把電話轉給戴夫。戴夫？

Thank you, Kiley, and good afternoon, everyone. We appreciate your interest in Ulta Beauty. I'll start today with comments about our CFO transition plans and then discuss our third quarter performance. Then Scott will review the financial results and our outlook.

謝謝你，凱利，大家下午好。我們感謝您對 Ulta Beauty 的興趣。今天我將首先評論我們的財務長過渡計劃，然後討論我們第三季的業績。然後斯科特將回顧財務業績和我們的前景。

Starting with the succession plans we announced this afternoon. After nearly 20 years with Ulta Beauty and more than a decade as CFO, Scott Settersten, has shared with us his decision to retire, effective April 1, 2024. From his early days helping take Ulta Beauty public, and throughout the last 10 years as CFO, Scott's impact on Ulta Beauty has been tremendous. He's been a passionate steward of our business and the strong and constant shareholder returns achieved during his tenure are a testament to his leadership and disciplined approach to driving profitable growth.

從我們今天下午宣布的繼任計劃開始。在Ulta Beauty 工作近20 年並擔任財務長十多年後，Scott Settersten 與我們分享了他退休的決定，該決定將於2024 年4 月1 日生效。從他早期幫助Ulta Beauty 上市，到過去10 年，財務長 Scott 對 Ulta Beauty 的影響是巨大的。他一直是我們業務的熱情管理者，在他任職期間實現的強勁且持續的股東回報證明了他的領導能力和推動盈利增長的嚴格方法。

I want to express my sincere gratitude to Scott for his partnership and his remarkable contributions to our business. He has been an exceptional partner to me and an inspirational leader for our team across the company.

我要對斯科特的合作關係以及他對我們業務的卓越貢獻表示誠摯的謝意。他是我的傑出合作夥伴，也是我們整個公司團隊的鼓舞人心的領導者。

With Scott's retirement, I'm very pleased to announce that Paula Oyibo will be our next Chief Financial Officer. Paula is a dynamic finance executive with broad industry experience, and I am confident she is the right leader for this next chapter of Ulta Beauty's growth.

隨著 Scott 的退休，我非常高興地宣布 Paula Oyibo 將成為我們的下一任財務長。 Paula 是一位充滿活力的財務主管，擁有豐富的行業經驗，我相信她是 Ulta Beauty 發展下一章的正確領導者。

Since joining the company in 2019, she has established herself as a trusted partner and visionary leader. Her deep understanding of our business, experience leading large finance organizations and strong commitment to nurturing talent with an inclusive culture make her the ideal person to serve as Ulta Beauty's next CFO. Paula will be a great addition to our dynamic executive team, and I look forward to partnering with her as we continue our growth journey.

自 2019 年加入公司以來，她已成為值得信賴的合作夥伴和富有遠見的領導者。她對我們業務的深刻理解、領導大型金融組織的經驗以及對以包容性文化培養人才的堅定承諾，使她成為擔任 Ulta Beauty 下一任首席財務官的理想人選。保拉將成為我們充滿活力的執行團隊的重要補充，我期待與她合作，繼續我們的成長之旅。

This announcement represents another great succession story for Ulta Beauty. I am grateful to Scott for being intentional and thoughtful in ensuring we have a seamless plan for this critical leadership role. And I am excited that Paula will bring her business-first mindset, influence and energy to the executive team.

這項公告代表了 Ulta Beauty 的另一個偉大的繼承故事。我很感謝斯科特，他有意而周到地確保我們為這一關鍵的領導角色制定了一個無縫的計劃。我很高興保拉將為執行團隊帶來她業務至上的心態、影響力和活力。

Okay. Now let's talk about our third quarter performance. The Ulta Beauty team delivered strong performance again this quarter, with sales, gross profit and EPS all exceeding our internal expectations. Our traffic trends remain healthy. Our brand awareness and loyalty program reached all-time highs, and our transformational initiatives are on track. I want to thank all Ulta Beauty associates for maintaining their focus on creating great guest experiences and delivering these results while executing against our transformational agenda.

好的。現在我們來談談我們第三季的業績。 Ulta Beauty團隊本季再次表現強勁，銷售額、毛利和每股盈餘都超出我們內部預期。我們的流量趨勢保持健康。我們的品牌知名度和忠誠度計劃達到了歷史最高水平，我們的轉型計劃也正在步入正軌。我要感謝所有 Ulta Beauty 員工在執行我們的轉型議程的同時，始終專注於創造卓越的賓客體驗並交付這些成果。

For the quarter, net sales increased 6.4% to $2.5 billion. Operating profit was 13.1% of sales and diluted EPS was $5.07 per share. Comparable sales increased 4.5%.

本季淨銷售額成長 6.4%，達到 25 億美元。營業利潤佔銷售額的 13.1%，攤薄後每股收益為 5.07 美元。可比銷售額成長 4.5%。

As discussed on prior calls, we expected the sales growth to moderate from the first half as we lapped 2 years of strong double-digit comp growth. Comp sales growth for the quarter was driven by approximately 10% growth from our digital channels. Stores delivered low single-digit comps as we lapped high-teen growth last year. Store traffic remained healthy, increasing in the high single-digit range.

正如之前電話會議中所討論的，我們預計銷售成長將從上半年開始放緩，因為我們已經經歷了兩年強勁的兩位數複合成長。本季的比較銷售成長是由我們的數位管道約 10% 的成長所推動的。去年我們實現了高雙位數成長，但商店的銷售業績只有個位數。商店客流量保持健康，以高個位數成長。

Turning to performance by category. Skincare was again our fastest-growing category, driven by double-digit growth in mass and prestige segments. Beauty enthusiasts have maintained their skincare routines while also experimenting with new regimens. Consumer interest in moisturizers, serums and cleansers is driving growth, and brands leading into these trends like Drunk Elephant, Good Molecules and COSRX contributed to our strong results.

轉向按類別劃分的性能。在大眾和高端細分市場兩位數成長的推動下，護膚品再次成為我們成長最快的類別。美容愛好者在保持護膚習慣的同時也嘗試新的護理方法。消費者對保濕霜、精華液和清潔劑的興趣正在推動成長，Drunk Elephant、Good Molecules 和 COSRX 等引領這些趨勢的品牌為我們的強勁業績做出了貢獻。

Dermatologist-recommended brands also continued to resonate, driving growth for brands like La Roche-Posay, Cetaphil and Dermalogica. The fragrance and bath category delivered low double-digit growth. Newness from Ariana Grande, Burberry and YSL contributed to the category's performance. Prestige brands, Valentino and Carolina Herrera, and luxury brands, CHANEL and Dior also drove meaningful growth.

皮膚科醫生推薦的品牌也繼續引起共鳴，推動了理膚泉 (La Roche-Posay)、絲塔芙 (Cetaphil) 和德美樂嘉 (Dermalogica) 等品牌的成長。香水和沐浴品類實現了兩位數的低成長。 Ariana Grande、Burberry 和 YSL 的新品對該品類的表現做出了貢獻。知名品牌 Valentino 和 Carolina Herrera 以及奢侈品牌 CHANEL 和 Dior 也推動了顯著成長。

Sales in the makeup category were flat, with mid-single-digit growth in mass makeup offsetting a modest decline in prestige makeup. New brands like Dior and NATASHA DENONA and Beautycounter and existing brands with compelling newness and innovation, including e.l.f., Juvia's Place, MAC and OPI, all delivered growth during the quarter. While many mass brands continue to benefit from engaging newness and social engagement, our prestige makeup business was more challenged as we continue to lap the strong impact of last year's Fenty launch.

化妝品類別的銷售額持平，大眾化妝品的中個位數成長抵消了高端化妝品的小幅下滑。 Dior 和 NATASHA DENONA 等新品牌以及 Beautycounter 以及 e.l.f.、Juvia's Place、MAC 和 OPI 等具有引人注目的新穎性和創新性的現有品牌均在本季度實現了增長。儘管許多大眾品牌繼續受益於新事物和社交參與，但我們的高端彩妝業務面臨更大的挑戰，因為我們繼續受到去年 Fenty 推出的強烈影響。

Finally, Comp sales for the hair care category decreased in the low single-digit range, primarily driven by a decline in hair tools. Newer brands, including exclusive brand LolaVie and Shark Beauty and Donna's Recipe as well as newness from Not Your Mother's and [Way] deliver growth for the category. Trend-relevant products from Redken and Biolage resonated strongly with guests while social virality drove growth for IGK and Mielle.

最後，護髮類別的比較銷售額出現低個位數下降，這主要是由於美髮工具的下降所致。較新的品牌，包括獨家品牌 LolaVie、Shark Beauty 和 Donna's Recipe，以及 Not Your Mother's 和 [Way] 的新品牌，為該類別帶來了成長。 Redken 和 Biolage 的潮流相關產品引起了客人的強烈共鳴，而社交病毒式傳播則推動了 IGK 和 Mielle 的成長。

Comparing to mass beauty dollar sales for the 13 weeks ended October 28, 2023, and we continue to outpace the growth of the mass market according to Circana data. In prestige beauty, our share gains in skin care and fragrance were offset by softness in makeup and hair according to Circana.

根據 Circana 數據，與截至 2023 年 10 月 28 日的 13 週大眾美容產品銷售額相比，我們繼續超過大眾市場的成長。根據 Circana 的數據，在高端美容領域，我們在護膚和香水方面的份額增長被化妝品和頭髮的柔軟度所抵消。

From a channel perspective, we gained prestige beauty share across digital channels, but were more challenged in brick-and-mortar channels, reflecting the impact of increased distribution for prestige beauty. While these dynamics increased competitive intensity in the short term, we are confident our sales-driving strategies will support our ability to capture more market share over the long term.

從通路角度來看，我們在數位通路中獲得了高端美容份額，但在實體通路中面臨更多挑戰，這反映了高端美容分銷增加的影響。雖然這些動態在短期內增加了競爭強度，但我們相信，我們的銷售驅動策略將支持我們長期佔領更多市場份額的能力。

Our services business delivered high single-digit comp growth, primarily driven by engagement in core services, including haircuts, blowouts and makeup services. Ear piercing, one of our newer services also performed well, and salon backbar takeovers, which give our stylists an opportunity to introduce brands to guests continue to drive product attachment and new guest acquisition for participating brands.

我們的服務業務實現了高個位數的複合成長，這主要得益於核心服務的參與，包括理髮、吹髮和化妝服務。耳洞是我們的一項新服務，也表現良好，而沙龍後欄接管則讓我們的造型師有機會向客人介紹品牌，繼續推動參與品牌的產品依戀和新客人的獲取。

Unlike other discretionary retail categories, the U.S. beauty category has consistently driven growth over time. Based on data from Euromonitor, in the 15 years prior to the pandemic, the U.S. beauty category grew in the low to mid-single-digit range every year except during the Great Recession when the category experienced low single-digit declines and in 2020 when the category declined 6%.

與其他非必需零售品類不同，美國美容類別隨著時間的推移持續推動成長。根據 Euromonitor 的數據，在大流行之前的 15 年裡，美國美容類別每年都在低至中個位數範圍內增長，除了大衰退期間該類別經歷了低個位數下降和 2020 年該類別下降了6%。

In 2021 and 2022, the category experienced unprecedented double-digit growth as consumers recovered from the pandemic. And as we lap the strong growth this year, consumer spend has remained healthy. While we expect growth will continue to normalize to historic ranges, we remain confident the category will continue to grow, barring a macroeconomic event.

2021年和2022年，隨著消費者從大流行中恢復過來，該類別經歷了前所未有的兩位數增長。隨著我們今年的強勁成長，消費者支出仍然保持健康。雖然我們預期成長將繼續正常化至歷史範圍，但我們仍然相信，除非發生宏觀經濟事件，否則該類別將繼續成長。

In addition to factors that have driven the category historically, including a strong emotional connection with consumers, newness and innovation, and societal changes, today, consumers are thinking differently about the role beauty can play in their wellness routine, which we believe will drive increased usage for the category.

除了歷史上推動該類別的因素外，包括與消費者的強烈情感聯繫、新鮮感和創新以及社會變革，如今，消費者對美容在其健康習慣中所扮演的角色有了不同的思考，我們相信這將推動更多類別的用法。

As we think about the opportunity to expand our market leadership and drive long-term profitable growth, our strategic framework guides our priorities and focus. Let me share some highlights and the progress made this quarter.

當我們思考擴大市場領導地位並推動長期獲利成長的機會時，我們的策略框架指導著我們的優先事項和重點。讓我分享一下本季的一些亮點和取得的進展。

Starting with our efforts to drive growth with an expanded definition of All Things Beauty. During the quarter, we enhanced our assortment with trend relevant brands in every category. In makeup, we introduced luxury brand, Pat McGrath Labs, expanded our presence with MAC to nearly all stores, launched several exclusive and innovative brands, including Half Magic, Polite Society and Rabanne.

首先，我們努力透過擴展「萬物之美」的定義來推動成長。本季度，我們在每個類別中增加了與趨勢相關的品牌的品種。在彩妝方面，我們引進了奢侈品牌Pat McGrath Labs，將我們與MAC的業務擴展到幾乎所有商店，推出了多個獨家創新品牌，包括Half Magic、Polite Society和Rabanne。

In skin care, we launched PanOxyl, a dermatologist-recommended brand popular with Gen Z. In haircare, we launched Shark Beauty, an innovative brand of hair styling tools at accessible price points. And in fragrance, we launched Snif, an emerging brand offering gender-neutral sense available only at Ulta Beauty.

在皮膚護理方面，我們推出了深受 Z 世代歡迎的皮膚科醫生推薦品牌 PanOxyl。在護髮方面，我們推出了 Shark Beauty，這是一個價格實惠的創新美髮工具品牌。在香水方面，我們推出了 Snif，這是一個新興品牌，提供中性感覺，僅在 Ulta Beauty 出售。

Building on our long-term partnership with CHANEL and other luxury fragrance brands, we see an opportunity to expand our luxury offering into makeup and skincare. In Q1, we launched luxury at Ulta Beauty and our member analytics confirms that our new luxury assortment is driving incrementality and increased spend per member.

基於我們與香奈兒和其他奢華香水品牌的長期合作關係，我們看到了將我們的奢侈品產品擴展到化妝品和護膚品領域的機會。在第一季度，我們在 Ulta Beauty 推出了奢侈品，我們的會員分析證實，我們新的奢侈品品種正在推動增量並增加每位會員的支出。

In addition to strengthening our core assortment, we are leaning into broader trends in beauty through our cross-category platforms. We continue to expand our Conscious Beauty platform. At the end of the quarter, more than half of our brand portfolio was certified in at least one pillar, with 260 brands certified in more than one pillar. Newly-certified brands include COSRX, Loving Tan and Polite Society.

除了加強我們的核心品種外，我們還透過跨類別平台關注更廣泛的美容趨勢。我們繼續擴大我們的意識美容平台。截至本季末，我們超過一半的品牌組合獲得了至少一個支柱的認證，其中 260 個品牌獲得了多個支柱的認證。新認證的品牌包括 COSRX、Loving Tan 和 Polite Society。

We also increased our portfolio of BIPOC brands, welcoming Pat McGrath Labs, CurlMix, Better World Fragrance House by Drake and Pound Cake to the portfolio. And we expanded our wellness assortment with the launch of at-home spa tools from LUV SCRUB, Solawave and Skin Gym.

我們還增加了 BIPOC 品牌組合，將 Pat McGrath Labs、CurlMix、Better World Fragrance House by Drake 和 Pound Cake 納入產品組合。我們也推出了 LUV SCRUB、Solawave 和 Skin Gym 等居家用水療工具，擴大了我們的健康產品種類。

In addition, we expanded the wellness shop to an additional 500 stores and refresh the presentation with elevated aesthetics, improved navigation and more storytelling graphics to inspire and educate our guests how to connect to wellness in their everyday lives. Guests are moving effortlessly between physical and digital channels, and we are investing to enhance the guest experience across all touch points.

此外，我們將健康商店擴展到另外500 家商店，並以更高的美感、改進的導航和更多講故事的圖形更新展示方式，以啟發和教育我們的客人如何在日常生活中與健康聯繫起來。賓客可以輕鬆地在實體通路和數位管道之間移動，我們正在投資增強所有接觸點的賓客體驗。

We have been on a multiyear digital transformation journey to upgrade our infrastructure and deliver a more engaging and seamless digital guest experience while also positioning future growth.

我們一直在進行多年的數位轉型之旅，以升級我們的基礎設施並提供更具吸引力和無縫的數位客戶體驗，同時也定位未來的成長。

In August, we completed a significant step in this process with the transition of our digital commerce experience, including cart (inaudible), checkout and member account data to our new architecture.

八月份，我們完成了這個過程中的重要一步，將我們的數位商務體驗（包括購物車（聽不清楚）、結帳和會員帳戶資料）過渡到了我們的新架構。

Overall, our team successfully executed these changes, and I am pleased to report our new digital experience performed very well over the high demand Thanksgiving weekend, including Cyber Monday. The modernization of our digital technology ecosystem is nearly complete, enabling us to elevate and optimize our existing guest experience while driving digital innovation, utilizing a modern, agile approach.

總體而言，我們的團隊成功地執行了這些更改，我很高興地報告我們的新數位體驗在高需求的感恩節週末（包括網路星期一）表現非常出色。我們的數位科技生態系統的現代化已接近完成，使我們能夠利用現代、敏捷的方法來提升和優化現有的賓客體驗，同時推動數位創新。

In addition to our digital platforms, we are also enhancing our in-store experiences. Our member data demonstrates that an excellent guest experience drives spend, increased frequency and creates lasting loyalty. This quarter, we launched a refreshed guest engagement model, which elevates the guest experience through authentic engagement, helpful experiences and friendly interactions to create a genuine human connection.

除了我們的數位平台之外，我們還在增強我們的店內體驗。我們的會員數據表明，卓越的賓客體驗可以推動消費、增加頻率並創造持久的忠誠度。本季度，我們推出了全新的賓客參與模式，透過真實的參與、有益的體驗和友善的互動來提升賓客體驗，從而建立真正的人際關係。

While still early, we are encouraged by the improving trends in guest satisfaction scores. We continue to expand and enhance the Ulta Beauty at Target experience. We opened 89 Ulta Beauty at Target shops during the quarter, ending the quarter with 510 shops. This quarter, we were excited to launch Fenty Beauty, delighting our guests with a new way to shop this fan favorite brand.

雖然還為時過早，但我們對賓客滿意度得分不斷提高的趨勢感到鼓舞。我們繼續擴展和增強 Ulta Beauty at Target 體驗。本季我們在 Target 開設了 89 家 Ulta Beauty 商店，本季末開設了 510 家商店。本季度，我們很高興推出 Fenty Beauty，為我們的客人提供了購買這個粉絲最喜愛的品牌的新方式。

Created exclusively for Ulta Beauty at Target, the Fenty snacks assortment features a curated lineup of best-selling must-haves, minis, and unique sets. And just in time for holiday, we launched a curated assortment of Dyson hair tools in select stores and exclusive holiday sample kits in all Ulta Beauty at Target shops.

Fenty 零食系列專為 Target 的 Ulta Beauty 打造，精選一系列暢銷必備品、迷你零食和獨特套裝。適逢假期，我們在精選商店推出了一系列精選的戴森美髮工具，並在所有 Ulta Beauty at Target 商店推出了獨家節日樣品套件。

Beauty is an emotionally-driven category, and we are investing to drive greater love, loyalty and connection with Ulta Beauty. We continue to strengthen the Ulta Beauty brand, unaided brand awareness increased to a record level this quarter with meaningful gains among Gen Z and millennial beauty consumers. We also expanded the connection guest field for Ulta Beauty as measured by significant growth in brand love. These gains reflect the impact of our strategic brand building efforts as well as our marketing actions to support key promotional events and brand launches.

美容是一個情感驅動的類別，我們正在投資以增強對 Ulta Beauty 的熱愛、忠誠和聯繫。我們持續強化 Ulta Beauty 品牌，本季獨立品牌知名度達到創紀錄水平，在 Z 世代和千禧世代美容消費者中取得了顯著的進步。我們也擴大了 Ulta Beauty 的聯繫客戶領域，從品牌喜愛度的顯著成長來看。這些收益反映了我們策略品牌建立工作以及支持關鍵促銷活動和品牌發布的行銷行動的影響。

At Ulta Beauty, our mission is to use the power of beauty to bring to light the possibilities that lie within each of us. Building on our commitment to make beauty as a force for good, we've created the Joy Project, a multiyear initiative to make beauty and the world a more joyful place. We launched The Joy Project in September with an integrated campaign across national TV, PR, social media and our owned channels.

在 Ulta Beauty，我們的使命是利用美麗的力量來揭示我們每個人內心的可能性。基於我們致力於讓美麗成為正義力量的承諾，我們創建了“歡樂項目”，這是一項為期多年的舉措，旨在讓美麗和世界變得更加歡樂。我們於 9 月啟動了“歡樂計劃”，在全國電視、公關、社交媒體和我們自有頻道上開展了綜合活動。

In addition, we created a training curriculum for transforming the way our associates think about self-confidence, and to give them tools to empower our guests to do the same.

此外，我們還創建了培訓課程，旨在改變員工對自信的看法，並為他們提供工具，幫助我們的客人也能做到這一點。

In October, we expanded The Joy Project while reinforcing our role at the intersection of beauty and culture as the exclusive beauty partner for TikTok's first ever beauty month. Grounded in TikTok's theme of reclaimed joy. This month-long activation, leveraged creator content and events, premium platform advertising placements and custom filters that allowed users to see their inner joy.

10 月，我們擴大了 The Joy 項目，同時加強了我們作為 TikTok 首個美容月的獨家美容合作夥伴在美容與文化交叉領域的作用。植根於 TikTok 重獲歡樂的主題。這個為期一個月的激活，利用了創作者內容和活動、優質平台廣告投放和自訂過濾器，讓用戶看到了他們內心的喜悅。

We continue to adjust our promotional strategies as the category normalizes and consumers navigate rising cost pressures. Responding to consumer needs and competitive shifts, we continue to evolve our key tentpole events like 21 Days of Beauty, while also deploying new offers with more relevant storytelling to drive sales and traffic.

隨著品類正常化以及消費者應對不斷上升的成本壓力，我們將持續調整促銷策略。為了回應消費者需求和競爭變化，我們繼續發展 21 Days of Beauty 等主要支柱活動，同時也部署具有更相關故事敘述的新優惠，以推動銷售和流量。

While our promotional activity increased this quarter, our targeting capabilities and promo optimization efforts enabled us to manage the financial impact. Notably, overall promotional levels remained meaningfully below 2019 levels.

雖然本季我們的促銷活動有所增加，但我們的定位能力和促銷優化工作使我們能夠管理財務影響力。值得注意的是，整體促銷水準仍明顯低於 2019 年的水準。

Turning to our loyalty program. We ended the quarter with 42.2 million active members, 8% higher than last year, driven primarily by improving member retention and new member acquisition. Spend per member remains healthy, driven by greater shopper frequency. As we engage members with exclusive promotions, point accelerators and personalized content and recommendations, we are driving engagement spend and frequency. These targeted efforts are also enabling us to elevate more members to our platinum and diamond tiers. Compared to last year, the number of platinum and diamond members has increased more than 20%.

轉向我們的忠誠度計劃。截至本季末，我們的活躍會員數量為 4,220 萬，比去年增加 8%，這主要是由於會員保留率的提高和新會員的獲取。由於購物頻率增加，每位會員的支出保持健康。當我們透過獨家促銷、積分加速器以及個人化內容和推薦來吸引會員時，我們正在推動參與支出和頻率。這些有針對性的努力也使我們能夠將更多會員提升至白金和鑽石等級。與去年相比，白金、鑽石會員數成長超過20%。

Turning now to our efforts to drive operational excellence and optimization. We are executing a multiyear transformation agenda intended to unlock new capabilities and efficiencies to fuel our growth.

現在談談我們推動卓越營運和優化的努力。我們正在執行一項多年轉型議程，旨在釋放新的能力和效率，以推動我們的成長。

In addition to the digital store progress achieved this quarter, we continued to advance our road map in other key areas. We completed the retrofit of our Greenwood distribution center began shipping to stores and fulfilling e-commerce orders from our new Greer market fulfillment center and transitioned our Chambersburg distribution center to our new ERP platform.

除了本季在數位商店方面取得的進展外，我們還繼續推進其他關鍵領域的路線圖。我們完成了格林伍德配送中心的改造，開始從新的格里爾市場配送中心向商店發貨並履行電子商務訂單，並將錢伯斯堡配送中心過渡到新的 ERP 平台。

Our teams have delivered several major milestones this year, and we are on track to complete many of our transformational projects next year. We plan to complete the transition of our digital store in the first half of 2024, and we expect to complete the upgrade of our ERP platform and the expansion of our data management systems in the second half of 2024.

我們的團隊今年已經實現了幾個重大里程碑，明年我們預計將完成許多轉型專案。我們計劃於2024年上半年完成數位化商店的轉型，預計於2024年下半年完成ERP平台的升級和資料管理系統的擴展。

We will advance our supply chain optimization efforts next year with the continuation of our Dallas DC retrofit, as well as the conversion of our Romeoville, Illinois fast fulfillment center to a new market fulfillment center.

明年，我們將繼續推動達拉斯特區的改造，並將伊利諾伊州羅密歐維爾的快速配送中心轉變為新的市場配送中心，從而推進我們的供應鏈優化工作。

Finally, as the nation's leading specialty beauty retailer, we strive to be good stewards of our environment. Reflecting our commitment to leave a positive legacy, I am excited to share we have established a mission reduction goals approved by the science-based target initiative. Details of our commitments are available in the ESG section of our investor website.

最後，作為全國領先的專業美容零售商，我們努力成為環境的好管家。我很高興地告訴大家，我們已經制定了經科學目標倡議批准的任務減少目標，這反映了我們留下積極遺產的承諾。有關我們承諾的詳細信息，請參閱我們投資者網站的 ESG 部分。

Shifting now to our plans and expectations for holiday. The holiday is off to a good start. But we know the biggest selling weeks are still ahead of us. Our insights suggest that consumers are ready to celebrate even as they navigate in an uncertain economic environment. With our diverse assortments and convenient omnichannel touch points, we are well positioned to help our guests celebrate this season.

現在轉向我們對假期的計劃和期望。假期有了一個好的開始。但我們知道最暢銷的幾週仍在等待著我們。我們的見解表明，即使消費者在不確定的經濟環境中航行，他們也準備好慶祝。憑藉我們多樣化的品種和便利的全通路接觸點，我們有能力幫助我們的客人慶祝這個季節。

Our holiday campaign this year is the gift is just the beginning, which underscores our belief in the power of beauty and Ulta Beauty. While a gift can be a signature fragrance or an innovative hair tool, beauty can also be the gift of self-care, fun and joy. Through this campaign, we're celebrating the moments that make the holiday special, family, friends, connections, joy and pairing them with the perfect gifts.

我們今年的節日活動的禮物只是一個開始，這強調了我們對美麗和 Ulta Beauty 力量的信念。雖然禮物可以是標誌性香水或創新美髮工具，但美麗也可以是自我照顧、樂趣和歡樂的禮物。透過這次活動，我們慶祝讓節日變得特別的時刻：家人、朋友、連結、歡樂，並為它們搭配完美的禮物。

Our merchants have thoughtfully created a holiday assortment of exclusive first-to-market items along with iconic classics. With products across mass, prestige and luxury, we offer guests both value-first and splurge-worthy items to help them find perfect budget-friendly guests for others or themselves.

我們的商家精心打造了節日系列，包括獨家首發商品以及標誌性經典商品。我們的產品涵蓋大眾、聲望和奢華，為客人提供超值和值得揮霍的物品，幫助他們為他​​人或自己找到完美的預算友好的客人。

Our store teams are ready to bring the holiday to life for our guests. Our new POS system enables associates to easily order items not currently available in their store and our new mobile POS tools provide guests with an elevated and faster checkout process. And with BOPUS and same-day delivery options in every store, it's never been easier or more convenient to shop at Ulta Beauty. Our teams have been working hard all year to ensure Ulta Beauty is ready to bring joy to our guests this holiday season, and I am proud of how well they are executing for our guests.

我們的商店團隊已準備好為我們的客人帶來歡樂的假期。我們的新 POS 系統使員工能夠輕鬆訂購商店中目前沒有的商品，而我們的新行動 POS 工具為客人提供更有效率、更快速的結帳流程。每家商店均提供 BOPUS 和當日送達選項，在 Ulta Beauty 購物從未如此簡單便捷。我們的團隊一整年都在努力工作，以確保 Ulta Beauty 準備好在這個假期為我們的客人帶來歡樂，我為他們為我們的客人提供的出色服務感到自豪。

While the beauty category will likely be a bit more promotional this holiday season, I'm confident our marketing and assortment strategies combined with new capabilities will position us to deliver another successful holiday.

雖然美容品類在這個假期可能會更加促銷，但我相信我們的行銷和分類策略與新功能相結合將使我們能夠再次提供成功的假期。

In closing, the beauty category remains healthy, and consumer engagement remains high. We remain confident in the resilience and power of beauty and in our ability to drive market share and profitable growth.

最後，美容類別維持健康發展，消費者參與度仍然很高。我們對美麗的彈性和力量以及我們推動市場份額和利潤成長的能力充滿信心。

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

現在我將把電話轉給史考特，討論財務表現。史考特？

Thanks, Dave. Good afternoon, everyone. I want to echo Dave's sentiments and thank the Ulta Beauty team for delivering third quarter financial results that were ahead of our internal expectations.

謝謝，戴夫。大家下午好。我想回應 Dave 的觀點，並感謝 Ulta Beauty 團隊交付了超越我們內部預期的第三季財務表現。

Solid sales growth supported by strong guest traffic and new store sales performance helped to mitigate some of the unique margin pressures we faced in the third quarter and enabled us to deliver gross margin modestly ahead of plan. SG&A spend was in line with expectations, resulting in operating margin of 13.1%.

強勁的客流量和新店銷售業績支持的穩健銷售成長有助於緩解我們在第三季面臨的一些獨特的利潤壓力，並使我們能夠比計劃小幅實現毛利率。 SG&A 支出符合預期，營業利益率為 13.1%。

Turning to the P&L. Net sales for the quarter increased 6.4%, driven by 4.5% growth in comp sales, strong new store performance and solid growth in other revenue. Transactions for the quarter increased 5.9%, driven by healthy traffic across both channels. Average ticket decreased 1.4% as the decline in average units per transaction more than offset the impact of a higher average selling price.

轉向損益表。本季淨銷售額成長 6.4%，主要得益於同業銷售額成長 4.5%、新店業績強勁以及其他營收的穩健成長。在兩個通路的健康流量推動下，本季交易量成長 5.9%。平均票價下降 1.4%，因為每筆交易的平均單位數下降足以抵消平均售價上漲的影響。

While retail price increases remain a benefit to our comp performance, the overall environment continues to normalize, and we are seeing the extraordinary pricing benefits from last year continue to roll off. We estimate price increases contributed less than 200 basis points to the overall comp in the third quarter.

雖然零售價格上漲仍然有利於我們的業績表現，但整體環境繼續正常化，我們看到去年的非凡定價優勢繼續下降。我們估計價格上漲對第三季整體業績的貢獻不到 200 個基點。

During the quarter, we opened 12 new stores and relocated 2 stores. In addition, we remodeled 11 stores.

本季度，我們開設了 12 家新店，並搬遷了 2 家店。此外，我們也改造了11家門市。

Q3 gross margin decreased 130 basis points to 39.9%, compared to 41.2% last year. The decrease was primarily driven by lower merchandise margin, higher inventory shrink and higher supply chain costs which were partially offset by strong growth in other revenue. Overall merchandise margin was lower primarily due to lapping the timing benefit of retail price changes last year, as well as increased promotional activity this year.

第三季毛利率下降 130 個基點至 39.9%，去年同期為 41.2%。下降的主要原因是商品利潤率下降、庫存縮減幅度加大以及供應鏈成本上升，但其他收入的強勁成長部分抵消了這些影響。整體商品利潤率較低，主要是由於去年零售價格變動的時機優勢以及今年促銷活動的增加。

While promotional activity continues to normalize, the overall financial impact remains meaningfully below 2019 levels. Inventory shrink continued to be a headwind. Our efforts to address shrink appear to be stabilizing the impact, but the overall environment remains challenging.

儘管促銷活動持續正常化，但整體財務影響仍明顯低於 2019 年的水準。庫存縮減仍然是一個阻力。我們解決萎縮問題的努力似乎正在穩定影響，但整體環境仍充滿挑戰。

In addition to new fragrance fixtures, which have been installed in nearly 3/4 of the store fleet, we continue to invest in associate training, staffing and operational improvements to mitigate the impact of shrink. And we continue to work with our retail industry partners to influence macro changes aimed at improving the overall environment.

除了已在近 3/4 的門市安裝新的香氛裝置外，我們還繼續投資於員工培訓、人員配置和營運改進，以減輕縮減的影響。我們將繼續與零售業合作夥伴合作，影響宏觀變化，以改善整體環境。

Supply chain costs were higher during the quarter, reflecting depreciation related to investments in our supply chain transformation, as well as the recent opening of our new market fulfillment center in South Carolina. These gross margin pressures were partially offset by strong growth in other revenue, primarily due to growth in both credit card income and royalty income from our Target partnership.

本季供應鏈成本較高，反映出與供應鏈轉型投資相關的折舊，以及最近在南卡羅來納州開設的新市場履行中心。這些毛利率壓力被其他收入的強勁增長部分抵消，這主要是由於信用卡收入和我們與 Target 合作夥伴關係的特許權使用費收入的增長。

SG&A increased 10.8% to $661.4 million. As a percentage of sales, SG&A increased 110 basis points to 26.6%, compared to 25.5% last year, primarily due to higher corporate overhead, greater store expenses, investments in store payroll and benefits as well as higher marketing expense which more than offset lower incentive compensation. Corporate overhead expenses were higher in the quarter primarily due to investments related to our strategic priorities, including Project SOAR, Digital Store, other IT capabilities and UB Media.

SG&A 成長 10.8%，達到 6.614 億美元。 SG&A 佔銷售額的百分比增長了110 個基點，達到26.6%，而去年為25.5%，這主要是由於公司管理費用增加、商店開支增加、商店工資和福利投資以及營銷費用增加，這些都抵消了銷售額的下降激勵補償。本季公司管理費用較高，主要是由於與我們的策略重點相關的投資，包括 Project SOAR、數位商店、其他 IT 功能和 UB Media。

Year-to-date through the third quarter, we have invested about 75% of our planned $60 million to $70 million of incremental spend to support our strategic initiatives.

今年迄今到第三季度，我們已將計劃的 6,000 萬至 7,000 萬美元增量支出中的約 75% 用於支持我們的策略性舉措。

Store expenses were higher in the quarter, reflecting ongoing inflationary pressures across the business. The increase in store payroll and benefits was primarily due to the impact of planned investments in average wage rates. Higher marketing expenses in the quarter were largely driven by increased investments to drive member acquisition, loyalty and brand awareness across key channels, including social, video and streaming.

本季商店支出較高，反映出整個業務持續存在的通膨壓力。商店工資和福利的增加主要是由於計劃投資對平均工資率的影響。本季度行銷費用的增加主要是由於為推動社交、視訊和串流媒體等關鍵管道的會員獲取、忠誠度和品牌知名度而增加的投資所致。

Lower incentive compensation was a benefit in the quarter, reflecting operational performance that is more in line with our internal targets compared to last year's significant outperformance. Operating income for the quarter declined 9.6% to $327.2 million. As a percentage of sales, operating margin decreased 240 basis points to 13.1% compared to 15.5% last year. Diluted earnings per share decreased 5.1% to $5.07 per share compared to $5.34 per share last year.

較低的激勵薪酬是本季的一個好處，反映出與去年顯著的優異表現相比，營運績效更符合我們的內部目標。該季度營業收入下降 9.6% 至 3.272 億美元。營業利潤率佔銷售額的百分比下降了 240 個基點，降至 13.1%，而去年為 15.5%。稀釋後每股收益下降 5.1%，至每股 5.07 美元，去年為每股 5.34 美元。

Turning to the balance sheet and cash flow statements. Total inventory increased 9.8% to $2.3 billion, compared to $2.1 billion last year. In addition to the impact of 31 additional stores, the increase reflects inventory to support higher demand and the stocking of our new market fulfillment center in South Carolina, as well as new brand launches and product cost increases.

轉向資產負債表和現金流量表。總庫存成長 9.8%，達到 23 億美元，去年為 21 億美元。除了新增 31 家門市的影響外，這一成長還反映了支持更高需求的庫存、南卡羅來納州新市場履行中心的庫存，以及新品牌的推出和產品成本的增加。

Capital expenditures were $106 million for the quarter, reflecting investments in new and existing stores as well as supply chain and IT investments to support our transformational agenda. Depreciation was $61.4 million in the quarter compared to $58.5 million last year. We repurchased approximately 687,000 shares at a cost of $281.5 million. Year-to-date, we have repurchased 1.8 million shares at a cost of $840.5 million.

本季資本支出為 1.06 億美元，反映了對新店和現有商店的投資以及支持我們轉型議程的供應鏈和 IT 投資。本季折舊額為 6,140 萬美元，而去年為 5,850 萬美元。我們以 2.815 億美元的成本回購了約 687,000 股股票。今年迄今為止，我們已回購 180 萬股股票，成本為 8.405 億美元。

During the quarter, we drew on our revolving credit facility to support our ongoing capital allocation priorities, including share repurchases and capital expenditures during the period in the year when our working capital needs peak as we build inventory for holiday. I would note our recent activity does not reflect a change in our capital allocation philosophy rather a lever to short support short-term cash needs.

在本季度，我們利用循環信貸額度來支持我們持續的資本配置優先事項，包括在我們為假期建立庫存而營運資本需求達到頂峰的一年期間進行股票回購和資本支出。我要指出的是，我們最近的活動並不反映我們資本配置理念的變化，而是反映了短期支持短期現金需求的槓桿。

We ended the quarter with $195.4 million in short-term debt and $121.8 million in cash and cash equivalents.

截至本季末，我們的短期債務為 1.954 億美元，現金及現金等價物為 1.218 億美元。

Moving to our outlook. We are narrowing our sales and EPS guidance for fiscal 2023 to reflect our actual performance through the first 3 quarters of the year and our expectations for Q4. We expect net sales for the year will be between $11.1 billion and $11.15 billion, with comp sales growth between 5% and 5.5%.

轉向我們的展望。我們正在縮小 2023 財年的銷售額和每股收益指引，以反映我們今年前三個季度的實際業績以及我們對第四季度的預期。我們預計今年的淨銷售額將在 111 億美元至 111.5 億美元之間，同期銷售額成長率將在 5% 至 5.5% 之間。

For the year, we continue to plan to open approximately 25 to 30 net new stores and remodel or relocate 20 to 30 stores. Our expectations for operating margin for the year remains unchanged, at between 14.6% and 14.8% of sales, with deleverage to come from both gross margin and SG&A, with slightly more deleverage coming from SG&A. Reflecting these assumptions, we now expect diluted EPS for the year will be between $25.20 and $25.60.

今年，我們繼續計劃淨開設約25至30家新店，並改造或搬遷20至30家店。我們對今年營業利潤率的預期保持不變，在銷售額的 14.6% 至 14.8% 之間，去槓桿化來自於毛利率和 SG&A，其中 SG&A 的去槓桿化程度略高。考慮到這些假設，我們現在預計今年稀釋後每股收益將在 25.20 美元至 25.60 美元之間。

We have refined our expectations for Q4 to reflect the expected resilience of the beauty category as well as potential risks from cautious consumer spending, increased points of distribution for prestige beauty and higher promotional activity. We continue to expect comp sales will be flat to up modestly for the fourth quarter. We still have several important weeks left in the holiday season and the operating environment continues to be dynamic.

我們調整了對第四季度的預期，以反映美容品類的預期彈性以及謹慎的消費者支出、高端美容經銷點的增加和促銷活動增加帶來的潛在風險。我們繼續預期第四季的銷售量將持平或小幅成長。假期還剩幾個重要的幾週，營運環境仍然充滿活力。

In addition, we are lapping the exceptional results last year, including an incredibly strong January, which was our strongest monthly comp sales performance of fiscal 2022. For modeling purposes, we now expect gross margin to deleverage modestly and operating margin to be flat to down compared to last year.

此外，我們正在實踐去年的出色業績，包括令人難以置信的強勁1 月份，這是我們2022 財年最強勁的月度比較銷售業績。出於建模目的，我們現在預計毛利率將適度去槓桿化，營業利潤率將持平或下降與去年相比。

One final update. We now expect to spend between $400 million and $425 million in CapEx in fiscal 2023, including approximately $180 million for supply chain and IT, $170 million for new stores, remodels and merchandise fixtures, and about $60 million for store maintenance and other. We expect depreciation for the year will be around $245 million. We now expect share repurchases to be approximately $950 million.

最後更新一次。目前，我們預計2023 財年的資本支出將在4 億至4.25 億美元之間，其中包括約1.8 億美元用於供應鏈和IT，1.7 億美元用於新店、改造和商品固定裝置，以及約6,000萬美元用於商店維護及其他。我們預計今年的折舊約為 2.45 億美元。我們現在預計股票回購金額約為 9.5 億美元。

Our teams delivered another solid quarter amidst a dynamic operating environment. As we look ahead, we are focused on delivering our plans for the holiday season and finalizing our plans for next year. We will share more about our expectations for fiscal 2024 when we report our year-end results. But we remain confident. We are well positioned to deliver performance in line with our financial targets of 3% to 5% comp sales growth and 14% to 15% operating margin, with EPS growth next year, reflecting the lapping of an extra week in fiscal 2023.

我們的團隊在動態的營運環境中又實現了穩健的季度業績。展望未來，我們的重點是交付假期計劃並敲定明年的計劃。當我們報告年終業績時，我們將更多地分享我們對 2024 財年的預期。但我們仍然充滿信心。我們已做好充分準備，能夠實現與我們的財務目標相符的業績，即公司銷售增長3% 至5% 和營業利潤率14% 至15%，明年每股收益將增長，這反映出2023 財年又多了一周。

Before I turn it over to our operator to moderate the Q&A, I want to take a moment to say thank you. It has been an honor and a privilege to serve as CFO for this special company for more than a decade. I look forward to passing the baton to Paula Oyibo, who I've worked with closely over the last several years. We will continue to work together over the coming months to ensure a smooth transition. Thank you again.

在我將其交給我們的接線員主持問答之前，我想花點時間向您表示感謝。十多年來，我很榮幸能夠在這家特殊的公司擔任財務長。我期待著將接力棒交給寶拉·奧伊博 (Paula Oyibo)，過去幾年我一直與她密切合作。我們將在未來幾個月繼續共同努力，以確保順利過渡。再次感謝你。

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生以主持問答環節。

(Operator Instructions) Our first question comes from the line of Dana Telsey with Telsey Advisory Group.

（操作員說明）我們的第一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Hello, everyone, and congratulations on the nice results. And Scott, congratulations on such a wonderful tenure at Ulta, and looking forward to your next chapter. And Paula, congratulations on the new role.

大家好，恭喜你們取得了良好的成績。 Scott，恭喜你在 Ulta 度過了一段美好的時光，並期待著你的下一篇章。保拉，祝賀你擔任新角色。

As all of you think about the beauty category, which obviously is such resiliency in your sales up around 6%. How do you feel on the category trends with makeup and what we see there as that evolves going into next year, product newness, pricing? How do you parse it together?

當大家想到美容品類時，很明顯，該品類的銷售額成長了 6% 左右。您對化妝品類別趨勢有何看法，以及我們在明年的發展、產品新穎性和定價方面所看到的情況？怎麼一起解析呢？

And looking at the gross margin and SG&A levers, the lower merchandise margin that you had and the higher shrink, how do you see that evolving going forward? And what's changing in the promotional and pricing area?

看看毛利率和SG&A槓桿，你的商品利潤率越低，損耗越大，如何看待未來的發展？促銷和定價方面有何變化？

Great. Well, thanks for those nice comments about Scott and Paula, and I appreciate that. And I'll start with some thoughts about the beauty category and makeup specifically, to answer your question there, and then maybe Scott can pick up on the gross margin.

偉大的。嗯，感謝您對斯科特和保拉的好評，我對此表示讚賞。我將從一些關於美容品類和化妝品的想法開始，專門回答你的問題，然後斯科特也許可以了解毛利率。

As I mentioned in my comments, we remain very confident about the long-term future of the beauty category for all the reasons I highlighted, a steady stream of compelling newness, high level of engagement, emotional connection. The connection between wellness and beauty that's stronger than ever coming out of the pandemic give us confidence more broadly in beauty.

正如我在評論中提到的，我們對美容類別的長期未來仍然充滿信心，原因有我強調的所有原因，即源源不斷的引人注目的新鮮事物、高水平的參與度和情感聯繫。疫情過後，健康與美麗之間的連結比以往任何時候都更加緊密，讓我們對美麗有了更廣泛的信心。

And then makeup specifically, is an important part of that. And while the makeup category for us was essentially flat for the quarter. We are confident in the future of that important part of our business. We see strong positive trends, a high level of engagement across all demographic groups. And as we get into both completing this fourth quarter and moving into next year, we're confident in what will drive -- driving our makeup business.

特別是化妝，是其中重要的一環。雖然我們的化妝品類別在本季基本持平。我們對我們業務的這一重要部分的未來充滿信心。我們看到了強勁的正面趨勢，所有人口群體都高度參與。隨著我們進入第四季度並進入明年，我們對推動我們的化妝品業務的推動力充滿信心。

Some of the actions that we've taken specifically and make up to drive this business forward, continuing to launch several new exclusive makeup brands, brands like Half Magic, which was created by the Euphoria makeup artist. Polite Society, a prestige brand, exclusive again to Ulta, from the creators of Too Faced. Rabanne, which is a contemporary Spanish fashion brand, launching into cosmetics exclusively at Ulta. We're just getting started with those three exclusive brands at Ulta Beauty.

我們專門採取了一些行動來推動這項業務的發展，並繼續推出幾個新的獨家化妝品牌，例如 Euphoria 化妝師創建的 Half Magic 等品牌。 Polite Society 是一個聲望品牌，由 Too Faced 的創作者再次為 Ulta 獨家打造。 Rabanne 是一個當代西班牙時尚品牌，在 Ulta 獨家推出化妝品。我們剛開始在 Ulta Beauty 推廣這三個獨家品牌。

We continue to see strength with MAC, and we've expanded that into nearly all doors. Strong growth on key mass brands like e.l.f. and with great compelling innovation within that segment of the makeup business.

我們繼續看到 MAC 的優勢，並且我們已將其擴展到幾乎所有門類。 e.l.f. 等主要大眾品牌強勁成長並在化妝品業務領域擁有引人注目的創新。

I talked in my remarks about luxury and we're -- while we've expanded that throughout the year, we feel like we're just getting started there. We launched -- expanded CHANEL, launched Dior and NATASHA DENONA this year, and then added Pat McGrath in the third quarter.

我在演講中談到了奢侈品，雖然我們全年都在擴大這一範圍，但我們感覺我們才剛剛開始。我們今年擴大了香奈兒 (CHANEL) 的規模，推出了迪奧 (Dior) 和 NATASHA DENONA，然後在第三季度增加了帕特·麥格拉思 (Pat McGrath)。

In new items with existing brands continue to make a difference in the category and we're confident in what's ahead. A couple of recent examples. Tarte's Shape Tape, Radiant Concealer, exclusive at Ulta Beauty. Juvia's Place, blush liquid -- blushes, exclusive at Ulta. And newness from other existing brands like Clinique, Benefit, Anastasia, NYX, Maybelline, go down the list.

現有品牌的新產品繼續在該類別中發揮作用，我們對未來充滿信心。最近的幾個例子。 Tarte 的塑形膠帶，光芒四射遮瑕膏，Ulta Beauty 獨家發售。 Juvia's Place，腮紅液－腮紅，Ulta 獨家。其他現有品牌（如倩碧、貝玲妃、Anastasia、NYX、美寶蓮）的新產品也在名單中。

So we're confident. We're lapping the biggest launch we had with Fenty from 2022. But as we look forward, we see both the items that we've launched and more newness coming as we enter into 2024 we're confident and optimistic both in the consumer engagement and makeup and beauty in general and our specific strategies to drive growth.

所以我們有信心。我們即將迎來2022 年以來與Fenty 合作的最大規模的發布。但展望未來，我們看到，隨著進入2024 年，我們已經推出的產品和更多新產品即將推出，我們對消費者參與度充滿信心和樂觀化妝和美容的整體情況以及我們推動成長的具體策略。

Scott, do you want to talk about margins?

史考特，你想談談利潤嗎？

Sure. Thanks, Dana. So I give you a little bit more maybe than you were thinking about when you initially put this question together because I'm sure it's on other investors' minds as well.

當然。謝謝，達納。因此，我給你的可能比你最初提出這個問題時所想的要多一些，因為我確信其他投資者也有同樣的想法。

So thinking about '24 and beyond. And again, this is directional in no particular order, but I kind of start with the headwinds. So supply chain transformation will continue to be a tougher compare for us as we think about next year as we continue to build out in and work through our distribution centers across the country.

因此，請考慮 24 年後的情況。再說一次，這是沒有特定順序的方向性，但我是從逆風開始的。因此，考慮到明年，隨著我們繼續在全國各地的配送中心進行建設和工作，供應鏈轉型對我們來說將繼續是一個更艱難的挑戰。

E-commerce mix, we've talked about, again, it's been a bit of a benefit for us the last couple of years. We expect e-commerce to grow at a higher rate than brick-and-mortar, next year and the years to come, and so that will be a headwind for us in gross margin. Again, we've got ways to mitigate that now, that we didn't have back in 2019, namely BOPIS, ship from store and same-day delivery.

電子商務組合，我們再次討論過，過去幾年這對我們來說有點好處。我們預計明年和未來幾年電子商務的成長速度將高於實體店，因此這對我們的毛利率來說將是一個阻力。同樣，我們現在有辦法緩解這種情況，這是我們在 2019 年沒有的，即 BOPIS、商店發貨和當日送達。

So those would be the headwinds. I'd say promotionality is something I call kind of TBD. So again, 2023 has been a bit of a deleverage point for us because we're getting back into a more normal environment. It's yet to be seen on how 2024 will shake out. So that's something we'll have to navigate.

所以這些都會是不利因素。我想說的是，促銷是一種待定的東西。再說一次，2023 年對我們來說是一個去槓桿化點，因為我們正在回到一個更正常的環境。 2024 年將如何發展還有待觀察。所以這是我們必須要解決的問題。

On the plus side, you mentioned a couple. Well, other revenue, #1, again, 2023, it's been a big tailwind for us. We would expect that to continue, although moderating a bit in '24. Cycling over price increases this year has been a major headwind to the business in the gross margin line. That will moderate as we get into -- deeper into 2024 and cycle through some of that.

從好的方面來說，你提到了幾個。好吧，其他收入，再次排名第一，2023 年，這對我們來說是一個巨大的推動力。我們預計這種情況將繼續下去，儘管在 24 年有所放緩。今年價格上漲的周期一直是該業務毛利率的主要阻力。隨著我們進入 2024 年，並經歷其中的一些過程，這種情況將會有所緩和。

Shrink, we called out third quarter. We we're gaining on it a little bit. Again, it's not mission accomplished by any stretch of the imagination, but we do feel like we've got tactics in place now that will help us get that better managed. UB Media as that business continues to scale up, we expect that to be a margin benefit for us and then, of course, fixed cost.

收縮，我們叫出了第三季。我們正在取得一些進展。再說一遍，這不是任何想像都可以完成的任務，但我們確實覺得我們現在已經制定了策略，可以幫助我們更好地管理這項任務。隨著 UB Media 業務的不斷擴大，我們預計這將為我們帶來利潤收益，當然還有固定成本。

Again, in the third quarter, a bit of an anomaly with some of the repair and maintenance expenses that we absorb, but over the long term, we expect to be able to kind of leverage fixed store cost on a 3x to 5x.

同樣，在第三季度，我們吸收的一些維修和維護費用有點反常，但從長遠來看，我們預計能夠將固定商店成本利用 3 到 5 倍。

And our next question comes from the line of Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

You mentioned some brick-and-mortar share loss in prestige in the quarter. Can you talk about strategies, brand launches, marketing that you're working on to defend the sharing and return to growth?

您提到本季實體股票的聲譽有所下降。您能談談您正在製定的捍衛共享和恢復成長的策略、品牌發布和行銷嗎？

Yes. Thanks for the question, Lorraine. Yes, yes, we -- it is our objective to gain share across all parts of our business, and we did -- we feel positive about that in many parts, including our mass business, our prestige skin care, our prestige fragrance business, our prestige e-commerce business. But brick-and-mortar was pressured. And we think that's largely due to expanded points of distribution. There are hundreds more brick-and-mortar locations in the market now than there were even just a couple of years ago.

是的。謝謝你的提問，洛林。是的，是的，我們——我們的目標是在我們業務的所有部分獲得份額，我們確實做到了——我們在很多方面對此感到積極，包括我們的大眾業務、我們的高端護膚品、我們的高端香水業務，我們享有盛譽的電子商務業務。但實體店面臨壓力。我們認為這主要是由於分銷點的擴大。現在市面上的實體店比幾年前多了數百家。

And -- but what we see is more of a short-term impact from this competitive -- kind of the competitive pressure. Historically, as we've seen new locations open near our existing locations, there's a short-term modest impact. But relatively quickly, our stores are able to rebound and recover and to drive growth, share growth over time.

但我們看到的更多的是這種競爭帶來的短期影響——一種競爭壓力。從歷史上看，正如我們看到在現有地點附近開設新地點一樣，短期影響不大。但隨著時間的推移，我們的商店能夠相對快速地反彈和復甦，並推動成長和份額成長。

So largely, what we're seeing, and we're confident in the path ahead that our strategies, our holistic strategies and everything that we're doing across our assortment, across our brand engagement, our loyalty program, and then certainly, the human experience that we uniquely deliver in our stores give us a lot of confidence that while there's some short-term pressure year-over-year, we're still stronger in share than we were pre-pandemic, and we're confident in growth behind our strategies going forward.

很大程度上，我們所看到的，我們對未來的道路充滿信心，我們的策略，我們的整體策略以及我們在我們的品類、我們的品牌參與、我們的忠誠度計劃中所做的一切，當然，我們在商店中獨特提供的人性化體驗給了我們很大的信心，儘管逐年存在一些短期壓力，但我們的份額仍然比大流行前更強，並且我們對增長充滿信心我們未來戰略的背後。

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

我們的下一個問題來自 Mark Altschwager 和 Baird 的對話。

Scott and Paula, congratulations to each of you. So for the Q4, you mentioned that you refined your outlook given some of the risk to consumer spending and endpoints of distribution. I guess, but overall, you are raising the low end of your guide, Q3 a bit better than your internal expectations. So maybe just give us a little bit more detail on how your views on category spending and the promotional backdrop have changed versus 3 months ago?

史考特和保拉，祝賀你們每一個人。因此，對於第四季度，您提到考慮到消費者支出和分銷端點的一些風險，您改善了您的前景。我猜，但總的來說，您提高了指南的低端，第三季比您的內部預期好一點。那麼，能否更詳細地介紹一下您對品類支出和促銷背景的看法與 3 個月前相比有何變化？

Yes. I would -- yes, so I'll start, and let Scott give a little insight here. When we look at the promotional environment, maybe I'll start there, Mark. The -- as we highlighted in the third quarter, the promotional environment was higher in Q3 than a year ago, but still meaningfully below 2019 levels.

是的。我會——是的，所以我要開始了，讓斯科特在這裡給出一些見解。當我們考慮促銷環境時，也許我會從那裡開始，馬克。正如我們在第三季所強調的那樣，第三季的促銷環境高於一年前，但仍明顯低於 2019 年的水準。

So while we're seeing some increase, it's -- we don't see an irrational promotional market. We're definitely not back to 2019 levels. And we've been able to leverage our capabilities behind CRM and overall personalization to manage more effectively within our promotional intensity.

因此，雖然我們看到了一些成長，但我們並沒有看到不合理的促銷市場。我們肯定不會回到 2019 年的水準。我們已經能夠利用 CRM 和整體個人化背後的能力，在我們的促銷強度範圍內更有效地進行管理。

So with that backdrop, as we look into the fourth quarter, again, we're not expecting anything radically different than what we saw, a bit more promotional, not irrational to what we've essentially seen so far, not back to 2019 levels.

因此，在這種背景下，當我們再次展望第四季度時，我們預計不會出現任何與我們所看到的完全不同的情況，更多的促銷，與我們迄今為止所看到的基本情況並不不合理，也不會回到2019 年的水準。

And when we look at our outlook, and I'll let Scott give a little bit more color, we really haven't changed our fourth quarter comp sales. As we've been talking for a while, we've seen -- we expected in the second half of this year for comp to moderate to low single digits. We were a bit ahead of that in the third quarter, and we're still confident in our outlook for the fourth quarter, and that gave us -- really our third quarter performance gave us the confidence to move up the bottom end of that range.

當我們審視我們的前景時，我會讓斯科特提供更多的信息，我們確實沒有改變第四季度的銷售情況。正如我們已經討論了一段時間的那樣，我們已經看到 - 我們預計今年下半年的營收將達到中等至低個位數。我們在第三季度領先了一點，我們對第四季度的前景仍然充滿信心，這給了我們——實際上，我們第三季度的表現讓我們有信心向上移動到該範圍的底部。

So as we look out, we're not anticipating any major disruptions from promotion. But Scott mentioned the biggest weeks of holiday are still ahead. So we're staying close to that. The consumer engagement, we're positive about, and that's reflected in our updated refined outlook going forward.

因此，據我們觀察，我們預計促銷活動不會有任何重大干擾。但史考特提到，最重要的假期還在後頭。所以我們正在接近這個目標。我們對消費者的參與度持正面態度，這反映在我們更新的未來展望中。

And I would just reiterate what Dave said, our fourth quarter comp sales expectations have not changed, all right? We are giving ourselves a little bit wider range, I would say, on operating margin than you would probably expect to see at this stage of the year. But it is $1 billion above the last couple of quarters. So small changes in consumer reaction could have a bigger impact on our business.

我只想重申戴夫所說的，我們第四季的銷售預期沒有改變，好嗎？我想說，我們給自己的營業利潤率範圍比您在今年這個階段可能預期的範圍要寬一些。但比過去幾季增加了 10 億美元。因此，消費者反應的微小變化可能會對我們的業務產生更大的影響。

So we're just being prudent, giving ourselves room to maneuver, I guess, I would say. Thinking about how we deliver overall great experience for the guests, both in the store and online. And again, we feel like we're really well positioned. We're off to a good start, but there's still a long way to go.

所以我想，我會說，我們只是保持謹慎，給自己留出迴旋餘地。思考我們如何在店內和網路上為客人提供整體良好的體驗。再說一次，我們覺得我們處於有利的位置。我們有了一個好的開端，但還有很長的路要走。

And our next question comes from the line of Michael Binetti with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Michael Binetti。

Scott, you may have my congrats. It's been great, the conversations over the years has been wonderful, and Paula cannot wait to work with you.

史考特，我向你表示祝賀。太棒了，這些年來的談話非常精彩，寶拉迫不及待地想和你一起工作。

Dave, you reminded us how resilient the category is in the low to mid-single-digit growth over time. The comp (inaudible) for the fourth quarter allows comps to go as low as flat, so below the algo, below the industry rate. I know there's some unique hurdles that you pointed to. Is that really the only impediment to a normal return to normal comp is the hurdles in January effect that you pointed to?

戴夫，你提醒我們，隨著時間的推移，該類別在低至中個位數的成長中具有多麼強的彈性。第四季的比較（聽不清楚）允許比較低至持平，因此低於演算法，低於行業水平。我知道您指出了一些獨特的障礙。您指出的一月份影響的障礙真的是正常恢復正常補償的唯一障礙嗎？

And then I'm also curious with SG&A growing double digits this quarter. Scott, you mentioned algo comp next year. Can you just kind of walk us through how to get to leverage on SG&A given the recent growth rate in the SG&A line?

我也很好奇本季的銷售及管理費用 (SG&A) 成長兩位數。史考特，你提到了明年的演算法比賽。鑑於 SG&A 線最近的成長率，您能否向我們介紹如何利用 SG&A 槓桿？

Yes, I'll start with comp. But yes, I think you've said it well, we're -- again, when we look long term, very confident in the total growth of the category and our ability to gain share. That's certainly our objective all the time as we look in the fourth quarter, it's a -- we are lapping a very strong fourth quarter last year. We anticipated this. We've been talking about a moderation in our comp trends all year long. And so far, it's played out essentially, as we thought with some modest improvement, a little bit ahead of that, but that's how we anticipated.

是的，我將從比較開始。但是，是的，我認為你說得很好，我們再次從長遠來看，對該類別的整體增長和我們獲得份額的能力非常有信心。當我們展望第四季時，這當然是我們一直以來的目標，去年我們的第四季表現非常強勁。我們預料到了這一點。全年我們一直在談論我們的比較趨勢的緩和。到目前為止，它基本上已經完成，正如我們所認為的，有一些適度的改進，稍微提前了一點，但這就是我們的預期。

So when we look into the fourth quarter, what's reflected in our outlook is continued strong engagement, a successful holiday and healthy comps certainly on a 2-, 3-year basis, but we're lapping some strong performance last year as we get through this fourth quarter.

因此，當我們展望第四季度時，我們的前景反映的是持續的強勁參與度、成功的假期和健康的薪酬，當然是在兩年、三年的基礎上，但隨著我們度過難關，我們去年的表現也很強勁這個第四季。

And Michael, we're in the midst of a multiyear transformation on many fronts across the business that, again, we expect to deliver significant efficiencies and optimization opportunities for our business for many years to come. And so 2023 is an extraordinary investment year. A lot of it is coming through the SG&A line, again, the $60 million to $70 million, on top of $50 million last year, again, we believe we're at or near the peak of that third quarter for a large brunt of the burden for 2023. So we would expect SG&A growth to moderate in '24 and beyond.

邁克爾，我們正處於整個業務許多方面的多年轉型之中，我們再次希望在未來的許多年裡為我們的業務帶來顯著的效率和優化機會。因此，2023 年是非凡的投資年。其中很大一部分來自 SG&A 線，6000 萬至 7000 萬美元，去年的 5000 萬美元之上，我們相信我們正處於或接近第三季度的峰值，這是2023 年的負擔。因此，我們預計SG&A 增長將在2024 年及以後放緩。

And -- but I would remind folks, again, when you're just calling out the SG&A line, we have said consistently, we're willing to invest in SG&A as long as we can deliver operating margin leverage. So again, UB Media is a good example of that. It costs money, people cost, tool cost and things to ramp up there over time, but we get back in the gross margin line over the long term. So we're well positioned for the future and believe we're on the right track.

而且，但我想再次提醒大家，當您只是提出 SG&A 線時，我們一直表示，只要我們能夠提供營業利潤率槓桿，我們就願意投資 SG&A。 UB Media 就是一個很好的例子。隨著時間的推移，這會花費金錢、人力成本、工具成本和其他東西，但從長遠來看，我們會回到毛利率水準。因此，我們為未來做好了充分的準備，並相信我們正走在正確的道路上。

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

我們的下一個問題來自 Oliver Chen 和 TD Cowen 的對話。

David, Paula and Scott, it's been awesome to work with you. Congrats on everything you've done in the years ahead.

大衛、保拉和史考特，與你們一起工作真是太棒了。祝賀您在未來幾年所做的一切。

As you think about stores and the store maximum potential you've had really nice new store productivity and also pretty extraordinary e-commerce growth. What are you thinking about for smaller format and also as you continue to modernize the experience, how the stores should be laid out?

當您考慮商店和商店的最大潛力時，您會發現新商店的生產力非常好，而且電子商務也取得了非凡的成長。對於較小的規模，您有什麼想法？隨著您繼續現代化體驗，商店應該如何佈局？

And then second, on UB Media, a big part of the future is digital advertising. What's the path there in terms of what you're doing? It feels -- we believe that a lot of the brands do appreciate the data that you have and the cross-section you can offer them as well.

其次，在 UB Media 上，未來的很大一部分是數位廣告。就你正在做的事情而言，那裡的路徑是什麼？我們相信，許多品牌確實很欣賞您所擁有的數據以及您可以為他們提供的橫截面。

Yes. Thanks, Oliver. I'll start with stores. We continue to reiterate our outlook of 1,500 to 1,700 stores, and towards -- and we've said that we believe we'll be towards the high end of that range, and that hasn't changed, and we're confident in that. And that does not include our expansion in partnership with Target. And as I mentioned in the call, we're up to 510 of those locations.

是的。謝謝，奧利佛。我將從商店開始。我們繼續重申我們對 1,500 至 1,700 家商店的展望，並且我們已經說過，我們相信我們將達到該範圍的高端，這一點沒有改變，我們對此充滿信心。這還不包括我們與塔吉特合作的擴張。正如我在電話中提到的，我們擁有多達 510 個這樣的地點。

Our store-level earnings, our store profitability remains very healthy. We're very positive about the new store opening performance, and we're confident in the opportunity to continue to expand our presence.

我們的商店層面的獲利，我們商店的獲利能力仍然非常健康。我們對新店開幕的表現非常樂觀，並且對繼續擴大業務的機會充滿信心。

We have a couple of things that you highlighted. We've been testing and I'd say, expanding really a smaller format, which is a 5,000 square foot store that's really targeted towards smaller markets, more remote markets, and we're having good success there. We've updated our full store layout that we've expanded into -- I think it's maybe 80 stores now or so that all new stores and some remodels that have a new format that makes it more intuitive to shop the whole store.

我們有您強調的幾件事。我們一直在測試，我想說的是，擴展了一個較小的形式，即一個 5,000 平方英尺的商店，真正針對較小的市場、更偏遠的市場，我們在那裡取得了良好的成功。我們已經更新了我們已經擴展到的完整商店佈局——我認為現在可能有 80 家商店左右，所有新商店和一些改造都採用了新的格式，使整個商店的購物更加直觀。

The categories are bundled together. The services are highlighted more, the brands are easy to engage in. And so we continue to invest in the experience and elevate how we're engaging with our guests. And we're very bullish on the stores, the performance and the outlook.

這些類別捆綁在一起。服務更加突出，品牌更容易參與。因此，我們繼續投資於體驗並提升與客人互動的方式。我們非常看好門市、業績和前景。

On UB Media, we're pleased with our advancements. We've invested in that this year. We've had hundreds of brands participate, thousands of campaigns over the course of the year. We've expanded our team. And it's exactly what you said, the power of our data, the unique insights that we can bring, because we have 42 million members, and we have an assortment that spans all price points in all categories and all geographies and demographics, we've got a really powerful tool with our brands, we can bring value to our brands through that.

對於 UB Media，我們對自己的進步感到滿意。今年我們對此進行了投資。在這一年裡，我們有數百個品牌參與了數千場活動。我們擴大了我們的團隊。正如您所說，我們數據的力量，我們可以帶來的獨特見解，因為我們擁有 4200 萬會員，而且我們的產品種類涵蓋所有類別、所有地理位置和人口統計數據的所有價格點，我們已經我們的品牌擁有一個非常強大的工具，我們可以透過它為我們的品牌帶來價值。

And so I'd say we continue to see good results from that. And -- but I'd also say we're just getting started with a lot of opportunity, more to come as we look into the future. So we're putting -- we're accelerating that effort as well.

所以我想說我們繼續看到良好的結果。而且 - 但我還要說，我們剛開始，有很多機會，當我們展望未來時，還會有更多機會。所以我們正在加大力度，我們也在加快這項努力。

Okay, David. Last on AI. You have QM Scientific and creative deals you've done, and you've also been active in augmented reality. Are there any highlights about how you see AI impacting the pre- and post-shopping experience and/or how you're utilizing it across the organization?

好吧，大衛。最後是人工智慧。您完成了 QM Scientific 和創意交易，並且也積極參與擴增實境領域。您認為人工智慧如何影響購物前和購物後體驗和/或您如何在整個組織中利用它，有什麼亮點嗎？

Yes. You're sneaking another question in, Oliver. On Scott's announcement day, too, right? So -- but yes, AI is an important part of our business. You mentioned QM Scientific, which we bought a few years ago, really is one step among many to increase the power of advanced analytics to more personalize our guest experience.

是的。你偷偷地問了另一個問題，奧利佛。也是在史考特宣布這一天，對嗎？所以——但是，人工智慧是我們業務的重要組成部分。您提到了我們幾年前購買的 QM Scientific，它確實是增強高級分析能力以更加個性化我們的賓客體驗的眾多舉措之一。

And I'd say across the board, we're bringing that to life, more opportunity to go for sure, but with an ultimate objective of being able to better anticipate and understand our guest needs and desires and behaviors so we can better service them in store, online and through all of our touch points.

我想說的是，我們正在將這一點變為現實，當然會有更多的機會，但最終目標是能夠更好地預測和理解我們的客人的需求、願望和行為，以便我們能夠更好地為他們服務在商店、網路上以及我們所有的接觸點。

And then we're using generative AI, we're really just getting started, but we see opportunities within Gen AI to streamline, accelerate and advance some of the experiences, things like our product descriptions, to automate some of that to make it more real time to speed up our innovation to leverage some of our creative processes. And behind the scenes with some data management and supply chain and other places. So we're excited about both what it's contributed so far, and it's a big focus for our organization to take full advantage and be a leader in that space as well.

然後我們正在使用生成式人工智慧，我們真的才剛開始，但我們看到了生成式人工智慧中的機會，可以簡化、加速和推進一些體驗，例如我們的產品描述，使其中一些體驗自動化，使其實更加出色即時加速我們的創新，利用我們的一些創意流程。而幕後還有一些數據管理和供應鏈等地方。因此，我們對它迄今為止所做的貢獻感到興奮，我們組織充分利用並成為該領域的領導者也是一個重點。

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

我們的下一個問題來自德意志銀行的 Krisztina Katai。

I'll add my congratulations to both Scott and Paula. But my question is to you, Dave. I was wondering if you could talk about member engagement. You said that diamond and platinum members increased 20%. So what are you seeing with some of these newer members versus your more mature cohorts?

我要向史考特和寶拉表示祝賀。但我的問題是問你的，戴夫。我想知道您是否可以談談會員參與。你說鑽石會員和白金會員增加了20%。那麼，與較成熟的會員相比，您對這些新會員有何看法？

And what are some of the early reads that you can share from a personalization effort perspective, how those are helping the maturation of wallet share or member spending that essentially gives you confidence that you can continue to deliver on your compound goal?

您可以從個人化努力的角度分享哪些早期讀物，這些讀物如何幫助錢包份額或會員支出的成熟，從本質上讓您有信心繼續實現複合目標？

Yes. Great question, Krisztina, because our loyalty program is so key to our business and to our success. And I tell you, I can't -- couldn't be more pleased and proud of the team's efforts to evolve and advance this program.

是的。問得好，克里斯蒂娜，因為我們的忠誠度計劃對於我們的業務和成功至關重要。我告訴你，我對團隊為發展和推進這個專案所做的努力感到非常高興和自豪。

And what I say internally to our 53,000 associates is, every single one of us own and contribute to loyalty, both the acquisition of new members, but importantly, the engagement and delighting our members every single day, in-store, online and our guest services through our assortment, our advertising, our social media, every touch point we have. And so it is an always-on activity for us, it's top of mind every day for us to make sure that we are delighting our guests because we know that's the secret to our success and our long-term future.

我在內部對我們的53,000 名員工說的是，我們每一個人都擁有並為忠誠度做出貢獻，不僅是吸引新會員，而且更重要的是，每天在店內、網上和我們的客人中參與並取悅我們的會員透過我們的產品組合、廣告、社交媒體以及我們擁有的每個接觸點提供服務。因此，這對我們來說是一項始終如一的活動，確保讓客人滿意是我們每天的首要任務，因為我們知道這是我們成功和長期未來的秘訣。

The debt -- big picture result of 8% growth of our loyalty program is evidence that that's working because the things that come together to drive that type of growth on a big number, a big number to start with is, first and foremost, retention we wouldn't be growing it if we weren't retaining at a very high, very healthy, we believe, industry-leading level, and we continue to work to improve that every day with every member through our personalization.

債務——我們的忠誠度計劃增長 8% 的總體結果證明這是有效的，因為推動這種類型的增長的因素首先是保留率。如果我們不能保持非常高、非常健康的行業領先水平，我們就不會發展它，我們相信，我們每天都會繼續努力透過我們的個人化來提高每個會員的水平。

So the personalization efforts, I'd say, first and foremost, are ultimately about retention because if I can use personalization to provide more value to our guests, then they will be more likely to stay with us, to buy more with us and to be a long-term guest and move up into the platinum and diamond levels and all of that.

因此，我想說，個人化的努力最終是為了留住客戶，因為如果我可以利用個人化為我們的客人提供更多價值，那麼他們將更有可能留在我們這裡，在我們這裡購買更多產品並購買我們的產品。成為長期賓客併升級至白金和鑽石等級等等。

We also saw nice results in new member, who never been a member of Ulta Beauty, and we continue to expand that, and that's through our new stores, our advertising, our partnership with Target, our digital presence, our social media. And we feel like, while we've had a lot of scale, there are tens of millions of beauty enthusiasts that are not currently part of our program.

我們也看到了從未成為Ulta Beauty 會員的新會員取得的良好成果，我們繼續擴大這一範圍，透過我們的新商店、我們的廣告、我們與Target 的合作夥伴關係、我們的數位存在和我們的社群媒體。我們覺得，雖然我們已經有了很大的規模，但仍有數千萬美容愛好者目前尚未加入我們的計畫。

And the third area is reactivation, where while we have very strong healthy retention, we don't retain everybody. So there is a pool of guests that -- most of the time, it isn't because they had a bad experience. It just fell out of the habit of shopping at Ulta. And so we have a very personalized direct program to reengage and reactivate those lost guests, and that's been contributing to our growth.

第三個領域是重新激活，雖然我們有很強的健康保留，但我們並沒有保留所有人。所以有一群客人——大多數時候，這並不是因為他們有過糟糕的經歷。它只是從Ulta購物的習慣中消失了。因此，我們有一個非常個人化的直接計劃來重新吸引和重新激活那些流失的客人，這對我們的成長做出了貢獻。

So across the board, we're pleased with the engagement. We're pleased with the spend per member, all metrics in that program continue to be encouraging to us, and we see a long runway, and we're focused on it every day through innovation, hard work and just a commitment to guest experience to drive that for the long term.

因此，總的來說，我們對此次合作感到滿意。我們對每位會員的支出感到滿意，該計劃中的所有指標都對我們繼續令人鼓舞，我們看到了一條漫長的道路，我們每天都通過創新、努力工作和對賓客體驗的承諾來專注於此長期推動這一目標。

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

接線員，我想我們還有時間再問一個問題。

Sure. Our last question comes from the line of Michael Lasser with UBS.

當然。我們的最後一個問題來自瑞銀集團的邁克爾·拉瑟 (Michael Lasser)。

Best wishes to Scott and Paula. My question is, how long are you willing to absorb market share losses in the prestige beauty category before responding with an increase in promotional activity, and if we assume that those market share losses extend into 2024, how is that going to impact Ulta Beauty's ability to achieve its earnings algorithm next year?

向斯科特和寶拉致以最美好的祝愿。我的問題是，在增加促銷活動之前，您願意在多長時間內消化高端美容類別的市場份額損失，如果我們假設這些市場份額損失延續到 2024 年，這將如何影響 Ulta Beauty 的能力明年實現其盈利算法？

Yes, Michael, I'd say that, first, I'd start by answering that question is, yes, our goal and our long-term history is to gain share and our entire strategy across our assortment, our marketing, the loyalty program, our stores, our e-com, our digital tools, everything we do is designed to be a leader and to gain share and to drive our business forward. And in many parts of our business, we have been and continue to be doing that.

是的，邁克爾，我想說，首先，我首先回答這個問題，是的，我們的目標和我們的長期歷史是獲得份額，我們的整個策略涵蓋我們的品類、行銷、忠誠度計劃、我們的商店、我們的電子商務、我們的數位工具，我們所做的一切都是為了成為領導者、獲得份額並推動我們的業務向前發展。在我們業務的許多方面，我們一直並將繼續這樣做。

Our prestige makeup and hair business have been more challenged. And that's really a reflection of expanded points of distribution, which I talked about hundreds points of distribution in largely in those that are impacting disproportionately those categories and some other competitive pressures.

我們的高端化妝和美髮業務受到了更大的挑戰。這確實反映了分銷點的擴大，我談到了數百個分銷點，主要是那些對這些類別和其他一些競爭壓力產生不成比例影響的分銷點。

In mass, makeup, in mass skincare, in mass haircare, in prestige skincare, prestige fragrance, we are gaining share and have continued to do so. So our focus is to continue to do that, to take the healthy, strong share growing parts of our business and accelerate that, and to return the ones that have been a bit more challenged to growth, and we have got plans to do that.

在大眾、彩妝、大眾護膚、大眾護髮、高端護膚、高端香水領域，我們正在贏得份額，並將繼續這樣做。因此，我們的重點是繼續這樣做，抓住我們業務中健康、強勁的份額成長部分並加速這一進程，並回歸那些成長面臨更多挑戰的部分，我們已經制定了計劃來做到這一點。

I talked about makeup on an earlier question. And we go through the newness that we've launched and more to come as we turn the calendar to 2024, the execution that we have in store, our focus online, we're confident that we will be able to drive that back. Same holds true in haircare.

我在之前的問題中談到了化妝。當我們將日曆轉向 2024 年時，我們會經歷我們已經推出的新鮮事物以及即將推出的更多內容，我們的執行力，我們的重點在線，我們有信心能夠推動這一趨勢。在護髮方面也是如此。

Specifically around promo, honestly, we see it trickle as a balance. Where we feel good about our overall position, our overall growth. As I said, we're gaining share in many parts of our business. And so we're pinpointed in how we want to leverage our promotional intensity. We don't want to wildly swing back when we have confidence that it's not just promo that will return to share growth, it's the collective strategies and actions, the long-term efforts around assortment and execution that will drive share growth over time.

老實說，特別是在促銷方面，我們認為它是一種平衡。當我們對我們的整體地位和整體成長感到滿意時。正如我所說，我們在業務的許多方面都在獲得份額。因此，我們明確瞭如何利用我們的促銷力道。當我們相信，不僅僅是促銷將恢復股票成長，集體策略和行動、圍繞分類和執行的長期努力將隨著時間的推移推動股票成長時，我們不想大幅回撤。

And so we'll leverage promo in the short term. We have been, but as we've said earlier, we in no way have turned back to 2019, which is one indicator. We're not just going to swing wildly. We'll be thoughtful, strategic, and have clear actions and long-term actions that get us to sustain share growth. And I say that from a position of confidence given our track record of gaining share consistently for many years, and we're confident we'll be able to do that well into the future.

因此，我們將在短期內利用促銷活動。我們曾經如此，但正如我們之前所說，我們絕不會回到 2019 年，這是一個指標。我們不會只是瘋狂地搖擺。我們將深思熟慮、具有策略性，並採取明確的行動和長期行動，使我們能夠維持份額成長。考慮到我們多年來持續增加市場份額的記錄，我是從充滿信心的角度說這一點的，並且我們有信心我們能夠在未來做得很好。

All right. So thank you for that question, Michael, and thanks for all of you for your engagement. I want to close by thanking our more than 53,000 Ulta Beauty associates for delivering another strong quarter for our shareholders while also successfully executing against our strategic priority.

好的。邁克爾，謝謝你提出這個問題，也謝謝大家的參與。最後，我要感謝我們 53,000 多名 Ulta Beauty 員工為我們的股東帶來了又一個強勁的季度，同時成功地執行了我們的策略重點。

And once again, I want to thank Scott for his partnership and tremendous impact on Ulta Beauty, and I want to congratulate Paula as I know she is going to be an outstanding CFO for our company.

我要再次感謝 Scott 的合作以及他對 Ulta Beauty 的巨大影響，我要祝賀 Paula，因為我知道她將成為我們公司出色的財務長。

We wish you all a happy and healthy holiday season. I hope you get out and shop at Ulta Beauty often. And we look forward to speaking to you again when we report results for fiscal 2023 on March 14. Hope you have a good evening.

我們祝福大家有個快樂、健康的假期。我希望你經常出去逛逛Ulta Beauty。我們期待在 3 月 14 日報告 2023 財年業績時再次與您交談。祝您度過一個愉快的夜晚。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。