Ulta Beauty Inc (ULTA) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Ulta Beauty's conference call to discuss results for the Ulta Beauty third 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, you may proceed.

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 Ulta Beauty 2024 年第三季的獲利結果。 （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，您可以繼續了。

Thank you, Julian. Good afternoon, everyone. And thank you for joining us for a discussion of Ulta Beauty's results for the third 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. Before we begin, I'd like to remind you of the company's safe harbor language.

謝謝你，朱利安。大家下午好。感謝您與我們一起討論 Ulta Beauty 2024 財年第三季的業績。 Paula Oyibo，財務長；總裁兼營運長 Kecia Steelman 將參加我們的問答環節。在開始之前，我想提醒您公司的安全港語言。

Many of our remarks today will contain forward-looking statements, which speak only as of today, December 5, 2024. We refer you to our earnings release and SEC filings where you will find a number of factors which could cause actual results to differ materially from these forward-looking statements.

我們今天的許多言論將包含前瞻性陳述，這些陳述僅截至今天，即 2024 年 12 月 5 日。從這些前瞻性陳述。

We'll begin this afternoon with prepared remarks from Dave and Paula following our prepared comments. We'll open the call for questions as always, the IR team will be available for any follow up questions after the call.

今天下午，我們將從戴夫和保拉在我們準備好的評論之後發表準備好的演講開始。我們將一如既往地開啟提問電話，IR 團隊將在電話會議結束後回答任何後續問題。

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

現在，我想把電話轉給戴夫。戴夫？

Thank you, Kiley and good afternoon everyone. We appreciate your interest in Ulta Beauty. Our team delivered improved performance. For this quarter with better than expected sales and profitability for the quarter. Net sales increased 1.7% to $2.5 billion and comparable sales increased 0.6%. Diluted EPS increased 1.4% to $5.14 per share.

謝謝你，凱利，大家下午好。我們感謝您對 Ulta Beauty 的興趣。我們的團隊提高了績效。本季的銷售額和獲利能力優於預期。淨銷售額成長 1.7%，達到 25 億美元，可比銷售額成長 0.6%。稀釋後每股收益成長 1.4%，至每股 5.14 美元。

As we shared on our last call, we are navigating a number of headwinds, including the normalization of the US beauty category a dynamic consumer environment and elevated competition, particularly in Prestige Beauty. We are starting to see benefit from actions we are taking to reinforce our market position and improve our performance. And while the headwinds have not abated, we are making progress. In the third quarter, our Prestige market share trends improved, resulting in flat market share this quarter based on Circana data for the 13 weeks ended November 2, 2024.

正如我們在上次電話會議中所分享的那樣，我們正在克服許多不利因素，包括美國美容類別的正常化、充滿活力的消費環境以及激烈的競爭，尤其是在 Prestige Beauty 領域。我們開始看到我們為鞏固市場地位和提高績效所採取的行動所帶來的好處。儘管逆風尚未減弱，但我們正在取得進展。根據 Circana 截至 2024 年 11 月 2 日的 13 週數據，第三季我們的 Prestige 市佔率趨勢有所改善，導致本季市佔率持平。

The trend was driven primarily by improvements in makeup and hair and we continue to see strength in fragrance and skin care. Our share performance in mass beauty was consistent with the second quarter. Comp growth improved from the second quarter trend driven by stronger transaction trends across both stores and e-commerce channels. We continue to expand our loyalty program, ending the quarter with 44.4 million active members, 5% more than last year. We continued to convert new members.

這一趨勢主要是由化妝品和頭髮的改進所推動的，我們繼續看到香水和護膚品的實力。我們在大眾美容領域的股價表現與第二季一致。由於商店和電子商務通路的交易趨勢強勁，年成長較第二季有所改善。我們繼續擴大我們的忠誠度計劃，截至本季末，活躍會員數量達到 4,440 萬，比去年增加 5%。我們繼續轉變新成員。

We reactivated more lapsed members and we improved existing member retention. Our marketing strategies to support our tent pole events and drive relevance and buzz delivered double-digit growth in earned media value and stronger sentiment. And we made progress to optimize our new ERP system and help our teams adapt to new processes, balance inventories across the network and deliver a better guest experience.

我們重新啟動了更多流失的會員，並提高了現有會員的保留率。我們的行銷策略支持我們的支柱活動並推動相關性和熱度，使贏得的媒體價值和更強的情緒實現了兩位數的成長。我們在優化新 ERP 系統、幫助我們的團隊適應新流程、平衡整個網路的庫存並提供更好的賓客體驗方面取得了進展。

Our teams are working hard to strengthen our market position, and I want to thank all of our associates for continuing to deliver great guest experiences while working collaboratively to drive improved performance in a dynamic operating environment.

我們的團隊正在努力加強我們的市場地位，我要感謝我們所有的員工，他們繼續提供卓越的賓客體驗，同時在動態的營運環境中共同努力提高績效。

Turning to performance by category. Fragrance was our strongest category, delivering high single-digit comp growth, driven by men's fragrance, gender-neutral fragrances and new products, including new fall and holiday gift sets. The growth of men's fragrance was fueled primarily by newness from Armani and YSL and the appeal of established franchises from Jean Paul Gaultier and Valentino.

轉向按類別劃分的性能。香水是我們最強勁的類別，在男士香水、中性香水和新產品（包括新秋季和節日禮品套裝）的推動下，實現了高個位數的複合增長。男士香水的成長主要得益於阿瑪尼和聖羅蘭的新穎性以及讓·保羅·高提耶和華倫天奴的老牌特許經營權的吸引力。

Consumer interest in gender-neutral sense is increasing, and our assortment, including Billie Eilish and Noise and exclusive fragrance launched this summer is driving guest engagement. New women's brands, Kylie Jenner and Orebella, both exclusive to Ulta Beauty and new women's fragrances from Valentino, YSL and NEST also contributed to overall category growth.

消費者對中性意識的興趣與日俱增，我們的產品系列（包括 Billie Eilish 和 Noise）以及今年夏天推出的獨家香水正在推動賓客參與度。 Ulta Beauty 獨家推出的新女性品牌 Kylie Jenner 和 Orebella 以及 Valentino、YSL 和 NEST 的新女性香水也為整體品類增長做出了貢獻。

The skin care category delivered mid-single-digit comp growth this quarter as strong growth in body care was partially offset by a decline in prestige skin care. MA skin care was flat. The strong performance of body care was driven in large part by newer brand Sol de Janeiro, which continues to engage guests with exciting innovation and exclusivity and Touchland, which introduced compelling newness.

護膚品類別本季實現了中個位數的同比增長，因為身體護理類別的強勁增長被高端護膚品的下降部分抵消。 MA皮膚護理表現平平。身體護理的強勁表現在很大程度上是由新品牌 Sol de Janeiro 和 Touchland 推動的，該品牌繼續以令人興奮的創新和獨特性吸引客人，而 Touchland 則推出了引人注目的新產品。

In Prestige skincare, newness from brands Ole Hendrickson, Shiatsu, Dime Beauty and others resonated with guests while engagement from Naturium, Bubble and La Roche Posay deliver growth in the mass skincare category. Comp sales in the makeup category decreased in the low single-digit range, driven primarily by softness in mass mega.

在高端護膚品方面，Ole Hendrickson、Shiatsu、Dime Beauty 等品牌的新鮮感引起了賓客的共鳴，而 Naturium、Bubble 和理膚泉 (La Roche Posay) 的參與則帶動了大眾護膚品類的增長。化妝品類別的比較銷售額下降在較低的個位數範圍內，主要是因為大眾大型企業的疲軟。

Strong growth from recently relaunched Ulta Beauty Collection was offset by certain brands lapping space expansion, strong innovation or social media engagement last year. Prestige makeup was flat. New prestige brands, Charlotte Tilbury, Eliot Beauty and Dibs Beauty resonated with guests and compelling product newness, combined with in-store investments, delivered growth for established brands, Mac and Clinique.

最近重新推出的 Ulta Beauty 系列的強勁成長被某些品牌去年的空間擴張、強勁創新或社交媒體參與所抵消。威望化妝表現平平。新的知名品牌 Charlotte Tilbury、Eliot Beauty 和 Dibs Beauty 引起了賓客的共鳴，引人注目的產品新穎性與店內投資相結合，為老牌品牌 Mac 和 Clinique 帶來了增長。

Promotional events during the quarter, including 21 Days of Beauty and Fall Haul performed well, driving growth for several makeup bans, while our engaging Wicked collaboration was well received highlighted by exclusive brand, R.E.M. Beauty.

本季的促銷活動，包括 21 Days of Beauty 和 Fall Haul 表現良好，推動了多項化妝品禁令的成長，而我們引人入勝的 Wicked 合作受到了獨家品牌 R.E.M. 的好評。美麗。

Comp sales for the hair care category also decreased in the low single-digit range. Exciting newness from Matrix, Way, Divi and Odele delivered growth for the category, while Redken continued to drive healthy guest engagement with their Hero product lines. In hair tools, new products from Shark Beauty and Dyson resonated with guests. This growth was offset by softness in key brands with expanded distribution and limited newness this year.

護髮類別的銷售額也出現了低個位數的下降。 Matrix、Way、Divi 和 Odele 帶來的令人興奮的新產品為該類別帶來了成長，而 Redken 則繼續透過其 Hero 產品線推動健康的賓客互動。美髮工具方面，Shark Beauty和戴森的新品引起了賓客的共鳴。這一成長被主要品牌的疲軟所抵消，今年分銷範圍擴大，新品有限。

Our Services business delivered low single-digit comp growth, primarily driven by engagement in core services, including color, styling and hair treatments. Ear piercing and makeup services also performed well, and our salon back bar takeovers, which get stylists an opportunity to introduce brands to guests continue to drive product attachment and new gas acquisition for participating brands.

我們的服務業務實現了低個位數的複合成長，這主要是由於參與核心服務（包括染髮、造型和頭髮護理）所推動的。耳洞和化妝服務也表現良好，我們的沙龍後吧接管讓造型師有機會向客人介紹品牌，繼續推動參與品牌的產品依戀和新的吸引力。

We are seeing improvements in our business, and we are focused on strengthening our market position and performance further. In October, we shared our refreshed strategic framework designed to lean into our existing strengths while also driving innovation to meet the evolving needs of beauty enthusiasts.

我們看到我們的業務有所改善，我們致力於進一步加強我們的市場地位和績效。在十月份，我們分享了更新的策略框架，旨在發揮我們現有的優勢，同時推動創新，以滿足美容愛好者不斷變化的需求。

As the beauty destination of a lifetime, we intend to drive profitable growth and market share leadership in beauty and wellness over the longer term through curating the best of all things beauty and wellness for all beauty enthusiasts fostering authentic empowering human connections that inspire, delight and engage at every touch point, engaging our guests wherever they want to shop by expanding our reach through seamless and immersive omnichannel experiences and building lifelong loyalty and brand bluff through member growth and personalization.

作為一個終生難忘的美容目的地，我們打算透過為所有美容愛好者提供最好的美容和健康服務，培養真正的、賦權的人際關係，激發、愉悅和激勵人們，從而長期推動美容和健康領域的獲利成長和市場份額領先地位。 ，無論他們想在哪裡購物。

We are confident our focus on these foundational areas will drive stronger revenue and earnings growth over the long term. And in the near term, we are addressing key areas to reinforce our competitive position.

我們相信，從長遠來看，我們對這些基礎領域的關注將推動更強勁的營收和獲利成長。在短期內，我們正在解決關鍵領域的問題，以加強我們的競爭地位。

Let me share some highlights of the progress made this quarter, starting with our efforts to strengthen our assortment. We are enhancing our brand portfolio to drive category growth. During the third quarter, we launched new makeup brands, Eliot Beauty, Dibs Beauty and R.M.S. Beauty as well as emerging skincare brand, Oak Essentials. Additionally, we expanded our wellness offerings with emerging brands, the Honeypot and Joylocks.

讓我分享本季取得的一些進展，首先是我們為加強產品種類所做的努力。我們正在增強我們的品牌組合以推動品類成長。第三季度，我們推出了新的彩妝品牌 Eliot Beauty、Dibs Beauty 和 R.M.S.美容及新興護膚品牌 Oak Essentials。此外，我們也透過新興品牌 Honeypot 和 Joylocks 擴大了我們的健康產品範圍。

Looking ahead, we have an exciting pipeline of brand launches planned for the fourth quarter. including the recently announced Prestige skincare brand, Tatcha, celebrated for balancing timeless Japanese botanicals with proven clinical ingredients, XO Chloe, an exclusive fragrance brand created by Khloe Kardashian and Apothe-Carrie, an emerging wellness brand.

展望未來，我們計劃在第四季推出一系列令人興奮的品牌。其中包括最近宣布的高端護膚品牌 Tatcha，該品牌以平衡永恆的日本植物與經過驗證的臨床成分而聞名；XO Chloe，這是由 Khloe Kardashian 和新興健康品牌 Apothe-Carrie 創建的獨家香水品牌。

In addition to new brands, we launched two exciting exclusive collaborations this quarter. First, as the exclusive beauty retail partner with NBC Universal Pictures for the movie wicket, we worked with key brands to develop a limited edition collection of products across multiple price points and categories. The Wicked-inspired collection features products from leading brands, including R.E.M. Beauty by Ariana Grande and Beekman 1802, both of which are exclusive to Ulta Beauty as well as OPI and Scuncry, among others.

除了新品牌之外，我們本季還推出了兩項令人興奮的獨家合作。首先，作為 NBC 環球影業電影售票處的獨家美容零售合作夥伴，我們與主要品牌合作開發了跨多個價位和類別的限量版產品系列。以 Wicked 為靈感的系列包含來自領先品牌的產品，包括 R.E.M. Beauty by Ariana Grande 和 Beekman 1802，兩者都是 Ulta Beauty 以及 OPI 和 Scuncry 等公司的獨家產品。

With immersive in-store experiences and engaging displays, Wicked came to life in Ulta Beauty stores through our digital channels and through Ulta Beauty at Target. Second, we launched an exclusive and a disruptive beauty offering of the beloved Mini Brands, which offers miniature versions of popular consumer brands.

憑藉身臨其境的店內體驗和引人入勝的展示，Wicked 透過我們的數位管道和 Target 的 Ulta Beauty 進入 Ulta Beauty 商店。其次，我們推出了深受喜愛的迷你品牌的獨家且顛覆性的美容產品，其中提供流行消費品牌的微型版本。

This first-ever beauty Mini Brands collection includes 68 tiny replicas of best-selling products from 13 brands, including e.l.f., Nyx, Drybar and Supergoop!. Both of these unique collaborations are driving strong sales awareness, traffic and engagement, especially with Gen Z and millennial members.

這個首個美容迷你品牌系列包括來自 13 個品牌的 68 個暢銷產品的微型複製品，包括 e.l.f.、Nyx、Drybar 和 Supergoop!。這兩項獨特的合作都推動了強大的銷售意識、流量和參與度，尤其是 Z 世代和千禧世代會員。

As we discussed at our recent Investor Day, engaging guest experiences drive differentiation, loyalty and meaningful business value, and we are focused on creating authentic, personalized experiences across all our channels.

正如我們在最近的投資者日討論的那樣，吸引人的賓客體驗可以推動差異化、忠誠度和有意義的商業價值，我們致力於在所有管道上創造真實、個性化的體驗。

In Q3, we hosted more than 13,000 in-store events, including unique celebrity and brand founder events, multi-branded events and skin care-focused events. We also expanded our salon event, the workshop to more stores and invited guests to learn how to create salon worthy blowouts while receiving customized coaching and personalized recommendations from our talented in-store stylists.

第三季度，我們舉辦了超過 13,000 場店內活動，包括獨特的名人和品牌創始人活動、多品牌活動和以護膚為重點的活動。我們也將沙龍活動和工作坊擴展到更多商店，並邀請客人學習如何打造沙龍般的井噴，同時接受我們才華橫溢的店內造型師的客製化指導和個人化建議。

We are enhancing our digital experiences to drive traffic and sales. During the quarter, key online activations drove guest engagement and our expanded sampling program delivered double-digit sales growth. Our digital merchandising strategies, including enhanced search, guided navigation and enriched product pages drove conversion and our site optimization efforts are improving the guest experience and delivering stronger conversion trends.

我們正在增強我們的數位體驗，以推動流量和銷售。本季度，關鍵的線上活動推動了賓客參與度，我們擴大的樣品計劃實現了兩位數的銷售成長。我們的數位行銷策略（包括增強的搜尋、引導導航和豐富的產品頁面）推動了轉化，而我們的網站優化工作正在改善賓客體驗並提供更強勁的轉化趨勢。

Importantly, we continue to drive increased app adoption. In the third quarter, we saw double-digit growth in member engagement with the app, which accounted for about 2/3 of our e-commerce sales in Q3, up about 600 basis points from last year. We continue to introduce new digital experiences and resources to drive discovery and trial.

重要的是，我們將繼續推動應用程式的採用。第三季度，我們看到該應用程式的會員參與度出現兩位數成長，約佔第三季電子商務銷售額的 2/3，比去年增長約 600 個基點。我們不斷推出新的數位體驗和資源來推動發現和試驗。

This quarter, we enhanced our suite of virtual try-on and AI-enabled skin and hair analysis experiences with the launch of GLAMlab 2.0, which includes a new 3D engine to enhance precision and stability, shoppable makeup looks and a new user interface that includes sharing capabilities. We also launched new digital buying guides that amplify search engine optimization, while providing guests with educational content, beauty tips and product recommendations.

本季度，我們推出了GLAMlab 2.0，增強了我們的虛擬試妝套件和支援人工智慧的皮膚和頭髮分析體驗，其中包括可提高精確度和穩定性的新3D 引擎、可購物的妝容以及新的用戶介面，其中包括共享能力。我們也推出了新的數位購買指南，可增強搜尋引擎優化，同時為客人提供教育內容、美容秘訣和產品推薦。

To deepen the meaningful connection we have with beauty enthusiasts, we launched UB Community, a welcoming inclusive digital form for guests to connect, learn, empower and engage in the immersive world of beauty to foster authentic connections.

為了加深我們與美容愛好者之間的有意義的聯繫，我們推出了UB 社區，這是一種歡迎的包容性數字形式，供客人在沉浸式美容世界中進行聯繫、學習、授權和參與，以促進真正的聯繫。

Launched in October, our community amplifies the intersection of beauty, wellness and joy, and our user count is already 3 times our initial target, confirming the meaningful role Ulta Beauty plays in our members' lives. With more than 44 million active members, Ulta Beauty Rewards is an unwmatched strategic asset that provides us with unique consumer insights to drive sales.

我們的社群於 10 月推出，擴大了美麗、健康和快樂的交集，我們的用戶數量已經是我們最初目標的 3 倍，證實了 Ulta Beauty 在我們會員生活中發揮的重要作用。 Ulta Beauty Rewards 擁有超過 4,400 萬活躍會員，是一項無與倫比的策略資產，為我們提供獨特的消費者洞察以推動銷售。

In Q3, we expanded personalization across digital channels with enhanced product recommendations replenish your reminders, site experiences and retargeted and social channels. Leaning into targeted life cycle campaigns in both owned and paid channels, we reactivated members with greater efficiency.

在第三季度，我們透過增強的產品推薦擴展了跨數位管道的個人化，補充了您的提醒、網站體驗以及重定向和社交管道。透過在自有管道和付費管道進行有針對性的生命週期活動，我們以更高的效率重新激活了會員。

Additionally, we grew our platinum and diamond member base, leveraging unique incentives like exclusive and early access to key events and brain launches, gifting and personalized offers that drive engagement. Platinum and diamond members shop more frequently and spend more each visit and continue to retain at best-in-class rates.

此外，我們利用獨特的激勵措施擴大了白金和鑽石會員基礎，例如獨家和提前參與關鍵活動和大腦發布、贈送禮物和個人化優惠來提高參與度。白金卡和鑽石卡會員購物更頻繁，每次訪問花費更多，並繼續保持一流的價格。

Increasingly, social relevance drives authentic customer connection and brand advocacy, especially in beauty, and we're evolving to position social at the center of our marketing strategies to accelerate browse and earned media value growth.

社交相關性越來越多地推動真正的客戶聯繫和品牌宣傳，尤其是在美容領域，我們正在不斷發展，將社交置於行銷策略的中心，以加速瀏覽和贏得的媒體價值的增長。

During the third quarter, we leveraged our marketing and social capabilities to lean into emerging trends, amplify key growth brands and activate new trend-focused events. We also engage talent from our UB Collective, our affiliate program, and Ulta Beauty's, our new associate ambassador program as well as key brand founders to support key brand launches, exclusive collaborations and tent pole events in new and innovative ways across social channels to drive guest bus and engagement.

在第三季度，我們利用行銷和社交能力來掌握新興趨勢，擴大關鍵成長品牌並啟動新的以趨勢為中心的活動。我們還聘請來自UB Collective（我們的聯盟計劃）和Ulta Beauty's（我們的新副大使計劃）的人才以及主要品牌創始人，以跨社交渠道的全新創新方式支持主要品牌發布、獨家合作和支柱活動，以推動賓客巴士和訂婚。

Efforts delivered accelerated EMV growth, increased impression and expanded key brand health metrics. We continue to enhance our product capabilities to grow our retail media network, UB Media. We recently partnered with e-commerce tech company, Rocket, to introduce AI non-endemic ads for products and services outside the beauty category, and we are partnering with Roblox, the ultimate virtual universe to create innovative advertising opportunities for our partners.

這些努力加速了 EMV 成長、提高了印象並擴大了關鍵品牌健康指標。我們持續增強產品能力，以發展我們的零售媒體網路 UB Media。我們最近與電子商務科技公司 Rocket 合作，為美容類別以外的產品和服務引入人工智慧非流行廣告，並且我們正在與終極虛擬宇宙 Roblox 合作，為我們的合作夥伴創造創新的廣告機會。

Over the years, our Ultaverse has grown into one of the largest beauty games on Roblox, attracting over 11 million visits. With growing interest from beauty brands to participate in our Ultraverse we're unlocking new possibilities at the intersection of gaming, innovation and media to bring those brands to life in exciting new ways through our UB media capabilities.

多年來，我們的 Ultaverse 已發展成為 Roblox 上最大的美容遊戲之一，吸引了超過 1100 萬次訪問。隨著美容品牌對參與 Ultraverse 的興趣日益濃厚，我們正在遊戲、創新和媒體的交叉領域釋放新的可能性，透過我們的 UB 媒體功能以令人興奮的新方式將這些品牌帶入生活。

Now leveraging lessons in the second quarter, we continue to evolve and tailor our promotional strategies to reiterate our value offering and drive sales and traffic. We began the quarter with a new hair event showcasing the glossy hair trend, replacing last year's fall Gorgeous Hair band, this event featured a strong promo offer, new and exclusive items from Dyson and a spotlight on glass and shine products. especially strong in stores, the new event exceeded our expectations and drove strong results for participating brands.

現在，我們利用第二季的經驗教訓，繼續發展和客製化我們的促銷策略，以重申我們的價值並推動銷售和流量。本季開始，我們舉辦了一場新的美髮活動，展示了光澤髮絲的趨勢，取代了去年秋季的華麗髮帶，該活動以強大的促銷優惠、戴森的全新獨家產品以及玻璃和光澤產品為特色。新活動在商店中表現尤其強勁，超出了我們的預期，並為參與品牌帶來了強勁的業績。

At the end of August, we brought back our beloved 21 Days of Beauty event, new beauty steals, member-only events and bonus offers, combined with robust marketing and social support, 21 Days of Beauty delivered strong growth versus last year's event. We wrapped up the quarter with a successful Fall Haul event, which drove mass engagement and new member acquisition with compelling offers that surprised and delighted guests.

8 月底，我們帶回了深受喜愛的21 天美麗活動、新的美麗搶奪、會員專屬活動和獎金優惠，再加上強大的營銷和社會支持，21 天美麗活動比去年的活動實現了強勁增長。我們以一場成功的秋季運輸活動結束了本季度，該活動透過令人驚嘆和高興的令人信服的優惠推動了大規模參與和新會員的獲取。

In addition to strengthening and evolving our merchandising tent pole events, we optimized our loyalty offers, proactively pending the timing type and target audience of these offers. As a result, our promotional effectiveness improved from the first half trend.

除了加強和發展我們的行銷支柱活動之外，我們還優化了我們的忠誠度優惠，主動等待這些優惠的時間類型和目標受眾。因此，我們的促銷效果較上半年有所改善。

Shifting now to our plans and expectations for holiday. The formal holiday season is in full flight. And while we're encouraged by our performance through Cyber Monday, we have several significant holiday sales weeks still ahead. While consumers continue to spend, our insights suggest that economic concerns are driving a greater focus on value. With our diverse assortment of products and price points, compelling offers and convenient omnichannel touch points, we are well positioned to support our guests as they celebrate the season and our teams are excited, engaged and ready to help them deliver a joyful holiday.

現在轉向我們對假期的計劃和期望。正式的假期正在如火如荼地進行中。雖然我們對「網路星期一」的表現感到鼓舞，但未來還有幾個重要的假期銷售週。儘管消費者繼續消費，但我們的見解表明，經濟擔憂正在推動人們更加關注價值。憑藉我們多樣化的產品和價位、極具吸引力的優惠和便捷的全通路接觸點，我們有能力在客人慶祝節日時為他們提供支持，我們的團隊也很興奮、積極投入，準備幫助他們度過一個愉快的假期。

Our holiday campaign this year is find joy in the present. A reminder of the joy that comes not only from gifts of beauty, but from the big and small moments that drive authentic emotional connection. With the goal of driving deeper emotional engagement, our campaign is supported with robust integrated activation across media, member marketing, PR and social channels as well as festive experiences in stores and on our digital platforms.

我們今年的節日活動是在當下尋找快樂。提醒人們快樂不僅來自美麗的禮物，也來自推動真實情感連結的大大小小的時刻。為了推動更深層的情感參與，我們的活動得到了跨媒體、會員行銷、公關和社交管道以及商店和數位平台上的節日體驗的強大整合激活的支持。

We have strategies in place to fortify our competitive positioning and manage through the compressed holiday selling season. We are transforming our channels into a concierge for all things holiday providing greater value to consumers with real-time beauty solutions, gift guides and tips tailored to our guests needs and creating fund experiences that drive awareness and make Ulta Beauty the go-to destination for the holidays.

我們制定了策略來鞏固我們的競爭地位並應對壓縮的假日銷售季節。我們正在將我們的管道轉變為假日所有事物的禮賓服務，透過根據客人需求量身定制的即時美容解決方案、禮品指南和提示，為消費者提供更大的價值，並創造基金體驗，提高知名度，使Ulta Beauty 成為消費者的首選目的地假期。

Our merchandising team has created an exciting holiday assortment, with a strong focus on newness and exclusives balanced with value-driven holiday kits and core items that make great gifts. Whether guests wants to gift others or treat themselves, we have thoughtfully curated options across every category and budget. Our corporate and supply chain teams have been working hard all year to ensure Ulta Beauty is ready to bring our guests joy this holiday season.

我們的銷售團隊創造了令人興奮的節日產品組合，重點關注新穎性和獨特性，並與價值驅動的節日套裝和核心商品相平衡，成為精美的禮物。無論客人想送禮給他人還是犒賞自己，我們都會為每個類別和預算提供精心策劃的選擇。我們的企業和供應鏈團隊全年都在努力工作，以確保 Ulta Beauty 準備好在這個假期為我們的客人帶來歡樂。

And our store teams are ready to bring the holiday to life for our guests, with new in-store events and demonstrations to build guest connection and drive sales and traffic. And with BOPIS, same-day delivery options and new for this holiday, our participation in DoorDash and soon-to-be launched Instacart marketplaces, it's never been easier or more convenient to shop at Ulta Beauty.

我們的商店團隊已準備好透過新的店內活動和演示來為顧客帶來節日氣氛，以建立顧客聯繫並推動銷售和客流量。借助 BOPIS、當日送達選項以及這個假期的新功能、我們參與 DoorDash 以及即將推出的 Instacart 市場，在 Ulta Beauty 購物從未如此簡單便捷。

With our engaging holiday messaging, incredible holiday assortment, knowledgeable associates ready to provide guidance and recommendations new innovative digital tools and multiple ways to shop. I am confident we are well positioned to deliver another successful holiday season.

憑藉我們引人入勝的節日資訊、令人難以置信的節日品種、知識淵博的員工隨時準備提供指導和建議、新的創新數位工具和多種購物方式。我相信我們已做好充分準備，能夠再次取得成功的假期。

In summary, I am encouraged by the improving trends we are seeing in the business and optimistic about our holiday plans. We believe the beauty category will remain resilient, and we are confident the actions we are taking to deliver stronger performance combined with our outstanding associates who are committed to offering guests authentic inclusive experiences across all of our touch points will enable us to reinforce our market position and drive long-term profitable growth.

總之，我對我們在業務中看到的改善趨勢感到鼓舞，並對我們的假期計劃感到樂觀。我們相信美容品類將保持彈性，我們相信，我們為實現更強勁的業績而採取的行動，與我們致力於在所有接觸點為客人提供真實的包容性體驗的優秀員工相結合，將使我們能夠鞏固我們的市場地位並推動長期獲利成長。

Now before Paula discusses our financial results, I want to share that Monica Arnaudo, Chief Merchandising Officer, has announced her plan to retire from Ulta Beauty in the spring of 2025. Since joining Ulta Beauty in 2017, Monica has built an outstanding team and elevated our assortment in ways that have helped us deliver remarkable sales and market share growth.

現在，在Paula 討論我們的財務表現之前，我想告訴大家的是，首席行銷長Monica Arnaudo 已宣布計劃於2025 年春季從Ulta Beauty 退休。團隊，並提升了我們的產品組合幫助我們實現了顯著的銷售和市場份額成長。

While furthering our mission to be our guests most loved beauty destination. I want to thank Monica for everything she has contributed as a member of our executive team and for the impact she has had on our organization. While we work to identify Monica a successor, she is fully committed to supporting her team and Ulta Beauty with a successful transition.

同時進一步推進我們成為客人最愛的美容目的地的使命。我要感謝莫妮卡作為我們執行團隊的成員所做出的一切貢獻以及她對我們組織的影響。在我們努力確定 Monica 為繼任者的同時，她完全致力於支持她的團隊和 Ulta Beauty 成功過渡。

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. I want to echo Dave's sentiment and congratulate Monica. Monica has been a trusted leader and steadfast ambassador of our brand and we are so grateful for all of her contributions.

謝謝戴夫，大家下午好。我想回應戴夫的觀點並祝賀莫妮卡。莫妮卡一直是我們品牌值得信賴的領導者和堅定的大使，我們非常感謝她所做的所有貢獻。

Now, turning to our financials, I'll begin with a discussion of our third quarter financial results and then provide more color on our fourth quarter and full year expectations. For the third quarter, we delivered better than expected performance across the P&L reflecting stronger top line growth, continued financial discipline and expense management and favorable trends.

現在，轉向我們的財務狀況，我將首先討論我們的第三季財務業績，然後對我們的第四季度和全年預期提供更多資訊。第三季度，我們的損益表表現優於預期，反映出更強勁的營收成長、持續的財務紀律和費用管理以及有利的趨勢。

Net sales for the quarter increased 1.7% sales contribution from new stores and a 0.6% increase in comp sales was partially offset by lower other revenues. During the quarter, we opened 28 new stores, closed two stores and remodeled 27 stores. The comp sales increase was driven by a 0.5% increase in transactions and a 0.1% increase in average ticket.

該季度的淨銷售額增長了 1.7%，其中新店的銷售額貢獻率增長了 0.6%，而同品銷售增長了 0.6%，但其他收入的下降部分抵消了這一增長。本季度，我們新開 28 家門市，關閉 2 家門市，改造 27 家門市。贈品銷售成長是由交易量成長 0.5% 和平均門票成長 0.1% 推動的。

Other revenue declined $5 million to $48 million, primarily due to an increase in deferred revenue related to our loyalty program, driven by the expansion of our member engagement efforts, which were partially offset an increase in income from our credit card program.

其他收入下降 500 萬美元至 4800 萬美元，主要是由於我們的會員參與努力的擴大推動了與我們的忠誠度計劃相關的遞延收入的增加，這部分抵消了我們信用卡計劃收入的增加。

Looking at the cadence of sales throughout the quarter. Comp sales in August decreased slightly primarily due to a shift in timing of our semiannual 21 Days of Beauty event, which resulted in stronger comp performance in September. October trends were positive but softened compared to the previous period. From a channel perspective, our e-commerce channel delivered mid-single-digit sales growth. The sales trend in comp stores improved from the second quarter, decreasing modestly compared to last year.

看看整個季度的銷售節奏。 8 月的同品銷售略有下降，主要是由於我們半年一度的 21 天美容活動的時間發生了變化，導致 9 月的同品銷售表現更加強勁。十月份趨勢積極，但與上一時期相比有所疲軟。從通路角度來看，我們的電子商務通路實現了中個位數的銷售成長。比較店的銷售趨勢較第二季有所改善，較去年略有下降。

For the quarter, gross margin decreased 20 basis points to 39.7% compared to 39.9% last year. The decline was primarily due to deleverage of fixed costs and lower other revenue, which was partially offset by favorable channel mix due to lower e-commerce shipping costs and lower shrink. Lower revenue growth resulted in deleverage of store and supply chain fixed costs. Additionally, more new store openings and the expansion of our supply chain network pressured these areas. As a percentage of sales, inventory shrink was lower than last year.

本季毛利率較去年的 39.9% 下降 20 個基點至 39.7%。下降主要是由於固定成本的去槓桿化和其他收入的下降，但由於電子商務運輸成本下降和損耗減少而帶來的有利通路組合部分抵消了下降。收入成長放緩導致商店和供應鏈固定成本去槓桿化。此外，更多的新店開幕和供應鏈網路的擴張給這些領域帶來了壓力。從佔銷售額的百分比來看，庫存縮減幅度低於去年。

Our investments in secure fragrance fixtures combined with new inventory management processes and enhanced training for our field teams are helping us control inventory shrink. Year-to-date, shrink as a percentage of sales is roughly flat with last year, and we continue to expect shrink will be flat for the full year. Merchandise margin was flat with lower inventory reserves primarily related to the relaunch of ULTA Beauty Collection, offset by unfavorable brand mix.

我們對安全香氛固定裝置的投資結合新的庫存管理流程以及對現場團隊的密集培訓正在幫助我們控制庫存縮減。今年迄今為止，萎縮佔銷售額的百分比與去年大致持平，我們仍然預計全年萎縮將持平。商品利潤率持平，庫存儲備下降主要與 ULTA Beauty Collection 的重新推出有關，但被不利的品牌組合所抵消。

Moving to expenses. SG&A increased 3.2% to $682 million. Overall, SG&A spend was better than planned again this quarter, primarily due to focused expense management. As a percentage of sales, SG&A increased 40 basis points to 27% compared to 26.6% last year, reflecting lower top line growth, most expenses deleveraged this quarter. In addition, SG&A deleverage, primarily due to higher store payroll and benefits, primarily due to higher average wage rates and higher corporate overhead, primarily due to strategic investments.

轉向開支。 SG&A 成長 3.2%，達到 6.82 億美元。總體而言，本季的 SG&A 支出再次優於計劃，這主要歸功於集中的費用管理。 SG&A 佔銷售額的百分比成長了 40 個基點，達到 27%，而去年為 26.6%，反映出營收成長較低，本季大多數費用去槓桿化。此外，SG&A去槓桿化，主要是由於商店工資和福利的增加，主要是由於平均工資率的上升和公司管理費用的增加，主要是由於策略投資。

These pressures were partially offset by lower incentive compensation, reflecting operational performance that was below our internal targets. Depreciation was $67 million for the quarter compared to $61 million last year, primarily due to new store and supply chain investments. Operating profit decreased 2.7% to $318.5 million. As a percentage of sales, operating margin was 12.6% of sales compared to 13.1% of sales last year, and diluted GAAP earnings per share increased 1.4% to $5.14 compared to $5.07 last year.

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。本季折舊額為 6,700 萬美元，而去年為 6,100 萬美元，主要是由於新店和供應鏈投資。營業利潤下降 2.7% 至 3.185 億美元。以佔銷售額的百分比計算，營業利潤率為銷售額的 12.6%，而去年為 13.1%；攤薄後 GAAP 每股收益增長 1.4%，達到 5.14 美元，而去年為 5.07 美元。

Moving to the balance sheet and our capital allocation priorities. We ended the quarter with $178 million in cash and cash equivalents and $200 million in short-term debt. Similar to third quarter last year, we drew on our revolving credit facility during the quarter to support working capital needs and ongoing capital allocation priorities, including share repurchases and capital expenditures. Total inventory increased 1.9% to $2.4 billion compared to $2.3 billion last year. The increase was primarily due to the impact of 63 net new stores.

轉向資產負債表和我們的資本配置優先事項。截至本季末，我們的現金和現金等價物為 1.78 億美元，短期債務為 2 億美元。與去年第三季類似，我們本季利用循環信貸額度來支持營運資金需求和持續的資本配置優先事項，包括股票回購和資本支出。總庫存增加 1.9%，達到 24 億美元，去年為 23 億美元。這一增長主要是由於淨新開 63 家門市的影響。

Year-to-date, through the third quarter, we generated $302 million in operating cash flow. Capital expenditures were $114 million for the quarter, primarily reflecting investments in new and existing stores, IT investments and merchandise fixtures. In the third quarter, we returned $267 million of capital to our shareholders through the repurchase of 731,000 shares. At the end of the quarter, we had $2.9 billion remaining under our $3 billion share repurchase program we announced at our investor meeting in October.

年初至今，截至第三季度，我們的營運現金流為 3.02 億美元。本季資本支出為 1.14 億美元，主要反映了對新店和現有商店、IT 投資和商品固定裝置的投資。第三季度，我們透過回購 731,000 股股票向股東返還 2.67 億美元資本。截至本季末，我們在 10 月的投資者會議上宣布的 30 億美元股票回購計畫還剩 29 億美元。

Now turning to our outlook. We have refined our sales and EPS guidance for fiscal 2024 to reflect our third quarter results, while continuing to take a cautious view of the consumer and operating environment. We expect net sales for the year will be between $11.1 billion and $11.2 billion, with comp sales growth between negative one and flat. For the year, we continue to plan to open approximately 60 to 65 net new stores and remodel or relocate 40 to 45 stores. We expect operating margin will be between 12.9% and 13.1% of net sales, with deleverage to come from both gross margin and SG&A, reflecting our top line expectations.

現在轉向我們的展望。我們完善了 2024 財年的銷售和每股收益指引，以反映我們第三季的業績，同時繼續對消費者和營運環境持謹慎態度。我們預計今年的淨銷售額將在 111 億美元至 112 億美元之間，而同期銷售額成長則在負 1 和持平之間。今年，我們繼續計劃淨開設約 60 至 65 家新店，並改造或搬遷 40 至 45 家店。我們預期營業利潤率將在淨銷售額的 12.9% 至 13.1% 之間，去槓桿化將來自毛利率和 SG&A，這反映了我們的營收預期。

Reflecting these assumptions, we now expect diluted EPS for the year will be between $23.20 and $23.75. With one quarter left in the year, I want to share how we are thinking about Q4. While we are encouraged by our third quarter results and our performance quarter-to-date, we also acknowledge that the fourth quarter will likely be impacted by a compressed holiday season, a dynamic operating environment and continued uncertainty around underlying consumer demand. For Q4 modeling purposes, we expect comp sales will decline in the low single-digit range and operating margin will be between 11.6% and 12.4%.

考慮到這些假設，我們現在預計今年稀釋後每股收益將在 23.20 美元至 23.75 美元之間。距離今年還剩一個季度，我想分享我們對第四季的看法。雖然我們對第三季業績和本季迄今的業績感到鼓舞，但我們也承認，第四季可能會受到假期季節壓縮、動態營運環境以及潛在消費者需求持續不確定性的影響。出於第四季度建模目的，我們預計公司銷售額將在低個位數範圍內下降，營業利潤率將在 11.6% 至 12.4% 之間。

One final update. We have updated our capital expenditure expectations for the full year and now expect to spend between $400 million and $425 million in CapEx in fiscal 2024, including approximately $230 million for new stores, remodels and merchandise fixtures; $130 million for supply chain and IT; and about $50 million for store maintenance and others.

最後更新一次。我們更新了全年資本支出預期，目前預計 2024 財年的資本支出將在 4 億至 4.25 億美元之間，其中包括約 2.3 億美元用於新店、改造和商品固定裝置； 1.3 億美元用於供應鏈和 IT；以及約 5000 萬美元用於商店維護和其他費用。

In closing, we know it will take time to see the full benefits from our efforts, but we remain confident that our go-to-market strategies and investments along with continued operational and financial discipline will enable us to drive stronger sales and value creation over the long term.

最後，我們知道我們的努力需要時間才能看到全部效益，但我們仍然相信，我們的市場策略和投資以及持續的營運和財務紀律將使我們能夠推動更強勁的銷售和價值創造長期來看。

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

現在我會將電話轉回給我們的接線生以主持問答環節。

(Operator Instruction)

（操作員說明）

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Hey everyone. Nice job, and if I forget later, I hope you and your families all have a nice holiday season. Dave, any further color you can share on how you're thinking about the broader competitive and promotional landscape over holiday? And then just Paula, could you quantify any of those gross margin pressure points this quarter, how you're thinking about the next quarter and beyond? And then just as any of today's progress in the full year guide lift impact your initial margin views you had given us in October? Thank you.

謝謝。嘿大家。幹得好，如果我以後忘記了，我希望你和你的家人都有一個愉快的假期。戴夫，您可以分享一下您如何看待假期期間更廣泛的競爭和促銷前景嗎？那麼保拉，您能否量化本季的毛利率壓力點，您如何看待下個季度及以後的情況？然後，就像今天全年指導提升中的任何進展都會影響您在 10 月向我們提供的最初利潤率觀點一樣嗎？謝謝。

Great. Thanks, Simeon, and happy holidays to you as well. I'll start with just the broader competitive and promotional landscape. And Paula, you can pick up on some of the margin specific areas. So for the third quarter, what -- as we -- as I mentioned in the remarks, we continue to see this is an intensely competitive time frame.

偉大的。謝謝西蒙，也祝你節日快樂。我將從更廣泛的競爭和促銷環境開始。保拉（Paula），您可以了解一些邊緣特定領域。因此，對於第三季度，正如我在評論中提到的，我們仍然認為這是一個競爭激烈的時間框架。

And we've been managing and discussing that throughout the year. We feel like our actions, the adjustments we made in the third quarter helped us improve our performance, strengthen our performance, but we also recognize we have more work ahead of us. The dynamics in the marketplace continue, particularly in the prestige space, but we're seeing progress.

我們一整年都在管理和討論這個問題。我們感覺到我們的行動，我們在第三季所做的調整幫助我們提高了業績，加強了我們的業績，但我們也意​​識到我們還有更多的工作要做。市場的動態仍在繼續，特別是在聲望領域，但我們看到了進展。

And our unique proposition, the aspects that only at delivers through our sorbent, our loyalty program, our points of presence, the experience we deliver have always been key to our business and continue to be core drivers. Promotionally, what we experienced in the third quarter was continued normalization after some reduce promotion coming right out of COVID.

我們獨特的主張、僅透過我們的吸附劑、我們的忠誠度計劃、我們的存在點、我們提供的體驗始終是我們業務的關鍵，並將繼續成為核心驅動力。在促銷方面，我們在第三季度經歷的情況是，在因新冠疫情而減少促銷之後，我們在第三季度經歷了持續的正常化。

So we anticipated that coming into Q3, coming into this year. We saw that in Q3. Our promotional rates in Q3 were lower than Q2, but still somewhat higher than last year. But as I mentioned in the remarks, our efforts to adjust our promotional strategy to lean in and amplify our tent-pole events, made our overall efforts more effective leveraging our CRM program and our personalization efforts are driving the business. As we look into the holiday, it is obviously a very promotional time frame, the most promotional time frame.

因此，我們預計今年將進入第三季。我們在第三季度看到了這一點。我們第三季的促銷率低於第二季度，但仍略高於去年。但正如我在演講中提到的，我們努力調整促銷策略，以加強和擴大我們的支柱活動，使我們的整體努力更加有效地利用我們的CRM 計劃，而我們的個性化努力正在推動業務發展。當我們審視這個假期時，這顯然是一個非常促銷的時間段，也是促銷最大的時間段。

That's certainly true this year. And as we navigate through and share our fourth quarter results, we'll have reflections on the overall dynamics, but we're anticipating continued promotional intensity, but not significantly outside of what we would expect so far this holiday. Paula, do you want to talk about that?

今年確實如此。當我們瀏覽並分享我們的第四季度業績時，我們將對整體動態進行反思，但我們預計促銷力度將持續，但不會明顯超出我們今年假期迄今為止的預期。保拉，你想談談這個嗎？

Sure. Good afternoon Simeon. Yeah, so we raised our full year operating margin and EPS, reflecting Q3 performance and also ongoing expense discipline. What I would say as we think about kind of Q4, generally for the full year, we continue to expect gross margin deleverage, and when we think about Q4, reflecting the top line expectations in a competitive environment. gross margin will continue to delever.

當然。下午好，西蒙。是的，所以我們提高了全年營業利潤率和每股收益，反映了第三季的業績以及持續的費用紀律。我想說的是，當我們考慮第四季時，通常是全年，我們繼續預期毛利率去槓桿化，當我們考慮第四季時，這反映了競爭環境中的營收預期。毛利率將繼續去槓桿化。

And really, the trends we've seen all year will continue. So headwinds are the deleverage we expect to see from a fixed cost perspective, merchandise margin pressure will continue given promotions and category mix. And then our tailwinds, lower transportation costs, which we've been speaking about all year, we'll continue to provide some offsets to that. I would say from an SG&A perspective, we're expecting growth from a full year in the mid-single-digit range. But Q4, expecting that to be in the low single-digit growth range.

事實上，我們全年看到的趨勢將持續下去。因此，從固定成本的角度來看，不利因素是我們預期會看到的去槓桿化，考慮到促銷和品類組合，商品利潤壓力將持續存在。然後我們的順風車，較低的運輸成本，我們一整年都在談論這一點，我們將繼續提供一些補償。我想說，從銷售、管理和行政費用的角度來看，我們預計全年成長將在中個位數範圍內。但第四季預計將處於低個位數成長範圍。

We still expect or most of our expenses to deleverage on the lower sales. But we'll continue to make financial discipline as we have and keen to it. And I think the second..

我們仍然預計我們的大部分支出將因銷售額下降而去槓桿化。但我們將繼續以我們現有的方式並熱衷於實行財務紀律。而且我認為第二個..

Great. Thank you.

偉大的。謝謝。

No, no, sorry if I didn't cut you off.

不，不，抱歉，如果我沒有打斷你的話。

No. All good. Thank you.

不，一切都好。謝謝。

Kelly Crago, Citi.

凱利克拉戈，花旗銀行。

Hi, thanks for taking my question. I just wanted to see if you could provide a little bit more context on the prestige makeup line that was flat in the quarter. How was it for the industry overall? And if you could just talk about the innovation pipeline in prestige -- I'm sorry if I said prestige beauty before I'm talking about prestige makeup. If you could talk about the innovation pipeline there.

您好，感謝您提出我的問題。我只是想看看您是否可以提供更多有關本季度持平的高端化妝品系列的背景資訊。整個產業的情況如何？如果你能談談聲望的創新管道——如果我在談論聲望化妝之前先說聲望美容，我很抱歉。能談談那裡的創新管道嗎？

And then just secondly, any way to kind of quantify the drag you've seen from the competitive pressures specifically with those new points of distribution and sort of where we're at in the time line for when you expect those headwinds to abate further? Thanks.

其次，有什麼方法可以量化您從競爭壓力中看到的阻力，特別是那些新的分銷點，以及您預計這些不利因素何時進一步減弱的時間線？謝謝。

Great. Well, thanks, Kelly. Yeah, let's see, starting with Prestige makeup, obviously, an important category, our largest category. And I'd start with saying, overall, we're pleased in the third quarter that prestige makeup was flat for the quarter for us, which was improvement from some of the trends. The drivers behind that are our innovation that we continue to launch brands like Eliot coming into our portfolio.

偉大的。嗯，謝謝，凱利。是的，讓我們看看，從高端彩妝開始，顯然，這是一個重要的類別，也是我們最大的類別。我首先要說的是，總體而言，我們對第三季度的高端化妝品持平感到高興，這比一些趨勢有所改善。背後的驅動力是我們的創新，我們不斷推出像 Eliot 這樣的品牌進入我們的產品組合。

Strong execution across our key programs like 21 Days of Beauty, which is focused on prestige and make up, of course, as a highlight of that and real emphasis on some of our core brands like the Clinique and Mac and other strong performing brands that we've been working closely with to ensure we're delivering for our guests and our guests respond well to them.

我們在「21 Days of Beauty」等關鍵項目中執行力強，當然，該項目專注於聲譽和彩妝，這是其中的一個亮點，並真正強調我們的一些核心品牌，如倩碧和Mac 以及我們所關注的其他表現強勁的品牌。 我們一直與我們密切合作，以確保我們為客人提供服務，並得到客人的良好回應。

And so we're really -- we've been focused on this category for a long time to strengthen its performance and we're really pleased that it was able -- that we were able to do that. Overall, in the category, we saw the category, the total prestige makeup category a bit more than us in low single digits. So we saw pressure share, although our share performance, while still pressured improved from the second quarter. So we're making headway, and we're pleased with that.

所以我們真的 - 我們長期以來一直專注於這個類別，以加強其性能，我們真的很高興它能夠 - 我們能夠做到這一點。總體而言，在該類別中，我們看到的類別，威望化妝品類別的總數比我們多一點，處於低個位數。所以我們看到壓力股，雖然我們的股票表現，同時仍然比第二季有所改善。所以我們正在取得進展，我們對此感到高興。

Overall or on the competitive environment, you asked about competitive openings. As we've been talking about throughout the year, that's certainly a meaningful dynamic as there's been more than 1,000 new points of distribution in prestige beauty that over the last couple of years.

總體而言，或在競爭環境方面，您詢問了競爭性空缺職位。正如我們全年一直在談論的那樣，這無疑是一個有意義的動態，因為在過去幾年中，高端美容產品新增了 1,000 多個經銷點。

And that has been a pressure I shared in previous discussions that 80% of our stores have been experienced at least one competitive opening and more than half have had multiple competitive openings, and that continues to be a dynamic that's going on in the marketplace. Having said that, we're confident in the actions that we're taking. We know we've seen historically new store openings.

這是我在之前的討論中分享的壓力，我們 80% 的商店至少經歷過一次競爭性開業，超過一半的商店經歷過多次競爭性開業，而且這仍然是市場上正在發生的一種動態。話雖如此，我們對我們正在採取的行動充滿信心。我們知道我們已經看到了歷史上新店的開幕。

We're able to absorb the shorter-term hit, but then turn our stores back into positive contributors to our business over the long term. This is a different dynamic given the scale, just the sheer number of new stores opening in a short period of time. But we're confident in our ability to do that. We did see improvements in Q3 that contributed to the stronger performance we had in Q3 in total versus Q2. So we feel like we saw some headway in that.

我們能夠承受短期的衝擊，但從長遠來看，我們的商店會重新為我們的業務做出積極的貢獻。考慮到規模，即短時間內開設的新店數量之多，這是一種不同的動態。但我們對自己有能力做到這一點充滿信心。我們確實看到了第三季的改進，這使得我們第三季的整體表現優於第二季。所以我們覺得我們在這方面看到了一些進展。

But we're not -- but it's we're still in the midst of it. And so by no means are we claiming that we're through it. We've got more work to do. We're working through the dynamics. And our focus there is continue to do what we do best, lean into our strengths in our stores and online and all of our experiences that activity, those things that I highlighted on earlier are what helped us make progress this quarter and other things that are going to drive us into 2025 as we continue to strengthen our business.

但我們不是——但我們仍然處於其中。因此，我們絕不聲稱我們已經度過了難關。我們還有更多工作要做。我們正在研究動態。我們的重點是繼續做我們最擅長的事情，發揮我們在商店和網上的優勢，以及我們所有的活動經驗，我之前強調的那些事情幫助我們在本季度取得了進展，以及其他事情隨著我們繼續加強我們的業務，這將推動我們進入2025 年。

They express their love and happy holidays.

他們表達了他們的愛和節日快樂。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good afternoon. Thanks for taking the question and congrats on the quarter. I'd like to touch a little bit on the competitiveness on the math piece of the business. I fe talk a lot about prestige, buel like wet I do want to understand mass, a lot of the broader larger mass retailers have been talking a little bit more positively about beauty. You've got dollar stores expanding more in beauty, so how is this impacting the competitive landscape would you say for that piece of the business? And how are you thinking about the mass piece going forward and heading into 2025? Thanks.

嘿，下午好。感謝您提出問題並祝賀本季。我想談談該業務數學部分的競爭力。我談論了很多關於聲望的話題，就像濕氣一樣，我確實想了解大眾，許多更廣泛的大型大眾零售商一直在更積極地談論美容。一元商店在美容領域不斷擴張，那麼您認為這對該業務的競爭格局有何影響？您如何看待這部 2025 年的大眾作品？謝謝。

Well, yes. Thanks, Korinne. The I'll start with saying that beauty is a very attractive category. And so we've talked many times about the fact that anybody in beauty, whether in the mass side, prestige side, luxury is emphasizing the category, investing in the category and that's been going on across all of our competitors. In the mass specific business, yes, that the total mass business continues to perform in that mid-single-digit range for the quarter in total mass.

嗯，是的。謝謝，科琳。首先我要說的是，美麗是一個非常有吸引力的類別。因此，我們多次談到這樣一個事實：美容界的任何人，無論是大眾方面、聲望方面還是奢侈品，都在強調這一類別，投資於這一類別，而我們所有的競爭對手都在這樣做。在大眾特定業務中，是的，本季大眾業務總量繼續保持在中個位數範圍內。

And it's an important category for us. As you know, one of the key differentiators of our business is strength in mass and made and prestige and luxury. And so we continue to be focused on our mass business and the important role it plays. So that we're well aware of the dynamics. We have seen mass makeup as a categorgy, cost of category decelerate.

這對我們來說是一個重要的類別。如您所知，我們業務的關鍵差異化因素之一是大眾、製造、聲望和奢華方面的實力。因此，我們將繼續專注於我們的大眾業務及其發揮的重要作用。這樣我們就可以很好地了解動態。我們已經看到大眾化妝品作為一個品類，品類的成本正在下降。

Certainly, there's brands that are stronger, but the total category has been more pressure, but we're seeing strength -- continued strength in mass skin, which is an important business for us. So we're focused on continuing to drive our mass business and make sure we're delivering the assortment that we know our guests love the ability to engage with us across all price points and continue to be confident in our ability to excite them and engage them in our mass business.

當然，有些品牌更強大，但整個類別面臨更大的壓力，但我們看到了力量——大眾皮膚的持續力量，這對我們來說是一項重要業務。因此，我們專注於繼續推動我們的大眾業務，並確保我們提供我們知道客人喜歡的各種產品，能夠在所有價位上與我們互動，並繼續對我們激發他們和吸引他們的能力充滿信心他們在我們的大眾業務中。

Anthony Chukumba, Loop Capital Market.

安東尼·楚昆巴（Anthony Chukumba），Loop 資本市場。

Thank you so much for taking my question. Hopefully, hopefully you can hear me. Okay. And I'll just keep it to one question. Obviously you had a very impressive sequential improvement in your performance. And you've touched on a few different things, but I if you had to sort of almost like kind of stack rank, what you thought drove the better performance, would it be the, you know, more effective promotions? Would it be some of the merchandizing changes?

非常感謝您回答我的問題。希望，希望你能聽到我的聲音。好的。我只討論一個問題。顯然，你的表現取得了非常令人印象深刻的連續改進。你已經談到了一些不同的事情，但如果你必須有點像堆疊排名，你認為是什麼推動了更好的表現，這會是，你知道，更有效的促銷嗎？會是一些商品化的改變嗎？

Would it be some of the partnerships you talked about, like with Wicked and I guess, the Mini Brands or whatever. Yes, if you could just give us -- help us to understand what, from a sequential perspective led to the improvement in performance.

是你談到的一些合作關係，例如與 Wicked 以及我猜的 Mini Brands 或其他什麼。是的，如果您能夠幫助我們從順序的角度理解是什麼導致了效能的提升。

Great. Thanks, Anthony. Yeah, I mean, I wouldn't point to one thing. There was not one thing that ever really drives our business. And we talked about coming out of the second quarter. While we're pleased with some aspects of our business, we were clear on areas that we needed to address, and we leaned into several of the key factors. Assortment is always critical. Bringing in newness, some of the brands I highlighted like Eliot into the quarter, played an important role. The collaborations that you mentioned also drove excitement and enthusiasm assortment is always a key driver and certainly was in the third quarter.

偉大的。謝謝，安東尼。是的，我的意思是，我不會指出一件事。沒有一件事能夠真正推動我們的業務。我們談到了第二季的情況。雖然我們對業務的某些方面感到滿意，但我們清楚需要解決的領域，並且我們專注於幾個關鍵因素。品種始終至關重要。我在本季強調的一些品牌（例如 Eliot）在引入新鮮感方面發揮了重要作用。您提到的合作也激發了人們的興奮和熱情，品種始終是關鍵驅動力，尤其是在第三季。

Our promotional effectiveness we had some learnings in the second quarter as we were faced with more pressure sales, how we adapted our promotional environment. We had learnings there that we built from into the third quarter. Leaning in, strengthening our core tent pole events that our guests value from Ulta Beauty, 21 Days of Beauty, our hair brand and Fall Haul as well as smart, purposeful targeted and effective complementary promotions throughout the quarter in a very personalized. So that drove a strong effectiveness. We worked hard throughout the quarter.

我們的促銷效果在第二季得到了一些教訓，因為我們面臨更大的銷售壓力，我們如何調整我們的促銷環境。我們在那裡學到了一些東西，並從第三季開始累積經驗。傾情投入，加強我們的客人看重的核心支柱活動，包括Ulta Beauty、21 Days of Beauty、我們的美髮品牌和Fall Haul，以及整個季度以非常個性化的方式進行的明智、有針對性和有效的補充促銷活動。因此，這帶來了強大的效率。我們整個季度都在努力工作。

Our teams across the organization, store teams, for sure supply chain, our IT teams, our digital teams to make sure we were delivering a great experience to prove conversion, and we're pleased that we were able to do that both in store and strong performance online. And that took a holistic effort with making sure we have strong insects, strong engagement from our store associates and strong execution online.

我們整個組織的團隊、商店團隊，當然還有供應鏈、IT 團隊、數位團隊，以確保我們提供出色的體驗來證明轉化，我們很高興能夠在商店和商店中做到這一點線上表現強勁。這需要我們付出全面的努力，以確保我們擁有強大的昆蟲、商店員工的積極參與以及強大的線上執行力。

And we also -- the last thing I'd mention is we highlighted in the second quarter, some disruption from some system changes and we made improvements in that space to make sure our products were where they needed to be. So multiple elements contributed. It was a really holistic effort across the organization, and we're pleased. Having said that, we know we've got more work to do. We're pleased with the sequential improvement we are focused on stronger improvement over time as we move both through the holiday period and into 2025 and beyond.

我還要提到的最後一件事是，我們在第二季度強調了一些系統變化帶來的一些幹擾，我們在該領域進行了改進，以確保我們的產品處於需要的位置。所以有多種因素做出了貢獻。這是整個組織真正的整體努力，我們很高興。話雖如此，我們知道我們還有更多工作要做。我們對連續的改進感到滿意，隨著時間的推移，我們將重點關注隨著假期的推移以及 2025 年及以後的時間的推移，更強有力的改進。

So we'll continue to lean into all of those things and the broader strategies that we went through in a lot of detail at our Investor Day in October.

因此，我們將繼續關注所有這些事情以及我們在 10 月的投資者日詳細討論的更廣泛的策略。

Very helpful. Thank you.

非常有幫助。謝謝。

Christopher Horvers, JPMorgan Chase & Company.

克里斯多福‧霍弗斯，摩根大通公司。

Thanks. Good evening. So I'll throw a quick two parter in there as well. So the first part is, are you positive quarter-to-date? You mentioned encourage -- and how are you thinking about the balance between the five fewer days but at the same time, have a very substantial gift card business and five fewer days would suggest a strong January follow-through. And then following up on an earlier question, any further thoughts on how you think about '25. You talked about a floor of 11% long-term 12% plus, how did this quarter change that point of view, if at all? Thanks.

謝謝。晚安.所以我也會在那裡放一個快速的二人組。所以第一部分是，您本季至今持正面態度嗎？您提到了鼓勵 - 您如何考慮減少五天之間的平衡，但同時，擁有非常可觀的禮品卡業務，減少五天將表明一月份的後續行動強勁。然後繼續之前的問題，關於你如何看待「25」的任何進一步的想法。您談到長期 12% 以上的 11% 下限，本季如何改變了這一觀點（如果有的話）？謝謝。

Hi, Chris. Thanks for the question. What I would say is we want to necessarily get into the details of specifically comp quarter-to-date. But what I will say is that day, our holiday season is off to a solid start and our teams are executing well. We are encouraged by what we're seeing, but we also recognize that we have several important weeks ahead of us in the holiday season even an operating environment is dynamic. And so that is why we shared that we're expecting Q4 comp sales to decline in the low single-digit range.

嗨，克里斯。謝謝你的提問。我想說的是，我們有必要了解季度至今具體業績的詳細資訊。但我要說的是，那天，我們的假期賽季有了一個良好的開端，我們的團隊執行得很好。我們對所看到的情況感到鼓舞，但我們也認識到，即使營運環境充滿活力，假期期間我們還有幾個重要的星期。這就是為什麼我們預計第四季度的銷售額將下降到個位數的低點。

So that's what we're thinking from a quarter perspective. And I would say, yeah, there is a component of the dynamic environment that is related to how consumers the fewer shopping days and things of that sort that we are obviously contemplating as we think about our expectations for Q4.

這就是我們從季度角度思考的問題。我想說，是的，動態環境的一個組成部分與消費者如何減少購物天數以及我們在考慮對第四季度的預期時顯然正在考慮的類似事情有關。

As we think about 2025, again, still several important weeks left ahead of us, and we're focused on closing -- getting to a holiday strong and closing out the fiscal year strong. And we will provide additional color on 2025 when we provide our guidance in March, consistent with what we typically do. Now that being said, I would say directional color that we provided at our Investor Day remains the same.

當我們再次思考 2025 年時，我們還剩下幾個重要的幾週，我們的重點是結束——強勁地度過一個假期並強勁地結束本財年。當我們在 3 月提供指導時，我們將在 2025 年提供額外的顏色，這與我們通常所做的一致。話雖這麼說，我想說我們在投資者日提供的定向顏色保持不變。

We expect 2024 and 2025 to be transitional period as we invest to reaccelerate our growth, and we continue to expect to make investments in 2025 that will position us for a stronger long term. but we will make decisions to enable to ensure that we're delivering operating margin at least above 11%.

我們預計 2024 年和 2025 年將是過渡期，我們將進行投資以重新加速成長，並且我們繼續預計在 2025 年進行投資，這將為我們奠定更強勁的長期發展基礎。但我們將做出決定，以確保我們的營業利潤率至少高於 11%。

That's great. Thanks very much.

那太棒了。非常感謝。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi, this is Emily Ghosh on for Kate. We were wondering on UB media, how big of a competitive mode do you think it could be? Especially considering what it does to help your relationship with vendor partners and how much is UB media contributing to the long term operating margin outlook that you provided at the Investor Day?

大家好，我是艾米莉·戈什（Emily Ghosh）為凱特代言。我們想問UB媒體，​​您認為這種競技模式能有多大？特別是考慮到它對您與供應商合作夥伴的關係有何幫助，以及 UB media 對您在投資者日提供的長期營業利潤率前景有何貢獻？

Great, thanks Emily. Yeah, we think we're very optimistic and excited about the role that a UB Media is and will play on our business going forward. As you suggest, we have a real competitive opportunity because of the the scale and the breadth of our business, the data that we have, the understanding of beauty engagement and transactions across really all beauty enthusiasts of all ages and all geographies is really unmatched.

太好了，謝謝艾米麗。是的，我們認為我們對 UB Media 正在並將在我們未來業務中發揮的作用感到非常樂觀和興奮。正如您所說，我們擁有真正的競爭機會，因為我們業務的規模和廣度、我們擁有的數據、對所有年齡段和所有地區的所有美容愛好者的美容參與和交易的理解確實是無與倫比的。

And so we've worked hard to deliver an experience for our brand partners that adds value and most importantly, adds strong ROI in their media investments and the growth that we've seen in that business reinforces that we're able to do that.

因此，我們努力為我們的品牌合作夥伴提供一種增加價值的體驗，最重要的是，增加他們媒體投資的強勁投資回報率，而我們在該業務中看到的增長強化了我們能夠做到這一點。

As we did talk about at our Investor Day, continued investment and capabilities. I highlighted a couple of those capabilities on the call earlier today related to roadblocks and other ways that we can further give our brands opportunities. But because of the brand relationships that we have and the role that we play in the category, we are confident that our opportunity to grow this business, continue to grow this business over time will be will be a positive impact on the business. Paula, do you want to talk about the financial impact? .

正如我們在投資者日談到的那樣，持續投資和能力。我在今天早些時候的電話會議上強調了一些與障礙以及我們可以進一步為我們的品牌提供機會的其他方式相關的能力。但由於我們擁有的品牌關係以及我們在該類別中發揮的作用，我們相信，隨著時間的推移，我們發展這項業務的機會，繼續發展這項業務將對業務產生積極影響。 Paula，您想談談財務影響嗎？ 。

Sure. What I would say is UV Media is contributing positively to gross margin in a way to think about it over time is that it plays in for role for us, and it will help offset some of the merchandise margin pressure. We we currently see we have shared as we make certain investments in brand building and other things in 2025 and beyond that would serve to help offset some of those pressures.

當然。我想說的是，隨著時間的推移，UV Media 對毛利率做出了積極的貢獻，從某種程度上來說，它為我們發揮了作用，並將有助於抵消一些商品利潤壓力。我們目前看到，我們已經分享了，因為我們在 2025 年及以後對品牌建立和其他方面進行了一定的投資，這將有助於抵消其中一些壓力。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, thanks, David and Kiley. On your thinking, longer term, what will it take? Positive comp in terms of what, what categories perhaps you see as the biggest opportunities? And was the commentary on October being a bit softer. Was that surprising to you? It sounds like you may continue to expect to see a fair bit of volatility. And Kecia, unless of store sales, is it a mid-single-digit leverage occupancy.

嗨，謝謝大衛和凱利。根據您的想法，從長遠來看，這需要什麼？您認為哪些方面的正向競爭可能是最大的機會？十月份的評論是不是有點溫和了。這讓你感到驚訝嗎？聽起來您可能會繼續預期會出現相當大的波動。而Kecia，除非商店銷售額，否則槓桿率處於中個位數。

Anything we should know about that in terms of achieving fixed cost leverage based on the comp? Thank you.

在實現基於比較的固定成本槓桿方面，我們應該了解什麼？謝謝。

Oliver, let's see. So first on long-term growth, what's going to deliver positive comps. I guess I would go back to what we talked about in detail at our Investor Day. We really see a combination of leaning in and reinforcing our established strengths as well as innovating across our entire ecosystem as key contributors to our performance.

奧利弗，讓我們看看。首先是長期成長，什麼會帶來正面的回報。我想我會回到我們在投資者日詳細討論的內容。我們確實看到，鞏固和加強我們既定的優勢以及在整個生態系統中進行創新是我們業績的關鍵貢獻者。

We talked about four key pillars or platforms assortment, having the best assortment across beauty and wellness experience, delighting our guests in every touch point that we have access, continuing to expand our availability, both with stores, accelerated new store openings as well as strong online expressions and then, of course, loyalty and building brand love.

我們討論了四個關鍵支柱或平台分類，擁有美容和健康體驗的最佳分類，在我們可以訪問的每個接觸點上讓我們的客人滿意，繼續擴大我們的可用性，包括商店，加速新店開業以及強大的線上表達，當然還有忠誠度和建立品牌熱愛。

We're really focused on driving innovation across each of those and making sure that we're ready to do that. And what I talked about in an earlier question, that contributed to the third quarter improvement versus the second quarter. It's the foundation. It's the fundamentals. It's the core thing you know about our business.

我們真正專注於推動每個領域的創新，並確保我們準備好做到這一點。我在之前的問題中談到的是，這促成了第三季相對於第二季的改善。這是基礎。這是基礎。這是您了解我們業務的核心內容。

I mean tracked us for a long time. When assortment is stronger and experience is right and our loyalty is working and our touch points are driving both in-store and online. Those are the things that will come together. So much -- really all of it, we just shared a couple of months ago, those are the aspects that will drive our business going forward.

我的意思是跟踪我們很長時間。當品種更加豐富、體驗更加正確、我們的忠誠度發揮作用、我們的接觸點在店內和網上都得到推動時。這些都是會聚集在一起的事情。就這麼多——實際上是所有這些，我們幾個月前剛剛分享過，這些都是將推動我們業務向前發展的方面。

Yeah. And Oliver, this is Paula. Given you asked a question about October and whether or not we were surprised. What I would say is now -- and we thought with Dave mentioned and we talked about the timing and some of our tent pole event. And so that had a role to play in kind of the by period performance in Q3.

是的。奧利佛，這是保拉。鑑於您問了有關十月的問題，我們是否感到驚訝。我想說的是現在——我們和戴夫提到過，我們討論了時間安排和我們的一些帳篷桿活動。因此，這對第三季的同期表現起到了一定的作用。

And then I think you had a question about leverage points, and we don't specifically disclose a specific point, and we've shared in the past one way to think about things from a rent perspective, expense is around 4%. And so as you think about comp and total growth, maybe think about it in that perspective.

然後我想你有一個關於槓桿點的問題，我們沒有具體透露具體的一點，我們過去分享過一種從租金角度思考問題的方法，費用在4%左右。因此，當您考慮比較和整體成長時，也許可以從這個角度來考慮。

Happy holidays. Thanks.

節日快樂。謝謝。

Thanks Oliver.

謝謝奧利佛。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hi, good afternoon. Congrats on a nice quarter. So I just wanted to follow up on your early learnings from your market share, reinforcing strategy. It obviously enabled you to maintain flat market share in the third quarter, at least in prestige. Where are you seeing some of the biggest gains in member engagement? I think, Dave, you talked about both platinum and diamond members are up in the program year-over-year. And then just as the competitive opening pressures abate, is it fair to say that maybe the worst is behind us?And is there a time line for when you think maybe you could return to market share gains? Thank you.

嗨，下午好。恭喜您度過了一個美好的季度。所以我只是想跟進您從市場份額中獲得的早期經驗，強化策略。顯然，這使您能夠在第三季度保持平穩的市場份額，至少在聲譽方面是如此。您在哪些方面看到了會員參與度上最大的收穫？我想，戴夫，您談到白金會員和鑽石會員在該計劃中的比例逐年上升。然後，隨著競爭的開放壓力減弱，是否可以公平地說，也許最糟糕的時期已經過去了？謝謝。

Well, let's see. So on the -- where we've seen engagement, yeah, you highlighted an important part of our business, which is what we call our lead gas our Platinum and our dine-in members. And we're pleased that we continue to see strong performance from them, high engagement, high spend. They are obviously our best guess. But we're seeing that across the board, and it's something we've been focused on to continue to grow our business.

好吧，讓我們看看。因此，在我們看到的參與度方面，是的，您強調了我們業務的一個重要部分，這就是我們所說的鉛汽油、白金會員和堂食會員。我們很高興我們繼續看到他們的強勁表現、高參與度和高支出。他們顯然是我們最好的猜測。但我們全面看到了這一點，這是我們繼續發展業務的重點。

Our loyalty program in total was up 5% for the quarter, and that was a combination of attracting new members as one of the things we talked about in October was even though we've had a lot of growth in our loyalty program over time, we still see a lot of opportunity ahead, and we're continuing to attract new members and bring them into our business.

本季我們的忠誠度計劃總共增長了5%，這是吸引新會員的結合，因為我們在10 月討論的事情之一是，儘管我們的忠誠度計劃隨著時間的推移有了很大的增長，我們仍然看到很多機會，我們將繼續吸引新成員並將他們帶入我們的業務。

And that, of course, is important fuel for future growth. We also had success reactivating lapsed members, a lapsed member is somebody that has a -- is part of the program but hasn't purchased with us for the at least once in the last 12 months. And we have a very focused CRM personalized program going after that group, and we continue to see success with that. And then our retention is strong.

當然，這是未來成長的重要動力。我們也成功地重新啟動了失效會員，失效會員是指參與該計劃但在過去 12 個月內至少沒有在我們這裡購買過一次的會員。我們有一個非常專注於該群體的 CRM 個人化計劃，我們繼續看到該計劃的成功。然後我們的保留率就很高。

There is an intense competitive environment, but our guests continue to demonstrate that they like what Ulta is offering. And so retention remains healthy. And so those things come together. We're seeing it across all ages, all geographies, strength across all types of beauty enthusiasts, which is an important part of our business. Competitively, you asked about the dynamics there.

競爭環境非常激烈，但我們的客人不斷證明他們喜歡 Ulta 提供的服務。因此，保留率仍然保持健康。所以這些事情結合在一起。我們看到了各個年齡層、各個地區、各個類型的美容愛好者的力量，這是我們業務的重要組成部分。競爭方面，你詢問了那裡的動態。

And I continue to say something that we've shared in the past is, it's difficult for us to exactly predict or lay out when we would see us completely moving through this because we've never experienced the scale of this in such a concentrated period of time. Having said that, I'll reiterate something I mentioned earlier, which is we have confidence.

我繼續說，我們過去分享過的事情是，我們很難準確預測或安排何時我們會看到我們完全度過這段時期，因為我們從未在如此集中的時期經歷過這種規模的時間。話雖如此，我還是要重申我剛才提到的一句話，那就是我們有信心。

We've seen it in the data before new store openings. Our stores are able to recover and return to strong contributors. The data that we see now, stores that have not been impacted by competitive opening continue to perform better and positively, and we saw improved performance in Q3.

我們在新店開業前的數據中已經看到了這一點。我們的商店能夠恢復並回歸到強大的貢獻者。從我們現在看到的數據來看，沒有受到競爭性開業影響的門市繼續表現得更好、更積極，而且我們在第三季度看到了業績的改善。

But I would not take that fully as a, okay, we're through 100% through it, and it's totally behind us. This is a meaningful disruption in the category. We're learning every period. What to have a dynamics are evolving, but we did make progress in Q3, and it's our focus to continue to do that as we move into 2025. All right.

但我不會完全認為，好吧，我們已經 100% 通過了，而且它完全已經過去了。這是該類別中一次有意義的顛覆。每個時期我們都在學習。動態正在不斷發展，但我們確實在第三季度取得了進展，我們的重點是在進入 2025 年時繼續這樣做。

So with that, thank you all. I will wrap up. Thank you for joining us today. So I want to close out by thanking our more than 55,000 Ulta Beauty associates working together in our stores, in our distribution centers and across our entire corporate team. I sincerely appreciate their continued focus and commitment to delivering unique and memorable guest experiences across all our channels.

就這樣，謝謝大家。我會結束。感謝您今天加入我們。最後，我要感謝在我們的商店、配送中心和整個公司團隊中共同努力的 55,000 多名 Ulta Beauty 員工。我衷心感謝他們持續關注並致力於透過我們所有管道提供獨特且難忘的賓客體驗。

So as we close, I want to wish you all a happy and healthy holiday season. There's still time to get out and shop at Ulta Beauty to make sure you put that into your holiday shopping plans, and we look forward to speaking to you again when we report results for fiscal 2024 on March 13. Have a great evening. Thank you all.

因此，在我們結束之際，我祝福大家度過一個快樂健康的假期。現在仍有時間前往 Ulta Beauty 購物，確保將其納入您的假日購物計劃，我們期待在 3 月 13 日報告 2024 財年業績時再次與您交談。謝謝大家。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。