Ulta Beauty Inc (ULTA) 2025 Q1 法說會逐字稿

Good afternoon, everyone. My name is Layla, and I will be your conference operator today. At this time, I would like to welcome you to Ulta Beauty's first quarter 2025 earnings call. This conference is being recorded, (Operator Instructions) At this time, I would like to turn the call over to Ms. Kiley Rawlins, Senior Vice President of Investor Relations. Ms. Rawlins, please proceed.

大家下午好。我叫萊拉，今天我將擔任您的會議主持人。現在，我歡迎您參加 Ulta Beauty 2025 年第一季財報電話會議。本次會議正在錄音，（操作員指示）現在，我想將電話轉給投資者關係高級副總裁 Kiley Rawlins 女士。羅林斯女士，請繼續。

Thank you, Layla. Good afternoon, everyone, and thank you for joining us for a discussion of Ulta Beauty's results for the first quarter of fiscal 2025. Hosting our call today are Kecia Steelman, President and Chief Executive Officer; and Paula Oyibo, Chief Financial Officer.

謝謝你，萊拉。大家下午好，感謝大家加入我們討論 Ulta Beauty 2025 財年第一季的業績。今天主持我們電話會議的是總裁兼執行長 Kecia Steelman；以及財務長 Paula Oyibo。

Before we begin, I'd like to remind you of the company's Safe Harbor language. Many of our remarks today will contain forward-looking statements which speak only as of today, May 29, 2025. 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.

在我們開始之前，我想提醒您注意公司的安全港語言。我們今天的許多評論都包含前瞻性陳述，這些陳述僅截至今天（2025 年 5 月 29 日）有效。請您參閱我們的收益報告和美國證券交易委員會 (SEC) 文件，您會發現許多因素可能導致實際結果與這些前瞻性陳述有重大差異。

We caution you not to place undue reliance on these forward-looking statements which speak only as of today, May 29, 2025. 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. Following our prepared remarks, we'll open the call for questions.

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 2025 年 5 月 29 日有效。除非法律要求，我們沒有義務更新或修改我們的前瞻性陳述，您也不應期望我們這樣做。在我們準備好發言之後，我們將開始提問。

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

為了使我們能夠在本次電話會議預定的時間內回答盡可能多的問題，我們懇請您將時間限制為一個問題。如果您還有其他問題，請重新提問。與往常一樣，IR 團隊將在通話結束後解答任何後續問題。

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

現在我將把電話轉給 Kecia。凱西亞？

Thank you, Kiley, and good afternoon, everyone. Today, I'll highlight overall performance, update you on the progress we made across our strategic priorities and talk to you about our outlook for the future. Fiscal 2025 is off to an encouraging start. With the Ulta Beauty team delivering better-than-planned financial performance. For the first quarter, net sales increased 4.5% to $2.8 billion. Operating profit was 14.1% of sales and diluted earnings per share was $6.70.

謝謝你，凱莉，大家下午好。今天，我將重點介紹整體表現，向您通報我們在策略重點方面的進展，並與您談談我們對未來的展望。2025財政年度開局令人鼓舞。Ulta Beauty 團隊的財務表現超乎預期。第一季淨銷售額成長 4.5%，達到 28 億美元。營業利潤佔銷售額的 14.1%，每股攤薄收益為 6.70 美元。

During the quarter, admits considerable macro noise and uncertainty, guests responded positively to key actions that we took to drive our business. including improved execution, exciting new and exclusive brand launches, evolved promotional plans and relevant marketing. As a result, we drove improvement across several key performance indicators, including member growth, brand engagement and earned media value as well as in-store conversion and app engagement.

在本季度，儘管存在相當大的宏觀噪音和不確定性，但客人對我們為推動業務而採取的關鍵行動做出了積極回應。包括改進的執行力、令人興奮的全新獨家品牌發布、改進的促銷計劃和相關的行銷。因此，我們推動了多個關鍵績效指標的改善，包括會員成長、品牌參與度和贏得媒體價值以及店內轉換率和應用程式參與。

Importantly, these efforts resulted in market share gains during the quarter. Consumer engagement with Beauty remains healthy, and our insights indicate beauty and wellness remain a top priority for beauty enthusiasts, who tell us that they're more willing to make trade-offs in other discretionary areas to maintain their beauty regimens.

重要的是，這些努力使得本季的市佔率有所成長。消費者對美容的參與度依然保持健康，我們的洞察表明，美容和健康仍然是美容愛好者的首要任務，他們告訴我們，他們更願意在其他可自由支配的領域做出權衡，以維持他們的美容養生法。

At the same time, they are cautious and value is an increasingly important priority as they navigate ongoing wallet pressures. Many consumers indicate that they're leaning into beauty has a comfort and escape from the stress of macro uncertainty. And we expect this emotional connection will support the category's resilience going forward.

同時，他們非常謹慎，在應對持續的錢包壓力時，價值成為越來越重要的優先事項。許多消費者表示，美容能帶給他們安慰，讓他們逃避宏觀不確定性的壓力。我們預計這種情感聯繫將支持該類別未來的韌性。

Our teams are working through all these dynamics to ensure that we are well positioned to deliver on our guests' evolving needs and are working in close partnership with our brands to mitigate potential impacts of higher tariffs.

我們的團隊正在努力解決所有這些問題，以確保我們能夠滿足客人不斷變化的需求，並與我們的品牌密切合作，以減輕提高關稅的潛在影響。

In March, I shared our Ulta Beauty unleash plan which is designed to accelerate our performance and enable us to achieve our long-term goals and reassert our leadership position. Today, I'll show progress we've made and highlight the key components of our strategy that drove our first quarter performance.

三月份，我分享了我們的 Ulta Beauty 釋放計劃，旨在加速我們的業績，使我們能夠實現長期目標並重申我們的領導地位。今天，我將展示我們的進展，並強調推動第一季業績的策略關鍵要素。

Let me begin with all of our efforts to drive our core business growth where we're focused on driving excellence in all areas of our operations and strengthening our go-to-market approach. Our teams have sharpened their focus on delighting our guests with every interaction in ensuring our stores are fully stocked staffed, clean and inviting.

首先，我要介紹我們為推動核心業務成長所做的一切努力，我們專注於推動所有營運領域的卓越發展，並加強我們的行銷方式。我們的團隊致力於透過每一次互動讓客人感到滿意，確保我們的商店配備齊全的人員、乾淨整潔、溫馨宜人。

Our teams executed well, particularly for key events and holidays, delivering a very successful 21-day beauty campaign, along with strong Valentine's Day in Easter performance and drove comp growth across many of our major categories. I am incredibly proud of our store and field teams whose collective efforts drove improved in-store conversion and guest satisfaction and positive comp sales growth in stores for the first time in more than a year.

我們的團隊表現出色，特別是在關鍵活動和假日期間，開展了非常成功的 21 天美容活動，同時在情人節和復活節期間也表現強勁，並推動了我們許多主要類別的銷售成長。我對我們的商店和現場團隊感到無比自豪，他們的共同努力推動了店內轉換率和顧客滿意度的提高，並在一年多以來首次實現了店內銷售額的正增長。

From a category perspective, fragrance was our strongest performing category delivering double-digit growth, primarily driven by newness in women's and gender neutral fragrance brands, spring and Valentine's Day sets and continued strength in men's fragrance.

從類別角度來看，香水是我們表現最強勁的類別，實現了兩位數的成長，主要得益於女性和中性香水品牌的新穎性、春季和情人節套裝以及男士香水的持續強勁增長。

New and exclusive brands, XO, Khloe by Khloe Kardashian and Noise as well as Newness from Valentino and Billie Elish contributed to strong category performance. Sales in the Skin Care and Wellness category increased in the high single-digit range, driven by robust growth in Biocare, sun care and wellness.

新的獨家品牌 XO、Khloe by Khloe Kardashian 和 Noise 以及 Newness from Valentino 和 Billie Elish 為強勁的類別表現做出了貢獻。受生物護理、防曬和保健產品強勁增長的推動，皮膚護理和保健品類的銷售額實現了高個位數增長。

Prestige skin care was flat for the quarter. while mass skin care decreased modestly. New brands, including Tatcha, Naturium and Anua as well as trend-relevant brands, Millies, an exclusive K-Beauty brand, Peach & Lily, resonated with guests while expansions of Saudi Janeiro and Touch Land also contributed to category growth.

本季高端保養品表現平平。大眾保養品銷量則略為下降。包括 Tatcha、Naturium 和 Anua 在內的新品牌以及緊跟潮流的品牌 Millies、韓國獨家美容品牌 Peach & Lily 都引起了顧客的共鳴，而沙特簡尼羅 (Saudi Janeiro) 和 Touch Land 的擴張也促進了品類的增長。

The hair care category was roughly flat for the quarter, with growth in hair color and accessories, offset by decreases in hair care tools and mass hair care. Professional hair care was flat with growth from newness, offset by a timing shift of a key promotional event.

本季護髮類別基本持平，染髮劑和配件銷量成長，但護髮工具和大眾護髮銷量下降。專業護髮產品銷售量持平，新產品帶來成長，但因關鍵促銷活動的時間變化而有所抵銷。

Newness was fueled by the much anticipated debut of Beyonce's sacred haircare line in early April, which included a unique services activation. Comp sales in the makeup category decreased slightly, driven by mass makeup as strong newness from exclusive brand Morphe and Altaba collection did not fully offset headwinds from certain brands, which lapped strong newness and social engagement in the period last year.

碧昂絲備受期待的神聖護髮系列於四月初首次亮相，其中包括一項獨特的服務，為新品上市注入了新的活力。化妝品類別的同店銷售額略有下降，主要是因為大眾化妝品市場受到獨家品牌 Morphe 和 Altaba 系列強勁的新品衝擊，但未能完全抵消某些品牌的不利因素，而這些品牌在去年同期受到了強勁的新品和社會參與度的影響。

Prestige makeup was flat for the quarter. Guest engagement with newer brands, Elia, Milk Makeup as well as exclusive newness for MAC, Estee Lauder and Lancome offset headwinds from brands, which have experienced increased distribution. Additionally, our spring 21-day of beauty event delivered strong growth for participating brands.

本季度，高端化妝品銷量持平。顧客與新品牌 Elia、Milk Makeup 的互動以及 MAC、雅詩蘭黛和蘭蔻的獨家新品抵消了分銷增加的品牌帶來的阻力。此外，我們為期 21 天的春季美容活動為參與品牌帶來了強勁成長。

Finally, services delivered low single-digit comps, driven by salon and specialty services, including ear piercing and makeup services. We also brought beauty to life in our stores through our always-on eventing strategy, which was amplified in our online channels with new tools that aim to drive greater awareness and sales. We hosted more than 20,000 in-store events during the quarter, many in partnership with our brands.

最後，服務業實現了較低的個位數成長，這主要得益於沙龍和專業服務，包括耳洞穿孔和化妝服務。我們還透過始終在線的活動策略在我們的商店中為美麗注入了活力，並透過旨在提高知名度和銷售額的新工具在我們的線上管道中得到了擴大。本季度，我們舉辦了超過 20,000 場店內活動，其中許多是與我們的品牌合作舉辦的。

Moving to marketing. We're evolving and reimagining our go-to-market strategy to spark excitement and awareness deepen engagement and attack the tracked and retained loyalty members. This quarter, our integrated marketing delivered bold relevant campaigns that elevated brand visibility and drove traffic across all channels. We activated key moments with Precision, our Super Bowl campaign, which celebrated women and sports delivered record-level social impressions and engagement, amplifying reach and cultural relevance on the biggest stage in pop culture.

轉向行銷。我們正在改進和重新構想我們的市場進入策略，以激發興奮和意識，加深參與度，並吸引被追蹤和保留的忠誠會員。本季度，我們的整合行銷開展了大膽的相關活動，提升了品牌知名度並推動了所有管道的流量。我們透過「精準」超級盃活動啟動了關鍵時刻，該活動頌揚了女性和體育運動，帶來了創紀錄的社會印象和參與度，擴大了流行文化最大舞台的影響力和文化相關性。

21 days of beauty and Spring Hall generated strong traffic and conversion, powered by creator led content that build anticipation and drove significant increases in member penetration. Following the successful launch of Beyonce sacred, we announced Ulta Beauty as the official beauty retail partner of our Cowboy Carter tour, a powerful collaboration featuring curated beauty looks, exclusive product assortments and immersive brand experiences across two markets.

21 days of beauty 和 Spring Hall 產生了強大的流量和轉換率，由創作者主導的內容推動，這些內容引發了期待並推動了會員滲透率的顯著增長。繼碧昂絲的《神聖》成功推出後，我們宣布 Ulta Beauty 成為牛仔卡特巡迴演出的官方美容零售合作夥伴，這是一次強大的合作，在兩個市場提供精心挑選的美容外觀、獨家產品組合和沈浸式品牌體驗。

And finally, in April, we hosted our inaugural Ulta Beauty world an experiential beauty event giving about 1,400 Ulta Beauty all to fans and influencers, the opportunity to explore the best of beauty through live demos with our brands, brand founder, meet and greets and interactive experiences across makeup, skincare, care, fragrance and wellness.

最後，在四月份，我們舉辦了第一屆 Ulta Beauty 世界體驗式美容活動，為大約 1,400 名 Ulta Beauty 粉絲和影響者提供了機會，透過與我們的品牌、品牌創始人進行現場演示、見面會和在化妝、護膚、護理、香水和健康方面的互動體驗，探索美容的最佳之處。

We are bringing the Ulta Beauty brand to life in new and exciting ways, and our guests are responding. We expanded our active loyalty member base to a record $45 million, up 3% year-over-year, while also driving higher engagement, record social impressions and meaningful earned media value.

我們正以全新且令人興奮的方式為 Ulta Beauty 品牌注入活力，而我們的客人也對此做出了回應。我們將活躍忠誠會員基礎擴大到創紀錄的 4500 萬美元，年增 3%，同時也推動了更高的參與度、創紀錄的社交印象和有意義的贏得媒體價值。

Turning to brand building. During the quarter, we launched 19 new brands, many of which are exclusive to Ulta Beauty. Newly launched brands like Tatcha, Milk Makeup, Elias, Satéur all performed well and drove strong guest engagement.

轉向品牌建立。本季度，我們推出了 19 個新品牌，其中許多是 Ulta Beauty 獨家銷售的。Tatcha、Milk Makeup、Elias、Satéur 等新推出的品牌都表現良好，並吸引了大量顧客參與。

At the same time, exclusive brands are driving growth, including DIBS Beauty and influencer-led makeup brand, along with Anua, a viral K-Beauty brand and Snif a clean vegan crude quality free fragrance brand with accessible price points. We're pleased to see that our brand building efforts are resonating with guests, and we're optimistic about new brand launches and activations planned for Q2 and the rest of the year.

同時，獨家品牌正在推動成長，包括影響力化妝品品牌 DIBS Beauty、韓國熱門美容品牌 Anua 和價格親民的純素無原油品質香水品牌 Snif。我們很高興看到我們的品牌建立工作得到了客人的共鳴，我們對第二季和今年剩餘時間規劃的新品牌發布和活化感到樂觀。

Turning to digital and personalization. We're accelerating our capabilities to deepen guest connection and drive performance. We've expanded automation and real-time content delivery across key digital channels, allowing us to respond faster, personalized at scale and enhance the overall guest experience. We also rolled out new features, including split card capabilities and new Shop My Store app functionality that provides guests real-time visibility to store assortment and inventory.

轉向數位化和個性化。我們正在加速提升我們的能力，以加深與客人的聯繫並提高績效。我們已擴展主要數位管道的自動化和即時內容交付，使我們能夠更快地做出回應、大規模地實現個人化並提升整體客戶體驗。我們還推出了新功能，包括分卡功能和新的 Shop My Store 應用程式功能，讓客人可以即時查看商店商品種類和庫存。

These efforts are translating into stronger engagement, increased relevance and measurable business impact. We look forward to building on our momentum and adding new digital enhancements in the coming quarters.

這些努力正在轉化為更強的參與、更高的相關性和可衡量的業務影響。我們期待在未來幾季繼續保持強勁勢頭並增加新的數位增強功能。

Moving to our second strategic priority to scale new and accretive businesses to capitalize on key growth opportunities and ensure that we remain resilient in a rapidly changing world. As we look to the near-term actions we've taken to scale our new businesses, during the first quarter, we supported our wellness efforts with the launch of nine new wellness brands online, including several nutrition-focused supplement and adjustable brands like Garden of Life, Women's Care brand, HATCH MAMA and sleep-related fan favorite nod pod. We also continue to enhance and expand our retail media network, UV Media.

我們的第二個策略重點是擴大新的和增值的業務，以利用關鍵的成長機會並確保我們在快速變化的世界中保持彈性。當我們著眼於近期為擴大新業務而採取的行動時，在第一季度，我們透過在線推出 9 個新的健康品牌來支持我們的健康工作，其中包括幾個以營養為重點的補充劑和可調節品牌，如 Garden of Life、Women's Care 品牌、HATCH MAMA 和睡眠相關的粉絲最愛的點頭艙。我們也將繼續加強和擴大我們的零售媒體網路 UV Media。

We capitalized on key opportunities for co-branded ads to support 21 Days of Beauty, which drove engagement and incremental ad revenue. In addition, we began piloting new ad products like connected television and streaming audio and brand support capabilities like our new self-service tool to provide faster, more transparent performance insights.

我們利用聯合品牌廣告的關鍵機會來支持「21天美麗」活動，從而提高了參與度並增加了廣告收入。此外，我們開始試用新的廣告產品，如連網電視和串流音頻，以及品牌支援功能，如我們的新自助服務工具，以提供更快、更透明的效能洞察。

At the same time, we're making investments to drive our long-term expansion. Our international efforts are progressing through our partnerships. We are targeting our first store openings in Mexico City, Kuwait City and Dubai later this year. And our online marketplace initiative announcement in March has driven meaningful brand interest, and we remain on track for launch in the second half of this year.

同時，我們正在進行投資以推動我們的長期擴張。我們的國際努力正在透過合作夥伴關係取得進展。我們計劃今年稍後在墨西哥城、科威特城和杜拜開設第一家店。我們在三月宣布的線上市場計劃已經引起了品牌的濃厚興趣，我們仍有望在今年下半年推出該計劃。

Finally, moving to our third strategic priority to realign our foundation for the future by streamlining our cost structure, optimizing our ways of working and reenergizing our culture. Our teams are adapting well to our new ways of working, and we are steadily advancing our optimization efforts.

最後，我們轉向第三個策略重點，透過精簡成本結構、優化工作方式和重振文化來重新調整我們未來的基礎。我們的團隊正在很好地適應新的工作方式，我們正在穩步推進優化工作。

During the quarter, we leveraged new AI and machine learning capabilities to drive supply chain efficiencies and launch scheduling and enhanced payroll management tools to optimize our efforts and support our cost-saving goals.

在本季度，我們利用新的人工智慧和機器學習功能來提高供應鏈效率，並推出調度和增強的薪資管理工具，以優化我們的工作並支援我們的成本節約目標。

We also announced that Lauren Brindley will join Ulta Beauty next week on June 3 as Chief Merchandising and Digital Officer. Lauren will have responsibility for our merchandising, e-commerce, wellness and marketplace strategies and will play an important role in our leading our brand-building efforts. With more than two decades of global beauty and retail expertise, having most recently served as CEO of Revolution Beauty, Lauren is a proven strategic leader with deep industry expertise, a global perspective and a passion for beauty, and we are thrilled to have her join the team.

我們還宣布，勞倫·布林德利 (Lauren Brindley) 將於下週 6 月 3 日加入 Ulta Beauty，擔任首席行銷和數位長。勞倫將負責我們的商品銷售、電子商務、健康和市場策略，並將在領導我們的品牌建立工作中發揮重要作用。勞倫擁有超過二十年的全球美容和零售專業知識，最近擔任 Revolution Beauty 的首席執行官，是一位公認的戰略領導者，擁有深厚的行業專業知識、全球視野和對美的熱情，我們很高興她加入團隊。

My sincere thanks to Monica Arnaldo, who will retire next month for shaping Ulta Beauty's world-class assortment and category innovation and her support during this transition. We wish Monica all the best in her retirement.

我衷心感謝將於下個月退休的莫妮卡·阿納爾多 (Monica Arnaldo)，感謝她為 Ulta Beauty 塑造世界一流的產品組合和類別創新，並在此過渡期間給予支持。我們祝福莫妮卡退休後一切順利。

On our last quarterly earnings call, I talked about our focus on reenergizing our culture. I truly believe that we have the best talent and culture in retail and reigniting this critical competitive advantage has been a key priority. In April, we brought together our field leaders, including more than 1,400 general managers along with corporate and DC leaders and brand partners at our annual field leadership conference to celebrate our recent wins, educate on how we can better serve our guests and align on our plans for the future.

在我們上次的季度收益電話會議上，我談到了我們對重振企業文化的關注。我堅信我們擁有零售業最優秀的人才和文化，重新激發這關鍵的競爭優勢一直是我們的首要任務。今年 4 月，我們召集了我們的現場領導，包括 1,400 多名總經理以及公司和 DC 領導和品牌合作夥伴，參加我們的年度現場領導會議，慶祝我們最近的勝利，討論如何更好地為客人服務，並協調我們未來的計劃。

I walked away so inspired by the passion of the Ulta Beauty team. The shared excitement of our brand partners and the renewed energy to drive our next phase of growth together. It was a great reminder of the power of culture and I know that when we tap into this unique advantage that makes Ulta Beauty so special, we are unstoppable.

我離開時深受 Ulta Beauty 團隊熱情的啟發。我們的品牌合作夥伴共同的興奮和新的活力將共同推動我們下一階段的成長。這充分體現了文化的力量，我知道，當我們利用這一讓 Ulta Beauty 如此特別的獨特優勢時，我們將勢不可擋。

To recap, we are encouraged by the progress we made in the quarter and the green shoots we're seeing as a result of the strategic actions we're taking. Together, they reinforce my confidence in the power of our team, our model and our plans to drive our long-term growth. As we look to the future, we are executing our go-to-market investments to position stronger growth in 2026 and beyond.

總而言之，我們對本季的進展以及我們所採取的策略行動所帶來的復甦感到鼓舞。它們共同增強了我對我們團隊的力量、我們的模式以及推動我們長期成長的計劃的信心。展望未來，我們正在實施市場投資，以實現 2026 年及以後更強勁的成長。

The operating environment is fluid, and we will stay prudent and agile to navigate the ever-evolving landscape. While uncertainty presents risk, it also provides opportunities and we are confident in our model and the diverse assortment uniquely position us to win. There is still work to be done, and it will take time to drive sustained improvement, but I know that we have the right team and plans in place to build on our momentum and drive sustainable long-term growth.

經營環境瞬息萬變，我們將保持謹慎和靈活，以應對不斷變化的情況。雖然不確定性帶來風險，但也帶來機遇，我們對我們的模式充滿信心，多樣化的產品組合讓我們佔據獨特的優勢，能夠取得勝利。仍有工作要做，推動持續改進也需要時間，但我知道我們擁有合適的團隊和計劃來鞏固我們的勢頭並推動可持續的長期成長。

And with that, I'll turn it over to Paula to cover the financial results for the quarter and our financial outlook before we take your questions. Paula?

在回答您的問題之前，我將把時間交給 Paula 來介紹本季的財務表現和我們的財務前景。保拉？

Thanks, Kecia, and good afternoon, everyone. I'll begin with a discussion of our first quarter results and then share more about how we are thinking about the rest of the year. Starting with the quarter the Ulta Beauty team delivered strong performance, reflecting better-than-expected growth from comparable sales, favorable shrink results and lower than planned investment spend.

謝謝，Kecia，大家下午好。我將首先討論我們的第一季業績，然後再分享我們對今年剩餘時間的展望。從本季開始，Ulta Beauty 團隊就表現出色，反映出可比銷售額的成長優於預期、收縮結果良好以及投資支出低於計劃。

Net sales increased 4.5% to $2.8 billion compared to $2.7 billion last year. During the quarter, we opened six new stores, relocated two stores and remodeled four stores. Comparable sales increased 2.9%, driven by a 2.3% increase in average ticket and a 0.6% increase in transactions. Other revenue decreased $4 million to $56 million, primarily due to lower loyalty point redemptions and lower income from our credit card program.

淨銷售額較去年的 27 億美元成長 4.5%，達到 28 億美元。本季度，我們開設了 6 家新店，搬遷了 2 家店，並改造了 4 家店。可比銷售額成長 2.9%，其中平均票價成長 2.3% 且交易量成長 0.6%。其他收入減少 400 萬美元至 5,600 萬美元，主要原因是忠誠度積分兌換額減少以及信用卡計劃收入減少。

Looking at the cadence of sales. Growth accelerated as we moved through the quarter, reflecting strong guest engagement with product newness and our marketing and promotional events. Echoing Kecia's comments, we continue to strengthen our go-to-market strategies and optimize our promotions to drive profitable growth.

查看銷售節奏。隨著本季的推進，成長速度加快，反映出客人對新產品以及我們的行銷和促銷活動的強烈參與。與 Kecia 的評論相呼應，我們將繼續加強我們的市場進入策略並優化我們的促銷活動以推動獲利成長。

In the first quarter, we eliminated less productive or overlapping offers. Leveraged our member data deploy new targeted offers and optimized key promotional events like Spring Hall and our Spring Haul Event. These efforts created distinct calls to action ensured guest clarity and supported stronger operational execution. As a result, sales growth was more balanced and the impact to gross margin from promotional offers was lower than last year.

在第一季度，我們取消了效率較低或重疊的報價。利用我們的會員資料部署新的有針對性的優惠，並優化關鍵促銷活動，如春季大廳和春季運輸活動。這些努力創造了獨特的行動號召，確保了客人的清晰度並支持了更強有力的營運執行。因此，銷售成長更加均衡，促銷活動對毛利率的影響低於去年。

From a channel perspective, our stores and digital channels contributed to growth, with e-commerce sales increasing about 10% and comp stores delivering growth in the low single-digit range. For the quarter, gross margin decreased 10 basis points to 39.1% compared to 39.2% last year. The decrease was primarily due to deleverage of store and supply chain fixed costs and lower other revenue, which were partially offset by lower shrink.

從通路角度來看，我們的商店和數位通路促進了成長，其中電子商務銷售額成長了約 10%，而同店銷售額則實現了低個位數的成長。本季毛利率下降 10 個基點至 39.1%，去年同期為 39.2%。下降的主要原因是商店和供應鏈固定成本的去槓桿化以及其他收入的減少，但被損耗的減少部分抵消。

In addition to ongoing benefits from investments in secure fragrance fixtures, associate training and process improvements, we saw meaningful progress, especially in select regions that were more challenged in the first quarter last year.

除了對安全香水裝置、員工培訓和流程改進的投資帶來的持續收益外，我們還看到了有意義的進展，特別是在去年第一季面臨更大挑戰的特定地區。

Moving to expenses, SG&A increased 6.7% to $711 million. As a percentage of sales, SG&A increased 50 basis points to 24.9% and compared to 24.4% last year. SG&A deleverage due in large part to higher store payroll and benefits and increased store expenses which were primarily offset by corporate overhead leverage.

至於費用，銷售、一般及行政開支增加 6.7% 至 7.11 億美元。作為銷售額的百分比，銷售、一般及行政費用增加了 50 個基點，達到 24.9%，而去年同期為 24.4%。銷售、一般及行政費用去槓桿主要是由於門市工資和福利增加以及門市費用增加，而這些主要被企業間接費用槓桿所抵銷。

Store payroll and benefit expense increased primarily due to increased selling hours to support guest experience higher average wage rates and increased health care costs. The growth of store expenses was largely related to brand launches and in-store initiatives. Corporate overhead leveraged for the quarter as we lapped implementation costs associated with key infrastructure investments last year.

商店工資和福利費用增加主要是由於增加銷售時間以支持顧客體驗更高的平均工資率和增加醫療保健費用。門市費用的成長主要與品牌發布和店內活動有關。由於我們承擔了去年與關鍵基礎設施投資相關的實施成本，因此本季企業管理費用有所增加。

Additionally, some investment spending initially planned for the first quarter is now expected to shift into later quarters. Operating profit was $402 million compared to $401 million last year. As a percentage of sales, operating margin decreased 60 basis points to 14.1% of sales. Diluted earnings per share increased 3.6% to $6.70.

此外，最初計劃在第一季進行的一些投資支出預計將轉移到後面幾季。營業利潤為 4.02 億美元，去年同期為 4.01 億美元。以銷售額的百分比計算，營業利潤率下降了 60 個基點，至銷售額的 14.1%。每股攤薄收益成長 3.6% 至 6.70 美元。

Moving to highlights from the balance sheet and cash flow statement. We ended the quarter with $455 million in cash and cash equivalents. Total inventory increased 11.3% to $2.1 billion, primarily reflecting additional inventory to support new brand launches, investments to improve merchandise in-stocks in key growth categories and the impact of 56 net new stores.

轉到資產負債表和現金流量表的重點。本季末，我們的現金和現金等價物為 4.55 億美元。總庫存增加 11.3% 至 21 億美元，主要反映了為支持新品牌推出而增加的庫存、為改善主要增長類別的商品庫存而進行的投資以及 56 家新店的影響。

Capital expenditures were $79 million for the quarter, reflecting investments in new and existing stores, merchandise fixtures and supply chain investments. Depreciation increased 11% to $72 million compared to $65 million last year, primarily due to new store and supply chain investments. In the first quarter, we returned $359 million of capital to our shareholders through the repurchase of 987,000 shares. At the end of the quarter, we had $2.3 billion remaining under our current $3 billion repurchase authorization.

本季資本支出為 7,900 萬美元，反映了對新店和現有商店、商品設備和供應鏈的投資。折舊費由去年的 6,500 萬美元增加 11% 至 7,200 萬美元，主要原因是新店和供應鏈投資。第一季度，我們透過回購 987,000 股股票向股東返還了 3.59 億美元的資本。截至本季末，我們目前的 30 億美元回購授權還剩餘 23 億美元。

Turning now to our updated outlook. We believe it is prudent to take a cautious approach to our guidance for fiscal 2025. While the beauty category has historically been resilient through economic downturns, it has not been immune to consumer pressure. The operating environment continues to be very dynamic, and the evolving global trade landscape has created more uncertainty related to consumer wallet pressures, especially for the second half of the year.

現在來談談我們的最新展望。我們認為，對 2025 財年的指導採取謹慎的態度是明智之舉。儘管從歷史上看，美容產品在經濟低迷時期表現得較為穩健，但它也未能免受消費者壓力的影響。經營環境仍然非常動態，不斷變化的全球貿易格局帶來了更多與消費者錢包壓力相關的不確定性，尤其是在今年下半年。

For the year, we have updated our sales expectations to reflect our first quarter results as well as more uncertainty in the second half. We now expect net sales will be between $11.5 billion and $11.7 billion with comp sales growth in the range of flat to up 1.5%. This outlook reflects the comp growth in the second half could be in the range of down low single digits to up modestly.

對於今年，我們更新了銷售預期，以反映第一季的業績以及下半年的更多不確定性。我們現在預計淨銷售額將在 115 億美元至 117 億美元之間，同店銷售額成長率將在持平至成長 1.5% 之間。這一前景反映出下半年的複合成長率可能處於低個位數下降到小幅上升的範圍內。

We continue to expect operating profit will deleverage in the low double-digit range with operating margin between 11.7% and 11.8% of sales. Reflecting our sales expectation and how we are now forecasting a flow of investment spend, we expect operating margin will be more pressured in the second half of the year than the first half.

我們繼續預期營業利潤將在兩位數的低點範圍內去槓桿，營業利潤率將在銷售額的 11.7% 至 11.8% 之間。根據我們的銷售預期以及我們現在對投資支出流的預測，我們預計下半年的營業利潤率將比上半年面臨更大的壓力。

For modeling purposes, our assumptions for the drivers of gross margin deleverage and SG&A growth have not changed since we provided our initial outlook in March. Reflecting these assumptions, we now anticipate diluted EPS for the year will be between $22.65 and $23.20 per share.

出於建模目的，自 3 月提供初步展望以來，我們對毛利率去槓桿和銷售、一般及行政費用成長驅動因素的假設沒有改變。反映這些假設，我們現在預計今年的稀釋每股收益將在每股 22.65 美元至 23.20 美元之間。

Before closing, I want to provide some additional context on how we are thinking about the potential impact on our business from the evolving tariff and global trade landscape. For context, in fiscal 2024, only about 1% of our merchandise receipts were direct imports. The remaining receipts came from our portfolio of 600 brands. And we intend to continue to work closely with our brand partners to navigate the evolving environment and limit the financial impact on our business. Beyond merchandise, we have some exposure in indirect spend areas like fixtures and store supplies. However, we are confident we can mitigate any cost increases.

在結束之前，我想提供一些額外的背景信息，說明我們如何看待不斷變化的關稅和全球貿易格局對我們業務的潛在影響。具體來說，在 2024 財年，我們的商品收入中只有約 1% 是直接進口的。其餘收據則來自我們的 600 個品牌組合。我們打算繼續與我們的品牌合作夥伴密切合作，以應對不斷變化的環境並限制對我們業務的財務影響。除了商品之外，我們也涉足固定裝置和商店用品等間接支出領域。然而，我們有信心可以減輕任何成本增加。

In closing, we are encouraged by the improved results our team delivered in the first quarter, and we are being prudent about managing the business. As we look to the rest of fiscal 2025, we intend to invest to strengthen our competitive position and drive long-term profitable growth while also continuing to be thoughtful about pacing and prioritization of our investments.

最後，我們的團隊在第一季取得了更好的業績，這讓我們感到鼓舞，我們在管理業務方面也非常謹慎。展望 2025 財年剩餘時間，我們打算進行投資以加強我們的競爭地位並推動長期獲利成長，同時繼續認真考慮投資的節奏和優先順序。

And now I'll turn the call over to the operator to moderator for the Q&A.

現在我將把電話轉給接線員和主持人進行問答。

(Operator Instructions) Rupesh Parikh, Oppenheimer.

（操作員指示） Rupesh Parikh，Oppenheimer。

Good afternoon and thanks for taking my question. So I just want to, I guess, just go back to Ulta Beauty Unleash Plan. It appears to me that you've got good traction to date and maybe it's ahead of plan. So just curious if there's anything surprising with the efforts under that plan versus your initial expectations?

下午好，感謝您回答我的問題。所以我想我只是想回到 Ulta Beauty Unleash Plan。在我看來，到目前為止，你們已經取得了良好的進展，甚至可能超出了計劃。所以我只是好奇，與你最初的預期相比，該計劃下的努力是否有任何令人驚訝的地方？

Thanks, Rupesh, for the question. I would just say that we -- first of all, I couldn't be any prouder than the Ulta Beauty team for really being focused on what the Ulta Beauty Unleash plan is. What I would say is Q1 reflects our collective effort of the team and our commitment to really improving our overall process.

謝謝 Rupesh 提出的問題。我只想說，首先，我為 Ulta Beauty 團隊真正專注於 Ulta Beauty Unleash 計劃而感到無比自豪。我想說的是，Q1 反映了我們團隊的集體努力以及我們對真正改善整體流程的承諾。

Rupesh, we've really sharpened our execution in this quarter. A couple of areas I would call out. The first one would be our in-store execution, really being focused on our guest experience. As Paula mentioned, we've been supporting some incremental payroll hours in our stores, and it's showing and it's paying off.

魯佩什，本季我們確實提高了執行力。我想指出幾個面向。第一個是我們的店內執行，真正關注顧客的體驗。正如 Paula 所提到的，我們一直在支持我們商店增加一些工資工時，而且這正在顯現效果並帶來回報。

Our in-stocks also improved through the quarter. Can't have what you don't sell. So it's been great to see the in-stock levels continuing to come back up. And then this marketing efforts, which I was speaking of in my prepared remarks is that we're doing some things differently this earned media value, how we're communicating with the guest, how we're really reactivating the Ulta Beauty brand itself is resonating.

本季我們的庫存也有所增加。不賣的東西就得不到。因此，看到庫存水準持續回升真是令人欣喜。然後，我在準備好的發言中談到的這種行銷努力是，我們正在做一些不同的事情，這些事情贏得了媒體價值，我們如何與客人溝通，我們如何真正重新激活 Ulta Beauty 品牌本身，引起了共鳴。

We had some learnings from last year's 21 Days of Beauty event and -- we had a little bit clearer message, more distinct cost action, stronger execution. And then assortment newness does play a role in beauty. And the sacred launch coming in April, we had some newness in MAC some expansions in live tinted, Half Magic, dibs and our rollout of Saudi Janeiro, it did really have a nice table effect for our stores.

我們從去年的「21天美麗」活動中吸取了一些教訓——我們的訊息更加清晰，成本行動更加明確，執行力更強。然後，品種的新穎性確實在美觀方面發揮了作用。在 4 月即將舉行的神聖發布會上，我們在 MAC 中推出了一些新內容，在現場色彩、Half Magic、dibs 方面進行了一些擴展，並在沙特新推出，這確實為我們的商店帶來了良好的桌面效果。

So again, I would just say that I'm really proud of the team's efforts I'm encouraged by the actions that everyone is taking as part of this Ultra Beauty Unleash Plan, and it's resonating with the guests. We're really focusing on executing our plans and building on the success from this quarter and laying out the groundwork to drive long-term sustainable growth for the future.

所以，我再說一遍，我為團隊的努力感到非常自豪，我對每個人作為「超級美麗釋放計畫」的一部分所採取的行動感到鼓舞，並引起了客人的共鳴。我們真正專注於執行我們的計劃，在本季度的成功基礎上再接再厲，為推動未來的長期永續成長奠定基礎。

Great, thank you.

太好了，謝謝。

Olivia Tong, Raymond James

奧莉薇亞唐，雷蒙德詹姆斯

Great, thanks. Good afternoon. My first question is around the full year outlook of flat to 1.5%. Obviously, it suggests a pretty big acceleration after a very strong quarter. So can you talk about the key drivers of that and the cadence by quarter?

太好了，謝謝。午安.我的第一個問題是關於全年成長持平至 1.5% 的前景。顯然，這表明在經歷了一個非常強勁的季度之後，其增速將相當大。那麼，您能談談其中的關鍵驅動因素以及每季的節奏嗎？

And then on pricing and promotion, given the tariff backdrop, several companies are planning to raise prices, how do you think about pricing and promotion for you we mentioned second half margins are more pressured. Is that strictly related to tariffs? Or are you expecting promo to start to move upward at a good, strong Q1? Thank you.

然後關於定價和促銷，考慮到關稅背景，一些公司正計劃提高價格，您如何看待定價和促銷？我們提到下半年利潤率面臨更大壓力。這跟關稅有嚴格關係嗎？或者您預計促銷活動會在第一季以良好、強勁的勢頭開始上升？謝謝。

Thanks, Olivia. I'll take that from a guidance perspective, and I'll start with fluid sales. As I shared, we expect our comp sales growth in the range of flat to up 1.5%, and we've raised the upper end to reflect our Q1 performance, but we've held the low end at flat to reflect the more uncertainty in the second half. I mean just for context, we expect comps in the first half will be in the low single-digit range.

謝謝，奧莉維亞。我將從指導的角度來考慮這個問題，並從流動銷售開始。正如我所說，我們預計可比銷售額成長率將在持平至成長 1.5% 之間，並且我們提高了上限以反映我們第一季的業績，但我們將下限保持在持平狀態以反映下半年的更多不確定性。我的意思是，僅從背景來看，我們預計上半年的銷售額將處於低個位數範圍內。

And then in the range of down low single digits to up modestly in the second half. We're encouraged by our Q1 performance. We're recognizing that one quarter doesn't make a trend and that the environment is pretty dynamic that we're operating in. And so we believe it's prudent to continue to take a cautious approach to our guidance.

然後在下半年，成長率在低個位數下降到小幅上升的範圍內。我們對第一季的業績感到鼓舞。我們認識到一個季度並不能形成一種趨勢，我們所處的環境是相當動態的。因此，我們認為繼續採取謹慎的指導態度是明智之舉。

And then I think your second question was related to promo pricing and promo. What I would say is the -- from a promotional perspective, we still -- we are expecting promotions to be rational bearing any major economic event, we expect the promotional environment to stay rational. Obviously, things could deteriorate if the consumer deteriorates. But what we're focusing on are many of the things that we talked about earlier, which is really focused on promo optimization and clarity of our offers and making sure that we are driving optimal and profitable growth through our promotional strategy.

然後我認為您的第二個問題與促銷定價和促銷有關。我想說的是——從促銷的角度來看，我們仍然——我們預計促銷活動在任何重大經濟事件中都是理性的，我們預計促銷環境將保持理性。顯然，如果消費者狀況惡化，情況可能會惡化。但我們關注的是我們之前談到的許多事情，這些事情實際上集中在促銷優化和優惠清晰度上，並確保我們透過促銷策略推動最佳和獲利成長。

From a pricing perspective, we are -- we're working with our brand partners. And right now, with the environment is still pretty dynamic. And our -- like I said before, our guidance assumes that we're not anticipating any major changes that we won't be able to mitigate.

從定價角度來看，我們正在與我們的品牌合作夥伴合作。目前，環境仍然相當活躍。而且我們的——就像我之前說過的，我們的指導假設我們不預期任何我們無法緩解的重大變化。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Hi, good evening. Thanks for taking my question. I was wondering if you can maybe just talk about the newness and innovation pipeline as we kind of head in through the summer into the back half of the year and holiday. I guess, are you expecting a continued ramp-up in newness and innovation as we go throughout the year. And if there's anything else you could also share about just with new products coming out.

嗨，晚上好。感謝您回答我的問題。我想知道您是否可以談談在我們即將度過夏季、進入下半年和假期之際的新鮮事物和創新管道。我想，您是否期待在全年中，新穎性和創新性會持續增加？如果您還有什麼其他資訊可以分享，例如有關新產品的推出。

Well, thank you, Susan, for your question. What I did share earlier is that we are pleased with what we see that's coming up in the second quarter and the back half of the year. We don't really want to share specifics around what those newness items are. But what I can say is that it's a nice balance of cross-category Newness, so it's not only just one category. And there's a nice blend of exclusivity in the newness pipeline also, which is really important to us as we're continuing to build on our momentum.

好吧，蘇珊，謝謝你的提問。我之前確實分享過，我們對第二季和下半年的業績感到滿意。我們確實不想透露這些新品的具體細節。但我可以說的是，它在跨類別的新鮮度方面取得了很好的平衡，所以它不僅僅是一個類別。而新產品線中也融合了獨特的特色，這對我們持續保持發展動能來說非常重要。

Our brand building efforts in what our merchants are doing, the work that they're doing with our brand partners has been phenomenal, and I'm very, very pleased with what I see in the direction that we're heading in. So I do think that we've got a nice cadence of newness and exclusivity within the newness and it's balanced across the portfolio.

我們的商家所做的品牌建立工作以及他們與我們的品牌合作夥伴所做的工作都非常出色，我對我們前進的方向感到非常非常滿意。因此我確實認為我們在新穎性和獨特性方面擁有良好的節奏，並且在整個產品組合中保持平衡。

Great, thank you.

太好了，謝謝。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hi, thanks so much for taking the question. I'd like to touch a little bit on the improvements in demand that you saw throughout the quarter and how on your -- how you're kind of like attributing that growth from as we think about improvement in the consumer environment. You've had a lot of consumer engagement initiatives going on, several events that you have been investing in. So how are you thinking about market improvement versus your own initiatives and then even competitive intensity throughout the quarter and how that impacted the growth? Thanks.

你好，非常感謝您提出這個問題。我想稍微談談您在整個季度看到的需求改善，以及當我們考慮消費環境的改善時，您如何將這種增長歸因於此。您已經開展了許多消費者參與計劃，並且投資了多項活動。那麼，您如何看待市場改善與您自己的舉措以及整個季度的競爭強度以及這對成長有何影響？謝謝。

Yes, I'll start. So I'll start with the competitive intensity first. Beauty has always been a very competitive category because it's got attractive margins, and it's attracted a variety of people in the category. But beauty and wellness is really what we do. The Ulta Beauty Unleash Plan is designed to really help us accelerate and amplify our differentiation.

是的，我這就開始。因此我先從競爭強度開始。美容一直是一個競爭非常激烈的類別，因為它擁有誘人的利潤，並且吸引了各種各樣的人。但美麗和健康才是我們真正在做的事情。Ulta Beauty Unleash Plan 旨在真正幫助我們加速和擴大我們的差異化。

The pipeline of newness coming I feel gives us confidence in us continuing to be able to drive share. Again, this was the first time in a while that we were able to really drive share across the category. So I'm pleased with that. When you look at just our category performance, it was really balanced across the portfolio.

我認為，新產品的推出讓我們有信心繼續推動市場佔有率的成長。再次，這是我們一段時間以來第一次能夠真正推動整個類別的份額。所以我對此感到很高興。當你只看我們的類別表現時，你會發現整個投資組合的表現確實是平衡的。

The trends that we're seeing in Makeup, Hair Care, Skin Care, Wellness and Fragrance -- Skin Care, wellness and fragrance were our stronger driver categories, but we really feel that we're moving in the right direction there.

我們在化妝品、護髮、護膚、保健和香水領域看到的趨勢——護膚、保健和香水是我們更強勁的驅動類別，但我們確實覺得我們正朝著正確的方向前進。

Hair Care and Makeup are two categories that we already own a lot of shares. So for us to continue to leverage and grow those two categories is a little bit harder for us. But I still feel like there's some green shoots for us to continue to grow.

護髮和化妝品是我們已經擁有大量股份的兩個類別。因此，對我們來說，繼續利用和發展這兩個類別有點困難。但我仍然覺得我們還有繼續成長的潛力。

If you look at the industry as a whole, the beauty category will we see it kind of normalizing after several years of pretty extraordinary growth. The beauty category within the industry grew low single digits in Q1. Mass growth was fairly consistent and prestige slowed but remained overall positive. But we expect overall that beauty will grow in line with the historical average over the next few years of that 2% to 5%, which is what we shared at our October announce day.

如果從整體來看這個產業，我們會看到美容類別在經過幾年相當驚人的成長後逐漸恢復正常。第一季度，業界的美容類別實現了低個位數成長。品質成長相當穩定，聲望有所放緩，但整體仍保持積極態勢。但我們預計，未來幾年美容市場整體將與歷史平均值保持一致，成長率在 2% 至 5% 之間，這也是我們在 10 月發表會上所分享的。

Christopher Horvers, JP Morgan.

摩根大通的克里斯多福霍弗斯。

There you go. Can you hear me now?

就這樣。現在你能聽到我說話嗎？

Yes, we can hear you, Chris.

是的，我們能聽到你的聲音，克里斯。

Hi Keicia. So I wanted to follow up on that last question. I mean obviously, share performance is there's puts and takes to that. You saw Sephora, Coles, I think they comped for one, 3.5 years into launching all these stores. So some of that is the fading of that headwind, which you've talked about for a while now, some of that seems to be execution in stocks, digital and marketing and digital.

你好，Keicia。所以我想繼續回答最後一個問題。我的意思是，顯然，股票表現是有其利弊的。你看到了絲芙蘭、科爾斯，我想他們花了 3.5 年的時間才開設了所有這些商店。因此，其中一些是逆風的消退，正如您剛才所談論的，其中一些似乎是股票、數位和行銷以及數位方面的執行。

So maybe disaggregate how much do you think it was just maybe just the base of this headwind versus your better execution and related to that, can you talk a little bit about how much the ERP disruption hurt the second quarter and how you're thinking about where the business is now and how that proceeds forward. Thank you.

因此，也許可以分解一下，您認為這在多大程度上只是這種逆風的基礎，而不是您更好的執行，與此相關，您能否談談 ERP 中斷對第二季度的影響有多大，以及您如何看待當前的業務狀況以及未來的發展。謝謝。

Yes. Well, what I would say, it's really hard to quantify exactly what the drivers are, but I'm a big believer in controlling what you can control. And while we're seeing improvements in the trend of those stores that were impacted by physical points in distribution, we kind of expected that, and we built that into our plan. We do believe that the lapping of the new opening and the impact of our operational efforts both are contributing to our overall performance.

是的。嗯，我想說的是，要量化確切的驅動因素確實很難，但我堅信控制你能夠控制的事情。雖然我們看到那些受到實體分銷點影響的商店的趨勢有所改善，但我們也預料到了這一點，並將其納入了我們的計劃中。我們確實相信，新開業的進展和我們營運努力的影響都對我們的整體業績做出了貢獻。

In regards to the ERP disruption that we had within stocks, again, as I mentioned earlier in a response, you've got to have a product to be able to sell it to the guest. And we're just doubling down and making sure that we're giving the very best guest experience that we can in our stores making sure that we have great marketing campaigns to drive the traffic into the store and making sure that we have the products for the guests when they're coming in and giving a great, great guest experience.

關於我們庫存中遇到的 ERP 中斷，正如我之前在回覆中提到的，你必須有一種產品才能將其出售給客人。我們正在加倍努力，確保在我們的商店中為顧客提供最好的體驗，確保我們有出色的營銷活動來吸引客流進入商店，確保在顧客進店時我們為他們提供產品，並為顧客提供極好的體驗。

And again, it's kind of retail 101. It's about being focused and controlling what we can control in a pretty dynamic and ever-changing environment out there. But I do believe we -- this was the quarter -- second quarter was when we were starting to really hit the challenges a little bit with our in-stocks, and we do think that there's some upside potential to next year.

再說一遍，這是零售業的 101 知識。它是關於集中精力並控制我們在相當動態和不斷變化的環境中可以控制的事情。但我確實相信，這是本季度，第二季度我們開始真正遇到庫存方面的一些挑戰，我們確實認為明年還有一些上行潛力。

And then last year, in the second quarter, we did have a lot more promo activity that was happening. June and July were a little tougher for us from a sales comp perspective. And we are also seeing that we've got better marketing plans in place from some learnings that we had last year. And I would also say just even kind of the cadence of sales that we saw from the first quarter this year, we came in the gates a little softer, and we started to see pickup in March and then April, and we are seeing stronger trends coming in May, but it's -- summer is a tough, tough month for -- quarter for Beauty.

去年第二季度，我們確實開展了更多的促銷活動。從銷售額的角度來看，六月和七月對我們來說有點艱難。我們也發現，根據去年的一些經驗，我們已經制定了更好的行銷計劃。而且我還想說，即使從今年第一季的銷售節奏來看，一開始銷售略顯疲軟，但從三月和四月開始出現回升，五月份的趨勢更為強勁，但對於美容產品而言，夏季是一個非常艱難的月份。

Last year, Q2 is one of our tougher quarters from a comp perspective. And there's a lot of unknowns out there. Well, we're executing better, we're having better marketing campaigns, and we are also going to be in stock. There's a lot of uncertainty out there with the consumer and their wallet and how they're going to spend. But all of the things that we can control and that we're leaning into to make sure that we're positioned to perform as best as we can. I feel like we're hitting on all of those cylinders.

從公司角度來看，去年第二季是我們最艱難的一個季度。還有很多未知數。嗯，我們的執行得更好，我們有更好的行銷活動，而且我們也會有庫存。消費者、他們的錢包以及他們將如何消費存在著許多不確定性。但所有的事情都是我們可以控制的，而且我們正在努力確保我們能夠發揮出最好的水準。我感覺我們正在全力以赴。

Thanks very much. Best of luck.

非常感謝。祝你好運。

Thank you.

謝謝。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Hi, thanks. Hey, everyone. Good afternoon. Nice job, hope you can hear me. Keisha, How are you thinking about ticket versus transactions embedded within the full year guide? And just in general, as you think about the top line opportunities going forward?

你好，謝謝。嘿，大家好。午安.幹得好，希望你能聽到我的聲音。凱莎，您如何看待全年指南中嵌入的票務與交易？總的來說，您如何看待未來的營收機會？

And then Paula, I think you mentioned a corporate overhead expense timing shift. Could you just quantify that or give it any order of magnitude? Thanks, guys.

然後 Paula，我想您提到了公司管理費用的時間變化。您能量化一下或給出一個數量級嗎？謝謝大家。

I can take the ticket. And -- in Q1, we saw an increase in average ticket and it was primarily driven by an increase in average selling price, and that was offset by fewer units per transactions. And as we think about that average ticket, the increase is really with the selling price driven by kind of shifts in category and brand mix and as well as reflective of lower promotionality that we saw in the quarter.

我可以拿票。並且 - 在第一季度，我們看到平均票價有所增加，這主要是由於平均售價的上漲，而這被每筆交易的單位數減少所抵消。當我們考慮平均票價時，我們發現價格上漲實際上是由於類別和品牌組合的變化而導致的，同時也反映了我們在本季看到的促銷強度較低。

What I would say is we don't necessarily forecast or provide the specifics around what we're expecting or planning from a ticket and transaction perspective because, obviously, there's many things that contribute to the ticket and the transaction performance.

我想說的是，我們不一定從票務和交易的角度預測或提供我們所期望或計劃的具體內容，因為顯然有很多因素會影響票務和交易的表現。

And then from a corporate overhead perspective, really, what I would say is we were thoughtful about the pacing and the prioritization of this is an investment year we shared, we talked about that we're investing this year to really orientate ourselves for future long-term growth. And our spin was -- it came out of the gate a little as we thought about the timing of some of these wins and shifts in project time lines and resource plans, it's typical.

然後從企業管理費用的角度來看，我想說的是，我們真的對今年的投資節奏和優先事項進行了深思熟慮，我們討論了今年的投資，以便真正為未來的長期成長做好準備。我們的想法是——當我們考慮到這些勝利的時機以及專案時間表和資源計劃的變化時，它就出現了，這是很典型的。

We -- that was a little slower coming out of the gate in Q1. It started to tick back up at the end of the quarter. And that's been -- it's kind of moving or shifting into the later part of the year. So that was one of the major drivers for the corporate overhead.

我們——第一季的起步速度有點慢。本季末，數字開始回升。而且這已經是——有點轉移到今年下半年了。所以這是企業管理費用的主要驅動因素之一。

Great. Thanks a lot. Best of luck for the rest of the year.

偉大的。多謝。祝您今年餘下的時間一切順利。

Thanks, Simeon.

謝謝，西緬。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi. Hope you can hear me. One of your comments on the call was that there was still an offset from brands that had expanded their points of distribution and it impacting your business. Just given the initiatives you were doing. Are you seeing a more muted impact from that increased distribution? And how do you think, as increased distribution is kind of maybe part of doing business now, the industry could be maybe better segmented? Or is that something that you would expect?

你好。希望你能聽到我的聲音。您在電話會議上的評論之一是，擴大分銷點的品牌仍然存在抵消，這對您的業務產生了影響。只要考慮到您正在採取的舉措。您是否看到分銷量增加帶來的影響變得更加溫和了？您認為，由於擴大分銷可能是目前開展業務的一部分，因此該行業是否可以更好地細分？或者這是您所期望的嗎？

Well, thanks, Kate, for the question. I would just say beauty and wellness is what we do. And when a lot of other players are trying to come into this space, this is where we are the experts. We have a leading loyalty program, our omnichannel offering is anchored in that human connection, the in-store and that digital powerful connection that combo really does set us apart.

好吧，凱特，謝謝你提出這個問題。我只想說美麗和健康是我們所做的。當許多其他參與者試圖進入這個領域時，我們就是專家。我們擁有領先的忠誠度計劃，我們的全通路服務以人際關係、店內和數位強大連接為基礎，這種組合確實使我們與眾不同。

And we do leverage our deep and proprietary understanding of the beauty guests to create absolutely the best and most personalized digital experience in beauty also back in combo with our newness and the confidence that we've got in our pipeline, it just creates this table effect.

我們確實利用了我們對美容客人的深刻和專有的理解，創造了絕對最佳和最個性化的美容數位體驗，同時結合我們的新穎性和我們對我們的管道的信心，它創造了這種表格效果。

Again, the category has always been competitive. And as I shared earlier, while we are seeing some trends in some of these stores that were impacted by physical points and distribution. We're just going to continue to lean in to where it is that we just do well. We do really well in our stores. We're continuing to invest in our digital channels. We're elevating our personalization, leaning into wellness, and our brand building, and it's hitting on all of those cylinders that are part of the Ulta Beauty plan, I believe that's going to help us continue to be really successful this year and beyond.

再次強調，該類別的競爭一直非常激烈。正如我之前分享的，我們看到一些商店的一些趨勢受到了實體點和分銷的影響。我們只是將繼續致力於我們擅長的領域。我們的商店經營得很好。我們將繼續投資我們的數位管道。我們正在提升個人化、注重健康和品牌建設，這觸及了 Ulta Beauty 計劃的所有方面，我相信這將幫助我們在今年及以後繼續取得真正的成功。

Thank you.

謝謝。

Oliver Chen, Cowen and Company.

奧利佛陳（Oliver Chen），考恩公司（Cowen and Company）。

Hi there. Thank you for taking our question. This is Katie on for Oliver. We'd like to touch a little bit on the marketing strategy. What do you think has really worked better than expected? And where do you see more opportunity to leverage social media? Thank you.

你好呀。感謝您回答我們的問題。這是凱蒂 (Katie) 代替奧利佛 (Oliver)。我們想稍微談談行銷策略。您認為哪些方面確實比預期效果更好？您認為在哪些方面有更多機會利用社群媒體？謝謝。

Okay. Thank you for the question. Again, it's really taking our deep knowledge and understanding of our loyalty member base and elevating that personalization, that connectivity and communicating with them in the ways that they vest feel suited.

好的。謝謝你的提問。再次強調，這確實需要我們對忠誠會員群體的深入了解和理解，並提升個人化、連結性，並以他們認為合適的方式與他們溝通。

I would say the one thing that's changed a little bit in this last year, more recently, is that we're really activating under our master brand of Ulta Beauty and that we're talking a lot more about Ulta Beauty as the place to go and connecting the possibilities of beauty when you come in and you shop with us. It's not just a bunch of brands in our store. It's about shopping Ulta Beauty and trusting us because we've done a lot of work and we've helped to curate that brand assortment for you.

我想說，去年，也就是最近，有一件事發生了一些變化，那就是我們真正地在我們的主品牌 Ulta Beauty 下活躍起來，我們更多地談論 Ulta Beauty，把它作為一個值得去的地方，當你來我們這裡購物時，它將為你帶來各種美麗的可能性。我們的商店裡不只是一堆品牌。這是關於在 Ulta Beauty 購物並信任我們，因為我們已經做了很多工作，並且我們幫助您精心挑選了該品牌的商品。

Just activating an EMV and being very, very focused on our earned media value and how we can really activate in what I call authentic ways versus overly produced ways that are genuine and have that connection with the guest makes all the difference in the world. We've got to be where it's socially relevant and where it makes sense for us to be like Super Bowl.

只需激活 EMV 並非常非常關注我們的贏得媒體價值，以及我們如何真正以我所說的真實的方式而不是過度生產的方式激活，以真誠的方式與客人建立聯繫，就會產生天壤之別。我們必須處在具有社會意義並且對我們有意義的地方，就像超級盃一樣。

We really never had an activation like we did before being part of the Cowboy Carter Tour. That's something we've never done before. The Ulta Beauty world where I mean -- I myself was almost tired of seeing so many points of presence on my TikTok and my Instagram because we pretty much taken over because of the excitement of our super fans that were out there along with influencers. And I think that the whole area in Florida as other convention next year is sold out. People are just really excited.

在參加牛仔卡特巡迴賽之前，我們確實從未有過像現在這樣的活動。這是我們以前從未做過的事。在 Ulta Beauty 的世界裡，我的意思是——我自己幾乎厭倦了在我的 TikTok 和 Instagram 上看到如此多的存在點，因為我們幾乎佔據了主導地位，因為我們的超級粉絲和有影響力的人的興奮。我認為明年整個佛羅裡達地區和其他會議的門票都會售罄。人們確實很興奮。

And I think when you can create that kind of energy and excitement in a true authentic way that connects with the guest and they view Ulta Beauty not just as a place to go to buy just things, but a place to go to help you feel better about yourself. That's where the magic really happens. So I would say that's what the difference I feel is happening right now today.

我認為，當你能以一種真實可信的方式創造出那種活力和興奮時，與顧客建立起聯繫，他們就會不再將 Ulta Beauty 視為一個購物場所，而是一個讓你感覺更好的地方。這就是奇蹟真正發生的地方。所以我想說這就是我今天感受到的不同。

Very helpful. Thank you

非常有幫助。謝謝

Krisztina Katai, Deutsche Bank

克里斯蒂娜·卡泰，德意志銀行

Hi, good afternoon, and congrats on a great quarter. Hopefully, you can hear me. Kecia, I wanted to get your vision for Ulta's brand and product strategy. Just how do you think about opportunities for better brand curation and also better personalization with loyalty to really give guests that great experience that you referenced. It seems like you're already on your way, but we'd just love to get your thoughts in terms of titer unlocking opportunities.

大家下午好，恭喜本季取得優異成績。希望你能聽到我的聲音。Kecia，我想了解你對 Ulta 品牌和產品策略的看法。您如何看待更好的品牌策劃和更好的個人化與忠誠度的機會，從而真正為客人提供您所提到的絕佳體驗。看起來您已經在路上了，但我們只是想了解您對滴度解鎖機會的看法。

And then secondly, just if you can help contextualize how you be Media can help you stand out with your brands in an increasingly competitive field. Thank you.

其次，只要您能幫助您了解媒體如何幫助您的品牌在競爭日益激烈的領域中脫穎而出。謝謝。

Great. Well, thank you for the question, Krisztina. I'll start with the brand building first because it just kind of follows from my previous response, is that we're really focused on targeting 20 high-potential exclusive brands that are enhancing -- we're enhancing some investment. We're looking at this cross-functional ecosystem that's going to support the brand growth and an elevated joint business planning that includes the stores unlocking our associates in the stores, from our brand education, bespoke marketing levers, just to name a few.

偉大的。好吧，謝謝你的提問，克里斯蒂娜。我將首先從品牌建立開始，因為這與我之前的回答一致，即我們真正專注於瞄準 20 個具有高潛力的獨家品牌，這些品牌正在加強——我們正在加強一些投資。我們正在研究這個跨職能的生態系統，它將支援品牌的成長和更高層次的聯合業務規劃，其中包括商店解鎖我們在商店中的員工，從我們的品牌教育、客製化行銷槓桿等等。

We launched several exclusive brands in the first quarter that I mentioned earlier, Sacred in Anua but we've also got some expansions in some growth categories of brands that we carry like Half Magic, Live Tented and DIBS. But we're balancing it, it's not just on exclusive brands or new brands. It's also established brands like MAC and Estee Lauder and morphing that we can continue to lean in and really help them authentically grow.

我們在第一季推出了幾個我之前提到的獨家品牌，例如 Sacred in Anua，但我們也對我們經營的一些成長品牌類別進行了擴展，例如 Half Magic、Live Tented 和 DIBS。但我們正在平衡它，而不僅僅是獨家品牌或新品牌。我們還可以繼續支持 MAC 和雅詩蘭黛等知名品牌並真正幫助它們實現真正的成長。

Brand building is very important to Ulta Beauty, and we're going to be continuing to invest in these brand-building capabilities to really accelerate and support acquisition of the high-growth and exclusive brands, while we're really building upon these established and merchandising brands at the same time.

品牌建立對 Ulta Beauty 來說非常重要，我們將繼續投資於這些品牌建立能力，以真正加速和支持對高成長和獨家品牌的收購，同時我們真正地在這些成熟和商品化品牌的基礎上進行建立。

In regards to this personalization, we are just going to continue to invest in our capabilities to increase our relevance. It's a very iterative process as we roll out because we are tweaking in real time their frequency, and we're seeing what really works and resonates with the guest. We have this partnership with Adobe that we've just launched that really does it enhance our ability to deliver tailored offers, experiences and communication across multiple channels in the right moment that makes sense for the guest.

關於這種個人化，我們將繼續投資我們的能力以提高我們的相關性。這是一個非常反覆的過程，因為我們即時調整它們的頻率，並觀察什麼才是真正有效的、能引起客人共鳴的。我們剛剛與 Adob​​e 建立了合作夥伴關係，這確實增強了我們在適當的時機透過多種管道為客人提供客製化服務、體驗和溝通的能力。

By doing this, it allows us to leverage our understanding of the guest journey and their Ulta Beauty profiles and how they behave in the segmentation and also helps us predict their shopping decisions. So the fact that we've got 45 million loyalty members in our database, it's a very rich ability for us to leverage our marketing campaigns.

透過這樣做，我們可以利用我們對顧客旅程和他們的 Ulta Beauty 資料以及他們在細分中的行為的了解，並幫助我們預測他們的購物決策。事實上，我們的資料庫中有 4500 萬忠誠會員，這為我們開展行銷活動提供了非常豐富的能力。

And then the last question you had, you had a three quarter on me here, Krisztina, is around UB Media. And what I would say -- what we've leaned in to UB Media is really I'll get it down to three things. It's about better reporting for our brands. We've heard loud and clear. They need to understand when they're investing, what are they getting back for their investment. We've got proprietary tools that are now sharpened rolling out and I'm hearing great brand feedback.

然後你問的最後一個問題，克里斯蒂娜，你在這裡問了我四分之三的問題，是關於 UB Media 的。我想說的是——我們對 UB Media 的依賴實際上可以歸結為三件事。這是為了更好地報道我們的品牌。我們已經聽得很清楚了。他們需要了解自己在投資時能獲得什麼回報。我們擁有專有工具，目前正在逐步完善並推出，而且我聽到了很好的品牌回饋。

The second is having enhanced products in ways that they can really partner with us STEEZY TV as a connected TV is a great example of that in streaming audio. We're going to continue to lean into that. And the third is just really expanding our reach with nonendemic promotional products and services in our partnership with Rocked is allowing us to do that. So those are the three things that we're really leaning into. We're happy with the progress we made in the quarter, and we're going to continue to lean into UB Media in the future.

第二是透過各種方式增強產品，以便他們能夠真正與我們合作，而連網電視 STEEZY TV 就是串流音訊的一個很好的例子。我們將繼續傾向於此。第三，我們與 Rocked 合作，透過非地方性促銷產品和服務真正擴大了我們的覆蓋範圍，使我們能夠做到這一點。所以這些就是我們真正傾向的三件事。我們對本季的進展感到滿意，未來我們將繼續依靠 UB Media。

Great. Thank you. Great color. Best of luck.

偉大的。謝謝。顏色很棒。祝你好運。

Thank you.

謝謝。

Mark Altschwager, R W Baird.

馬克‧阿爾特施瓦格、R W 貝爾德。

Thank you for taking my question. First, the 10% growth in e-commerce, that's the strongest we've seen in a while, and maybe speak to some of the drivers to acceleration there that are unique to e-commerce? Is this the Adobe unlock that you just referenced and then just any margin implications to consider as you begin to drive some mix shift back to e-commerce.

感謝您回答我的問題。首先，電子商務成長了 10%，這是我們一段時間以來看到的最強勁的成長，這或許說明了電子商務獨有的一些加速成長的驅動因素？這是您剛才提到的 Adob​​e 解鎖嗎？當您開始推動一些混合轉變回電子商務時，您需要考慮任何利潤影響。

Yes. Thank you, Mark, for the question. I would just -- I would say that our enhancements that we're continuing to lean into like Split car, Split Cart, BOPUS, Shop My Store, we're continuing to invest in our e-commerce platform, along with being really thoughtful around how we're communicating value and keeping engagement on our app, specifically. More than 60% of our e-commerce sales are now coming from the app. And with our investments that we've made to be a little bit more fluid we can, in real time, if we're running a promotion we see is not resonating unique and real-time adjust and change how we're showing that app to our guests.

是的。謝謝馬克提出的問題。我只是想說——我們會繼續傾向於 Split car、Split Cart、BOPUS、Shop My Store 等增強功能，我們會繼續投資於我們的電子商務平台，同時我們會認真考慮如何傳達價值並保持應用程式的參與度。目前，我們 60% 以上的電子商務銷售額都來自該應用程式。透過我們的投資，我們可以更加靈活地進行即時行銷，如果我們發現正在進行的促銷活動沒有引起獨特的共鳴，我們可以即時調整併改變我們向客人展示該應用程式的方式。

And it's just the power of the speed and the agility in what we could be a lot more agile is really helping us in that channel. We have another launch that's coming up really soon that I'm very excited about, and that's our subscribe and save online. Replenishment is another key category. I think that's going to help us really continue to drive our e-commerce business.

速度和敏捷的力量確實能幫助我們在這個管道中變得更敏捷。我們很快就會推出另一項讓我非常興奮的服務，那就是我們的線上訂閱和保存服務。補貨是另一個關鍵類別。我認為這將真正幫助我們繼續推動我們的電子商務業務。

But it's not just the e-com that we're focused on. It's also the stores, 80% of our sales are still coming through our store channels. So we want to make sure that we're continuing to keep all channels live and active and continue to keep them engaged.

但我們關注的不僅僅是電子商務。還有商店，我們 80% 的銷售額仍來自商店通路。因此，我們希望確保所有管道繼續保持活躍，並繼續保持其參與。

And then, Mark, I'll just add to your question with regards to margin implications from e-commerce growth. I mean, what I would say is we came into the year expecting e-commerce growth, and we have seen it for a couple of years, and that's one of the reasons why we've been really intentional about improving channel profitability. We've expanded our various fulfillment options which helped to mitigate our margin pressures. And so as I think about kind of gross margin and gross margin pressure, the channel mix isn't the largest driver of that.

然後，馬克，我只想補充一下你關於電子商務成長對利潤率的影響的問題。我的意思是，我想說的是，我們今年就預期電子商務會成長，而且我們已經看到這種情況好幾年了，這也是我們一直致力於提高通路獲利能力的原因之一。我們擴展了各種履行選項，這有助於減輕我們的利潤壓力。因此，當我考慮毛利率和毛利率壓力時，通路組合並不是最大的驅動因素。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good evening. Thank you so much for taking my question. Can you comment a little bit more on the momentum into the current quarter? And what you are that further perpetuate your caution into the back half of the year, meaning what would cause your comps to go negative outside of the macro. And if you maintain your momentum, how should we think about the flow-through if you do better than what's embedded in your guidance. Thank you.

晚安.非常感謝您回答我的問題。您能否對本季的發展動能再做一點評論？而是什麼讓您在下半年繼續保持謹慎，這意味著什麼會導致您的同店銷售額在宏觀層面之外出現負值。如果您保持這種勢頭，並且您的業績比指導中所述的更好，我們應該如何看待這種影響。謝謝。

Yes, I'll start, and maybe Paula can add some color. It's still early. And while we're very encouraged by the strong progress. It's going to take a little bit of time to see like what's going to happen here. We're operating right now in a very dynamic environment.

是的，我先開始，也許 Paula 可以添加一些顏色。時間還早。我們對這一強勁進展感到非常鼓舞。需要一點時間才能知道這裡會發生什麼。我們目前正處於一個非常動態的環境。

We have limited visibility to the global trade landscape, which is continuing to evolve and change -- there's a lot of uncertainty out there. And as we've all seen, things can change really quickly. Consumers are cautious and value-focused as they're managing their ongoing wallet pressures. And while they tell us that they intend to prioritize beauty and wellness, that's what they say, but they could also do something very different depending on the environment.

我們對全球貿易格局的了解有限，它正在不斷發展變化——存在著許多不確定性。正如我們所見，事情變化得非常快。消費者在應對持續的錢包壓力時變得謹慎並注重價值。雖然他們告訴我們他們打算優先考慮美麗和健康，這是他們說的，但他們也可以根據環境做一些非常不同的事情。

So we're being really prudent is what I would say in that our outlook is reflecting the current trends and is a bit risk adjusted to reflect the increased uncertainty of the macro environment in our expectations. And we wouldn't see what's going to happen to continue to drive sustained improvement in our performance before we really fully realize the benefits that we've been investing in. And there's just so much unpredictability out there with the guests and where they're going to be ending up spending their wallet dollars.

因此，我想說的是，我們非常謹慎，我們的前景反映了當前的趨勢，並且進行了一些風險調整，以反映我們預期中宏觀環境不確定性的增加。在我們真正充分認識到我們一直投資的收益之前，我們不會看到會發生什麼來繼續推動我們業績的持續改善。而且客人的情況以及他們最終會把錢花在哪裡存在著許多不可預測性。

Anything you would add, Paula?

保拉，您還有什麼要補充的嗎？

Nope

沒有

Thank you very much.

非常感謝。

Thank you, Michael.

謝謝你，麥可。

Michael Baker, DA Davidson.

麥可貝克、DA 戴維森。

Hey, okay. Well everyone said, hopefully, you can hear me with this new online system. I wanted to ask about competition. I know others have asked it, but I'll ask it another way. We get is always competitive, but it does seem like it's less competitive from Sephora because of the timing of their rollout and what they reported today.

嘿，好的。好吧，每個人都說，希望你能透過這個新的線上系統聽到我的聲音。我想問一下有關競爭的問題。我知道其他人已經問過這個問題，但我會用另一種方​​式問。我們得到的總是有競爭力，但由於絲芙蘭推出的時間和他們今天的報告，它似乎比絲芙蘭的競爭力弱。

But it seems to me is that some of the online competition, Amazon, maybe Walmart's marketplace, maybe TikTok has gotten more intense. So bigger picture, is it more competitive now than it has been less competitive the same? It probably can never be the same. It's always going to be more or less. But can you sort of put that in context for us?

但在我看來，一些線上競爭，例如亞馬遜、沃爾瑪的市場、也許還有 TikTok 已經變得更加激烈。那麼從更大角度來看，現在的競爭力是否比以前更強了？它可能永遠不會再一樣了。它總是會多或少。但您能為我們解釋一下這個背景嗎？

Yes. I don't think it's gotten any less competitive. I wouldn't -- I would also say I don't know that it's got anymore. I think it's probably pretty consistent from a competitive environment. What has changed is when we were going against and cycling through so many points of physical distribution we've definitely said we're cycling through that right now.

是的。我認為競爭並沒有減弱。我不會——我還想說我不知道它還有什麼。我認為從競爭環境來看這可能是相當一致的。變化的是，當我們對抗並循環通過如此多的物理分佈點時，我們肯定會說我們現在正在循環通過這些點。

So that's one thing from a competitive intensity that probably is a little bit different for us right now than it was before. I'm really pleased that we're leading into our own marketplace right now. And I'm excited about sharing more as we get a little bit closer to launch. But online has been challenging. Brick-and-mortar has been challenging.

因此，從競爭強度來看，我們現在的情況可能與以前有些不同。我很高興我們現在正在進入我們自己的市場。隨著發布日期的臨近，我很高興能分享更多資訊。但在線上卻充滿挑戰。實體店一直充滿挑戰。

But again, beauty and wellness is what we do. This is our expertise I feel like we set ourselves apart when we are able to have exclusivities in our stores when we're investing in all of these, what I highlight beauty attainment type experiences around these events that we're doing.

但再說一次，美麗和健康才是我們所做的。這是我們的專長，我覺得當我們投資於所有這些時，我們能夠在我們的商店中擁有獨家經營權，我們因此而與眾不同，我強調我們正在做的這些活動所帶來的美麗成就類型的體驗。

These are highly thought through a lot of our brand partnered events that are happening in our stores that there's this activation and I think that sets us apart at was a little bit different. But I would say that the competitive intensity has always been there. I think the big thing that's maybe changed is we've been cycling through the brick-and-mortar expansion, specifically in prestige, and we're kind of on the other end of that right now.

這些都是經過深思熟慮的，我們在商店中舉辦的許多品牌合作活動都有這種激活作用，我認為這讓我們與眾不同。但我想說的是，競爭激烈程度一直存在。我認為可能發生的重大變化是，我們一直在進行實體店擴張，特別是在聲望方面，而現在我們正處於另一端。

And Michael, I would just add that our ability to compete is better this year because of the progress that we're seeing and we're making with our Ulta Beauty unleash plan.

邁克爾，我想補充一點，由於我們看到了進步，並且我們在 Ulta Beauty 釋放計劃中取得了進展，因此我們今年的競爭力更強了。

I think Layla will take one more question, please.

我想萊拉願意再回答一個問題。

Ashley Helgans, Jefferies.

傑富瑞 (Jefferies) 的阿什利·赫爾甘斯 (Ashley Helgans)。

Hi, This is Sydney on for Ashley. Thanks for taking our question. It looks like Prestige actually kind of outperformed mass and skin and makeup. Can you just share how you understand that trend? Do you think about it as trade up? Is it more brand or innovation driven? Any color there would be helpful. Thank you.

大家好，我是悉尼，為 Ashley 報道。感謝您回答我們的問題。看起來 Prestige 的表現實際上比大眾護膚和化妝品更好。您能否分享一下您對這趨勢的理解？您認為這是升級交易嗎？它更多是品牌驅動還是創新驅動？任何顏色都會有幫助。謝謝。

Yes. I'll just talk a little bit about category performance. So our category performance and our trend is improving. We had the strongest performance of makeup since Q3 of 2023. And mass makeup was negative in the low single digits and prestige makeup was flat.

是的。我只想稍微談談一下類別表現。因此，我們的類別表現和趨勢正在改善。我們的化妝品業務取得了自 2023 年第三季以來最強勁的表現。大眾化妝品的銷售量為負數，為低個位數，而聲望化妝品的銷售量則持平。

We're working in partnership with our brands to help build the brand pipeline to continue to support our growth. But the category trends are -- the trends are still out there. And this no makeup, makeup look is still a trend out there, which actually does take quite a few products to get the look believe it or not.

我們正在與我們的品牌合作，幫助建立品牌管道，以繼續支持我們的成長。但類別趨勢——趨勢仍然存在。這款無妝容的妝容仍然是一種趨勢，無論你信不信，實際上需要用不少產品才能打造出這種妝容。

I feel like makeup itself, we're leaning in, we've got some good newness that's coming in the category in the future, some exclusivity. So I feel like we're sitting in the best position for makeup specifically, as we've had in quite some time.

我覺得就像化妝品本身一樣，我們正在努力，未來我們將在這個類別中推出一些好的新產品和獨家產品。所以我覺得我們在化妝方面處於最佳位置，就像我們已經擁有相當長一段時間了一樣。

I also would say that we haven't really seen anything that would suggest that consumers are trading down. I've also heard that there's like this concern of the stockpiling out there. We're not seeing anything that's differing in that behavior. And the other key indicator that I think is a positive that would be interesting for you guys to understand is better spend per member is fairly consistent across all income cohorts.

我還想說，我們還沒有真正看到任何顯示消費者消費水準下降的跡象。我也聽說人們對囤積物資有擔憂。我們沒有發現該行為有任何不同。我認為另一個值得大家關注的正面關鍵指標是，所有收入群體中每位成員的支出都相當一致。

So we're not even seeing great disparity between higher income consumers and lower-income consumers. So while consumer confidence and sentiment has maybe been a little bit weaker, we continue to see strong beauty engagement overall.

因此，我們甚至沒有看到高收入消費者和低收入消費者之間存在巨大差距。因此，儘管消費者信心和情緒可能略有減弱，但我們仍然看到整體上對美容產品的參與度強勁。

All right. And thank you for the last question, Sydney. Thank you all for joining us today. I'm going to close by saying fiscal 2025 is off to a solid start. We're encouraged by the positive indicators in our business. The environment is dynamic and it will take time to fully realize the benefits of the Ulta Beauty Unleash plans. But I am confident that we are on the right path to drive sustainable long-term growth and value creation.

好的。謝謝你的最後一個問題，悉尼。感謝大家今天的參與。最後，我想說，2025 財年開局良好。我們業務中的正面指標令我們感到鼓舞。環境是動態的，需要時間才能充分實現 Ulta Beauty Unleash 計劃的好處。但我堅信，我們正走在推動永續長期成長和價值創造的正確道路上。

I want to close by thanking our dedicated associates for embracing our plans and delivering for our guests each and every day. And I also want to thank our brand partners for their continued support. We look forward to speaking to you all again when we report results for the second quarter at the end of August. Have a good evening, everyone.

最後，我要感謝我們敬業的同事們，感謝他們接受我們的計劃並每天為我們的客人提供服務。我還要感謝我們的品牌合作夥伴的持續支持。我們期待在八月底報告第二季業績時再次與大家交談。祝大家晚上愉快。

Thank you for joining. This concludes today's call. You may now disconnect.

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。