Ulta Beauty Inc (ULTA) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to autos beauty, the ultimate result, RNA Memphis. And with that, you would please limit yourself to one question and then reenter the queue for any additional questions. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

下午好，歡迎來到汽車美容，最終結果，RNA 孟菲斯。因此，您可以將自己限制在一個問題上，然後重新進入隊列以回答任何其他問題。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce by far with the goals for fiscal 2020 board.

現在我很高興向大家介紹董事會 2020 財年的目標。

Bolstering our call today are Dave Kimbell, Chief Executive Officer, and Paul Vivo, Chief Financial Officer cases. Steelman President and Chief Operating Officer, will join us for the Q&A session.

執行長 Dave Kimbell 和財務長 Paul Vivo 的案例為我們今天的觀點提供了支持。 Steelman 總裁兼營運長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 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 there shipments due to a number of risks and uncertainties, all of which are described in the Company's filings with the SEC. We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, August 29th, 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. We'll begin this afternoon with prepared remarks from Dave and Paula.

在開始之前，我想提醒您注意公司的安全港語言。本次電話會議中包含的非歷史事實的陳述可能被視為構成1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。存在重大差異。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 8 月 29 日。今天下午我們將從戴夫和保拉準備好的演講開始。

Following our prepared comments, we'll open up the call for questions. To allow us to accommodate as many questions as possible during the our scheduled for this call, we respectfully ask that you limit your time to one question. If you have an additional questions, please re-queue. As always, the IR team will be available for any follow-up questions after the call.

在我們準備好的評論之後，我們將開始提問。為了讓我們能夠在預定的本次電話會議中回答盡可能多的問題，我們懇請您將時間限制在一個問題上。如果您還有其他問題，請重新排隊。與往常一樣，投資者關係團隊將在電話會議後回答任何後續問題。

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

現在我想把電話轉給戴夫。戴夫？

Thank you, Charlie, and good afternoon, everyone. We appreciate your interest in Ulta Beauty.

謝謝你，查理，大家下午好。我們感謝您對 Ulta Beauty 的興趣。

For the quarter, net sales increased 0.9% to 2.6 billion and comparable sales decreased 1.2%. Operating profit was 12.9% of sales and diluted EPS was $5.30 per share. Although we anticipated the headwinds we experienced during the first quarter, we continue our results were short of our expectations, driven by a decrease in comp store sales, specifically comp store transactions. E-commerce sales increased as expected. We do not believe these results reflect the strong engagement with our brand, the strength of our operating model for the performance by know we can deliver over the longer term.

本季淨銷售額成長 0.9%，達到 26 億美元，可比銷售額下降 1.2%。營業利潤佔銷售額的 12.9%，稀釋後每股收益為 5.30 美元。儘管我們預計第一季會遇到不利因素，但由於贈品店銷售（特別是贈品店交易）下降，我們的業績仍然低於我們的預期。電商銷售額成長符合預期。我們認為這些結果並不能反映我們對品牌的強烈參與，也不能反映我們營運模式的實力，因為我們知道我們可以長期交付。

Importantly, we are clear about the factors that adversely impacted our store transaction growth in the second quarter, and we have actions underway to address the trends. We attribute the decline in comp store transactions to four factors. First, while the beauty category remains resilient, growth is normalizing after three years of unprecedented gains. Additionally, consumer behavior is starting to shift as consumers increasingly focus on value and become more cautious with their spending. Based on data from Cercon on U.S. beauty growth slowed to us proximately 3% through the first half of 2024, with Prestige beauty experience in high single digit growth and mass beauty maintaining low single digit growth.

重要的是，我們清楚對第二季度商店交易成長產生不利影響的因素，並且我們正在採取行動來應對這些趨勢。我們將比較商店交易量的下降歸因於四個因素。首先，雖然美容品類仍保持彈性，但在經歷了三年前所未有的成長後，成長正在正常化。此外，隨著消費者越來越注重價值並對消費變得更加謹慎，消費者行為開始改變。根據 Cercon 的數據，到 2024 年上半年，美國美容成長放緩約 3%，其中 Prestige 美容體驗實現高個位數成長，而大眾美容則保持低個位數成長。

Second, competitive intensity in the beauty category remains high. As we have shared previously, the strength of the beauty category, combined with an attractive margin profile, has drawn substantial and diverse competition to the category. 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 three years. As a result, our market share continues to be challenged, particularly within prestige beauty based on certain kind of data for the 13 weeks ended August third, 2024, we maintained our share in mass beauty, but lost share in the Beauty prestige beauty, particularly driven by makeup and hair categories.

其次，美容品類競爭激烈。正如我們先前所分享的，美容品類的實力加上有吸引力的利潤率，為該品類帶來了激烈而多樣化的競爭。如今，購買美容產品的場所明顯增多，尤其是高端美容產品，過去三年新開設了 1,000 多個經銷點。因此，我們的市場份額繼續受到挑戰，特別是在高端美容領域，根據截至2024 年8 月3 日的13 週的某些數據，我們保持了大眾美容市場的份額，但失去了美容高端美容市場的份額，特別是由化妝品和髮型類別驅動。

We know beauty enthusiasts love to shop for beauty and they loved Ulta Beauty and the unique experiences we offer, but they also love engage in a new beauty offerings. As a result, we often see a short-term impact of new distribution points on an existing nearby store, whether it's a competitor opening or a new Ulta Beauty store. What is unique about the current environment is the scale and pace of change. More than 80% of our stores have been impacted by one or more competitive opening in recent years with more than half impacted by multiple competitive openings. This significant portion of our store fleet is experiencing a prolonged sales impact.

我們知道美容愛好者喜歡購買美容產品，他們喜歡 Ulta Beauty 和我們提供的獨特體驗，但他們也喜歡參與新的美容產品。因此，我們經常看到新的分銷點對附近現有商店產生短期影響，無論是競爭對手新開的商店還是新開的 Ulta Beauty 商店。當前環境的獨特之處在於變化的規模和速度。近年來，我們超過 80% 的門市受到一項或多項競爭性開業的影響，其中一半以上受到多項競爭性開業的影響。我們商店的這一重要部分正在經歷長期的銷售影響。

Notably, the positive signals we see in our broader business reinforce the appeal of our differentiated model and our confidence that we will mitigate these near term competitive pressures. Our brand awareness and brand love, continue to increase with strong gains across multiple demographics, demonstrating the broad appeal of our unique, All Things Beauty, All in one Place offering. We continue to attract new and lapsed members to our loyalty program while maintaining strong retention of our existing members.

值得注意的是，我們在更廣泛的業務中看到的正向訊號增強了我們差異化模式的吸引力，也增強了我們對減輕這些近期競爭壓力的信心。我們的品牌知名度和品牌喜愛度不斷提高，在多個人群中都取得了強勁的增長，展示了我們獨特的「萬物美麗，多合一」產品的廣泛吸引力。我們繼續吸引新會員和舊會員加入我們的忠誠度計劃，同時保持現有會員的強勁保留。

At the end of the second quarter, we had 43.9 million active Ulta Beauty Rewards members, 5% more than last year. Importantly, we continue to experience healthy growth in our platinum and diamond methods. Newness continues to resonate with guests and drive growth. Newer brands, including sold Asia, narrow StarLux ovarian only Hendrickson are driving sales, new member acquisition and member reengagement, while newness from a variety of existing brands including clinic way and pizza and Lilly are driving healthy comp growth.

截至第二季末，我們擁有 4,390 萬活躍 Ulta Beauty Rewards 會員，比去年增加 5%。重要的是，我們的鉑金和鑽石方法繼續健康成長。新穎性不斷引起客人的共鳴並推動成長。較新的品牌，包括已售出的Asia、狹窄的StarLux 卵巢專用Hendrickson 正在推動銷售、新會員獲取和會員重新參與，而包括Clinic Way、Pizza 和Lilly 在內的各種現有品牌的新品牌正在推動健康的競爭成長。

Guests continue to engage with our unique in-store services offering, which delivered mid single digit growth in the quarter, and new stores continue to continue to perform well. During the quarter, we opened 17 stores, including our 1,400 store and their performance was in line with our expectations. Now we've disrupted the beauty category for more than 30 years, and we understand how to successfully manage competitive forces to reinforce our competitive position and drive stronger performance. We are aggressively taking actions across five areas, strengthening our assortment, expanding our social relevance, enhancing our digital will experience, leveraging our powerful loyalty program and evolving our promotional levers. I will discuss each of these areas in detail shortly.

客人繼續參與我們獨特的店內服務產品，該服務在本季度實現了中個位數的成長，並且新商店繼續表現良好。本季度，我們開設了 17 家門市，其中包括 1,400 家門市，其業績符合我們的預期。現在，我們已經顛覆美容產業 30 多年，我們了解如何成功管理競爭力量，以鞏固我們的競爭地位並推動更強勁的業績。我們正在五個領域積極採取行動，加強我們的產品種類，擴大我們的社會相關性，增強我們的數位意願體驗，利用我們強大的忠誠度計劃並發展我們的促銷槓桿。我將很快詳細討論每個領域。

Now in addition to these external factors, we experienced unanticipated operational disruption during the quarter resulting from the completion of our ERP transformation. In March, we began updating key store systems through a thoughtful and controlled implementation plan. And in July, we finished the month migration of all of our stores to our new ERP platform.

現在，除了這些外部因素之外，我們在本季度還經歷了由於 ERP 轉型完成而導致的意外營運中斷。 3月份，我們開始透過深思熟慮和受控的實施計劃更新關鍵商店系統。 7 月，我們完成了所有商店到新 ERP 平台的每月遷移。

We are pleased to have successfully completed this important phase, but we have experienced some unexpected operational challenges as our teams have adjusted to new capabilities, new processes and new ways of working associated with the new systems. Specifically through the transition, our teams were managing portions of our fleet on both the old and new systems, which led to some store inventory allocation disruption with all of our stores and DCs.

我們很高興成功完成了這個重要階段，但隨著我們的團隊適應新功能、新流程以及與新系統相關的新工作方式，我們遇到了一些意想不到的營運挑戰。具體來說，在過渡過程中，我們的團隊在新舊系統上管理部分車隊，這導致我們所有商店和配送中心的一些商店庫存分配中斷。

Now operating on the same core systems. We are shifting from implementation to system optimization and are working quickly to help our teams navigate these new ways of working in order to balance inventories across the network and deliver an optimized guest experience to minimize future disruption. We have identified key legacy processes that are creating friction and implemented proactive monitoring, as well as dedicated support to quickly address issues when they arise.

現在在相同的核心系統上運作。我們正在從實施轉向系統優化，並迅速幫助我們的團隊駕馭這些新的工作方式，以平衡整個網路的庫存並提供優化的賓客體驗，以最大限度地減少未來的干擾。我們已經確定了造成摩擦的關鍵遺留流程，並實施了主動監控，以及在問題出現時快速解決問題的專門支援。

I am confident that our new capabilities will support better more agile decision-making in the future. And I'm grateful for our collective team's hard work and dedication to manage through this critical transformation. Before effect impacting our performance this quarter was the effect of incremental directed at sales lift as the top line trends softened in late June and July.

我相信，我們的新功能將支援未來更好、更敏捷的決策。我感謝我們集體團隊的辛勤工作和奉獻精神，以完成這項關鍵轉型。在影響我們本季業績的之前，是隨著六月下旬和七月營收趨勢疲軟而導致銷售提升的增量效應。

We executed incremental promotions to drive revenue. These offers drove strong sales and traffic across our digital platforms, but did not deliver the expected incrementality in stores. The increased frequency of offers, combined with the introduction of new offer structures put pressure on average selling price without activating incremental purchases and stores. We understand why the incremental promotions did not deliver as expected and will apply these learnings as we manage promotional activity in the second half.

我們執行增量促銷來增加收入。這些優惠推動了我們數位平台的強勁銷售和流量，但並未在商店中實現預期的增量。報價頻率的增加，加上新報價結構的引入，在沒有激活增量購買和商店的情況下，給平均售價帶來了壓力。我們理解為什麼增量促銷沒有達到預期效果，並將在下半年管理促銷活動時應用這些經驗教訓。

Turning now to performance by category. Fragrance delivered double digit growth, driven by strong guest engagement with Mother's Day and exciting newness. Newness from existing brands, including Valentino, ViaCell and Burberry, as well as new brands, noise or Bella and Kylie Jenner, all of which are exclusive to Ulta contributed to the category's growth. Our exciting Mother's Day gift with purchase offers and give sets fueled strong guest engagement and our unique assortment of gift sets for Father's Day and back-to-school also deliver growth for the category.

現在轉向按類別劃分的效能。受母親節賓客的強烈參與和令人興奮的新鮮感的推動，香水實現了兩位數的增長。 Valentino、ViaCell 和 Burberry 等現有品牌的新鮮感，以及 Ulta 獨有的新品牌 Noise 或 Bella 和 Kylie Jenner 的新鮮感都為該類別的增長做出了貢獻。我們令人興奮的母親節禮物以及購買優惠和贈品套裝激發了賓客的強烈參與度，而我們獨特的父親節和返校禮物套裝品種也促進了該類別的增長。

Skin care category delivered mid single digit comp growth this quarter, driven by strong growth in body care sold. De Janeiro continues to excite guest. And this quarter, we introduced an exclusive Finest, which is resonating well reflecting the appeal of dermatologists recommended brands, fan favorite and the Roche, Jose and new brands. Financial and data cream delivered strong growth and relevant mass brands, including bubble and biopharma, continue to engage guests.

受身體護理產品銷售強勁成長的推動，護膚品類別本季實現了中個位數的複合成長。熱內盧繼續讓客人興奮不已。本季度，我們推出了獨家Finest，很好地體現了皮膚科醫生推薦品牌、粉絲喜愛品牌以及羅氏、何塞和新品牌的吸引力。金融和數據霜帶來了強勁的成長，包括泡泡和生物製藥在內的相關大眾品牌繼續吸引客人。

Overall prestige skin care was pressured as engaging newness from future Lilly and only Hendrickson was offset by softness from certain brands impacted by increased distribution for the lapping of strong social media engagement last year, comp sales in the makeup category decreased in mid single digit range, while new brands Charlottesville very polite society and wind beauty, as well as exclusive newness from clinic delivered strong growth. This growth was more than offset by sales decreases from existing brands that had newness that that did not meet expectations or have experienced increased points of distribution in the market in mass make yeah, I love about base and Maloney delivered strong growth, but this growth was mitigated by plan to softness in Ulta Beauty Collection as we prepared for the brand relaunch comp sales for the hair care category decreased in the high single digit range, driven primarily by planned promotional shift.

整體高端護膚品受到壓力，因為未來禮來（Lilly）和亨瑞森（Hendrickson）的新產品受到了某些品牌的疲軟所抵消，這些品牌受到去年強大的社交媒體參與度的影響而增加了分銷，化妝品類別的比較銷售額下降了中等個位數範圍，而新品牌Charlottesville非常有禮貌的社會和風之美，以及來自診所的獨家新奇帶來了強勁的增長。這種成長被現有品牌的銷售下降所抵消，這些品牌的新穎性未達到預期，或者在大規模生產中經歷了市場分銷點的增加是的，我喜歡基礎和馬洛尼帶來了強勁的成長，但這種成長是由於我們為品牌重新推出做準備，Ulta Beauty 系列計劃的疲軟有所緩解，護髮類別的銷售額下降了高個位數，這主要是由於計劃的促銷轉變所致。

As we shared previously, we incorporated prestige hair care offers in our first quarter semi annual beauty sale and eliminated our Gorgeous Hair event, which took place in May of last year. In addition, the impact of exciting newness from way David Odell and strong engagement with reckon was offset by pressure from key brands lapping strong newness last year.

正如我們之前分享的，我們在第一季半年度美容促銷中納入了高端護髮優惠，並取消了去年 5 月舉行的華麗秀發活動。此外，David Odell 帶來的令人興奮的新鮮感以及與 Reckon 的強烈互動所帶來的影響被去年主要品牌對強勁新鮮感的壓力所抵消。

As I mentioned at the outset, we are focused on five key areas to reinforce our competitive position, and we are pleased with the progress we've made in many areas, and I have added and have identified further opportunities to shift our momentum. Starting with our efforts to strengthen our assortment. Third quarter, we continued to enhance our brand portfolio with new engaging brands, including or Bella material and Naked Sundays, while also launching several emerging exclusive brands through our Spark program, including door, a clean French beauty inspired skincare brand Magic Malik. You'll have skin care healing brand and noise of premium gender neutral fragrance.

正如我在一開始提到的，我們專注於五個關鍵領域，以加強我們的競爭地位，我們對我們在許多領域取得的進展感到滿意，我已經添加並確定了進一步改變我們勢頭的機會。首先我們努力加強我們的品種。第三季度，我們繼續透過新的有吸引力的品牌來增強我們的品牌組合，包括Bella Material 和Naked Sundays，同時也透過我們的Spark 計畫推出了幾個新興的獨家品牌，包括Door，一個乾淨的法國美容靈感護膚品牌Magic Malik。您將擁有護膚治癒品牌和優質中性香水的噪音。

We also expanded the key growth driving brands like Solvay's, narrow Mac and kills into additional stores. Looking ahead, we have an exciting pipeline of brand launches planned for the balance of the year, including the recently announced earlier duty, a clean skin centric prestige makeup brand and did this beauty a multipurpose easy to use makeup brand. In addition to enhancing our assortment with compelling newness, we are focused on building greater awareness and engagement with key exclusive brands, including pizza and Lilly polite society when beauty and Loewe well also collaborating closely with strategic legacy brands to drive stronger growth and profitability.

我們也擴大了索爾維等關鍵成長驅動品牌，將 Mac 和 Kills 縮小到更多商店。展望未來，我們計劃在今年剩餘的時間裡推出一系列令人興奮的品牌，包括最近宣布的早期職責，一個以清潔皮膚為中心的聲望化妝品牌，並使這個美麗成為一個多用途的易於使用的化妝品牌。除了以引人注目的新穎性來增強我們的品種外，我們還致力於提高與主要獨家品牌的知名度和參與度，包括披薩和禮來禮貌社會，而美容和羅意威也與戰略傳統品牌密切合作，以推動更強勁的成長和獲利能力。

I'm excited to share that we have relaunched Ulta Beauty Collection to inspire beauty discovery, celebrate self-expression and create a deeper emotional connection with guest. We simplified and good for you formalize. The new collection includes recess, refreshed fan favorites as well as new innovations that reflect modern trends across skin care, their body care, bath, sun care and cosmetics certified with clean ingredients and cruelty-free products across the entire assortment to reimagine cannot collection is positioned at a mask each price point and is designed to make the newly discovered.

我很高興與大家分享，我們重新推出了 Ulta Beauty 系列，以激發對美麗的探索，慶祝自我表達，並與客人建立更深的情感聯繫。我們簡化並有利於您形式化。新系列包括休憩、煥然一新的粉絲最愛以及反映現代趨勢的創新產品，涵蓋護膚、身體護理、沐浴、防曬和化妝品，整個產品系列均經過清潔成分和零殘忍產品認證，以重新想像不能係列是定位於每個價位的面膜，旨在製造新發現。

We did beauty discovery, purposeful and accessible for beauty enthusiast of all because while the new assortment has only been available for a few weeks and still ramping up as we roll out additional SKUs, we are pleased with our early results, social relevance, Power's customer connection and loyalty to accelerate ourselves relevance and enhance our brand awareness.

我們進行了美容發現，對所有美容愛好者來說都是有目的且易於使用的，因為雖然新品種只上市了幾週，並且隨著我們推出更多SKU，仍在不斷增加，但我們對我們的早期結果、社會相關性、Power 的客戶感到滿意聯繫和忠誠度，以加速我們的相關性並提高我們的品牌知名度。

We have scaled our creator and influencer networks, and we are expanding our culture forward activations to ensure we are at the heart of the social and cultural conversation for beauty. As a result, this quarter, we delivered meaningful growth and earned media value and social sentiment and drove more than 250 million social impressions. During order, we doubled the size of our influencer network to include a double of a diverse range of influencers across key audience segments to reflect our inclusive audience targeting strike energy.

我們已經擴大了我們的創作者和影響者網絡，並且正在擴大我們的文化積極活動，以確保我們處於關於美麗的社會和文化對話的核心。因此，本季我們實現了有意義的成長，贏得了媒體價值和社會情緒，並帶來了超過 2.5 億次社交印象。在訂購期間，我們將影響者網路的規模擴大了一倍，以涵蓋關鍵受眾群體中不同範圍的影響者的兩倍，以反映我們針對罷工能量的包容性受眾。

We also launched Ulta Beauty's, our new associate and bachelor program to harness the superpowers of our team and highlight the expertise and passion of our talented associates as a group. These talented creators develop compelling content in support of our big summer beauty sale back to school and the joint project, which increased our EMV by more than 10% this quarter.

我們還推出了新的員工和學士專案 Ulta Beauty，以利用我們團隊的超能力，並突出我們才華橫溢的員工作為一個團隊的專業知識和熱情。這些才華橫溢的創作者開發了引人注目的內容，以支持我們返校夏季美容大促銷和聯合項目，該項目使我們本季度的 EMV 提高了 10% 以上。

Additionally, we launched a new affiliate program. Uv creates to drive traffic and conversion. Last year, we launched the joint project, a multiyear initiative to make beauty and the world and more joyful place in celebration of the National Day agility. We kicked off the second chapter of our joint project with the launch of a social movement to Spark positivity and the beauty space, partnering with brands, celebrities and creators as well as our own UB collective and UB duties. Our viral complement change, we could reach more than 260 million people and generated meaningful growth in GMV to continue to expand our social relevance.

此外，我們也推出了一項新的聯盟計劃。 Uv 旨在推動流量和轉換。去年，我們啟動了聯合項目，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，慶祝國慶敏捷。我們與品牌、名人和創作者以及我們自己的 UB 集體和 UB 職責合作，發起了一場激發積極性和美容空間的社會運動，拉開了我們聯合項目的第二章。我們的病毒補充改變，我們可以覆蓋超過 2.6 億人，並在 GMV 上產生有意義的成長，以繼續擴大我們的社會相關性。

We plan to deploy amplification and content strategies in the second half, leading into trend and cultural moments. Leveraging our expanded creator network and IT enhancing brand partner activations, leveraging new capabilities, we are enhancing our digital experiences to drive traffic and sales. During the quarter, we enhanced search and filtering functionality and make it easier for guests to find what they want quickly. And we streamlined the path to purchase with a new quick add the bank feature, making it more convenient for guests to add products to their card and to facilitate greater basket building.

我們計劃在下半年部署放大和內容策略，引領潮流和文化時刻。利用我們擴大的創作者網路和 IT 增強品牌合作夥伴的激活，利用新功能，我們正在增強我們的數位體驗，以推動流量和銷售。本季度，我們增強了搜尋和過濾功能，讓客人更輕鬆地快速找到他們想要的東西。我們透過新的快速添加銀行功能簡化了購買路徑，使客人可以更方便地將產品添加到他們的卡中，並促進更大的購物籃建設。

We introduced new personalized product recommendations and additional upsell placements along because purchasing journey. Importantly, we continued to drive increased app adoption through associate engagement, targeted communications and app only offers in the second quarter, member engagement with our app increased 16% and now our app accounts for about two thirds of our e-commerce sales six, while the app as a vital tool to drive e-commerce sales, the majority of our spend from app users actually occurs in store making you have another key engagement tool to drive sales per member.

我們在購買過程中引入了新的個人化產品推薦和額外的追加銷售展示位置。重要的是，我們在第二季度繼續透過員工參與度、有針對性的溝通和僅應用程式優惠來推動應用程式採用率的提高，會員對我們應用程式的參與度增加了16%，現在我們的應用程式約占我們電子商務銷售額的三分之二六，而該應用程式作為推動電子商務銷售的重要工具，我們來自應用程式用戶的大部分支出實際上發生在商店中，這使您擁有另一個關鍵的參與工具來推動每個會員的銷售。

As we look forward, we will continue to create and apply new digital features and functionality to give our guests new and more convenient ways to discover transit, Jack and engage with Ulta Beauty with more than 44 million active members. Our loyalty program is a strategic asset that provides us with unique insights across categories, price points and channels and enables us to drive traffic and spend per member to drive deeper connection and greater awareness.

展望未來，我們將繼續創建和應用新的數位功能和功能，為我們的客人提供新的、更便捷的方式來發現交通、Jack 並與擁有超過 4400 萬活躍會員的 Ulta Beauty 互動。我們的忠誠度計劃是一項策略性資產，它為我們提供了跨類別、價格點和管道的獨特見解，使我們能夠增加每位會員的流量和支出，從而推動更深層次的聯繫和更高的認可知度。

We are amplifying the value of our rewards program through member only events, social engagement and marketing activations. In May, we launched member love and member on the event of enticing category. Focus points offers, which deliver healthy member engagement has higher spend per member. And in July, we launched our first member tiered offer to drive traffic, new member acquisition and member reactivations.

我們正在透過會員專屬活動、社交參與和行銷活動來擴大獎勵計劃的價值。 5月份，我們推出了會員愛心和會員誘惑類活動。焦點優惠可以提供健康的會員參與度，從而提高每位會員的支出。 7 月，我們推出了首個會員分級優惠，以增加流量、吸引新會員和重新啟動會員。

In addition to targeted events in communications, we have integrated our rewards program into our digital experience, MAGs and tentpole events to drive engagement and reinforce the value of the program. Looking ahead, we are focused on attracting customer segments to drive new member growth, driving differentiated engagement earlier in the life cycle to enhance retention and leveraging our extensive member data to accelerate traffic.

除了有針對性的傳播活動外，我們還將獎勵計劃融入我們的數位體驗、MAG 和主力活動中，以提高參與度並強化該計劃的價值。展望未來，我們的重點是吸引客戶群以推動新會員成長，在生命週期的早期推動差異化參與以提高保留率，並利用我們廣泛的會員數據來加速流量。

Finally, we continue to evolve our promotional strategies to drive traffic and sales, supported by a robust media strategy, in-store amplification and engaging social content. We enhanced our big summer beauty sale event with compelling offers across categories and price points, in addition to driving strong sales in the event delivered growth in new members and member reactivation, as well as increased penetration of existing members and always a fan favored.

最後，我們在強大的媒體策略、店內宣傳和引人入勝的社交內容的支持下，繼續發展我們的促銷策略，以推動流量和銷售。我們透過跨類別和價格點的引人注目的優惠來增強我們的大型夏季美容促銷活動，除了推動活動中的強勁銷售之外，還帶來了新會員和會員重新激活的增長，以及現有會員和始終受到粉絲青睞的滲透率的提高。

We're excited to kick off 21 Days of Beauty with a new look, new beauty sales and unique events for our best members has a competitive and promotional environment evolves. We will apply the learnings I mentioned earlier and leverage our member insights to execute productive, targeted offers while eliminating less effective promotions and applying new capabilities to create engaging events for our guests.

我們很高興能夠以新的面貌、新的美容銷售和為我們最好的會員舉辦的獨特活動拉開 21 天美容的序幕，競爭和促銷環境不斷發展。我們將應用我之前提到的經驗教訓，並利用我們的會員見解來執行富有成效的、有針對性的優惠，同時消除效率較低的促銷活動，並應用新功能為我們的客人創造有吸引力的活動。

In closing, Ulta Beauty remains a key beauty destination with strong consumer awareness and brand above. Our exceptional teams are committed to offering guests unique, inclusive beauty experiences across all of our touch points. We are confident we have identified the factors that impacted our performance in the second quarter and are focused on the right actions to deliver stronger performance.

最後，Ulta Beauty 仍然是一個重要的美容目的地，擁有強大的消費者意識和品牌。我們優秀的團隊致力於在所有接觸點為客人提供獨特、包容的美容體驗。我們相信，我們已經確定了影響第二季業績的因素，並專注於採取正確的行動以實現更強勁的業績。

As we turn to the second half of the year, our teams are focused on driving stronger sales and traffic, executing with excellence for our guest, exercising financial discipline as we adapt to a more challenging operating environment and protecting and cultivating our unique culture driven by our talented and passionate associates, well, it will take time to shift the top line trend. I remain extremely confident in our model and in our ability to execute and win in an increasingly competitive category.

進入下半年，我們的團隊專注於推動更強勁的銷售和客流量，為我們的客人提供卓越的服務，在適應更具挑戰性的運營環境時遵守財務紀律，並保護和培養我們獨特的文化我們才華洋溢、充滿熱情的員工，嗯，改變營收趨勢需要時間。我對我們的模式以及我們在競爭日益激烈的領域中執行和獲勝的能力仍然非常有信心。

And now I will turn the call over to Paula for a discussion of the financial results and outlook. Follow-up.

現在我將把電話轉給寶拉，討論財務表現和前景。後續行動。

Thanks, Dave, and good afternoon, everyone. I'll begin with a discussion of our second quarter financial results and then provide more color on our updated outlook.

謝謝戴夫，大家下午好。我將首先討論我們第二季度的財務業績，然後對我們最新的前景提供更多資訊。

We faced greater than expected challenges in the second quarter, resulting in overall financial performance that were below our expectation. Sales. Wealth from comp stores were softer than expected in growth mode margin was pressured by incremental promotional offers, however, action exercise, financial discipline, and we took swift actions to mitigate impacts of the top line trend.

第二季我們面臨超越預期的挑戰，導致整體財務表現低於我們的預期。銷售量。在成長模式下，來自比較店的財富低於預期，利潤率受到增量促銷優惠的壓力，但是，行動演習、財務紀律，我們迅速採取行動，減輕營收趨勢的影響。

Net sales for the quarter increased 0.9%, solid historic performance from 49 net new store, and that's fine. 12% increase in other revenue, primarily due to an increase in credit card income and growth in royalty income from our target partnership, with partially offset by a 1.2% decline in comparable sales. During the quarter, we opened 17 new stores, closed one store now nine stores relocated one store. That comp sales decline was driven by a 1.8% decline in transactions, which was partially offset by a 0.6% increase in average ticket. The increase in average ticket reflects growth in average selling price per acre, offset by lower average units per transaction.

該季度的淨銷售額增長了 0.9%，49 家淨新店的歷史業績表現強勁，這很好。其他收入增長 12%，主要是由於信用卡收入的增長以及我們目標合作夥伴的特許權使用費收入的增長，但可比銷售額下降 1.2% 部分抵消了這一增長。本季我們新開了 17 家店，關閉了 1 家店，現在有 9 家店搬遷了 1 家店。同期銷售下降的原因是交易量下降 1.8%，但平均票價成長 0.6% 部分抵消了這一下降。平均門票的增加反映了每英畝平均售價的增長，但被每筆交易的平均單位數下降所抵消。

Looking at the cadence of sales, net sales trends decelerate as we move to the quarter with July being our most challenging period, comp store sales declined in the low single digit rate, primarily driven by a decrease in store transaction. Average ticket also decrease. Our digital channel performance was strong, with e-commerce sales increase in the low single digit range across digital channels to sales finds itself operated as we move through the quarter were incremental promotional activity driving stronger guest engagement, particularly in July final quarter.

從銷售節奏來看，隨著進入本季度，淨銷售趨勢放緩，其中7 月是我們最具挑戰性的時期，比較商店銷售額以較低的個位數下降，主要是由於商店交易量的減少。平均票價也有所下降。我們的數位管道表現強勁，隨著整個季度的增量促銷活動推動了更強的客戶參與度，特別是在7 月的最後一個季度，整個數位管道的電子商務銷售額以較低的個位數成長，銷售發現自己正在營運。

Gross margins increased 100 basis points to 88.3% compared to 39.3% last year. The decline was primarily due to lower merchandise margin and deleverage of store fixed costs, which were partially offset by growth in other revenues and lower shrink. Merchandise margin declined primarily due to increased promotional activity, adverse impact from plan mix and the continued lack of benefits from price increases last year, while the impact of promotional activity with higher than average levels.

毛利率較去年的 39.3% 成長 100 個基點，達到 88.3%。下降的主要原因是商品利潤率下降和商店固定成本去槓桿化，但其他收入的成長和損耗減少部分抵消了這種影響。商品利潤率下降的主要原因是促銷活動增加、計劃組合的不利影響以及去年價格上漲的好處持續缺乏，而促銷活動的影響高於平均水平。

Store fixed top also deleveraged driven by lower top line growth in more net new store openings as a percentage of sales out of inventory shrink was lower in the quarter, we completed the rollout of a new fragrance extends to all stores and introduced an additional fixed debt to protect our assortment of popular smaller role of all fragrances. These investments are having a meaningful impact on frequent staff, and we expect additional fixtures will support a continuation of the trend.

由於本季庫存萎縮的銷售百分比較低，商店固定頂蓋也因更多淨新開店的收入增長下降而去槓桿化，我們完成了新香水的推出，擴展到所有商店，並引入了額外的固定債務保護我們各種受歡迎的所有香水中較小的作用。這些投資對頻繁工作的員工產生了有意義的影響，我們預計更多的固定裝置將支持這一趨勢的延續。

In addition, we continue to increase our ORC. focus and have deployed new tools, capabilities and training to our store in sales, loss prevention and treatment. Year to date, shrink as a percentage of sales is flat with last year and we continue to expect three will be roughly flat for the full year. Here.

此外，我們也持續增加我們的ORC。專注於我們的商店，並在銷售、損失預防和處理方面部署了新的工具、功能和培訓。今年迄今為止，銷售額佔銷售額的百分比與去年持平，我們仍然預計全年銷售額的百分比將大致持平。這裡。

Moving to expenses. Sg&a increased 7.3% to 645 million. Although SG&A spend was better than plan again this quarter, primarily due to focused expense management. As a percentage of sales, SG&A increased 160 basis points to 25.3% compared to 23.7% last year, reflecting lower top line growth. Most expensive deleverage this quarter.

轉向開支。 SG&A 成長 7.3%，達到 6.45 億美元。儘管本季的 SG&A 支出再次優於計劃，這主要是由於集中的費用管理。 SG&A 佔銷售額的百分比從去年的 23.7% 上升了 160 個基點，達到 25.3%，反映出營收成長較低。本季最昂貴的去槓桿化。

In addition, we preserved sales driving expenses, including store labor and marketing, and completed key elements of our transformational agenda at this quarter. These pressures were partially offset by lower incentive compensation, reflecting operational performance that was below our internal targets. Operating margin was 12.9% of sales compared to 15. Endo GAAP earnings per share was $5.30 compared to $6.2 last year.

此外，我們保留了銷售驅動費用，包括商店勞動力和行銷費用，並在本季度完成了轉型議程的關鍵要素。這些壓力被較低的激勵薪酬部分抵消，反映出營運績效低於我們的內部目標。營業利潤率為銷售額的 12.9%，而去年為 15。

Moving to the balance sheet and capital allocation priorities. We ended the quarter with $414 million pretax and cash equivalents. Total inventory increased 10.1% to 2 billion as compared to 1.8 billion last year. In addition to the impact of 49 net new of the increase was primarily due to inventory to support new brands in the opening of our new market fulfillment center in Korea, South Carolina, which opened in the third quarter last year. Year-to-date through the second quarter, we generated $359 million in operating cash flow.

轉向資產負債表和資本配置優先事項。本季結束時，我們的稅前及現金等價物為 4.14 億美元。總庫存較去年的 18 億件成長 10.1%，達到 20 億件。除了 49 個淨新增的影響外，成長的主要原因是我們去年第三季在南卡羅來納州韓國開設新市場履行中心，以支持新品牌的庫存。今年迄今到第二季度，我們產生了 3.59 億美元的營運現金流。

Capital expenditures were 95 million for the quarter, primarily reflecting investments in new and existing stores, IT investments and merchandise fixtures. Depreciation was 65 million compared to $62 million last year, primarily due to higher depreciation related to new store in IT investments. In the second quarter, we returned 212 million of capital to shareholders through the repurchase of 550,000 shares. At the end the quarter we had 1.6 billion remaining under our current $2 billion repurchase authorization.

本季資本支出為 9,500 萬美元，主要反映對新店和現有商店的投資、IT 投資和商品固定裝置。折舊額為 6,500 萬美元，而去年為 6,200 萬美元，主要是由於與新店 IT 投資相關的折舊額較高。第二季度，我們透過回購55萬股股票，向股東返還資本2.12億。截至本季末，我們目前的 20 億美元回購授權還剩 16 億美元。

Now turning to our outlook, we have taken a more cautious view for the year. We now expect net sales for the year will be between 11 and $11.2 billion, with comp sales in the range of down 2% to flat. In addition to reflecting our first-half performance, our updated outlook for sales, but still it will take more time for our actions to change the top line trajectory and that stores impacted by multiple competitive openings will continue to be pressured more than the rest of the 50.

現在轉向我們的前景，我們對今年採取了更加謹慎的看法。我們現在預計今年的淨銷售額將在 1.1 至 112 億美元之間，而同期銷售額將下降 2% 至持平。除了反映我們上半年的業績外，我們還更新了銷售前景，但我們的行動仍然需要更多時間來改變收入軌跡，而且受多個競爭性開業影響的商店將繼續比其他商店承受更大的壓力。

The operating environment remains dynamic me and the low end of our range implied incremental pressure on consumer spending. For the year, we expect operating margin will be before 12.7% and 13% of net sales. Most of the reduction in our expectation for operating margin compared to our previous view, is due to the lower top line, but we have also included flexibility to respond to evolving promotional environment. For the year, we expect gross margin will deleverage 70 to 90 basis points as lower merchandise margin and deleverage of store fixed costs are partially offset by other revenue growth and lower transportation costs.

經營環境仍然充滿活力，我們範圍的低端意味著消費者支出面臨增量壓力。今年，我們預計營業利潤率將分別佔淨銷售額的 12.7% 和 13%。與我們先前的觀點相比，我們對營業利潤率預期的下降主要是由於收入下降，但我們也考慮到了應對不斷變化的促銷環境的靈活性。今年，我們預計毛利率將去槓桿化 70 至 90 個基點，因為較低的商品利潤率和商店固定成本的去槓桿化被其他收入增長和較低的運輸成本部分抵消。

For the year, we expect SG&A expense will increase in the mid single digit range. We expect many of the trends we experienced in the first half will continue in the second half with SG&A driving most of our operating margin deleverage. Reflecting these assumptions, we now anticipate diluted EPS will be in the range of $22.60 to $23.50 per share. We continue to expect to generate strong operating cash flow for the year, which will support our planned Cap Ex investments of four 400 to $450 million, a share repurchases of 1 billion.

今年，我們預計 SG&A 費用將在中等個位數範圍內成長。我們預計上半年經歷的許多趨勢將在下半年繼續，SG＆A 推動我們大部分營業利潤率去槓桿化。考慮到這些假設，我們現在預計稀釋後每股收益將在 22.60 美元至 23.50 美元之間。我們繼續預計今年將產生強勁的營運現金流，這將支持我們計劃的 40 至 4.5 億美元的資本支出投資，以及 10 億股的股票回購。

In closing, we are focused on improving performance in the second half, and we believe our new unit and go-to market strategy, along with continued operational and financial discipline, will enable us to navigate the dynamic and payer mix in July and improved sales and profit momentum over time.

最後，我們的重點是提高下半年的業績，我們相信我們的新部門和進入市場策略，以及持續的營運和財務紀律，將使我們能夠應對 7 月份的動態和付款人組合，並改善銷售以及隨著時間的推移的利潤動力。

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

現在我將把電話轉給我們的接線生來主持問答部分。操作員。

(Operator Instructions) Steven Forbes, Guggenheim Securities.

（操作員指令）史蒂文·福布斯，古根漢證券。

Good evening. Day part. Dave, I was hoping you expand on the competitive pressures you noted in the prepared remarks. Any way to help us contextualize the size of this headwinds such as year one cannibalization rates and any early insights on the recovery path? Meaning what are the recovery for those stores impacted? Looked like it may you can give us an example of some of the earlier stores that were impacted any timeframe to sort of get back to those prior levels pre cannibalization? Thank you.

晚安.日間部分。戴夫，我希望您能詳細闡述您在準備好的發言中指出的競爭壓力。有什麼方法可以幫助我們了解這種逆風的規模，例如第一年的蠶食率以及對復甦路徑的任何早期見解？這意味著那些受到影響的商店的復甦情況如何？看起來您可以給我們一個例子，說明一些早期受到影響的商店在任何時間範圍內都受到影響，以恢復到蠶食之前的水平？謝謝。

Great. Thanks for the question. Steve and Jeff, let me just start with saying we course are no strangers to competition. We know how to compete effectively. And this is, as I said in the remarks, a very attractive category that continues to increase in the competitive environment as it relates to increased points of pressure, what we've shared before is that we have historically seen a short-term impact on your new distribution points on our existing store when a competitor opens. They're one of our stores.

偉大的。謝謝你的提問。史蒂夫和傑夫，首先讓我說我們對競爭並不陌生。我們知道如何有效競爭。正如我在評論中所說，這是一個非常有吸引力的類別，在競爭環境中不斷增加，因為它與壓力點的增加有關，我們之前分享的是，我們在歷史上看到了對壓力點的短期影響。他們是我們的商店之一。

What's unique about this time in this environment is the scale and the pace of change, which has made it difficult for us to fully a forecast. The cumulative impact, 80% of our stores have been impacted a deal with by one at least one store. And as I said in the remarks, more than half of our stores have been impacted by multiple competitive openings, which to give you the context of what that means is if you take a single Ulta Beauty store, a two or more competitive stores have opened within that stores trade area, which is unusual for us historically and something that we're navigating through what we saw during this quarter is that stores that have had multiple competitive openings, which again could happen.

在這種環境下，這次的獨特之處在於變化的規模和速度，這使我們很難完全預測。累積影響來看，我們 80% 的商店受到了至少一家商店的一筆交易的影響。正如我在評論中所說，我們一半以上的商店都受到了多家競爭性開業的影響，這讓您了解這意味著什麼，如果您選擇一家Ulta Beauty 商店，那麼已經開設了兩家或更多競爭性商店在該商店貿易區域內，這對我們來說是歷史上不尋常的，我們在本季度看到的情況是，商店已經開設了多個競爭性新店，這種情況也可能會發生。

We'll go over those at different times over the three years that we've been navigating has those stores with multiple competitive openings are underperforming those stores with no or limited competitive impact stores that have the segment of stores that have not had a direct end market trade area of competitive impact, deliver positive comps for the quarter, which is another a reason that we feel confident in our model and our business and our guest engagement stores that have just one competitive opening that occurred early in the expansion cycle are performing in line with historical trends.

我們將在過去三年的不同時間回顧那些擁有多個競爭性開業的商店表現不佳那些沒有競爭影響或競爭影響有限的商店，以及那些沒有直接結束的商店部分的商店競爭影響的市場貿易領域，為本季度帶來積極的回報，這是我們對我們的模式和業務以及我們的賓客參與商店充滿信心的另一個原因，這些商店在擴張週期早期只開設了一個有競爭力的開業，但在符合歷史趨勢。

Another data point that gives us confidence as we look forward. But we know we're still in the midst of this stores have opened aggressively over the last couple of years. These competitive pressures will likely continue into the near term. But the positive impact versus back on their business continues to have underlying strength and health. And we're navigating through this short term. We know it'll take time, but we are not sitting still and we're aggressively taken actions across all the things that I highlighted in the prepared remarks.

另一個數據點讓我們對未來充滿信心。但我們知道，我們仍處於過去幾年積極開張的商店之中。這些競爭壓力可能會持續到短期內。但對其業務的正面影響仍具有潛在的優勢和健康。我們正在度過這個短期。我們知道這需要時間，但我們不會坐以待斃，我們正在針對我在準備好的發言中強調的所有事項積極採取行動。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Hi, good afternoon. This is Amy TASKi on for Mark. With the demand that's continuing to be pressured, can talk more about the actions you're taking with NSG. and A. to limit the amount of deleverage you're seeing in the model? Thank you. Sir.

嗨，下午好。我是艾米為馬克做的TASKi。由於需求持續面臨壓力，可以更多地討論您與 NSG 採取的行動。 A. 限制您在模型中看到的去槓桿化程度？謝謝。先生。

Thank you. Thank you, Amy. And as I as I mentioned in our prepared remarks, we did deliver better than planned SG&A due to focused and disciplined cost management as we navigated a top line pressure. And as we think about that second half, we planned SG&A expenses to increase in the mid single digit range for the year, reflecting a more moderated growth in the second half. Will we continue to exercise financial discipline as we navigate these near-term pressure on while still making sure that we're investing to ensure we're well positioned for success over the long term. But we and our concerns are completing and we will continue to, like I said, exercise financial discipline as we as we navigate.

謝謝。謝謝你，艾米。正如我在準備好的發言中提到的那樣，由於我們在應對頂線壓力時進行了重點和嚴格的成本管理，因此我們的銷售管理及行政管理費用確實比計劃的要好。考慮到下半年，我們計劃今年的銷售、管理及行政費用增加在個位數中間，反映出下半年的成長更為溫和。在應對這些近期壓力時，我們是否會繼續遵守財務紀律，同時仍確保我們進行投資，以確保我們為長期成功做好準備。但我們和我們的擔憂正在結束，正如我所說，我們將繼續在我們的航行過程中遵守財務紀律。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good evening. Thank you so much for taking my question. Given the competitive overlap with all these new points of distribution not going to go away anytime soon, how long do you expect that it will take to restore the business to positive comps in since it seems that hitting the promotional lever is not having the intended impact. What is the backup plan? Or what is the alternative is the actions you're taking still work to restore positive comps? Thank you.

晚安.非常感謝您回答我的問題。鑑於與所有這些新分銷點的競爭重疊不會很快消失，您預計需要多長時間才能將業務恢復到積極的競爭狀態，因為似乎觸及促銷槓桿並沒有產生預期的影響。備份計畫是什麼？或者，您正在採取的行動仍然可以恢復積極的競爭，那麼替代方案是什麼？謝謝。

Thanks, Michael. Yes, it is, as we've discussed, a dynamic and competitive environment that we're navigating through of and I gave you some of those dynamics in my prepared marks remarks. We are. And as I said, we remain confident and bullish in there, the long-term outlook for this business because of all the positives that I've highlighted there, and we're executing across a number of efforts to drive our business tiers.

謝謝，麥可。是的，正如我們所討論的，我們正在經歷一個充滿活力和競爭的環境，我在準備好的分數評論中向您提供了一些動態。我們是。正如我所說，我們對這項業務的長期前景仍然充滿信心和樂觀，因為我在其中強調了所有積極因素，並且我們正在執行許多努力來推動我們的業務層。

Here's here's what I know about our business right now. We are seeing many positive signals that are gaining tractions, and we're addressing areas that maybe are not working as well as as we had hoped. Assortment is always key. So when we look at key levers, assortment is critical. Newness is working and resonating with our gas brands like solar division, Arrow, Charlotte, all the Hendrickson are driving sales.

以下是我目前對我們業務的了解。我們看到許多積極的信號正在獲得關注，並且我們正在解決可能沒有像我們希望的那樣發揮作用的領域。品種始終是關鍵。因此，當我們考慮關鍵槓桿時，品種至關重要。新穎性正在與我們的天然氣品牌（如太陽能部門、Arrow、Charlotte）合作並產生共鳴，所有亨德里克森都在推動銷售。

Our new our exclusive brands to our plan, an important role, and we continue to add brands maturity. And in Q2 and tomorrow, we launched earlier in important makeup brand that we're excited to add to our assortment. So continued innovation is a key lever talked about the importance of marketing and social relevance and connecting deepening brand love. We're pleased with the progress all-time high of of brand love and and brand awareness and will continue to drive that because we know that drives connection awareness and then reinforces the role that we play in our guests' lives.

我們新推出的獨家品牌對我們的計劃發揮著重要作用，並且我們不斷增加品牌的成熟度。在第二季和明天，我們早些時候推出了重要的化妝品品牌，我們很高興將其添加到我們的產品組合中。因此，持續創新是行銷和社會相關性的重要性以及連接加深品牌喜愛的關鍵槓桿。我們對品牌喜愛度和品牌知名度達到歷史最高水平感到高興，並將繼續推動這一進步，因為我們知道這會提高聯繫意識，然後加強我們在客人生活中所扮演的角色。

Our digital business is critical. And I shared that our digital sales were on expectation, and we're focused on delivery. And across all of the experiences, you know that we've invested heavily in our digital capabilities over the last couple of years. Earlier this year, we completed our new digital store platform, and that's given us new ways to delight our guests. And that's working and will be focused on driving that loyalty is for to our long-term success. We're pleased with the 5% year over year growth, high level of retention, high level of engagement from our best guests are platinum and diamond guest and a critical part of that business going forward. Services and experiences also drive being positive. Shlomo is important piece of our business, and I'm glad you highlighted it.

我們的數位業務至關重要。我還表示，我們的數位銷售符合預期，我們專注於交付。透過所有的經驗，您知道我們在過去幾年中對數位能力進行了大量投資。今年早些時候，我們完成了新的數位商店平台，這為我們提供了取悅客人的新方式。這正在發揮作用，並將專注於推動忠誠度以實現我們的長期成功。我們對 5% 的同比增長、高水準的保留率以及我們最好的客人（白金和鑽石客人）的高參與度感到滿意，這也是該業務未來發展的關鍵部分。服務和體驗也能推動積極的態度。 Shlomo 是我們業務的重要組成部分，我很高興您強調了這一點。

As I mentioned in the prepared remarks, some of the incremental offers that we added as our performance decelerated in the second half of the quarter did not have the intended effect in particularly in our store channel promos. Generally though our tent pole events, I mentioned our big summer beauty sale. Tomorrow, we launched 21 Days of Beauty.

正如我在準備好的評論中提到的，隨著本季下半年業績放緩，我們添加的一些增量優惠並未達到預期效果，特別是在我們的商店通路促銷中。一般來說，透過我們的帳篷桿活動，我提到了我們的大型夏季美容促銷。明天，我們推出 21 天美麗計劃。

Our big promotional events are working, are attracting new guests are demonstrating the behaviors, and we continue to amplify and elevate, though you'll see that come to market with our next one again starting tomorrow with 21 Days of Beauty. But we'll take our learnings and promotional impact that we had in in the second quarter as we navigate this challenging competitive environment through the second half of the year and continue to focus on the highest return, highest impact promos. So promos are working, but we did have some experiences that.

我們的大型促銷活動正在發揮作用，正在吸引新客人，正在展示這些行為，我們將繼續擴大和提升，不過您會看到，從明天開始，我們的下一場「21 天美麗」活動將再次投放市場。但我們將利用第二季的經驗教訓和促銷影響，在下半年應對充滿挑戰的競爭環境，並繼續專注於回報率最高、影響力最大的促銷活動。所以促銷活動正在發揮作用，但我們確實有一些經驗。

And last thing I'd just say if you just step back, Michael, and just think about our business, we feel very I'm confident that we're well positioned to recover. We've got a differentiated business model. And while some elements have been pressured as our model continues to be connected to our guests and and the experiences we offer unique enduring, nobody does what Ulta Beauty does their best value of the assortment that loyalty the unique services offer our omnichannel offerings.

最後我要說的是，邁克爾，如果你退後一步，想想我們的業務，我們非常有信心，我們已經做好了恢復的準備。我們有差異化的商業模式。雖然隨著我們的模式繼續與客人保持聯繫以及我們提供獨特持久的體驗，一些因素受到了壓力，但沒有人像 Ulta Beauty 那樣，充分發揮我們全通路產品的忠誠度和獨特服務的最大價值。

And I'd say, most importantly, the unique experience we deliver to our guests in our stores and online. We allow our guests to discover beauty on their own terms. And and we continue to deliver that every day in our stores. And I'm very proud of what our teams are doing. So we're sharpening our differentiated model. We're focused on leaning in on what's working addressing that the dynamics that where we have opportunity. And well, as I said, it's going to take a little time to turn back to our custom position of being a share gainer. We are confident we'll get there. Actions are designed to do just that.

我想說，最重要的是，我們在商店和網路上為客人提供獨特的體驗。我們讓客人以自己的方式發現美。我們繼續每天在我們的商店提供這種服務。我對我們團隊所做的事情感到非常自豪。因此，我們正在完善我們的差異化模型。我們專注於依靠有效的方法來解決我們有機會的動態。好吧，正如我所說，需要一些時間才能回到我們作為份額成長者的習慣立場。我們有信心能夠實現這一目標。行動就是為了做到這一點而設計的。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good afternoon and thanks for taking my question. Just going back to unit growth and also target rollout, just given the more difficult environment right now and any thoughts on unit growth and as you look at Target, I believe that continues to roll out. Just curious how that's playing out in the current backdrop.

下午好，感謝您提出我的問題。回到單位成長和目標推出，考慮到現在更困難的環境以及對單位成長的任何想法，當你看看塔吉特時，我相信它會繼續推出。只是好奇在當前背景下情況如何。

Yes. We as far as our own stores were pleased with our new store openings. As I mentioned in my prepared remarks, our new stores, despite some of the other dynamics going on, continue to perform well. And we are where we have opportunities across the country and a variety of different types of market to continue to to fill in to reach new markets or reach new consumers.

是的。就我們自己的商店而言，我們對新店的開業感到滿意。正如我在準備好的演講中提到的，儘管存在其他一些動態，我們的新店仍然表現良好。我們在全國各地和各種不同類型的市場上都有機會繼續填補新市場或新消費者的空缺。

I've shared before in previous calls, the work we're doing with our small format store that's performing well. So we're going to lean in more there. And so we're confident that that again, we will work through these competitive pressures and we want to make sure we retain as many beauty enthusiast in all parts of the country as possible with the with our new source. Then our target partnership is working allocation to give a little bit of color, but we're pleased with our partnership.

我之前在之前的電話會議中分享過我們正在與表現良好的小型商店所做的工作。因此，我們將在這方面投入更多精力。因此，我們再次有信心，我們將克服這些競爭壓力，並希望確保透過我們的新來源在全國各地保留盡可能多的美容愛好者。然後，我們的目標合作夥伴關係是工作分配，以提供一點色彩，但我們對我們的合作夥伴關係感到滿意。

The strategic role that it plays in our in our member engagement program is still very strong and were positive and optimistic about that path. But Ghana, last quarter, we have and for property in your targets are as we have 541 total locations during the quarter and were still on track to hit our 800 stores to our commitment. You know, it's about a deepening my guest engagement by driving growth at the new number and the conversion and reengagement of lapsed members. And we're seeing that.

它在我們的會員參與計劃中發揮的戰略作用仍然非常強大，並且我們對這條道路持積極和樂觀的態度。但加納，上個季度，我們的目標是，我們在本季度總共擁有 541 個門市，並且仍有望實現 800 家商店的承諾。您知道，這是透過推動新人數的成長以及流失會員的轉換和重新參與來加深我的賓客參與度。我們也看到了這一點。

And then I think a faster rate, the key that nearly 40 million guests have lengthened Ulta Beauty and their Target Circle loyalty programs together, we do see this as another way to just continue to connect with that guest and engage them back into the Altivity outside.

然後我認為更快的速度，這是近4000 萬客人延長Ulta Beauty 及其Target Circle 忠誠度計劃的關鍵，我們確實認為這是另一種方式，可以繼續與該客人建立聯繫，並讓他們重新參與到外面的Altivity 中。

Kelly Crago, Citi.

凱利克拉戈，花旗銀行。

Hi, thanks for taking our question. And I just wanted to follow-up on the promotional levels that you're kind of assuming this year and what gives you the confidence that and profitable level can can sustain at that lower rate relative to pre-COVID casino in the category following the consumers seeking value, there's been a big step up in the competitive environment.

您好，感謝您提出我們的問題。我只是想跟進您今年假設的促銷水平，以及是什麼讓您有信心，相對於新冠疫情之前的賭場，在消費者關注的類別中，盈利水平可以維持在較低的水平尋求價值，競爭環境有了很大的進步。

And then just secondly, just curious your thoughts on the makeup of the product assortment. Any any rethinking of how many of you are in some of these brands that are distributed and not all of our distributors that have at theme of distribution points increased quite a buyout that somebody like established brands, give any thoughts on how you see the brand assortment evolving over the next couple of years?

其次，只是想知道您對產品種類構成的想法。任何重新思考你們中有多少人在這些經銷品牌中，並不是所有以經銷點為主題的經銷商都增加了相當多的買斷，有人喜歡知名品牌，請對您如何看待品牌分類提出任何想法未來幾年會發展嗎？

Thanks, Kelly. Yes, on the on the promotional levers of we look out over the world when we look through this year and what's what's ahead of us, promotional activity has increased, as I highlighted, that does reflect both the because of the normalization of the category and increased competition. And as I shared, we were more promote promotion now in the first half of the year. As we turn to the second half, promotion will play an important role. The second half driven by holiday is also more promotional period.

謝謝，凱利。是的，在我們放眼世界的促銷槓桿上，當我們回顧今年以及我們未來的發展時，促銷活動有所增加，正如我強調的那樣，這確實反映了由於該類別的正常化和競爭加劇。正如我所分享的，今年上半年我們更多地進行了促銷活動。進入下半年，晉級將發揮重要作用。下半年受假期帶動也是促銷較多的時期。

Holiday is a different dynamic in the U.S. and is intensely promotional to begin with has been for years regard, listen to the competitive environment as we're competing, not just in beauty that we're competing for gifting occasions across across consumers, baskets and and so we're prepared for that. Will we continue to take our learnings as we look back pre-COVID, we continue to believe that the environment, while intense will remain rational or our guidances and Meyer will be below 2019 levels for the year, driven by a smart execution, CRM capabilities that we have built aggressively over the years to drive inefficiency, leaning into our tent pole events and maximizing those.

假期在美國是一種不同的動態，多年來一直在大力促銷，在我們競爭時傾聽競爭環境，而不僅僅是在美容方面，我們在跨消費者、購物籃和因此我們已做好準備。當我們回顧新冠疫情之前的情況時，我們是否會繼續汲取經驗教訓，我們仍然相信，在智能執行、CRM 能力的推動下，環境雖然激烈，但仍將保持理性，或者我們的指導和Meyer 今年將低於2019 年的水準多年來，我們積極建立了這些活動，以降低效率，專注於我們的支柱活動並最大化這些活動。

And so what well promotional has played a bigger role. We feel we've got it right sized as we look into the second half of the year, knowing it's a higher promotional periods as far as us Dortmund. And what's ahead, Ulta Beauty has a very unique assortment of all price points across mass and prestige, strengthen makeup, hair care, skin care, fragrance, bath, wellness services as well. And we're really proud of that. It's one of the things our guests continue to tell us that they like that they really love about us and the fact that we deliver that in an omnichannel way, in-store and online

那麼好的促銷就起到了更大的作用。當我們展望下半年時，我們覺得我們的規模是合適的，因為我們知道對我們多特蒙德來說這是一個更高的促銷期。展望未來，Ulta Beauty 擁有非常獨特的各種價位，涵蓋大眾和聲望、強化彩妝、護髮、皮膚護理、香水、沐浴、健康服務。我們對此感到非常自豪。這是我們的客人不斷告訴我們的一件事，他們喜歡我們，他們真的很喜歡我們，而且我們以全通路方式（店內和網路）提供這項服務

So to your specific question around legacy brands, they play an important role. We're really pleased and proud of our partnership with some of the biggest brands in the world, and we're focused on driving growth with those brands. We have a very unique experience in store with many of these brands that brings education entertainment events to our guests. We drive exclusivity with with our with our guests to through some of these brands. And example is this like honey with clinic that we've launched a breadth of its end market right now.

因此，對於您關於傳統品牌的具體問題，它們發揮著重要作用。我們對與世界上一些最大的品牌的合作感到非常高興和自豪，我們致力於推動這些品牌的成長。我們在店內與許多這樣的品牌有非常獨特的體驗，為我們的客人帶來教育娛樂。我們透過其中一些品牌與我們的客人一起推動排他性。舉個例子，就像蜂蜜診所一樣，我們現在已經推出了廣泛的終端市場。

And so we'll continue to partner with these brands to bring in new experiences. These brands play an important role because of the trust and engagement that they have the opportunity to bring new guest in India, light our existing guests. But at the same time, we are focused on finding what's new. It's one of the greatest things about this category is the level of entrepreneurship, newness into innovation, and we will continue to drive that.

因此，我們將繼續與這些品牌合作，帶來新的體驗。這些品牌發揮著重要作用，因為它們有機會為印度帶來新的客人，照亮我們現有的客人的信任和參與。但同時，我們專注於尋找新事物。這個類別最偉大的事情之一就是企業家精神和創新的新鮮感，我們將繼續推動這一點。

I've highlighted a few already a few in the fragrance category as an example, or Abella Kylie, the noise, all new, all exclusive, all exciting, all performing wells, brands in makeup, Leica within then flight society, both new both exclusive and we have many other. So we'll lean into the broad mix for us. It's all things beauty. And to do that, we need to be winning and leading across all types of brands. And that's what we're focused on going into the future.

我已經強調了香水類別中的一些作為例子，或者阿貝拉·凱莉（Abella Kylie），噪音，全新的，所有獨家的，所有令人興奮的，所有表現良好的，化妝品牌，當時飛行社會中的徠卡，兩者都是新的獨家，我們還有許多其他的。因此，我們將傾向於我們的廣泛組合。一切都是美好的事物。為此，我們需要在所有類型的品牌中獲勝並處於領先地位。這就是我們未來的重點。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good afternoon. Thanks for taking the question. I'd like to hear a little bit more about the and the operation of the traction that you reference to the ERP transition. Can you provide a little bit more color on what exactly happened, how the business that impacted and what gives you confidence that the FX cleared out going forward?

嘿，下午好。感謝您提出問題。我想聽聽更多關於您提到的 ERP 轉型的牽引力和運作。您能否提供更多資訊來說明到底發生了什麼事、業務受到了怎樣的影響以及是什麼讓您對外匯未來的清算充滿信心？

Thank you. Netscreen, as Dave mentioned in his earlier comments that we executed by far the most complex element of our multiyear ERP implementation during this quarter and now with the rollout to our stores, our team has been managed dual systems as we face through the 1,400 plus stores that we have. So that just really added a lot of complexity, created challenges for our purchasing, a store allocation and our planning processes and systems.

謝謝。 Netscreen，正如Dave 在先前的評論中提到的那樣，我們在本季度執行了多年ERP 實施中迄今為止最複雜的部分，現在隨著我們商店的推出，我們的團隊在我們面對1,400 多家商店時採用了雙系統管理我們有。因此，這確實增加了許多複雜性，為我們的採購、商店分配以及我們的規劃流程和系統帶來了挑戰。

And we do see us have a short-term headwind from the great news is that we've completed this challenge and face the were that's really it now. And what I would say, what would you think that will really fine tuning and optimizing assessment? And while there's still some investments are continuing argument optimization, we've really built that early into that actually budget plan.

我們確實看到我們遇到了短期阻力，好消息是我們已經完成了這項挑戰，並面臨現在真正的挑戰。我想說的是，您認為什麼才能真正微調和優化評估？雖然仍有一些投資正在繼續進行論證優化，但我們確實已經將其納入實際預算計劃的早期。

And it's reflected in the current guidance, you know, a change of this magnitude that you're going to DCs and stores. It's really not easy and adapting to take some time. But we're really grateful to our team's firm, placing a transformative changes. And we feel like we're really making progress and we're confident that we're positioned and ready to have a great holiday. The same.

這反映在當前的指導中，你知道，如此巨大的變化，你將前往配送中心和商店。這確實不容易，需要一些時間來適應。但我們真的很感謝我們團隊的堅定，並做出了革命性的改變。我們感覺我們確實取得了進步，我們相信我們已做好準備，可以度過一個愉快的假期。相同。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Thank you for taking my question. Cecilia, on for Ike as they hadn't piano fall on TV. I was just wondering on a preliminary update on Blanca and Andacollo, why upon can margin type of Endeavour? Thank you.

感謝您回答我的問題。塞西莉亞（Cecilia）取代艾克（Ike），因為他們沒有在電視上彈鋼琴。我只是想知道布蘭卡和安達科洛的初步更新，為什麼可以保證金類型的奮進？謝謝。

Hi, Julianna at Thank you for the question. And I certainly understand and appreciate the reason or acquire the question. But we are not providing an update on our long-term expectations on the call today. But as I mentioned, we do plan to dissolve at our Investor Day in October.

你好，朱莉安娜，謝謝你的提問。我當然理解並理解其中的原因或提出問題。但我們不會在今天的電話會議上提供有關我們長期預期的最新資訊。但正如我所提到的，我們確實計劃在 10 月的投資者日解散。

And at that time, we are very much looking forward to sharing how we're thinking about our future growth moving on and the growth opportunity ahead and category on other older Pacifico or what investments, if any of it will or will take to support those and how that translates into our long-term financial expectations on. So on looking forward, looking forward to that end, we've just done about a month or so.

屆時，我們非常期待分享我們如何看待我們未來的成長以及未來的成長機會和其他舊 Pacifico 的類別，或者哪些投資（如果有的話）將或將採取哪些投資來支持這些以及如何轉化為我們的長期財務預期。所以，關於期待，期待這個結局，我們剛剛做了大約一個月左右。

Thank you very much.

非常感謝。

Michael Baker, D.A. Davidson.

麥可貝克，D.A.戴維森。

Okay, thanks. I wanted to ask about the pace of the share losses in prestige to your business has gotten worse personnel costs, but some industry data and competitor did are also seeing a deceleration. So I wonder if you can give us any color on the gap between what you're seeing your own business and competitors are using the share losses? Actually I was here, I guess, the Russian effects.

好的，謝謝。我想問的是，您的企業聲譽的份額損失的速度已經變得更糟，人員成本也越來越差，但一些行業數據和競爭對手也看到了減速。所以我想知道您是否可以告訴我們您自己的業務與競爭對手利用份額損失的情況之間的差距？事實上我在這裡，我想，是俄羅斯的影響。

Yes, Michael, thanks. For the extent, as you said that, yes, the category has, as I highlighted, moderated really as anticipated through the year after multiple years of growth. As far as our performance, as I as I said, we maintained masks a share and assets continue to be pressured in in prestige, and that's driven in particular by a hair and makeup, which are the categories that I've talked about in the past. But no, we wouldn't say that it's getting any worse. The dynamics are as they've been for most of the year as it relates to share. So reflection of both moderate and category, continued competitive pressures. And then some of the other dynamics that we've highlighted and discussed here today, what do you have contributed to the performance we delivered in the second quarter?

是的，邁克爾，謝謝。在某種程度上，正如您所說，是的，正如我所強調的那樣，在經歷了多年的增長之後，這一類別在這一年中確實如預期的那樣有所放緩。就我們的表現而言，正如我所說，我們保持了口罩的份額，資產繼續受到聲望的壓力，這尤其是受到髮型和化妝的推動，這些是我在過去的。但不，我們不會說情況變得更糟。與分享相關的動態與今年大部分時間相同。所以反映出適度和品類兩方面的、持續的競爭壓力。然後，我們今天在這裡強調和討論的其他一些動態，您對我們第二季的業績做出了哪些貢獻？

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，杰弗里斯。

Thanks for taking our question and answer question around kind of things increasing competitive environment, attach teams, the ability to get new brand at all. And then when you're adding new brands like LER, do factor in why that currently distributed? Thanks.

感謝您圍繞增加競爭環境、附加團隊、獲得新品牌的能力等問題提出我們的問題並回答問題。然後，當您新增 LER 等新品牌時，是否要考慮目前分銷的原因？謝謝。

Yes. No, great. A great question, Ashley, and thanks for sharing, I'd say big picture. No. Meanwhile, our brand partners are so key to our success and something that you I have been so proud of how our team manages our relationships and works as true partners to build in our brands. Brands continue to see Ulta Beauty as a leading destination to expand their business, whether they're an existing brands like earlier or it looked to reach $44 million of the best beauty enthusiast across the country. And we're demonstrating that right now.

是的。不，太好了。這是一個很好的問題，阿什利，感謝您的分享，我想說的是大局。不會。各品牌繼續將 Ulta Beauty 視為擴展業務的主要目的地，無論是像之前那樣的現有品牌，還是看起來達到 4400 萬美元的全美最佳美容愛好者品牌。我們現在正在證明這一點。

Our brands continue to lean into site, highlighted a few things rolling established brands through innovation, exclusives on those brands, expansion of those brands in finding new ways that I mentioned, expanding kilos of brand that we've had for a while and finding new ways to reach our goal, thus expanding that into stores. Brands are excited about that because they see growth launching big established brands like earlier and discovering new and exclusive brands. So we are focused everyday on created an environment that our brands see value with us and they do 44 million members, 1,400 store.

我們的品牌繼續向網站傾斜，強調了透過創新、這些品牌的獨家經營、透過尋找我提到的新方式來擴展這些品牌、擴大我們已經有一段時間的品牌數量並尋找新的品牌的一些事情。實現我們目標的方法，從而將其擴展到商店。品牌對此感到興奮，因為他們看到了推出像早期這樣的知名品牌的成長以及發現新的獨家品牌的成長。因此，我們每天都致力於創造一個讓我們的品牌看到我們價值的環境，他們擁有 4400 萬會員、1400 家商店。

There's a strong and dynamic digital environment. Are you in an experience that's unique despite the competitive environment, nobody does with Ulta Beauty, but it does in Our Brands probably understand that better than others. And that's why we've had such success creating deeper relationships and continuing to attract both existing and brand new to the world brands. And that's something that I see will continue to drive our business plans forward.

這裡有一個強大且充滿活力的數位環境。儘管競爭環境激烈，但您是否能享受獨特的體驗，Ulta Beauty 沒有人這樣做，但我們的品牌可能比其他人更了解這一點。這就是為什麼我們能夠如此成功地建立更深層的關係並繼續吸引現有的和全新的世界品牌。我認為這將繼續推動我們的業務計劃向前發展。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great. Thank you. A few questions that and first half of the and miss relative to expectations this quarter, do you think about the health of the category decelerating versus your own share loss?

偉大的。謝謝。有幾個問題，以及本季上半年的預期和未達到的預期，您是否認為該類別的健康狀況正在減速，而您自己的股票損失卻在下降？

And then second, why do you think the promos that you did this quarter didn't quite work? And then as you think about then the rest of the year enough to deploy more promo or or different promo, because it looks like from your full-year outlook revision that you're you expect comps to potentially file another 100 basis points relative to second half versus Q2.

其次，為什麼您認為本季所做的促銷活動效果不佳？然後，當你想到今年剩下的時間足以部署更多促銷或或不同的促銷時，因為從你的全年展望修訂來看，你預計公司可能會相對於第二年再提交 100 個基點與Q2相比，一半。

And just lastly, if you could talk about what he thought towards the end of the quarter and into this quarter and that influences your on your guidance. Thank you.

最後，您是否可以談談他對本季末和本季的想法，這會影響您的指導。謝謝。

Great. Thanks, Olivia. Let's see first on the mix of the drivers, we highlighted for primary elements that that we believe impacted our business in the second quarter. And we think each played a role in our sales performance with the competitive pressures continuing to be the larger, just a largest driver.

偉大的。謝謝，奧莉維亞。讓我們先看看驅動因素的組合，我們強調了我們認為影響我們第二季業務的主要因素。我們認為，每個因素都對我們的銷售業績產生了影響，競爭壓力仍然是最大的推動因素。

So I would say, as we've talked about here today, continue to focus on the competitive pressure, recognizing the category, while still healthy, has moderated some. So requires us to continue to elevate our efforts and then addressing some of the internal dynamics around our operation of efforts as well as promotional. So all contributed and we're focused on driving them for promo specifically, we, as I've mentioned, versus what it has, not maybe of what did not work as much was not our tentpole events.

所以我想說，正如我們今天在這裡討論的那樣，繼續關注競爭壓力，並認識到該類別雖然仍然健康，但已經有所緩解。因此，要求我們繼續加大努力，然後解決圍繞我們的工作運作和促銷的一些內部動態。因此，所有人都做出了貢獻，我們專注於推動他們進行促銷，正如我所提到的，我們與它所擁​​有的東西相比，而不是那些不起作用的東西，而不是我們的主打活動。

Our core strategic elements are loyalty events, the key connections that we have a but as I said, we are sales moderated throughout the quarter. And as we saw that call it in mid June and into July, we're on top of some of the efforts we already have like our big summer beauty sale and other programs. We layered in incremental promotions. And historically, we've done some of that and it's worked in different ways. But this time, what we saw was that layering helped and the e-com business, as we highlighted and did drug Joe's traffic and sales on e-com, but added some complexity in store and how that came to life and did not resonate as well.

我們的核心策略要素是忠誠度活動，這是我們擁有的關鍵聯繫，但正如我所說，我們整個季度的銷售額都在放緩。正如我們在六月中旬和七月看到的那樣，我們正在進行一些已經開展的工作，例如大型夏季美容促銷和其他計劃。我們分層進行增量促銷。從歷史上看，我們已經做過一些這樣的事情，並且以不同的方式發揮作用。但這一次，我們看到分層對電子商務業務有所幫助，因為我們強調並吸毒了喬在電子商務上的流量和銷售，但增加了商店的一些複雜性以及它是如何實現的，並且沒有引起共鳴出色地。

And and and so when we saw our consumers engaging with them, we create an environment that was not as clear and Chris, because we needed it to be. And so we're addressing that going forward. So as far as our outlook into the rest of the year and the role of promo as well as other things, we have assessed the impact of the new and existing channel challenges that we've been talking about here today. And we evaluated a number of scenarios that and build that anticipate a variety of macro consumer changes, competitive category performance, holiday shifts and a more promotional environment. We've taken all that into that into account, and that's reflected in our in our outlook.

因此，當我們看到我們的消費者與他們互動時，我們創造了一個不太清晰的環境，克里斯，因為我們需要它。所以我們正在解決這個問題。因此，就我們對今年剩餘時間的展望以及促銷的作用以及其他事情而言，我們已經評估了我們今天在這裡討論的新的和現有的渠道挑戰的影響。我們評估並建構了一些場景，預測各種宏觀消費者變化、競爭品類表現、假期變化和促銷環境。我們已經考慮到了所有這些，這反映在我們的前景中。

But I'd say last thing, I'd say that all that is still I hope it's clear. We're not standing still alive, highlighted many of the things that we're doing. We're taking action. We're building off successes with newness and other efforts that we have across the business. We did not anticipate having to lean only on promo. That's never what we've had to do. And and all of the actions cross loyalty, innovation, newness, services, guest experience, digital will come together to drive us and give us confidence in our comp guidance for the second half of the year.

但我想說最後一件事，我想說的是，我希望一切都清楚。我們並沒有停滯不前，我們正在做的許多事情都強調了這一點。我們正在採取行動。我們正在透過整個業務的創新和其他努力來取得成功。我們沒有預料到只能依靠促銷。這從來都不是我們必須做的。所有涉及忠誠度、創新、新穎、服務、客戶體驗、數位化的行動都將共同推動我們，並使我們對下半年的業績指引充滿信心。

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。

Susan Anderson, Canaccord Genuity.

蘇珊安德森，Canaccord Genuity。

Thanks for fitting me in here. I guess I'm curious, it sounds like most of the competitive pressure on the P&C side, and it does sound like you maintain that math here, but you also seeing any increased competition on the mass side, maybe being in the mass retailer getting more competitive from a promotional standpoint. And then also just really quick on the hair care. Was that the client or change their primarily driven by 15? Or did you see anything else on that side as well?

謝謝你讓我適應這裡。我想我很好奇，這聽起來像是財產和意外險方面的大部分競爭壓力，而且聽起來你確實在這裡維持了這個數學，但你也看到大眾方面的競爭加劇，也許是在大眾零售商中從促銷角度來看更具競爭力。然後快速護理頭髮。是客戶還是他們主要由 15 驅動的變化？或是你還看到那邊有什麼東西嗎？

Great. Yes, I guess this is a very competitive category. And so while we're pleased that we maintain share of mass, we know there's competition happened in both on the mass and prestige side. But we haven't seen when we haven't seen in the masses, the dramatic increase in points of distribution, ocean or expanded presence, both with physical stores and online. And that's allowed us to continue to drive our experience and an important aspect as well. We talked about our business in mass and prestige.

偉大的。是的，我想這是一個競爭非常激烈的類別。因此，雖然我們很高興能夠維持大眾份額，但我們知道大眾和聲望方面都存在競爭。但我們還沒有看到大眾分銷點、海洋或擴大存在的急劇增加，無論是實體店還是網上。這使我們能夠繼續提升我們的經驗，這也是一個重要的方面。我們談論了我們的業務的大眾和聲望。

Our guest really looks at the whole thing comes in for both together and by both together in the same basic from entry level mass up to Mathys, press STG and luxury. And so we need all things to be quick in driving traffic and engagement and basket. And so there's pressure on one part of the business that it impacts our holds our whole store. But our mass business is performing well and we feel we're confident in our outlook there.

我們的客人真正著眼於兩者的整體效果，以及兩者的整體效果，從入門級大眾到 Mathys，按 STG 和豪華。因此，我們需要一切都能夠快速推動流量、參與度和購物籃。因此，業務的某一部分面臨壓力，這會影響我們整個商店的持有量。但我們的大眾業務表現良好，我們對我們的前景充滿信心。

As far as the hair here dynamics I mentioned in the remarks, the primary driver we're pleased with our hair business is a critical part of our business. I mentioned our salon is performing well. The hair business, primary driver of the performance. There was a shift in one of our strategic tent pole events in hair from the second quarter into the first quarter. And that was that was the primary driver of the life of the lower a lower results in that. But our here business is important and we continue to find ways to drive that business going forward.

就我在評論中提到的頭髮動態而言，我們對頭髮業務感到滿意的主要驅動力是我們業務的關鍵部分。我提到我們的沙龍表現良好。美髮業務是業績的主要驅動力。我們的頭髮戰略支柱事件之一從第二季度轉移到了第一季。這就是較低的生活的主要驅動力，較低的結果。但我們在這裡的業務很重要，我們將繼續尋找推動該業務向前發展的方法。

Great. Thank you, Alex.

偉大的。謝謝你，亞歷克斯。

Yes. Thank you. Thank you, Susan, and thank you all again for joining us today. We very much appreciate your interest in Ulta in Ulta Beauty.

是的。謝謝。謝謝你，蘇珊，再次感謝大家今天加入我們。我們非常感謝您對 Ulta Beauty 的 Ulta 感興趣。

And I wanted to take this last moment to thank our more than 55,000 Ulta Beauty associates for their continued focus and commitment to serving our guests. Our teams have managed through significant change over these last three years. And I so appreciate how quickly they've embraced new ways of working, all always while keeping our guests and each other at the center of everything that we do.

我想利用最後一刻感謝我們超過 55,000 名 Ulta Beauty 員工對我們賓客服務的持續關注和承諾。我們的團隊在過去三年中經歷了重大變革。我非常欣賞他們如此迅速地接受了新的工作方式，同時始終將我們的客人和彼此置於我們所做的一切的中心。

So we look forward to speaking to you all again, a little sooner than normal after one of our quarterly calls in at at our investor event in October. I hope to see there, and I hope you all have a good evening and thanks again for joining.

因此，我們期待在 10 月的投資者活動中進行一次季度電話會議後，比平常早一點再次與大家交談。我希望能在那裡見到，希望大家度過一個愉快的夜晚，並再次感謝您的加入。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。