Ulta Beauty Inc (ULTA) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty's conference call to discuss results for the Ulta Beauty's first quarter 2024 earnings results. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Ms. Kiley Rawlins, Vice President of Investor Relations. Ms. Rawlins, please proceed.

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 Ulta Beauty 2024 年第一季的獲利結果。 （操作員指示）謹此提醒，本次會議正在錄製中。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, Sherry. Good afternoon, everyone, and thank you for joining us for a discussion of Ulta Beauty's results for the first quarter of fiscal 2024. Hosting our call today are Dave Kimbell, Chief Executive Officer; and Paula Oyibo, Chief Financial Officer. Kecia Steelman, President and Chief Operating Officer, will join us for the Q&A session.

謝謝你，雪莉。大家下午好，謝謝您加入我們討論 Ulta Beauty 2024 財年第一季的業績。和財務長 Paula Oyibo。總裁兼營運長 Kecia Steelman 將參加我們的問答環節。

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 be -- to constitute forward-looking statements which -- 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.

在開始之前，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。預計的風險和不確定性均在該公司向SEC 提交的文件中進行了描述。

We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, May 30, 2024. 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.

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，即 2024 年 5 月 30 日。

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, Kylie, and good afternoon, everyone. We appreciate your interest in Ulta Beauty. For the first quarter, net sales increased 3.5% to $2.7 billion, and comp sales grew 1.6%. Operating profit was 14.7% of sales and diluted EPS was $6.47 per share.

謝謝你，凱莉，大家下午好。我們感謝您對 Ulta Beauty 的興趣。第一季淨銷售額成長 3.5%，達到 27 億美元，公司銷售額成長 1.6%。營業利潤佔銷售額的 14.7%，稀釋後每股收益為 6.47 美元。

We expected comp growth this quarter would be in the low single-digit range as we lapped strong performance last year. I am proud of how our teams adjusted our go-to-market activity to adapt to a rapidly evolving marketplace, thoughtfully managed expenses across the enterprise and, importantly, continue to execute our transformational agenda with excellence.

我們預計本季的複合成長率將在較低的個位數範圍內，因為我們去年表現強勁。我為我們的團隊如何調整我們的上市活動以適應快速發展的市場、周全地管理整個企業的費用以及重要的是繼續卓越地執行我們的轉型議程而感到自豪。

As we look forward to the rest of the year, we believe it is prudent to anticipate a continuation of the dynamic environment we experienced in the first quarter and therefore have adjusted our expectations for the remainder of the year. Paula will give more detail on these revisions later in her prepared comments.

在展望今年剩餘時間時，我們認為，預計第一季經歷的動態環境將持續下去是謹慎的做法，因此調整了對今年剩餘時間的預期。寶拉稍後將在她準備的評論中提供有關這些修訂的更多詳細資訊。

Before we talk about the quarter, I want to emphasize a few important points. First, we are confident in our model and our ability to gain share and drive significant sustainable value over the long term. The actions we have taken and investments we have made over the past few years have fortified our operating foundation, and we are a stronger, more profitable company today than we were just a few years ago. And we have an outstanding team that knows how to execute and deliver profitably. And they are doing so every day with focus, passion and determination.

在我們談論本季之前，我想強調幾個要點。首先，我們對我們的模式以及我們獲得份額和長期推動重大永續價值的能力充滿信心。過去幾年我們採取的行動和投資鞏固了我們的營運基礎，今天我們比幾年前更強大、更有利可圖。我們擁有一支優秀的團隊，知道如何執行和交付利潤。他們每天都專注、熱情和決心地這樣做。

However, we are not satisfied with our market share trends, and we are taking actions to reinforce our leadership position and accelerate growth. For more than 30 years, Ulta Beauty has disrupted the beauty industry by bringing mass brands, prestige brands, luxury brands and services together in an accessible, fun shopping environment. This differentiated strategy, combined with welcoming and inclusive guest experiences, has enabled us to shape consumer expectations and drive profitable growth.

然而，我們對市場佔有率趨勢並不滿意，我們正在採取行動鞏固我們的領導地位並加速成長。 30 多年來，Ulta Beauty 將大眾品牌、知名品牌、奢侈品牌和服務匯集在一個方便、有趣的購物環境中，顛覆了美容行業。這種差異化策略與熱情和包容的賓客體驗相結合，使我們能夠塑造消費者期望並推動利潤成長。

Today, we operate in nearly 1,400 stores and manage a multibillion-dollar digital business, providing guests with unique opportunities to play, discover and try beauty. With warm and authentic experiences, our passionate associates are creating strong emotional connections with our guests and helping them discover beauty on their own terms.

如今，我們經營著近 1,400 家商店，管理著價值數十億美元的數位業務，為客人提供獨特的玩耍、發現和嘗試美麗的機會。憑藉著溫暖而真實的體驗，我們熱情的員工與客人建立了牢固的情感聯繫，並幫助他們以自己的方式發現美。

We've created a world-class loyalty program that engages with more than 43 million active members and provides us with valuable customer and transaction data. And we've expanded our differentiated assortment and build strong strategic partnership with large and emerging brands around the world.

我們創建了世界一流的忠誠度計劃，吸引了超過 4,300 萬名活躍會員，並為我們提供了寶貴的客戶和交易數據。我們擴大了差異化產品種類，並與世界各地的大型和新興品牌建立了牢固的策略合作夥伴關係。

We operate in a healthy growing category. While growth is moderating, as expected after 3 years of unprecedented expansion, and competitive intensity is increasing, we have a powerful operating model, excellent brand partnerships, and I believe the impact of our winning culture and outstanding teams will enable us to protect and expand our leadership position.

我們的業務處於健康成長的類別。雖然成長正在放緩，正如三年前所未有的擴張之後所預期的那樣，而且競爭強度正在加劇，但我們擁有強大的營運模式、優秀的品牌合作夥伴關係，我相信我們的致勝文化和優秀團隊的影響將使我們能夠保護和擴張我們的領導地位。

In the first quarter, we've strengthened our market position in several areas. Consumer awareness and brand love for Ulta Beauty continues to increase. our marketing amplification of key brand launches, elevation of our tent pole events and culturally relevant social activation delivered 4 points of improvement in unaided brand awareness this quarter, driven primarily by key growth cohorts.

第一季度，我們在多個領域加強了市場地位。消費者對 Ulta Beauty 的認知度和品牌喜愛度不斷提高。我們對關鍵品牌發布的營銷放大、我們的支柱活動和文化相關的社交活動的提升，使本季度的獨立品牌知名度提高了 4 個百分點，這主要是由關鍵增長群體推動的。

Trust for our expertise, welcoming guest experiences, a diverse assortment, and efforts to increase convenience through multiple touch points, drove our brand love metric to record levels with strong gains among both Gen Z and Baby Boomers, which demonstrates the broad appeal of our model.

對我們的專業知識、熱情的賓客體驗、多樣化的產品組合以及透過多個接觸點提高便利性的努力的信任，推動我們的品牌喜愛度指標達到創紀錄水平，在Z 世代和嬰兒潮一代中獲得強勁成長，這顯示了我們模式的廣泛吸引力。

Newness is resonating with our guests. Recent brand launches, including Sol de Janeiro, Charlotte Tilbury and exclusive brands WYN by Serena Williams and Kylie Jenner fragrance are driving sales, new member acquisition and member reengagement.

新穎性引起了我們的客人的共鳴。最近推出的品牌，包括 Sol de Janeiro、Charlotte Tilbury 以及 Serena Williams 和 Kylie Jenner 獨家品牌 WYN 香水，正在推動銷售、新會員獲取和會員重新參與。

We delivered traffic growth in both our store and digital channels. We increased marketing investments across TV, audio and social platforms to maximize our brand launches, support our semiannual beauty and spring haul tent pole events and amplify our brand equity with the Joy Project. These strategic media investments drove higher traffic across our web and app platforms and increased traffic growth per store, even as we lapped strong double-digit growth last year.

我們的商店和數位通路的流量都實現了成長。我們增加了在電視、音訊和社交平台上的行銷投資，以最大限度地擴大我們的品牌發布，支持我們半年一次的美容和春運帳篷桿活動，並透過「歡樂項目」擴大我們的品牌資產。儘管我們去年實現了兩位數的強勁成長，但這些策略媒體投資推動了我們的網路和應用程式平台的流量增加，並增加了每家商店的流量成長。

Our world-class loyalty program expanded again this quarter with the retention of our most valuable members remains very strong. We ended the quarter with $43.6 million Ulta Beauty Rewards members, 6% higher than last year, primarily driven by member retention. Additionally, we continued to acquire new members and reengage lapsed members. Targeted marketing efforts are elevating more members to our platinum and diamond tiers and exclusive promotions, point accelerators and personalized contents are driving engagement and retention of these valuable members.

我們世界一流的忠誠度計劃本季再次擴大，我們最有價值的會員的保留仍然非常強勁。本季末，我們的 Ulta Beauty Rewards 會員價值達到 4,360 萬美元，比去年增長 6%，這主要是由於會員保留率的推動。此外，我們持續吸收新會員並重新吸引流失會員。有針對性的行銷工作正在將更多會員提升到我們的白金和鑽石級別，而獨家促銷、積分加速器和個人化內容正在推動這些有價值的會員的參與和保留。

Our new store portfolio continues to perform well. During the quarter, we opened 12 stores, 7 more than last year, and their performance exceeded our expectations. Our associate retention has improved across stores, distribution centers and our corporate teams. And we are on track to complete critical elements of our transformational agenda this year, giving us a stronger foundation for future growth. Our teams are operating at a high level as we execute these transitions, and it is worth noting that they delivered several significant operational milestones this quarter.

我們的新店組合繼續表現良好。本季我們新開了12家門市，比去年增加了7家，業績超出了我們的預期。我們在商店、配送中心和公司團隊中的員工留任率都有所提高。我們今年可望完成轉型議程的關鍵要素，為我們未來的成長奠定更堅實的基礎。在執行這些過渡時，我們的團隊正在高水準運營，值得注意的是，他們在本季度實現了幾個重要的營運里程碑。

First, we successfully completed the final phase of our digital store transition and are on track to decommission the legacy platform in the second quarter. Second, we completed an important phase of Project Store with a successful transition of our Dallas, Greenwood and Fresno distribution centers to our new ERP system. Now all of our primary distribution centers are operating on the same platform. Third, we began the process of migrating stores to our new ERP system, and I am pleased to share that we have completed the transition in 30% of our fleet.

首先，我們成功完成了數位商店轉型的最後階段，並預計在第二季停用舊平台。其次，我們完成了 Project Store 的一個重要階段，達拉斯、格林伍德和弗雷斯諾配送中心成功過渡到新的 ERP 系統。現在我們所有的主要配送中心都在同一平台上運作。第三，我們開始將商店遷移到新的 ERP 系統，我很高興地告訴大家，我們已經完成了 30% 的商店的遷移。

The benefits include an upgrade of a key digital application to provide our store teams with a guided user experience, enhanced reporting to support inventory management, and increased visibility to product information to elevate the guest experience.

好處包括升級關鍵數位應用程序，為我們的商店團隊提供指導性用戶體驗，增強報告以支援庫存管理，以及提高產品資訊的可見性以提升顧客體驗。

Beauty is a competitive category, and our success reflects the differentiation we provide in the market and our effectiveness in creating meaningful and enduring guest connections. These strengths have enabled us to outperform the market, especially through the pandemic recovery. According to Circana data, between 2019 and 2023, Ulta Beauty expanded its share of both prestige and mass beauty significantly. More recently, the strength of the beauty category, combined with an attractive margin profile, has drawn significant and diverse competition to the category.

美容是一個競爭激烈的類別，我們的成功反映了我們在市場上提供的差異化以及我們在建立有意義和持久的客戶聯繫方面的有效性。這些優勢使我們能夠跑贏市場，尤其是在疫情復甦期間。根據 Circana 數據，2019 年至 2023 年間，Ulta Beauty 在名譽和大眾美容領域的份額均顯著擴大。最近，美容類別的實力加上有吸引力的利潤狀況，為該類別帶來了激烈且多樣化的競爭。

Today, there are significantly more places to buy beauty, especially prestige beauty, with more than 1,000 new points of distribution opened in the last 2 years. Additionally, prestige brands are expanding their online availability as digital penetration grows in the category. As a result, our market share has been more challenged for the last few quarters, particularly within the prestige beauty category.

如今，購買美容產品的場所明顯增多，尤其是高端美容產品，在過去 2 年開設了 1,000 多個新經銷點。此外，隨著該類別的數位滲透率成長，知名品牌正在擴大其線上可用性。因此，我們的市場份額在過去幾個季度受到了更大的挑戰，特別是在高端美容類別中。

Using the consumer lens of how guests experience Ulta Beauty through all of our touch points, we estimate we maintained our share of the total US beauty product industry this quarter. Based on Circana data, for the 13 weeks ended May 5, 2024, we outpaced the growth of the mass market but lost share in prestige beauty primarily driven by pressure in makeup and hair. This prestige share pressure was concentrated in stores as we increased share in e-com for the quarter.

從消費者如何透過我們的所有接觸點體驗 Ulta Beauty 的角度來看，我們估計本季我們在美國美容產品行業中的份額保持不變。根據 Circana 數據，截至 2024 年 5 月 5 日的 13 週內，我們的成長速度超過了大眾市場，但在高端美容領域的份額下降，主要是由於化妝和髮型的壓力。隨著本季我們增加了電子商務份額，這種聲望份額壓力集中在商店。

Given our proven ability to engage our guests and lead the industry, I am confident we can reinvigorate market share gains. At our Analyst Day in October, we will share longer-term plans to drive share growth. But today, I want to highlight actions we are taking now to leverage our traffic growth, increase conversion and accelerate top line growth.

鑑於我們在吸引賓客和引領產業方面的能力已得到證實，我相信我們能夠重振市場份額的成長。在 10 月的分析師日上，我們將分享推動股價成長的長期計畫。但今天，我想強調我們現在正在採取的行動，以利用我們的流量成長、提高轉換率並加速營收成長。

Our plans are focused on 5 key areas: strengthening our assortment, accelerating our social relevance, enhancing our digital experience, leveraging our world-class loyalty program, and evolving our promotional levers.

我們的計劃集中在 5 個關鍵領域：加強我們的產品種類、加速我們的社會相關性、增強我們的數位體驗、利用我們世界一流的忠誠度計劃以及發展我們的促銷手段。

Starting with our assortment. We are enhancing our assortment with the addition of highly recognized brands as well as emerging and exclusive brands. This year, our brand pipeline includes more than 25 new brands, including many exclusive to Ulta Beauty. Importantly, this year's pipeline includes a balanced mix of category growth-driving brands like Sol de Janeiro and Charlotte Tilbury and [Materion] and emerging exclusive brands like WYN, a makeup brand developed by Serena Williams and Orabella, a fragrance brand developed by Bella Hadid.

從我們的品種開始。我們正在透過增加高度認可的品牌以及新興和獨家品牌來增強我們的產品種類。今年，我們的品牌管道包括超過 25 個新品牌，其中許多是 Ulta Beauty 獨家品牌。重要的是，今年的產品線包括 Sol de Janeiro、Charlotte Tilbury 和 [Materion] 等品類成長驅動品牌以及 Serena Williams 開發的化妝品品牌 WYN 和 Bella Hadid 開發的香水品牌 Orabella 等新興獨家品牌的均衡組合。

To support stronger growth of our core assortment, we plan to accelerate growth with key exclusive brands, including Polite Society, Live Tinted, and LolaVie, among others. We plan to expand key growth driving brands into more stores, and we are excited to relaunch the Ulta Beauty Collection this summer.

為了支持我們核心品種的強勁成長，我們計劃加速主要獨家品牌的成長，包括 Polite Society、Live Tinted 和 LolaVie 等。我們計劃將主要成長驅動品牌擴展到更多商店，我們很高興今年夏天重新推出 Ulta Beauty 系列。

Additionally, we intend to leverage our marketing and social capabilities to lean into emerging trends, amplify key growth brands, and drive relevance and engagement, and activate new trend-focused events across all our channels.

此外，我們打算利用我們的行銷和社交能力來掌握新興趨勢，擴大關鍵成長品牌，提高相關性和參與度，並在我們的所有管道中啟動新的以趨勢為中心的活動。

Social media is amplifying and accelerating beauty. Social relevance is the gateway to customer reach, connection and engagement and relevance to drives sales and loyalty. While we have increased our EMV and share of voice across key platforms, including TikTok and Instagram, we see further opportunity to ensure we are at the heart of the social and cultural conversation for beauty. To accelerate our social relevance, we will scale our creator network, amplify brand networks and collaborations, and use our platforms to showcase our unique assortment.

社交媒體正在放大和加速美麗。社交相關性是接觸客戶、建立聯繫和參與的門戶，而相關性則可推動銷售和忠誠度。雖然我們提高了 EMV 和在 TikTok 和 Instagram 等關鍵平台上的話語權份額，但我們看到了進一步的機會，以確保我們處於美容社會和文化對話的核心。為了提高我們的社會相關性，我們將擴大我們的創作者網絡，擴大品牌網絡和合作，並利用我們的平台展示我們獨特的產品組合。

With the completion of our digital store transition, we are increasing our focus on leveraging new capabilities and optimizing the guest experience to accelerate traffic, drive conversion and increase average ticket. We recently expanded our partnership with DoorDash with our launch on DoorDash marketplace, which extends our unique assortment to the more than 70 million active users of the DoorDash app.

隨著數位商店轉型的完成，我們越來越專注於利用新功能和優化賓客體驗，以加速流量、推動轉換並提高平均客單價。最近，我們在 DoorDash 市場上推出，擴大了與 DoorDash 的合作關係，這將我們獨特的產品系列擴展到了 DoorDash 應用程式的超過 7,000 萬活躍用戶。

We will introduce new digital buying guides that amplify search engine optimization while providing guests with educational content, beauty tips and product recommendations. We will improve the path to purchase through guided navigation and leverage new innovative search capabilities to facilitate discovery. And we will accelerate app adoption through targeted communication and offers as app users spend nearly 2x more. In the first quarter, our app accounted for 57% of our e-commerce sales, up more than 450 basis points compared to last year.

我們將推出新的數位購買指南，增強搜尋引擎優化，同時為客人提供教育內容、美容秘訣和產品推薦。我們將透過引導導航來改善購買路徑，並利用新的創新搜尋功能來促進發現。隨著應用程式用戶的支出增加近兩倍，我們將透過有針對性的溝通和優惠來加速應用程式的採用。第一季度，我們的應用程式佔電子商務銷售額的 57%，比去年成長了 450 個基點以上。

Our loyalty program is a powerful strategic asset, and we will lean into this platform to drive greater engagement and support top line growth. Earlier this year, we rebranded the program to Ulta Beauty Rewards, enhance the birthday experience and launched a refreshed look in stores, online and across social. These improvements are driving greater awareness and deepen connections with our members.

我們的忠誠度計劃是一項強大的策略資產，我們將利用這個平台來推動更大的參與度並支持營收成長。今年早些時候，我們將該計劃重新命名為 Ulta Beauty Rewards，增強了生日體驗，並在商店、線上和社交媒體上推出了煥然一新的外觀。這些改進正在提高人們的認識並加深與我們會員的聯繫。

We have also introduced new mobile POS capabilities to engage existing members and drive new member acquisition. And we are testing new ways for guests to engage with loyalty benefits in store transactions. At the same time, we are leaning in to amplify the value of the program through member love events and social engagement. And we are also testing new gamification platforms, creating new ways to engage with our program and Ulta Beauty. And later this year, we will activate new marketing technology that will advance our personalization efforts with our guests.

我們還推出了新的行動 POS 功能，以吸引現有會員並推動新會員的獲取。我們正在測試新的方式，讓客人在商店交易中享受忠誠度優惠。同時，我們正致力於透過會員愛心活動和社交參與來擴大該計劃的價值。我們也正在測試新的遊戲化平台，創造新的方式來參與我們的計劃和 Ulta Beauty。今年晚些時候，我們將啟動新的行銷技術，以推進我們為客人提供的個人化服務。

Finally, we continue to enhance our promotional events and strategies. We will evolve our unique tent pole events to drive basket and new member acquisition and increase our use of effective target offers while eliminating or shifting less productive offers. And to create new platforms and offers to excite and engage our guests.

最後，我們繼續加強我們的促銷活動和策略。我們將發展我們獨特的支柱活動，以推動購物籃和新會員的獲取，並增加對有效目標優惠的使用，同時消除或轉移效率較低的優惠。並創建新的平台和優惠來激發和吸引我們的客人。

In closing, we continue to expect the beauty category will grow in the mid-single-digit range this year, barring a major economic event. We are confident we have identified the right actions to deliver stronger revenue growth, and our associates are working together as one unified Ulta Beauty team to expand our leadership position and deliver engaging guest experiences across all our touch points. I look forward to sharing our progress with you throughout the year.

最後，我們繼續預計，除非發生重大經濟事件，今年美容類別的成長將在中個位數範圍內。我們相信，我們已經確定了正確的行動來實現更強勁的收入成長，我們的員工正在作為一個統一的Ulta Beauty 團隊共同努力，擴大我們的領導地位，並在我們的所有接觸點提供引人入勝的客戶體驗。我期待與您分享我們這一年的進步。

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

現在我將把電話轉給保拉，討論財務表現。保拉？

Thanks, Dave, and good afternoon, everyone. As Dave shared, our team responded to the dynamic operating environment with focus and financial discipline. As a result, we delivered net income and diluted EPS in line with our internal expectations. We are focused on reinforcing our leadership position and driving stronger performance. And while we believe our efforts will deliver results, we think it is prudent to expect many of the pressures we identified in faced throughout the first quarter may continue for the balance of the year and, therefore, have revised our annual guidance.

謝謝戴夫，大家下午好。正如戴夫所分享的，我們的團隊以專注和財務紀律應對動態的營運環境。因此，我們實現了淨利潤和攤薄後每股收益，符合我們的內部預期。我們專注於鞏固我們的領導地位並推動更強勁的業績。雖然我們相信我們的努力將取得成果，但我們認為，謹慎地預計我們在第一季度面臨的許多壓力可能會在今年餘下的時間裡持續下去，因此修改了我們的年度指導。

I'll begin with a discussion of our first quarter results, followed by comments about our updated full year outlook. Net sales for the quarter increased 3.5%, driven by 1.6% growth in comp sales. The contribution from 36 net new stores opened since the first quarter last year and a $9 million increase in other revenue, primarily due to an increase in credit card income and growth in royalty income from our Target partnership.

我將首先討論我們第一季的業績，然後評論我們更新的全年展望。在同業銷售成長 1.6% 的推動下，本季淨銷售額成長 3.5%。自去年第一季以來淨新開的 36 家商店的貢獻以及其他收入增加了 900 萬美元，這主要是由於信用卡收入的增加以及我們與 Target 合作夥伴關係的特許權使用費收入的增長。

Comp transactions for the quarter increased 1.3%, driven by traffic growth in stores and on our digital platforms. Average ticket increased 0.3%. Looking at the cadence of sales throughout the quarter. Comp sales in February decreased slightly as we lapped strong double-digit comps last year. Comp growth accelerated in March, reflecting the impact of our semi annual beauty event and the benefit of the Easter shift. April trends were positive but softened compared to March, primarily reflecting the adverse impact of the Easter shift.

在商店和數位平台流量成長的推動下，本季的比較交易量成長了 1.3%。平均票價上漲0.3%。看看整個季度的銷售節奏。由於我們去年的銷售額達到了兩位數的強勁表現，2 月的銷售額略有下降。三月的比較成長加速，反映了我們半年度美容活動的影響和復活節轉變的好處。 4 月趨勢積極，但與 3 月相比有所疲軟，主要反映了復活節轉變的不利影響。

From a channel perspective, e-commerce sales increased in the high single-digit range. Sales from comp stores were flat compared to last year, reflecting the expansion of brick-and-mortar distribution points and the lapping of strong comp growth last year.

從通路來看，電商銷售額呈現高個位數成長。比較店的銷售額與去年持平，反映出實體分銷點的擴張以及去年強勁的比較成長。

Turning to comp sales performance by category. Fragrance delivered double-digit growth, driven by newness from existing brands and exciting brand launches, including Cosmic, from Kylie Jenner, which is exclusive to Ulta Beauty. Additionally, Valentine's Day drove strong growth across both men and women's fragrances. The skin care category delivered mid-single-digit comp growth this quarter, primarily driven by double-digit growth in body care and mass skincare, which was partially offset by a decline in prestige skin care.

轉向按類別比較銷售業績。香水業務實現了兩位數的成長，這得益於現有品牌的新穎性和令人興奮的品牌發布，其中包括凱莉詹納(Kylie Jenner) 推出的Cosmic，這是Ulta Beauty 的獨家產品。此外，情人節推動了男士和女士香水的強勁增長。護膚品類別本季實現了中個位數的同比增長，主要受到身體護理和大眾護膚品兩位數增長的推動，但高端護膚品的下降部分抵消了這一增長。

The strong performance of body care was driven primarily by the launch of Sol de Janeiro and the expansion of key emerging brands into additional Ulta Beauty stores. The growth of mass skincare was primarily due to strong engagement with our dermatologist recommended platform as well as the expansion of in-store presentations of select emerging brands. Our prestige business was challenged this quarter, reflecting the impact of increased distribution for key plans, timing shifts of product movements and the lapping of the impact of strong social media engagement with certain brands last year.

身體護理業務的強勁表現主要得益於 Sol de Janeiro 的推出以及主要新興品牌向更多 Ulta Beauty 門市的擴張。大眾護膚品的成長主要歸功於我們皮膚科醫生推薦平台的大力參與以及精選新興品牌店內展示的擴大。我們的聲譽業務本季受到挑戰，反映出關鍵計劃分銷增加的影響、產品變動的時間變化以及去年與某些品牌的強大社交媒體互動的影響。

Hair care comp sales increased to low single-digit range, primarily due to newness in hair tools, the inclusion of prestige haircare in our semiannual beauty event and high engagement with mass hair care products during our spring fall event.

護髮產品銷售額成長至較低的個位數範圍，主要是由於美髮工具的新穎性、在我們的半年度美容活動中納入高端護髮產品以及在春秋活動期間大眾護髮產品的高參與度。

Makeup comp sales decreased to mid-single-digit range. While new brands and guest engagements with our luxury platform was strong, this growth was more than offset by sales decreases from brands that experienced extraordinary growth last year, newness from existing brands that did not meet expectations and increased points of distribution. In addition, sales of the Ulta Beauty Collection were impacted by planned markdowns as we prepare to relaunch the brand this summer.

化妝品銷售額下降至中個位數範圍。儘管新品牌和賓客與我們的奢侈品平台的互動十分強勁，但這種增長被去年經歷了非凡增長的品牌的銷售額下降、未達到預期的現有品牌的新產品以及分銷點的增加所抵消。此外，由於我們準備在今年夏天重新推出品牌，Ulta Beauty 系列的銷售受到了計劃降價的影響。

Finally, the strength of our services business continued with high single-digit comp growth in the quarter, driven by increases in hair treatment, specialty services, including ear piercing, brow and makeup and core salon cut and color services.

最後，在頭髮護理、專業服務（包括打耳洞、眉毛和化妝以及核心沙龍剪髮和染髮服務）增長的推動下，我們的服務業務繼續保持強勁的個位數複合增長率。

For the quarter, gross margin decreased 80 basis points to 39.2% compared to 40% last year. This decrease was primarily due to lower merchandise margins and higher inventory shrink, which were partially offset by growth in other revenue. Merchandise margin declined during the quarter, primarily due to increased promotions, adverse impacts from brand mix and the lapping of benefits from price increases last year.

本季毛利率下降 80 個基點至 39.2%，去年同期為 40%。這一下降主要是由於商品利潤率下降和庫存縮減增加所致，但其他收入的成長部分抵消了這種影響。本季商品利潤率下降，主要是由於促銷活動增加、品牌組合的不利影響以及去年價格上漲的好處消失。

Promotional activity in the quarter was higher than last year, reflecting the expansion of our semiannual beauty event and incremental offers to drive traffic. Inventory shrink was higher in the quarter. Our investments in new fixtures and operating processes are reducing shrink in the fragrance category, but this improvement is being offset by higher shrink in other prestige categories.

本季的促銷活動高於去年，反映出我們半年度美容活動的擴大和增量優惠以增加流量。本季庫存縮減幅度更大。我們對新設備和營運流程的投資正在減少香水類別的收縮，但這種改善被其他高端類別的更高收縮所抵消。

Moving to expenses. SG&A increased 8.8% to $666 million. Overall, SG&A spend was better than planned due to disciplined expense management. As a percentage of sales, SG&A increased 120 basis points to 24.4% compared to 23.2% last year. In addition to the impact of lower top line growth, higher corporate overhead, store payroll and benefits and store expenses contributed to the deleverage in the quarter.

轉向開支。 SG&A 成長 8.8%，達到 6.66 億美元。整體而言，由於嚴格的費用管理，SG&A 支出優於計畫。 SG&A 佔銷售額的百分比從去年的 23.2% 上升了 120 個基點，達到 24.4%。除了收入成長下降的影響外，企業管理費用、商店工資和福利以及商店支出的增加也導致了本季的去槓桿化。

Corporate overhead expense increased in the quarter, primarily due to technology-related strategic investments. The increase in store payroll and benefits was driven primarily by higher average wage rates and the increase in store expenses was primarily due to IT investments and increased testers. Operating margin was 14.7% of sales compared to 16.8% of sales last year. Net interest income for the quarter was $6.9 million compared to $7.3 million last year.

本季公司管理費用增加，主要是由於技術相關的策略投資。商店工資和福利的增加主要是由於平均工資率的提高，而商店費用的增加主要是由於 IT 投資和測試人員的增加。營業利益率為銷售額的 14.7%，而去年為銷售額的 16.8%。本季淨利息收入為 690 萬美元，去年同期為 730 萬美元。

Lower average cash balances were partially offset by the benefit of higher average interest rates. The company's tax rate increased to 23.2% compared to 22.8% in the first quarter last year. The higher effective tax rate is primarily due to less benefit from income tax accounting for stock-based compensation. For the quarter, diluted GAAP earnings per share was $6.47 compared to $6.88 last year.

較低的平均現金餘額被較高的平均利率的好處部分抵消。該公司稅率由去年第一季的22.8%增至23.2%。有效稅率較高主要是因為以股票為基礎的薪資的所得稅會計收益較少。本季稀釋後 GAAP 每股收益為 6.47 美元，去年同期為 6.88 美元。

Now moving to the balance sheet and capital allocation. We ended the quarter with $524.6 million in cash and cash equivalents. Total inventory increased 8.8% to $1.9 billion compared to $1.8 billion last year. In addition to the impact of 36 net new stores, the increase was primarily due should inventory needed to support new plans and our new market fulfillment center in Greer, South Carolina.

現在轉向資產負債表和資本配置。本季結束時，我們的現金和現金等價物為 5.246 億美元。總庫存增加 8.8%，達到 19 億美元，去年為 18 億美元。除了 36 家淨新店的影響外，增加的主要原因是支持新計劃和南卡羅來納州格里爾新市場履行中心所需的庫存。

Capital expenditures were $91 million for the quarter, reflecting investments in merchandise fixtures, new and existing stores, and IT investments. Depreciation was $64.7 million compared to $57.9 million last year, primarily due to higher depreciation related to new stores and IT investments. In the first quarter, we returned $285.1 million of capital to our shareholders through the repurchase of 588,000 shares. At the end of the quarter, we had $1.8 billion remaining under our current $2 billion repurchase authorization.

本季資本支出為 9,100 萬美元，反映了對商品固定裝置、新店和現有商店以及 IT 投資的投資。折舊額為 6,470 萬美元，而去年為 5,790 萬美元，主要是由於與新店和 IT 投資相關的折舊額較高。第一季度，我們透過回購 588,000 股股票向股東返還 2.851 億美元資本。截至本季末，我們目前 20 億美元的回購授權還剩 18 億美元。

Now turning to our outlook. We have updated our expectations for the full year to reflect our first quarter performance, the dynamic operating environment and the actions we are taking to drive stronger top line growth. With this in mind, we currently expect net sales to be between $11.5 billion to $11.6 billion, with comp sales growth in the range of 2% to 3%.

現在轉向我們的展望。我們更新了全年預期，以反映我們第一季的業績、動態的營運環境以及我們為推動更強勁的收入成長而採取的行動。考慮到這一點，我們目前預計淨銷售額將在 115 億美元至 116 億美元之間，同期銷售額成長率將在 2% 至 3% 之間。

We continue to expect comp growth to be in the low single-digit range in the first half of the year. We expect comp growth to accelerate in the second half of the year to be between 2% and 4%, reflecting the impact of our sales driving initiatives, our newness pipeline and decelerating growth in the second half of last year.

我們仍預期今年上半年的複合成長率將處於較低的個位數範圍內。我們預計下半年的複合成長率將加快至 2% 至 4%，這反映了我們的銷售推動計劃、新產品管道以及去年下半年成長放緩的影響。

We currently expect operating margin to be between 13.7% and 14% of net sales, primarily driven by SG&A deleverage as we protect sales driving investments, including marketing and store labor complete many of the elements of our transformational agenda and operationalize investments made in 2023. We will also continue to maintain our financial discipline.

我們目前預計營業利潤率將在淨銷售額的13.7% 至14% 之間，這主要是由SG&A 去槓桿化推動的，因為我們保護銷售驅動投資，包括行銷和門市勞動力，完成了我們轉型議程的許多要素，並實施了2023 年的投資。

For the full year, we now expect SG&A growth to be in the mid- to high single-digit range, with growth in the low double-digit range in the first half of the year and in the low to mid-single-digit range in the second half of the year. We expect gross margin for the year to be down modestly as lower merchandise margin and deleverage of fixed costs are mostly offset by lower supply chain costs and other revenue growth.

就全年而言，我們現在預計 SG&A 成長將在中高個位數範圍內，上半年成長將在低兩位數範圍內，而在中低個位數範圍內下半年。我們預計今年的毛利率將小幅下降，因為商品利潤率下降和固定成本去槓桿化大部分被供應鏈成本下降和其他收入成長所抵消。

For modeling purposes, we anticipate gross margin will deleverage in the first half of the year, primarily driven by lower merchandise margins, deleverage of fixed costs due to lower sales and higher shrink, partially offset by growth of other revenue.

出於建模目的，我們預計今年上半年毛利率將去槓桿化，主要是由於商品利潤率下降、銷售額下降和收縮率上升導致的固定成本去槓桿化，部分被其他收入的增長所抵消。

In the second half of the year, we expect gross margin to be flat to up modestly as higher merchandise margin and lower supply chain costs offset deleverage of fixed costs. As a result, we now anticipate diluted EPS to be in the range of $25.20 to $26 per share. We expect diluted EPS to the time in the first half of the year and be flat to up modestly in the second half of the year, including the impact of the extra week in fiscal 2023, which was $181.9 million of net sales and $0.46 of diluted EPS.

下半年，我們預計毛利率將持平或小幅上升，因為較高的商品利潤率和較低的供應鏈成本抵消了固定成本的去槓桿化。因此，我們現在預計稀釋後每股收益將在 25.20 美元至 26 美元之間。我們預計上半年稀釋後每股盈餘將持平，下半年將小幅上升，其中包括 2023 財年額外一周的影響，淨銷售額為 1.819 億美元，稀釋後每股收益為 0.46 美元每股收益。

Finally, we continue to expect to repurchase $1 billion of Ulta Beauty stock this year, reflecting the strength of our cash flow and the confidence we have in our future.

最後，我們繼續預計今年將回購價值 10 億美元的 Ulta Beauty 股票，這反映了我們現金流的實力以及我們對未來的信心。

And now I'll turn the call back over to Dave. Dave?

現在我將把電話轉回給戴夫。戴夫？

Before we begin the Q&A session, I'd like to recap our perspective on the first quarter and reiterate our confidence in our plans. Love for the Ulta Beauty brand is growing. Our member retention is strong, and our teams are laser-focused on delivering great guest experiences while managing through an evolving environment.

在我們開始問答環節之前，我想回顧一下我們對第一季的看法，並重申我們對計劃的信心。人們對 Ulta Beauty 品牌的熱愛與日俱增。我們的會員保留率很高，我們的團隊專注於提供卓越的賓客體驗，同時管理不斷變化的環境。

We are pleased with the progress we are making across key areas of our business, and we are taking steps to drive stronger performance through strengthening our assortment, expanding our relevance, enhancing our digital experience, leveraging our world-class loyalty program and evolving our promotional levers.

我們對我們在關鍵業務領域取得的進展感到高興，我們正在採取措施，透過加強我們的品種、擴大我們的相關性、增強我們的數位體驗、利用我們世界一流的忠誠度計劃和發展我們的促銷活動來推動更強勁的業績槓桿。

We have a strong plan in place to navigate near-term pressures while continuing to invest in support of the long-term opportunity. I am confident in the power of our differentiated business model and our team's ability to execute with excellence against our priorities and deliver value for our shareholders.

我們制定了強有力的計劃來應對近期壓力，同時繼續投資以支持長期機會。我對我們差異化業務模式的力量以及我們團隊卓越執行我們的優先事項並為股東創造價值的能力充滿信心。

Ulta Beauty is a force in the beauty industry as we captured a large share of this dynamic category, and I am as optimistic as ever about the future of our business.

Ulta Beauty 是美容行業的一股力量，因為我們在這個充滿活力的類別中佔據了很大的份額，我對我們業務的未來一如既往地樂觀。

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

現在我將把電話轉給我們的接線生來主持問答環節。

(Operator Instructions) Simeon Siegel, BMO Capital Markets.

（操作員說明）Simeon Siegel，BMO 資本市場。

Dave, I guess, maybe following up on that. I was just hoping you could elaborate a little bit more on the guidance change, perhaps to oversimplify it, and I apologize if this is an annoying question. But I guess, are you comfortable that you're lowering it deep enough and you can now work towards the long-term margin rate?

我想，戴夫也許會跟進此事。我只是希望你能詳細說明一下指導變更，也許會過於簡單化，如果這是一個煩人的問題，我深感抱歉。但我想，您是否願意將其降低得足夠深，並且現在可以努力實現長期保證金率？

Just any help in terms of thinking -- how you're thinking about your margin target and the underlying opportunity would probably be helpful.

只要在思考方面有任何幫助——你如何思考你的利潤目標和潛在的機會，都可能會有所幫助。

Thanks, Simeon, for the question. I'll start with some overarching thoughts and then maybe, Paula, you can give some specifics on the operating margin outlook.

謝謝西蒙提出的問題。我將從一些總體想法開始，然後，寶拉，您也許可以提供一些有關營業利潤率前景的具體資訊。

I'd say broadly, we are confident in our outlook for the year. As we've assessed the landscape in which we're operating, we see the opportunities ahead of us. As I mentioned in the prepared remarks, there are a lot of positives across our business right now as we see strong engagement in our brand, growth in brand love and awareness, strength in key parts and aspects of our business, traffic continuing to be healthy in stores and online, newness working, new stores performing well.

我想說的是，我們對今年的前景充滿信心。當我們評估我們的營運環境時，我們看到了前方的機會。正如我在準備好的發言中提到的，我們的業務目前有很多積極的一面，因為我們看到我們的品牌參與度很高，品牌喜愛度和知名度不斷增長，我們業務的關鍵部分和方面的實力，流量持續健康在商店和網上，新事物正在發揮作用，新商店表現良好。

So we are confident in many of the key metrics of our business, and then clear about our opportunity to address some of the areas that we've been more pressured. When we look at the comp outlook that we've updated for the year, which is obviously a key part of our overall model, we feel very clear and confident about that revised outlook.

因此，我們對業務的許多關鍵指標充滿信心，然後明確了我們有機會解決一些我們面臨更大壓力的領域。當我們查看今年更新的比較前景時（這顯然是我們整體模型的關鍵部分），我們對修改後的前景感到非常清晰和充滿信心。

We do see over the -- particularly in the second half of the year, our lap becomes a bit easier. And so as we look at it on a 2-year stack, we feel very comfortable and confident in that. But I'd say, more important, we are taking actions, as I described in the prepared remarks, to address where we have some potential to drive our business even more with more newness, strong marketing, enhanced digital capabilities as we take advantage of the new platform that we put in. And of course, leaning heavily on our loyalty program to take full advantage of our relaunch there.

我們確實看到——特別是在今年下半年，我們的單圈變得更容易了。因此，當我們審視兩年的堆疊時，我們對此感到非常放心和自信。但我想說，更重要的是，正如我在準備好的演講中所描述的那樣，我們正在採取行動，以解決我們有潛力的領域，透過更多的新穎性、強大的營銷、增強的數字能力來進一步推動我們的業務，因為我們利用我們投入的新平台。

So we feel clear about what's ahead of us, confident in our comp. And then as that relates specifically to the margin outlook, Paula, do you want to give some more color on that?

因此，我們清楚地了解我們的未來，並對我們的競爭充滿信心。然後，由於這與利潤率前景特別相關，Paula，您想就此提供更多資訊嗎？

Sure. Thank you, Dave. What I would say is as we think about our operating margin guide of 13.7% to 14% on the comp of 2% to 3%, we've shared the top line performance plays an important role in driving fixed cost leverage for us. And with the comps now below our long-term algo of 3% to 5% tops, we expect less leverage and have adjusted our operating margin expectations accordingly.

當然。謝謝你，戴夫。我想說的是，當我們考慮 13.7% 至 14% 的營業利潤率指導值（2% 至 3%）時，我們認為頂線業績在推動我們的固定成本槓桿方面發揮著重要作用。由於目前的比較結果低於我們 3% 至 5% 上限的長期演算法，我們預期槓桿率會降低，並相應調整了我們的營業利潤率預期。

One thing that I will also share is that in addition to the fixed cost deleverage on lower sales. We even embedded flexibility in our guidance to invest in sales levers like promo, marketing and store labor to strengthen our top line and the same share. And so that also gives us confidence in the adjusted comp guide that Dave spoke about.

我還要分享的一件事是，除了銷售額下降的固定成本去槓桿化之外。我們甚至在投資於促銷、行銷和商店勞動力等銷售槓桿的指導中加入了靈活性，以增強我們的營收和相同的份額。因此，這也讓我們對戴夫談到的調整後的薪酬指南充滿信心。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

So my question, Dave, talking about prestige and the increased shifting to channels. Can you share if that's brands that are deciding to sell on different channels? Or you're just seeing the customer, I guess, moving over themselves? And have we absorbed the worst of that? That's the first part.

戴夫，我的問題是關於聲譽和通路轉移的增加。能否分享一下是否有品牌決定在不同管道上銷售？還是你只是看到顧客，我猜，正在移動自己？我們已經吸收了其中最糟糕的部分了嗎？這是第一部分。

And then this is connected to the question. Is it fair to think that merchandise -- is merchandise margins about 200 basis points above where we were around the pre-COVID time? And it feels like you have an appropriate mix now. You kind of see where the business is going in terms of the trade-off between sales and gross margin such that we're not going to retest those pre-COVID lows.

然後這與問題有關。商品利潤率比新冠疫情爆發前的水平高出約 200 個基點，這是否公平？感覺你現在已經有合適的組合了。你可以看到業務在銷售和毛利率之間的權衡方面的發展方向，這樣我們就不會重新測試新冠疫情前的低點。

All right. Well, yes, I'll talk about the overall competitive environment and what we're seeing in there, and Paula can give you some more color on the merch margin and our outlook related to that.

好的。嗯，是的，我將談論整體競爭環境以及我們在其中看到的情況，Paula 可以為您提供有關商品利潤率以及我們與此相關的前景的更多資訊。

So to reiterate, as we look at the competitive environment, what we -- as I mentioned in the remarks, this category has always been an attractive, and it's always been very competitive, given the growth potential, the connection it has with consumers, its margin profile. So we've long -- for the entire 33-year history of this company, we've been competing in a very competitive environment.

因此，重申一下，當我們審視競爭環境時，我們——正如我在評論中提到的那樣，考慮到成長潛力及其與消費者的聯繫，這個類別一直很有吸引力，而且一直非常有競爭力，其利潤概況。因此，在這家公司 33 年的歷史中，我們一直在一個競爭非常激烈的環境中競爭。

What's unique about what's going on today is the cumulative impact of the competitive intensity really driven by significant increase in distribution prestige, both in-store and online. And as consumers navigate that broader choice, they're making choices. We're confident in our ability to continue to engage, and that shows up in some of the results I highlighted. But it certainly is an impact.

今天所發生的事情的獨特之處在於，競爭強度的累積影響實際上是由店內和網上分銷威望的顯著提高所驅動的。當消費者在更廣泛的選擇中進行選擇時，他們也在做出選擇。我們對繼續參與的能力充滿信心，這體現在我強調的一些結果中。但這肯定是有影響的。

When we look at stores opening near our stores, and we talked about this in the past, historically, we do see a short-term hit to a nearby store when a competitor opens up. And we're able to recover, and those stores comp at our enterprise level. What's unique about right now is the scale of it to have over 1,000 new locations within a short-term period. It's unprecedented in our history, and probably in retail more broadly.

當我們觀察我們商店附近新開的商店時，我們過去曾討論過這一點，從歷史上看，當競爭對手開業時，我們確實會看到對附近商店的短期打擊。我們能夠恢復，並且這些商店在我們的企業層面上進行比較。目前的獨特之處在於其規模，在短期內開設了 1,000 多個新地點。這在我們的歷史上是前所未有的，可能在更廣泛的零售業也是如此。

So it's -- it means that we're navigating that and understanding consumer behavior as we go forward. But even with that, to kind of highlight again some of the things that we see are strengths even in this elevated competitive environment, holding share in total beauty for the quarter is a real positive as we gained in mass and we gained in prestige e-com. And our brand love, our brand awareness, our total loyalty members, our member retention, our traffic, all up, all positive, all healthy as we see strength with our consumer connection.

所以這意味著我們正在探索這一點並在前進的過程中了解消費者的行為。但即便如此，為了再次強調我們所看到的一些優勢，即使在這個競爭激烈的環境中，在本季度保持整體美容的份額也是一個真正的積極因素，因為我們在質量方面獲得了增長，並且在電子方面獲得了聲望。我們的品牌熱愛、我們的品牌知名度、我們的會員忠誠度、我們的會員保留率、我們的流量，一切都在積極、健康，因為我們看到了與消費者聯繫的力量。

So your question about our consumer. The fact that we gained 6% in total members, our retention is healthy. We're moving more members up into platinum and diamond. And retention of those guests is very high. And our brand love reached an all-time high.

所以你問的是關於我們消費者的問題。事實上，我們的會員總數增加了 6%，我們的保留率很高。我們正在將更多會員升級為白金級和鑽石會員。這些客人的保留率非常高。我們的品牌喜愛度達到了歷史最高點。

The connection to Ulta Beauty is strong, and we're managing through this really, again, unprecedented competitive environment. And all the things I talked about, our confidence in our model, our confidence in the health of this category, and our ability to adapt and adjust our strategies and initiatives, as I discussed, give us confidence, both in delivering the updated guidance.

與 Ulta Beauty 的聯繫非常緊密，我們正在應對這個真正前所未有的競爭環境。正如我所討論的，我談到的所有事情，我們對我們的模型的信心，我們對這一類別健康狀況的信心，以及我們適應和調整我們的戰略和舉措的能力，都給了我們信心，無論是在提供更新的指導方面。

But I'd say even more importantly, the future continues to be very bright for Ulta Beauty because we're well positioned with a strong share of the category, strong connection to consumers and the ability to navigate and adjust our plans as necessary as we've been doing throughout the history of this company.

但我想說更重要的是，Ulta Beauty 的未來仍然非常光明，因為我們處於有利地位，在該類別中佔有很大份額，與消費者有緊密的聯繫，並且能夠根據需要引導和調整我們的計劃。

Paula, do you want to talk then about merch margin?

寶拉，你想談談商品利潤嗎？

Sure, Dave. Thanks. Simeon, I'll give a little color on merch margin. When we think about merch margin from a guidance perspective, we currently expect lower merchandise margin for the year due to the lower sales, increased promotional activity and category mix.

當然，戴夫。謝謝。西蒙，我會給商品利潤一點顏色。當我們從指導角度考慮商品利潤時，我們目前預計，由於銷售額下降、促銷活動增加和品類組合增加，今年的商品利潤率將會下降。

We saw merchandise margin decline in Q1, generally for the similar reasons, increase in promo, adverse impacts on brand mix. And then we had a bit of lapping price increases from 2023.

我們看到第一季的商品利潤率下降，通常出於類似的原因，促銷活動增加，對品牌組合產生不利影響。然後從 2023 年開始，我們的價格有所上漲。

When we think about versus 2019, you are correct. As of last year, we were about 200 basis points of merch margin above 2019 levels. And really, what I would say is a lot of that benefit that we saw coming from ongoing category performance improvement efforts by our merchant team, category mix and promo efficiency. Now we are seeing that some of that merch margin is getting a bit pressured as we're seeing in Q1 and as reflected in our time guide.

當我們考慮與 2019 年相比時，你是對的。截至去年，我們的商品利潤率比 2019 年的水準高出約 200 個基點。事實上，我想說的是，我們看到的許多好處來自於我們的商家團隊持續進行的品類績效改進、品類組合和促銷效率。現在我們看到，正如我們在第一季看到的以及我們的時間指南中所反映的那樣，部分商品利潤正受到一些壓力。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

We wanted to drill down a little bit more on the marketing spend that you're planning to increase for the year. We're just wondering how much of an increase are we talking about? What are some of the tactics here? And are you building in a corresponding sales lift with the marketing spend? And then finally, just within that, did you elevate the marketing in the midst of Q1? And did that have any impact on the comp?

我們希望更深入地了解您今年計劃增加的行銷支出。我們只是想知道我們談論的是多少成長？這裡有哪些策略？您是否會透過行銷支出來實現相應的銷售提升？最後，就在此期間，您是否在第一季提升了行銷力度？這對比賽有什麼影響嗎？

Well, what I'd say is as we look forward throughout the year to clarify, we -- Paula mentioned in her remarks that we are protecting our investment in, in-marketing, in-store labor and other aspects that we know drive our business, and that's reflected in our updated operating margin outlook. And we'll continue to invest appropriately as we see opportunities to support, so all of that is reflected.

好吧，我想說的是，正如我們期待全年澄清的那樣，我們——寶拉在她的演講中提到，我們正在保護我們在行銷、店內勞動力和我們知道推動我們的其他方面的投資。當我們看到支持機會時，我們將繼續進行適當投資，以便所有這些都得到反映。

The types of things we're doing are continuing to strengthen our connection with our guests. As I said, our unaided awareness and our brand love, both increased meaningfully in Q1 after strong growth throughout 2023. We are on a good trajectory as it relates to connecting our guests. The fact that we're driving traffic in both to our stores and online, we're growing our connection to our app. Our loyalty engagement and retention is strong. Our marketing efforts are working.

我們正在做的事情正在不斷加強我們與客人的聯繫。正如我所說，繼 2023 年的強勁增長之後，我們的獨立意識和品牌喜愛度在第一季均顯著增加。事實上，我們正​​在增加商店和網路上的流量，我們正在增強與應用程式的連結。我們的忠誠度參與度和保留率很高。我們的行銷努力正在發揮作用。

The point in my comments about us finding even better ways and stronger ways to connect is an always on focus for us. And we see continued opportunity to drive greater connection through social. So that will be a big focus for us. I highlighted our growth in EMV, which is -- which we're pleased with, but we know we can do even more. It is a key driver of this category, the way so many consumers are learning and discovering and engaging in the category. So we have -- we will continue to have a focus there.

我的評論中關於我們尋找更好的方式和更強的聯繫方式的觀點是我們始終關注的焦點。我們看到了透過社交推動更大聯繫的持續機會。所以這將是我們的一個重點。我強調了我們在 EMV 方面的成長，我們對此感到滿意，但我們知道我們可以做得更多。它是該類別的關鍵驅動力，也是許多消費者學習、發現和參與該類別的方式。因此，我們將繼續關注這一點。

And importantly, we're partnering with our brands to find ways to connect as their brands drive growth within our environment. So we're pleased with the efficiency of our spend. It is driving our results, and we'll continue to optimize our spend and add appropriately throughout the year as we see opportunities. And all of that is reflected both in our top line and our operating margin outlook.

重要的是，我們正在與我們的品牌合作，尋找聯繫方式，讓他們的品牌在我們的環境中推動成長。因此，我們對支出效率感到滿意。它正在推動我們的業績，我們將繼續優化我們的支出，並在全年中看到機會時適當增加支出。所有這些都反映在我們的營收和營業利潤率前景中。

Chris Horvers, JP Morgan.

克里斯霍弗斯，摩根大通。

So I'll also do a two-pronged question here. So it seems like the 1.6% comp wasn't really different from your internal plan. And you had mentioned and you had expected improvement over the year on all the factors that you mentioned. So at the same time, you lowered the back half.

所以我在這裡也提出一個兩方面的問題。所以看起來 1.6% 的補償與你們的內部計劃並沒有什麼不同。您已經提到過，並且您預計今年您提到的所有因素都會有所改善。所以同時，你降低了後半部。

So can you just share with us, was it just you're being preemptive to maybe a hockey stick that you set up? And then can you also talk about April ex Easter? Was that better than the 1.6% for the quarter, ex the Easter shift? And any commentary on how May is doing so far?

那麼您能否與我們分享一下，您是否只是先發制人地使用了您設置的曲棍球桿？那你能談談四月前的復活節嗎？這是否比該季度（復活節班次除外）的 1.6% 更好？對梅到目前為止的表現有什麼評論嗎？

All right. Thanks, Chris. Yes, let me take the first part, and again, I'll ask Paula to talk about most recent trends.

好的。謝謝，克里斯。是的，讓我開始第一部分，我將再次請 Paula 談談最新的趨勢。

Yes, 1.6% comp is, and we talked about delivering comps in the first half of the year, in the low single digits. What the reason that we see the need to adjust our outlook for the year is the 1.6% is clearly, and we talked about this earlier in the quarter, Chris, at the low end of that range, of low single digits. We anticipate the pressures and dynamics that I've been talking about to continue into Q2.

是的，1.6% 的補償是，我們討論過在今年上半年提供低個位數的補償。我們認為需要調整今年前景的原因很明顯是 1.6%，我們在本季度早些時候談到了這一點，克里斯，處於該範圍的低端，低個位數。我們預計我一直在談論的壓力和動態將持續到第二季​​。

And so as we looked at the second half of the year, while we see upside potential through the activities that we're -- that I mentioned in driving elevated efforts across many parts of our business, strong newness platform and an easier overlap. We do anticipate an increase in the second half of the year. But because of the first half landing at the low end of that range, we see -- we thought it was appropriate to update our outlook for the whole year, anticipating some of the pressures even with growth in the second half of the year, elevated growth in the second half of the year, those pressures continuing throughout the year. So that all lands us in that updated outlook of 2% to 3%.

因此，當我們展望今年下半年時，雖然我們看到了我們正在進行的活動的上行潛力，我提到在推動我們業務的許多部分加大努力、強大的新平台和更容易的重疊方面。我們確實預計下半年會出現成長。但由於上半年落在該範圍的低端，我們認為更新全年展望是適當的，預計即使下半年增長，也會面臨一些壓力，下半年的增長，這些壓力全年都會持續。因此，所有這些都使我們的展望更新為 2% 至 3%。

As far as April and more recent outlook, Paula, do you want to talk about that?

至於四月和最近的展望，Paula，你想談談嗎？

Yes, yes. Thank you. So Chris, as it relates to the cadence for the quarter and April -- of our exit rate for the quarter. March was the strongest period for the quarter, and it's for all the reasons you mentioned, benefiting from the Easter [retirement] as well as our expansion of our Q1 beauty event.

是的是的。謝謝。克里斯，這與本季和四月的節奏有關——我們本季的退出率。三月是本季最強勁的時期，這得益於您提到的所有原因，受益於復活節[退休]以及我們第一季美容活動的擴展。

Comps in April were positive but did moderate from March, as we expected, negatively impacted from the timing of the Easter shift. With regards to May and what we're seeing quarter-to-date, I won't comment on that specifically. But what I will share is that we expect Q2 comps to look very similar to the first quarter comp.

正如我們預期的那樣，4 月的業績比較積極，但從 3 月開始有所放緩，受到復活節轉變時間的負面影響。關於五月以及我們本季至今所看到的情況，我不會具體發表評論。但我要分享的是，我們預期第二季的比較與第一季的比較非常相似。

Got it. And then just one quick follow-up. You did mention that you expect merchandise margin, I believe, up in the back half of the year but lower in the first half. So what drives the change in the merchandise margin dynamic?

知道了。然後只是一個快速跟進。您確實提到，我相信您預計商品利潤率將在今年下半年上升，但在上半年下降。那麼是什麼推動了商品利潤動態的改變呢？

Yes. Well, so in that, we expect more pressure in the first half due to the promo and brand mix and a lapping effect of those price increases. And so when we think about the second half, we're not lapping the price increase benefits and we will be largely past the inventory markdowns associated with our rebranding of Ulta Beauty Collection. We'll still have the brand mix and promo impact, but net-net, we're expecting the second half to be flat.

是的。嗯，因此，由於促銷和品牌組合以及價格上漲的重疊效應，我們預計上半年將面臨更大的壓力。因此，當我們考慮下半年時，我們不會享受價格上漲的好處，而且我們基本上將擺脫與 Ulta Beauty Collection 品牌重塑相關的庫存降價。我們仍然會有品牌組合和促銷影響，但淨淨，我們預計下半年將持平。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

I wanted to follow up on the competitive backdrop, but maybe slightly different angle. So you've talked about the increased points of distribution, but at the same time, Ulta has been investing a lot in its loyalty program, in its data analytics capabilities for years that I suspect can drive a lot of value for brand partners.

我想跟進競爭背景，但角度可能略有不同。所以你談到了增加分銷點，但與此同時，Ulta 多年來一直在其忠誠度計劃和數據分析功能上投入大量資金，我懷疑這可以為品牌合作夥伴帶來大量價值。

So how is your value proposition for these brands evolving? And what gives you the confidence that you can remain a premier distribution point for established and emerging brands even as this competitive environment continues to evolve?

那麼，您對這些品牌的價值主張是如何演變的呢？即使競爭環境不斷演變，是什麼讓您有信心繼續成為知名品牌和新興品牌的首要分銷點？

Mark, that's a great question. And we're very confident in that. We have worked hard over many years to build very strong relationships with our brand partners, both the largest brands in the category and a real dedicated effort in supporting emerging, new smaller brands.

馬克，這是一個很好的問題。我們對此非常有信心。多年來，我們一直努力與我們的品牌合作夥伴建立非常牢固的關係，這些合作夥伴既是該類別中最大的品牌，也真正致力於支持新興的新小品牌。

And we -- that is an area of high confidence that we'll continue to be connected and partnering with our brands. We are a very large part of the category across all segments, mass and prestige, makeup, hair care, skin care, fragrance, bath, wellness. We play a significant role. We have a unique proposition. Nobody does what Ulta Beauty does. Our stores and the experience we deliver is special and differentiated. And our brands recognize that.

我們對此充滿信心，並將繼續與我們的品牌保持聯繫和合作。我們在所有細分市場中佔據很大份額，包括大眾和聲望、化妝品、護髮、皮膚護理、香水、沐浴、健康。我們發揮著重要作用。我們有一個獨特的主張。沒有人做 Ulta Beauty 所做的事情。我們的商店和我們提供的體驗是特殊且與眾不同的。我們的品牌認識到這一點。

They value the opportunity that they have in our stores and on our online to connect with now nearly 44 million loyalty members and the activation and capabilities we have to activate their strategies directly with the largest pool of beauty enthusiasts in the country. And we are a -- we have long been a destination for growth. And so many of our brands are driving growth and taking full advantage of that experience.

他們重視在我們的商店和網路上與目前近 4400 萬忠誠會員建立聯繫的機會，以及我們必須直接與全國最大的美容愛好者群體激活他們的策略的激活和能力。我們長期以來一直是成長的目的地。我們的許多品牌都在推動成長並充分利用這些經驗。

So I am confident in our brand relationships. And as we work through some of the changes in the category, in my direct discussion with brands and our overall relationships, we are working together to continue to drive growth and strengthen our partnership, add new brands, many of which I've highlighted. And drive our business forward in partnership with our brands, and that will continue for sure.

所以我對我們的品牌關係充滿信心。當我們努力解決該類別的一些變化時，在我與品牌和我們的整體關係的直接討論中，我們正在共同努力，繼續推動成長並加強我們的合作夥伴關係，增加新品牌，其中許多品牌都是我強調的。並與我們的品牌合作推動我們的業務向前發展，這種情況肯定會持續下去。

Quick follow-up for Paula on inventory. As we look at the inventory growth versus the sales growth, the spread is, I think, wider there than we've seen in a bit. And obviously, you're adjusting your demand outlook for the back half of the year. Any pockets of aging inventory that could weigh on margins, and anything incorporated there from a clearance markdown perspective in the second quarter?

快速跟進 Paula 的庫存。當我們觀察庫存成長與銷售成長時，我認為，兩者之間的差距比我們之前看到的要寬一些。顯然，您正在調整今年下半年的需求前景。是否存在可能影響利潤率的老化庫存，以及從第二季清倉降價角度來看其中包含的任何內容？

No, no real concern with regards to inventory. I guess, for perspective, approximately 75% of that inventory growth in the quarter was attributable to our new brands and our new stores that were mainly due to opening that DC. We do expect that growth to normalize as we progress during the year.

不，沒有真正擔心庫存。我想，從長遠來看，本季大約 75% 的庫存成長歸因於我們的新品牌和新商店，這些新品牌和新商店主要是由於開設了 DC。我們確實預計，隨著我們今年的進展，這種成長將會正常化。

And I know we've shared this previously, but as you think about inventory, keep in mind that most of our inventory is current and largely where we consider core product, which means very little seasonal at-risk inventory. And as you mentioned, we do look for opportunities to invest in inventory to best position ourselves to capture future demand. And so we are also doing that as well.

我知道我們之前已經分享過這一點，但當您考慮庫存時，請記住，我們的大部分庫存都是當前庫存，並且主要是我們考慮核心產品的庫存，這意味著季節性風險庫存非常少。正如您所提到的，我們確實在尋找投資庫存的機會，以便最好地定位自己，以抓住未來的需求。所以我們也在這樣做。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

David and Paula, regarding makeup being down mid-single digits and also thinking about the newness opportunity there, what's embedded with guidance for how that meaningful category may proceed? And we continue to see a lot of innovation at competitors such as Amazon, which is leveraging a lot of personalization as well as affiliates and community members. What are your thoughts in terms of how you'll remain competitive? And I know the -- there's always been a lot of overlap with product that they sell and you sell as well.

大衛和寶拉，考慮到化妝品下降到中個位數，並考慮那裡的新鮮機會，對於如何進行這一有意義的類別，嵌入了哪些指導？我們繼續看到亞馬遜等競爭對手的大量創新，它利用了大量的個人化以及附屬機構和社區成員。您對於如何保持競爭力有何想法？我知道——他們銷售的產品和你銷售的產品總是有很多重疊。

Well, so first on makeup, we -- it's the largest part. It continues to be the largest part of our business, about 44% of our business, and we have a very large share of that category. And when we look at our business right now, we talked about some pressure on the prestige side, many of the things that I've highlighted. And the mass, the category slowed some as we're lapping a very strong Q1 and first half of last year.

嗯，首先是化妝，這是最大的部分。它仍然是我們業務的最大部分，約占我們業務的 44%，並且我們在該類別中佔有很大的份額。當我們現在審視我們的業務時，我們談到了聲譽方面的一些壓力，這是我強調的許多事情。由於我們正在經歷非常強勁的第一季和去年上半年，因此該類別的品質有所放緩。

When I look out and embedded in our guidance is confidence on many parts of our makeup business and the ability to strengthen our performance in that. On the mass side, we see continued opportunities with several brands, including [Alpha] has performed very well and has been an important partner for us, exclusive partnership with Morphe.

當我觀察並嵌入我們的指導時，我們對化妝品業務的許多部分以及增強我們在這方面的表現的能力充滿信心。在大眾方面，我們看到了與多個品牌的持續機會，其中 [Alpha] 表現非常出色，一直是我們的重要合作夥伴，與 Morphe 的獨家合作夥伴關係。

We've got key partnership with [Nicks], early lead on some of their innovation. We've got brands like Juvia's Place and about-face that have demonstrated strong partnership and growth in our business. So we're confident in our ability to continue to evolve that. And then on the prestige side, the newness that I've highlighted has contributed.

我們與[尼克斯]建立了重要的合作夥伴關係，在他們的一些創新方面處於早期領先地位。我們擁有像 Juvia's Place 和 around-face 這樣的品牌，它們在我們的業務中展現了強大的合作夥伴關係和成長。因此，我們對繼續發展這一點的能力充滿信心。然後在聲望方面，我所強調的新穎性也做出了貢獻。

And while we've got more work to do there, Charlotte Tilbury is now in 600 stores and online and has contributed meaningfully to our business. We highlighted the expansion -- continued expansion and performance of our luxury business, brands like WYN, the launch with Serena, and we're expanding MAC into more doors. That is just rolling out really as we speak into more doors. And we've got a number of really exciting exclusive brands, brands like Live Tinted, Polite Society, Revlon, WYN and others in the makeup space that are just an outstanding portfolio of emerging brands that we are confident will drive growth over time.

雖然我們在這方面還有更多工作要做，但 Charlotte Tilbury 現已在 600 家商店和網上開展業務，為我們的業務做出了有意義的貢獻。我們強調了擴張——我們的奢侈品業務、WYN 等品牌的持續擴張和業績，以及 Serena 的推出，我們正在將 MAC 擴展到更多領域。當我們向更多的門講話時，這才真正開始實施。我們擁有許多令人興奮的獨家品牌，例如 Live Tinted、Polite Society、Revlon、WYN 等化妝品領域的品牌，這些都是出色的新興品牌組合，我們相信這些品牌將隨著時間的推移推動成長。

So we will continue to drive makeup connection. We've got a very big makeup business, and we've got clear plans to drive that going forward. As far as other competitive environment in the digital space, the efforts that I talked about across our business, you'll apply both the in-store and online. One of the great things about our business is when we get our in-store guest shopping online, they increase their brand love, their brain connection and our share of wallet.

因此，我們將繼續推動化妝品連接。我們擁有非常龐大的化妝品業務，並且我們有明確的計劃來推動這項業務向前發展。至於數位空間中的其他競爭環境，我在整個業務中談到的努力，您將同時應用於店內和線上。我們業務的一大優點是，當我們讓店內客人在線購物時，他們會增加對品牌的喜愛度、大腦聯繫以及我們的錢包份額。

Their spend goes up 2.5x. And our efforts there -- and we gained share in the prestige e-com business in Q1 despite some of the other pressures that I talked about. So we see opportunity to continue to drive programs like communities and affiliates, we're doing a lot of that. Drive more influencers, expand our assortment and drive newness across the business. So competing both in-store and online is what we do, and we're focused on that and make up as we are with all of our categories looking forward.

他們的支出增加了 2.5 倍。儘管我談到了一些其他壓力，但我們在這方面的努力 - 我們在第一季在享有盛譽的電子商務業務中獲得了份額。因此，我們看到了繼續推動社區和附屬機構等項目的機會，我們正在做很多這樣的事情。吸引更多有影響力的人，擴大我們的產品種類並推動整個業務的創新。因此，我們所做的就是在店內和網上進行競爭，我們專注於這一點，並像我們預期的所有類別一樣進行彌補。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

So Paula, I think the math for the rest of the year puts operating margin below 14%, just the rest of the year on a comp range, 2% to 4%, not far from your long-term guide. Can you speak to how we rebuild to the level back to the long-term 14% to 15% margin if the comp trend continues at the 2% to 4% type rate in the second half? Or a comment that you think you can hold share in a category that grows mid-single digits, is that supportive of 14% to 15% margins?

所以，Paula，我認為今年剩餘時間的營業利潤率低於 14%，只是今年剩餘時間的比較範圍，2% 到 4%，離你的長期指導不遠。如果下半年的比較趨勢持續保持在 2% 至 4% 的水平，您能否談談我們如何重建到長期 14% 至 15% 利潤率的水平？或者您認為您可以在一個中個位數成長的類別中持有份額的評論，這是否支持 14% 至 15% 的利潤率？

And then, I guess, secondly, as you look at the higher markdowns in the marketplace today and think about the backdrop of some of the key brands and the expanding distribution you pointed to, are you seeing promotions more pronounced in the products and brands that have expanded their distribution the most? I'm curious if there's any link there.

然後，我想，第二，當你看到當今市場上更高的降價並考慮一些關鍵品牌的背景以及你指出的不斷擴大的分銷時，你是否會看到以下產品和品牌的促銷活動更加明顯：其分佈範圍擴大最多？我很好奇那裡是否有任何連結。

Okay. Let me -- I'll take the first question and then Dave will talk about what we're seeing from the promotional environment with the [marines]. So Michael, what we've shared is that the top line performance plays a really important role in our ability to drive fixed cost leverage. And comps below our long-term algorithm really causes a challenge for us to be able to drive margins at that range above the 14% to 15%.

好的。讓我——我將回答第一個問題，然後戴夫將談論我們從[海軍陸戰隊]的促銷環境中看到的情況。邁克爾，我們分享的是，頂線業績在我們推動固定成本槓桿的能力中發揮著非常重要的作用。低於我們長期演算法的比較確實給我們帶來了挑戰，要求我們能夠將利潤率提高到 14% 到 15% 以上的範圍。

You see that with how we've adjusted our guidance. So on 1 or 2 to 3, our low end has come down because of the effect of the difficulty of leveraging occupancy costs. What I would say is from a long-term perspective, we're not sharing long-term guidance on the call today, but we do have an Investor Day in October, and we plan to share more about the opportunities ahead, how we're thinking about the next phase of growth and of course, how that impacts our financials.

您可以透過我們調整指導的方式看到這一點。因此，在 1 或 2 到 3 中，由於難以槓桿化佔用成本的影響，我們的低端已經下降。我想說的是，從長遠的角度來看，我們今天不會在電話會議上分享長期指導，但我們確實在 10 月份舉行了投資者日，我們計劃分享更多關於未來的機會、我們如何‘我們正在考慮下一階段的成長，當然還有這將如何影響我們的財務狀況。

Yes. And as far as promotional environment, Michael, we came into the year with the assumption that the promotional environment would increase but remain rational, and we built an expectations that we would be able to continue to invest in core parts of our business going forward. What we're seeing now is largely that's holding true. We continue to plan for promotional levels to increase in 2023 because of the competitive nature of this business right now.

是的。就促銷環境而言，邁克爾，我們進入這一年時假設促銷環境會增加但保持理性，並且我們建立了一個預期，即我們將能夠繼續投資於未來業務的核心部分。我們現在看到的情況在很大程度上是正確的。由於目前這項業務的競爭性質，我們繼續計劃在 2023 年提高促銷水平。

But as we saw in the first quarter and we anticipate through the rest of the year, we're not looking to -- in a rational level, I guess, I'd say, of promotional, and we expect our promotional levels to be below 2019 levels for the year. And that's in large part due to our CRM capabilities, promotional efficiencies.

但正如我們在第一季所看到的以及我們預計今年剩餘時間裡，我們不希望在合理的水平上進行促銷，我想，我想說的是，我們預計我們的促銷水平將是全年低於2019 年水準。這在很大程度上歸功於我們的 CRM 功能和促銷效率。

As far as specifically about brands, I don't -- we haven't really witnessed any specific trends, brands that are in this competitor in a certain marketplace. It's a broad dynamic going on across the industry. Again, elevated but still below historical highs.

至於具體的品牌，我不知道——我們還沒有真正見證過某個市場上競爭對手的任何特定趨勢和品牌。這是整個行業正在發生的廣泛動態。再次升高，但仍低於歷史高點。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

So Dave, I wanted to follow up on the call to action items. Maybe if you could talk a bit more about how these are helping with just the increased member retention you're seeing. What you can share on the promotional efficiencies of your different and point multiplier events that you have been working on to defend market share? And then secondly, just how do you view the composition of your brand portfolio currently? And I'm asking this in particular, just your legacy brands with some of them getting their own store fronts at a competitor's website.

戴夫，我想跟進號召性用語項目。也許您可以多談談這些如何幫助提高您所看到的會員保留率。您可以分享一下您為捍衛市場佔有率而進行的不同積分乘數活動的促銷效率嗎？其次，您如何看待目前品牌組合的組成？我特別想問的是，只有您的傳統品牌，其中一些品牌在競爭對手的網站上擁有自己的店面。

Well, let's see. On the actions that we're taking to drive our business, I've highlighted them and all of them come in. We came into the year with a number of initiatives that we're continuing to drive. And then we're finding ways to do even more, newness being a big part of that. We're excited about our program. I highlighted many of the activities. We talked about social and marketing efforts, specifically around promotional program.

好吧，走著瞧。關於我們為推動業務而採取的行動，我已經強調了這些行動，並且所有這些行動都納入其中。然後我們正在尋找做更多事情的方法，其中新穎性是其中的重要組成部分。我們對我們的計劃感到很興奮。我強調了許多活動。我們討論了社會和行銷工作，特別是圍繞促銷計劃。

And a few things I'd highlight is we're continuing to amplify and elevate our key tent pole events like our semiannual beauty event we held in Q1, our spring haul event. We've got an event coming up in the summer of this year and more throughout the rest of the year and certainly going into holiday. That is an effort that every year, we continue to find ways to improve, elevate the connection and the relationship that we build with, I guess, through the power of these tent pole events.

我要強調的幾件事是，我們正在繼續擴大和提升我們的關鍵支柱活動，例如我們在第一季舉辦的半年度選美活動，也就是我們的春季活動。我們將在今年夏天舉辦一項活動，並在今年剩餘的時間裡舉辦更多活動，當然還有假期。我想，透過這些帳篷桿活動的力量，我們每年都會不斷尋找方法來改進、提升我們建立的連結和關係。

We complement that through a steady effort in promotional connection that's more targeted through the power of our loyalty program and the strength and the personalization efforts. And we see that right now. We're in the midst of a program if you've seen in the market, what we call member love. It's a 3-week program each week, highlighting a different category. This week, focused on skin care.

我們透過穩定的促銷聯繫來補充這一點，透過我們的忠誠度計劃的力量以及實力和個性化努力更有針對性。我們現在就看到了這一點。如果您在市場上看到過，我們正在進行一項計劃，我們稱之為會員之愛。這是一個每週為期三週的項目，突出不同的類別。本週重點關注皮膚護理。

And what we see with that is a really differentiated way to connect with our guests to again add more value to our guests in a way that only Ulta Beauty can, to leverage our personalization and differentiation capabilities, the strength of our loyalty program, and we're pleased with the results. So we'll continue to amplify the big efforts that we have throughout the year and complement that with targeted, efficient promotions that we have a lot of data to continue to optimize.

我們看到的是一種真正與眾不同的方式來與我們的客人建立聯繫，以只有Ulta Beauty 才能做到的方式再次為我們的客人增加更多價值，利用我們的個性化和差異化能力、我們忠誠度計劃的優勢以及我們對結果很滿意。因此，我們將繼續增加全年的力度，並透過有針對性的、高效的促銷活動來補充這一點，我們有大量數據可以繼續優化這些促銷活動。

As far as our brand portfolio, I'm really proud and pleased with the portfolio that we have. We've got the very best of beauty. We've got brands across all major categories, all price points from the biggest, most established, longest-term brands in this category that continue to provide great performance and outlook for us, brands like MAC and Clinique and Lancome, the Estee Lauder brand, newer brands like Cosmic from Kylie and WYN from Serena. We've got the portfolio of emerging -- large emerging brands, large brands and strength in all key segments of the category.

就我們的品牌組合而言，我對我們擁有的產品組合感到非常自豪和滿意。我們擁有最好的美麗。我們擁有涵蓋所有主要類別、所有價位的品牌，這些品牌來自該類別中最大、最成熟、歷史最悠久的品牌，這些品牌繼續為我們提供出色的業績和前景，例如MAC、倩碧、蘭蔻、雅詩蘭黛品牌等品牌、較新的品牌，例如 Kylie 的 Cosmic 和 Serena 的 WYN。我們擁有新興品牌組合——大型新興品牌、大品牌以及該類別所有關鍵細分市場的實力。

So I highlighted that the competitive environment continues to evolve and brands will adapt to that and take advantage of growth prospects where they see them. But to reiterate something I mentioned in a previous question, our brand relationships are incredibly strong. It's something that we value immensely and work hard to continue to develop. And so our brands see us as a place for growth they're experiencing. So many of them are experiencing that growth right now. And that's one of the many reasons that I am very confident in the future of Ulta Beauty, and we're very clear on our -- what's ahead of us throughout 2024 and ready to continue to lead the category for the long term. With that, let me wrap up today with just a couple of quick remarks. Our teams are working hard to deliver against our short-term objectives while also taking necessary steps to position Ulta Beauty for longer-term profitable growth. And I want to thank our more than 50,000 Ulta Beauty associates across the country for all that they are doing.

因此，我強調，競爭環境不斷發展，品牌將適應這種環境，並利用他們所看到的成長前景。但重申我在上一個問題中提到的事情，我們的品牌關係非常牢固。這是我們非常重視並努力繼續發展的東西。因此，我們的品牌將我們視為他們正在經歷的成長之地。他們中的許多人現在正在經歷這種增長。這是我對 Ulta Beauty 的未來充滿信心的眾多原因之一，我們非常清楚 2024 年我們的前景，並準備繼續長期領導這個類別。就這樣，讓我用幾句話來結束今天的討論。我們的團隊正在努力實現我們的短期目標，同時採取必要措施，使 Ulta Beauty 實現長期獲利成長。我要感謝全國 50,000 多名 Ulta Beauty 員工所做的一切。

Again, I appreciate your interest in Ulta Beauty, and we look forward to speaking to you all again when we report our results for the second quarter on August 29. I hope you all have a great evening. Thanks again for joining.

再次感謝您對 Ulta Beauty 的關注，我們期待在 8 月 29 日報告第二季度業績時再次與您交談。再次感謝您的加入。

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

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。