Ulta Beauty Inc (ULTA) 2025 Q2 法說會逐字稿

Good afternoon, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to Ulta Beauty's second quarter 2025 earnings call. This conference is being recorded. (Operator Instructions)

大家下午好。我叫萊拉 (Leila)，今天我將擔任您的會議主持人。現在，我歡迎您參加 Ulta Beauty 2025 年第二季財報電話會議。此次會議正在錄製中。（操作員指示）

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.

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, Leila. Good afternoon, everyone, and thank you for joining us for a discussion of Ulta Beauty's results for the second quarter of fiscal 2025. Hosting our call today are Kecia Steelman, Chief Executive Officer; and Chris Lialios, Interim 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 財年第二季的業績。今天主持我們電話會議的是執行長 Kecia Steelman 和臨時財務長 Chris Lialios。

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. We refer you to our earnings release and our SEC filings where you will find several factors which could cause actual results to differ materially from these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, August 28, 2025.

在我們開始之前，我想提醒您注意公司的安全港語言。我們今天的許多言論都包含前瞻性陳述。請您參閱我們的收益報告和美國證券交易委員會 (SEC) 文件，您會發現其中有幾個因素可能導致實際結果與這些前瞻性陳述有重大差異。我們提醒您不要過度依賴這些前瞻性陳述，這些陳述僅截至今天（2025 年 8 月 28 日）有效。

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 comments, we'll open the call for questions. To allow us to accommodate as many questions as possible during the hour scheduled for this call. (Event Instructions) As always, the IR team will be available for any follow-up questions after the call.

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。在我們準備好評論之後，我們將開始提問。為了使我們能夠在本次通話預定的時間內解答盡可能多的問題。（活動說明）與往常一樣，IR 團隊將在通話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. I'd like to start by welcoming Chris Lialios to our call. As you know from our announcement in June, Chris is a 25-year veteran of Ulta Beauty and is serving as our interim CFO in addition to his responsibilities as the company's Controller. He is a trusted leader across our organization, and I want to express my gratitude to Chris for his partnership and leadership during the support and time for our business while our CFO search is in progress.

謝謝你，凱莉，大家下午好。首先，我歡迎 Chris Lialios 參加我們的電話會議。正如您從我們 6 月的公告中了解到的那樣，克里斯是 Ulta Beauty 的 25 年資深員工，除了擔任公司財務總監之外，他還擔任我們的臨時財務長。他是我們公司值得信賴的領導者，我想對克里斯在我們尋找財務長期間為我們的業務提供的支持和時間表示感謝。

Today, I'd like to spend a few minutes highlighting what drove our strong performance, the progress we're making against our Ulta Beauty Unleash strategy and where we're headed. The Ulta Beauty team delivered significantly better than planned sales performance and continue to successfully execute our strategic priorities.

今天，我想花幾分鐘時間重點介紹我們取得強勁業績的動力、我們在實施 Ulta Beauty Unleash 策略方面取得的進展以及我們的發展方向。Ulta Beauty 團隊的銷售業績遠超預期，並繼續成功執行我們的策略重點。

For the quarter, net sales increased 9.3% to $2.8 billion. Operating profit was 12.4% of sales and diluted earnings per share was $5.78. Our Ulta Beauty unleash strategy continues to gain traction, and we're building on our momentum. I am pleased with how our team has incorporated key learnings to strengthen our performance as we lap the impact of the operational disruption and promotional effectiveness challenges we experienced in the second quarter of 2024.

本季淨銷售額成長 9.3%，達到 28 億美元。營業利潤佔銷售額的12.4%，每股攤薄收益為5.78美元。我們的Ulta Beauty「釋放潛力」策略持續推進，我們正在保持強勁勢頭。我很高興看到我們的團隊在克服 2024 年第二季所經歷的營運中斷和促銷效果挑戰的影響時，能夠結合關鍵經驗來增強我們的業績。

Customers are responding favorably to the actions that we've taken to sharpen our business and our teams have made solid progress in advancing our long-term initiatives. Highlights from our quarterly results include comp sales growth of 6.7%, positive comp growth in both channels and all major categories, continued market share gains during a highly competitive quarter.

客戶對我們為加強業務而採取的行動反應良好，我們的團隊在推動長期計劃方面也取得了堅實的進展。我們季度業績的亮點包括同店銷售額增長 6.7%、兩個渠道和所有主要類別的同店銷售額均實現正增長、在競爭激烈的季度中市場份額繼續增長。

Loyalty member growth of 4% year-over-year to a record 45.8 million members and ongoing improvement across several key performance indicators, including brand engagement, brand media value, in-store conversion and app engagement.

忠誠會員數量年增 4%，達到創紀錄的 4,580 萬，而多個關鍵績效指標持續改善，包括品牌參與度、品牌媒體價值、店內轉換率和應用程式參與度。

We're encouraged by the visible progress underway and see continued opportunities to strengthen our operating model to ensure that Ulta Beauty delivers sustainable, positive performance and attractive shareholder returns. Before I dive into the key drivers of our performance, I want to touch on what we're seeing across the beauty and consumer landscape.

我們對正在取得的明顯進展感到鼓舞，並看到了繼續加強我們的營運模式的機會，以確保 Ulta Beauty 提供可持續的、積極的業績和有吸引力的股東回報。在深入探討我們業績的關鍵驅動因素之前，我想先談談我們對美容和消費者前景的看法。

Engagement with beauty and wellness remains healthy. The growth of the US beauty category has been fairly stable with low single-digit growth in mass and mid-single-digit growth in prestige beauty during the second quarter, according to [Circana]. Our insights suggest consumers continue to prudently manage their day-to-day spending and are watchful of pricing trends in response to tariffs. At the same time, beauty enthusiasts tell us that they're prioritizing their beauty regimens and remain strongly engaged within the category.

對美麗和健康的關注依然健康。數據顯示，美國美容類別的成長相當穩定，第二季大眾美容類別實現了低個位數成長，高端美容類別實現了中等個位數成長。[Circana]。我們的見解表明，消費者繼續謹慎管理日常支出，並關注關稅帶來的定價趨勢。同時，美容愛好者告訴我們，他們優先考慮自己的美容養生法，並繼續積極參與這個類別。

While we continue to manage the business thoughtfully amid ongoing macroeconomic uncertainty, we believe beauty and wellness offer a unique sense of comfort and escape which we expect will continue to support the beauty category resilience.

儘管我們在持續的宏觀經濟不確定性中繼續深思熟慮地管理業務，但我們相信美麗和健康提供了一種獨特的舒適感和逃避感，我們預計這將繼續支持美容類別的彈性。

Turning to the key drivers of our performance. Let me begin with our efforts to drive core business growth. Performance in the second quarter was fueled by the strength of our core business, reflecting our commitment to getting back to the basics, improved in-store execution and elevating our go-to-market approach through operational excellence, marketing leadership and compelling merchandising innovation.

談談我們業績的關鍵驅動因素。首先，我要談談我們推動核心業務成長的努力。第二季的業績得益於我們核心業務的強勁成長，體現了我們致力於回歸基本面、改善店內執行以及透過卓越營運、行銷領導力和引人注​​目的商品創新提升我們的市場進入方式的承諾。

Tighter collaboration and planful coordination across our field, marketing and merchandising teams is having a tangible impact. We continue to make progress in advancing our brand building and digital and personalization efforts.

我們的現場、行銷和銷售團隊之間更緊密的合作和有計劃的協調正在產生實際的影響。我們在推動品牌建立、數位化和個人化工作方面不斷取得進展。

In stores, our team has built on our successes in Q1, maintaining our focus on elevating the store experience and delighting our guests with every interaction. Our thoughtful go-to-market planning paired with strong execution in stores, delivered comp growth across all categories and supported strong execution of key events and holidays, like Mother's Day and Father's Day are newly created only at Ulta event and our Big Summer Beauty sales.

在商店方面，我們的團隊在第一季取得成功的基礎上，繼續致力於提升商店體驗，並透過每一次互動讓客人感到愉悅。我們周到的上市計劃與強大的門市執行力相結合，實現了所有類別的同比增長，並支持了關鍵活動和節日的強有力執行，例如母親節和父親節是僅在 Ulta 活動和我們的夏季美容大促銷中新設立的。

I am incredibly proud of our store and field teams who have passionately embraced our Ulta Beauty unleash strategy and are enhancing the in-store experience for our guests. In addition to sales growth, these collective efforts drove improved in-store conversion and guest satisfaction.

我對我們的商店和現場團隊感到無比自豪，他們熱情地接受了我們的 Ulta Beauty 釋放策略，並正在提升我們客人的店內體驗。除了銷售成長之外，這些共同努力還提高了店內轉換率和顧客滿意度。

From a category perspective, our comp growth in the quarter reflected balanced contribution from in-demand newness and core assortment growth. Fragrance continues to lead the way as our strongest performing category, delivering robust double-digit growth in the second quarter.

從類別角度來看，本季我們的同店成長反映了需求新品和核心產品組合成長的平衡貢獻。香水持續引領潮流，成為我們表現最強勁的類別，在第二季度實現了強勁的兩位數成長。

Performance was fueled by successful Mother's Day and Father's Day activation, compelling newness and continued strength in gift sets and men's fragrances, new and exclusive brands, including the launch of our first men's exclusive fragrance, Drakes, Simermisk as well as newness from YSL, Gucci, Chanel and exclusive brand Smith and Noise supported strong category performance.

業績成長得益於成功的母親節和父親節活動、引人注目的新品以及禮品套裝和男士香水的持續強勁表現、新獨家品牌，包括推出我們的第一款男士獨家香水、Drakes、Simermisk，以及來自 YSL、Gucci、Chanel 和獨家品牌 Smith 和 Noise 的新品，這些都支持了強勁的品類業績。

Sales in the skin care and wellness category increased in the high single-digit range led by strong growth in body care and wellness. Our trends in mass and prestige skin care grew and improved with both segments delivering low single-digit growth for the quarter.

在身體護理和保健產品強勁增長的帶動下，皮膚護理和保健品類的銷售額實現了高個位數增長。我們在大眾和高端護膚品領域的趨勢不斷增長和改善，這兩個部門在本季度都實現了低個位數的成長。

New brands, including Tatcha and Saltair as well as trend-related brand Mailey's resonated with guests while product expansions of Sol de Janeiro, Milan Gabon and Touchland also contributed to category growth. In addition, our robust and expanded K-Beauty assortment continues to contribute with new brand Enea and exclusive brand Peach & Lily leading the way.

Tatcha 和 Saltair 等新品牌以及潮流品牌 Mailey's 引起了賓客的共鳴，而 Sol de Janeiro、Milan Gabon 和 Touchland 的產品擴展也促進了品類的成長。此外，我們強大且不斷擴展的韓國美容產品系列繼續貢獻力量，新品牌 Enea 和獨家品牌 Peach & Lily 處於領先地位。

Wellness performance benefited from the launch of new brands like Honeypot and ARMRA along with newness from supplements and ingestibles favorite Lemme. The makeup category delivered mid-single-digit comp growth driven by positive performance in both mass and prestige makeup, compelling newness from existing brands, including HOURGLASS, MAC and NYX drove excitement and category performance.

健康表現受益於 Honeypot 和 ARMRA 等新品牌的推出，以及補充劑和可食用產品 Lemme 的新品。化妝品類別實現了中等個位數的同比增長，這得益於大眾化妝品和高端化妝品的積極表現，包括 HOURGLASS、MAC 和 NYX 在內的現有品牌的引人注目的新品推動了消費者的興趣和類別表現。

MAC makeup grew in the high single-digit range, reflecting the strength of trend across eye, phase and lip and the benefit from lapping the sell-down of our Ulta Beauty Collection in association with our Q3 relaunch last year. Prestige makeup increased in a low single-digit range, supported by newness and key brand expansions.

MAC 彩妝實現了高個位數成長，反映了眼部、唇部等各大彩妝品類的流行趨勢強勁，以及去年第三季重新推出 Ulta Beauty Collection 所帶來的銷售下滑帶來的好處。受新品和主要品牌擴張的推動，高端化妝品的銷售額實現了低個位數成長。

Comp sales in the hair care category increased in the mid-single-digit range supported by growth in professional hair care, accessories and hair tools. Performance also reflected the benefit of the timing shift of a key promotional event. Redken and our exclusive brand, CECRED, continued their momentum, contributing to comp performance for the quarter while the brand new lounges, including exclusive brand, Ismo by Shakira built engagement and contributed to sales growth. Hair care performance benefited from strong innovation from Shark and Conair.

受專業護髮、配件和美髮工具銷售成長的推動，護髮類別的銷售額實現了中等個位數的成長。業績表現也反映了關鍵促銷活動時間調整所帶來的好處。Redken 和我們的獨家品牌 CECRED 繼續保持良好勢頭，為本季度的業績做出了貢獻，而包括獨家品牌 Ismo by Shakira 在內的全新休息室則建立了用戶參與度並促進了銷售增長。護髮業績受益於 Shark 和 Conair 的強勁創新。

Finally, services delivered a low single-digit comp, driven primarily by the strength of cutting color services. We continue to bring beauty to life in our stores through our events, salon workshops and Salon brand features. During the quarter, we hosted more than 30,000 events across our fleet and guests and brands love our new digital tools that enable guests to see and sign up for these fun and educational opportunities.

最後，服務業實現了較低的個位數成長，這主要得益於彩色切割服務的強勁成長。我們繼續透過活動、沙龍研討會和沙龍品牌特色為我們的商店帶來美麗。在本季度，我們在整個機隊舉辦了超過 30,000 場活動，客人和品牌都喜歡我們的新數位工具，這些工具使客人能夠看到並報名參加這些有趣且有教育意義的活動。

We also hosted three unique salon experiences, including our Father's Day Daddy and Daughter Day out workshop, which educated guests and drove trial and salon sales. Our eventing and workshop strategies are a powerful way in which we're supporting our go-to-market strategy and successfully activating key events, brand launches and promotions.

我們還舉辦了三次獨特的沙龍體驗活動，包括父親節爸爸和女兒外出日研討會，為客人提供教育並推動試用和沙龍銷售。我們的活動和研討會策略是我們支持市場進入策略並成功啟動關鍵活動、品牌發布和促銷的有力方式。

Moving to marketing. We are elevating our marketing efforts to spark excitement and awareness, drive engagement and attract and retain loyal timbers. During the second quarter, we reimagined our events and activations to be more relevant and differentiated for our guests. This includes kicking off summer with our here go sun event, which replaced last year's member love event and launching a new only at Ulta event to highlight and support our exclusive brands.

轉向行銷。我們正在加強行銷力度，以激發熱情和意識，推動參與，吸引和留住忠誠的客戶。在第二季度，我們重新構想了我們的活動和激活方式，以便與我們的客人更加相關且更具差異化。其中包括以我們的 here go sun 活動拉開夏季序幕，該活動取代了去年的會員愛心活動，並推出了新的 only at Ulta 活動來突出和支持我們的獨家品牌。

In addition, we applied lessons learned last year to our big summer beauty sale and back-to-school events, including shifting timing to better align with consumer shopping behavior. And we are driving connection with the beauty enthusiast by strengthening Ulta Beauty's cultural relevance with unique activations at Katella and Lollapalooza and serving as the official beauty retail partner of the Kelway Carter tour, a powerful collaboration featuring curated beauty looks exclusive product assortments and worse brand experiences across Beyonce's tour markets in the US.

此外，我們將去年的經驗教訓運用到我們的夏季大型美容促銷和返校活動中，包括調整時間以更好地適應消費者的購物行為。我們透過在 Katella 和 Lollapalooza 舉辦的獨特活動來加強 Ulta Beauty 的文化相關性，並擔任 Kelway Carter 巡演的官方美容零售合作夥伴，從​​而加強與美容愛好者的聯繫，這是一次強大的合作，以精心策劃的美容外觀、獨家產品組合和更糟糕的品牌體驗為特色，遍及碧昂絲在美國的巡迴演出市場。

As beauty continues to move at the speed of culture, we're keeping pace with strong social media engagement and trend-forward content that is engaging and relevant to our consumers, resulting in meaningful growth in unaided awareness brand engagement and earned media value.

隨著美麗繼續以文化的速度發展，我們跟上強大的社交媒體參與度和與消費者息息相關的潮流前瞻內容，從而實現無提示知名度品牌參與度和贏得媒體價值的顯著增長。

At Ulta Beauty, we celebrate the transformative power of beauty and wellness inspiring self-expression, empowerment, well-being and connection. We believe that beauty goes beyond the surface. It's really what radiates from within. This belief fuels our purpose to unlock the possibilities within each of us through beauty and wellness.

在 Ulta Beauty，我們讚美美麗和健康的變革力量，激發自我表達、賦權、幸福和連結。我們相信美麗不僅僅停留在表面。這確實是從內心散發出來的光芒。這一信念激勵著我們透過美麗和健康釋放每個人內在的潛力。

We have been on a journey to bring this purpose to life, creating emotional connections, building trust and shaping a brand that truly champions and celebrates every guest, all ages and life stages. This fall, we will take the next full step with our multiyear brand platform. Beauty Happens Here, celebrated by the debut of our new brand campaign. It begins with a powerful declaration, we are beautiful, an inspiring way to share that Ulta Beauty is where beauty lives, and when we inspire our guests and connect with our guests, beauty spreads to others, making the world a more beautiful place. Stay tuned for more in the coming weeks.

我們一直致力於實現這一目標，建立情感聯繫，建立信任，塑造一個真正支持和讚美每位客人、各個年齡層和各個人生階段的品牌。今年秋天，我們將憑藉多年的品牌平台邁出新的一步。美麗由此發生，我們推出全新品牌活動以慶祝這一刻。它以一個強有力的宣言開始，我們是美麗的，以一種鼓舞人心的方式分享 Ulta Beauty 是美麗的存在，當我們激勵我們的客人並與我們的客人聯繫時，美麗就會傳播給其他人，讓世界變得更加美麗。請關注未來幾週的更多內容。

Turning to our long-term strategy to enhance our assortment and brand building capabilities. We're focused on launching, building, scaling and globalizing brands to strengthen our position as the partner of choice for Beauty and Wellness brands. We continue to make exciting progress in enhancing our assortment and merchandising approach.

轉向我們的長期策略，以增強我們的產品種類和品牌建立能力。我們專注於推出、打造、擴展和全球化品牌，以鞏固我們作為美容和健康品牌首選合作夥伴的地位。我們在加強產品分類和銷售方法方面不斷取得令人興奮的進展。

During the quarter, we launched 24 new brands, many of which are exclusive to Ulta Beauty newly launched brands like Isima, INKEY, Lume, Goop Beauty are driving excitement for our guests. At the same time, our exclusive brands, including Céered, SNF, Half Magic, Live Tinted, DIBS are all driving growth and market share. And there is more to come.

在本季度，我們推出了 24 個新品牌，其中許多都是 Ulta Beauty 獨有的，新推出的品牌如 Isima、INKEY、Lume、Goop Beauty 正在為我們的客人帶來興奮。同時，我們的獨家品牌，包括 Céered、SNF、Half Magic、Live Tinted 和 DIBS 都在推動成長和市場份額。未來還會有更多。

Our merchants are hard at work to ensure that we complement the strength of our existing core assortment with the hottest new brands and innovation in beauty and wellness. This includes the introduction of Moroccan Oil, a fan favorite was launched in stores and online this week. We continue to lead the market in body care, and we are excited for Tracy Elis Ross's entry into body care with Pattern Body launching first at Ulta Beauty and for the debut of Rihanna's new skin line, Venti Skin Buddy, which will launch exclusively at Ulta Beauty in a few short weeks. Our brand-building efforts are driving guest engagement and results, and we're optimistic about the new brand launches and activations planned for the rest of the year.

我們的商家正在努力確保我們以最熱門的新品牌和美容與健康領域的創新來補充我們現有核心產品系列的優勢。其中包括推出摩洛哥油，這是粉絲們最喜愛的產品，本週在商店和網路上推出。我們繼續引領身體護理市場，我們很高興看到 Tracy Elis Ross 進入身體護理領域，其 Pattern Body 產品首先在 Ulta Beauty 推出，我們也很高興看到蕾哈娜的新護膚系列 Venti Skin Buddy 首次亮相，該系列產品將在短短幾週內在 Ulta Beauty 獨家推出。我們的品牌建立工作正在推動客人的參與和成果，我們對今年剩餘時間規劃推出的新品牌和活化感到樂觀。

Moving to digital and personalization. We are accelerating capabilities to deepen guest connection and drive performance. During the second quarter, we continued to expand automation in real-time delivery content enabling us to deliver a more personalized customer experience across key digital channels.

走向數位化和個人化。我們正在加速提升能力，以加深與賓客的聯繫並提高績效。在第二季度，我們繼續擴大即時交付內容的自動化，使我們能夠透過主要數位管道提供更個人化的客戶體驗。

New features like Split Cart and recently launched Replenish and Save combined with personalized recommendations are removing friction, increasing reliance and driving measurable results. Taken together, these enhancements contributed to strong measurable results in e-commerce. We're leveraging our power as an omni channel retailer to deliver speed to guests and provide more choices in the way they shop. During Q2, half of e-commerce orders were fulfilled by the stores the highest rate we've ever recorded.

分割購物車和最近推出的補充和保存等新功能與個人化推薦相結合，消除了摩擦，增加了依賴性並帶來了可衡量的成果。總的來說，這些改進為電子商務帶來了顯著的可衡量成果。我們正在利用全通路零售商的優勢，為顧客提供快速的服務，並為他們提供更多的購物選擇。第二季度，一半的電子商務訂單由商店完成，這是我們有史以來記錄的最高完成率。

Moving to our second strategic priority, the team made steady progress to scale new businesses to capitalize on key growth opportunities and ensure that we remain relevant in a rapidly changing world, beginning with our international expansion.

轉向我們的第二個策略重點，團隊穩步推進擴大新業務，以利用關鍵成長機會並確保我們在快速變化的世界中保持相關性，首先是我們的國際擴張。

We reached a major milestone in our national journey with our entry into the UK market. As one of the largest beauty markets in the world, the UK represents an attractive market with a healthy growing beauty landscape. Our acquisition of the UK specialty beauty retailer, Space NK was a unique and strategically compelling opportunity to enter the growing UK market with an established and successful player. A top destination for beauty levers based on K operates 83 UK and Ireland stores and a vibrant online platform.

進入英國市場是我們國家旅程中的重要里程碑。作為世界上最大的美容市場之一，英國是一個極具吸引力的市場，美容產業發展前景良好。我們收購了英國專業美容零售商 Space NK，這是一個獨特且具有戰略吸引力的機會，可以與一家成熟且成功的公司一起進入不斷增長的英國市場。總部位於 K 的美容槓桿首選目的地在英國和愛爾蘭經營 83 家商店和一個充滿活力的線上平台。

Space NK will continue to operate as a stand-alone subsidiary with CEO, Andy Lightfoot and his talented team staying at the helm leading operations from the UK. We see opportunities to leverage each other's strength, talent and expertise. And over the long term, we will focus on sharing best practices and transferring learnings between markets particularly around assortment, guest experience and scaling growth. Chris will share more about the financial details of the acquisition shortly.

Space NK 將繼續作為獨立子公司運營，執行長 Andy Lightfoot 及其才華橫溢的團隊將繼續在英國領導業務。我們看到了利用彼此實力、才能和專業知識的機會。從長遠來看，我們將專注於在各個市場之間分享最佳實踐和轉移學習成果，特別是在產品分類、客戶體驗和規模成長方面。克里斯將很快分享有關此次收購的更多財務細節。

In addition to our expansion in the UK, we just celebrated the soft opening of our first Ulta Beauty store in Mexico with the grand opening to come in a few weeks and we remain on track to open our first store in the Middle East later this year.

除了在英國的擴張之外，我們剛剛慶祝了我們在墨西哥的第一家 Ulta Beauty 店的試營業，並將在幾週後舉行盛大的開業典禮，我們仍計劃在今年晚些時候在中東開設第一家店。

In wellness, we're focused on leveraging our position as a trusted leader to expand more meaningfully into wellness. Our goal is to establish ourselves as a one-stop shop for relevant products to support living a well-balanced lifestyle through improvements to the mine, body and spirit. During the second quarter, we launched several new wellness brands and expanded the in-store footprint of the wellness shop in about 370 stores. In the third quarter, we will introduce a larger enhanced guest experience with new elevated fixtures in 50 additional stores.

在健康領域，我們專注於利用我們作為值得信賴的領導者的地位，更有意義地擴展健康領域。我們的目標是將自己打造成相關產品的一站式商店，透過改善礦井、身體和精神來支持均衡的生活方式。第二季度，我們推出了幾個新的健康品牌，並將健康商店的店內覆蓋範圍擴大到約 370 家門市。第三季度，我們將在另外 50 家門市推出全新升級的設備，為顧客提供更佳的體驗。

Moving to our online marketplace initiative. Our merchandising vision is to create and inspire guests with the best beauty and wellness for all life stages. The Ulta Beauty marketplace, which we'll launch in the third quarter is a curated invitation-only online platform that allows guests to explore a broader and complementary array of beauty, wellness and lifestyle products on ulta.com from both established and emerging brands. This new platform will enable us to not only strengthen our existing category facility that go after new subcategories and trends to build incremental growth for our business.

轉向我們的線上市場計劃。我們的行銷願景是為各個生命階段的顧客創造並激勵他們獲得最佳的美麗和健康。我們將於第三季推出的 Ulta Beauty 市場是一個精心策劃的僅限邀請的線上平台，客人可以在 ulta.com 上探索來自知名品牌和新興品牌的更廣泛、互補的美容、健康和生活方式產品。這個新平台不僅能讓我們加強現有的類別設施，還能讓我們追逐新的子類別和趨勢，為我們的業務創造增量成長。

Finally, moving to our third strategic priority to realign our foundation for the future. Our culture is truly a differentiator for our business and we are on a journey to reenergize this critical competitive advantage. We know that stronger employee engagement leads to better customer experiences. We recently completed our annual culture survey, and I'm proud to share that our participation leads and results exceeded industry benchmarks. Associate engagement has increased across the enterprise, reflecting decisive steps that we've taken to streamline decision-making and power creativity and align our teams around guest-centric goals.

最後，我們轉向第三個策略重點，重新調整我們未來的基礎。我們的文化確實是我們業務的差異化因素，我們正在努力重振這一關鍵的競爭優勢。我們知道，更強的員工參與度會帶來更好的客戶體驗。我們最近完成了年度文化調查，我很自豪地告訴大家，我們的參與度和結果超出了行業基準。整個企業的員工參與度都有所提高，這反映了我們為簡化決策、激發創造力以及圍繞以客戶為中心的目標協調團隊所採取的決定性措施。

While we always have work to do, we are proud of this progress and intend to build upon it. Associates are the heart of our business, and I am proud of how our teams have embraced our Ulta Beauty unleash strategy and new ways of working and are leading through our values, all while keeping our guests at the center of all in do.

雖然我們總是有工作要做，但我們對這一進步感到自豪，並打算在此基礎上繼續努力。員工是我們業務的核心，我為我們的團隊如何接受 Ulta Beauty 釋放策略和新的工作方式並透過我們的價值觀引領而感到自豪，同時始終將我們的客人放在一切工作的中心。

Finally, earlier this month, we announced our mutual decision with target not to extend our shop-in-shop partnership, which will conclude in August of 2026. we've achieved a lot together, and we remain committed to supporting the shopping experience for guests through the end of the partnership as well as continuing to support our teams and partners during the transition.

最後，本月初，我們宣布與塔吉特共同決定不再延長店中店合作關係，該合作關係將於 2026 年 8 月結束。我們共同取得了許多成就，我們將繼續致力於在合作關係結束前為顧客提供優質的購物體驗，並在過渡期間繼續為我們的團隊和合作夥伴提供支援。

Looking forward, we believe the successful execution of our Ulta Beauty unleash strategy will maximize key growth opportunities in beauty and wellness and enable us to bring to life the Ulta Beauty experience in new ways and define the next chapter of growth for our brand. For perspective, the royalty revenue from our target partnership in fiscal 2024 was well below 1% of net sales.

展望未來，我們相信，成功執行我們的 Ulta Beauty 釋放策略將最大限度地增加美容和健康領域的關鍵成長機會，並使我們能夠以新的方式將 Ulta Beauty 體驗變為現實，並為我們品牌的發展開啟新的篇章。從角度來看，2024 財年我們目標合作夥伴的特許權使用費收入遠低於淨銷售額的 1%。

To recap, we are proud of the steady progress we're making against our Ulta Beauty unleash strategy to accelerate our performance and lay the groundwork for sustained long-term growth. As we look to the future, we remain focused on controlling what we can control, executing our plans with excellence and building on our momentum to drive future growth.

總而言之，我們為 Ulta Beauty 釋放策略所取得的穩定進展感到自豪，該策略加速了我們的業績，並為長期持續成長奠定了基礎。展望未來，我們將繼續專注於控制我們能夠控制的事情，出色地執行我們的計劃，並藉助我們的勢頭推動未來的成長。

While we are pleased with our year-to-date performance and the level of engagement we've seen with beauty enthusiasts, we remain cautious in our approach to planning our business, given the rapidly evolving macro landscape and ongoing wallet pressures.

雖然我們對今年迄今為止的業績以及美容愛好者的參與度感到滿意，但考慮到快速發展的宏觀環境和持續的錢包壓力，我們在規劃業務方面仍保持謹慎。

I want to again thank our incredible associates for their hard work in delivering these results. Our results reaffirm my confidence in our team, strategy and business model and in our ability to deliver for our guests and create enduring profitable growth for our shareholders. I'll now turn it over to Chris to cover the financial results for the second quarter in our updated financial outlook before we take your questions. Chris?

我要再次感謝我們優秀的同事們為取得這些成果所付出的辛勤努力。我們的業績再次堅定了我對我們的團隊、策略和商業模式的信心，也堅定了我們對為客人提供服務和為股東創造持久盈利增長的能力的信心。在回答您的問題之前，我現在將把時間交給克里斯，讓他介紹我們更新後的財務展望中第二季度的財務表現。克里斯？

Thanks, Kecia, and good afternoon, everyone. I'm honored to serve as interim CFO and I'm grateful to Kecia and the Board for their trust and confidence. I'll begin my comments with a discussion of our second quarter results and then share how we are thinking about the rest of the year. Before we discuss the results, I want to remind you that we acquired Space NK on July 10.

謝謝，Kecia，大家下午好。我很榮幸擔任臨時財務官，並感謝 Kecia 和董事會的信任和信心。我將從討論我們的第二季業績開始，然後分享我們對今年剩餘時間的看法。在我們討論結果之前，我想提醒您，我們在 7 月 10 日收購了 Space NK。

Our second quarter results include financial results for Space NK for the week since the transaction closed and preliminary estimates of the purchase consideration in fair value of Space NK's net assets. The acquisition was funded with cash on hand and borrowings under our existing credit facility and is not material to our consolidated financial statements.

我們的第二季業績包括交易結束以來一週 Space NK 的財務表現以及對 Space NK 淨資產公允價值的購買對價的初步估計。此次收購的資金來自我們庫存現金和現有信貸安排下的借款，對我們的合併財務報表並不重要。

Turning now to the second quarter financial results. The Ulta Beauty team delivered strong performance this quarter, reflecting better-than-expected growth from comparable sales, favorable shrink results and merchandise margin expansion. Consolidated net sales for the quarter increased 9.3% to $2.8 billion compared to $2.6 billion last year.

現在來看看第二季的財務表現。Ulta Beauty 團隊本季表現強勁，反映出可比銷售額的成長優於預期，收縮結果良好，商品利潤率擴大。本季綜合淨銷售額較去年同期的 26 億美元成長 9.3%，達到 28 億美元。

During the quarter, we opened 24 new stores, relocated two stores remodeled five stores and closed two stores. Comparable sales increased 6.7%, driven by a 3.7% increase in transactions and a 2.9% increase in average ticket. Other revenue was approximately flat versus the second quarter last year.

本季度，我們開設了 24 家新店，搬遷了 2 家店，並改造了 5 家店，並關閉了 2 家店。可比銷售額成長 6.7%，主要得益於交易量成長 3.7% 和平均票價成長 2.9%。其他收入與去年第二季基本持平。

Looking at the cadence of comp sales through the quarter. Growth was strongest in May and July primarily reflecting shifts in the timing of key promotional events. From a channel perspective, both store and digital channels contributed to control with e-commerce sales increasing in the low double-digit range, and comp sales delivering mid-single-digit growth.

查看整個季度同店的銷售節奏。五月和七月的成長最為強勁，主要反映了主要促銷活動時間的變化。從通路角度來看，實體店和數位通路均對控製做出了貢獻，其中電子商務銷售額實現了兩位數的低位增長，而同店銷售額實現了個位數的中位數增長。

For the quarter, consolidated gross margin increased 90 basis points to 39.2% of sales compared to 38.3% last year. The increase was largely due to lower inventory shrink and higher merchandise margin, which was partially offset by the deleverage of supply chain fixed costs and other revenue. Our team's collective focus on reducing inventory shrink while also improving merchandise in-stock levels continues to deliver results fixture investments, process improvements associate training and specific store level actions are driving improved trends.

本季度，綜合毛利率上升 90 個基點，達到銷售額的 39.2%，去年同期為 38.3%。成長主要歸因於庫存收縮減少和商品利潤率上升，但被供應鏈固定成本和其他收入的去槓桿化部分抵消。我們的團隊致力於減少庫存損耗，同時提高商品庫存水平，持續取得成果，固定裝置投資、流程改進、員工培訓和特定的商店級別行動正在推動改善趨勢。

And I'm pleased to share that we've experienced shrink reductions across every category and every region. Merchandise margin increased primarily due to the impact of more effective promotional strategies. Similar to Q1, we continue to strengthen our go-to-market strategies. We optimized key events and offers to align with relevant shopping moments and provide guests with value.

我很高興地告訴大家，我們每個類別和每個地區的萎縮都在減少。商品利潤率的增加主要得益於更有效的促銷策略的影響。與第一季類似，我們繼續加強我們的市場進入策略。我們優化了關鍵活動和優惠，以配合相關的購物時刻並為客人提供價值。

We eliminated unproductive and overlapping offers to drive increased clarity, and we implemented new functionality such as replenish and save to drive greater engagement. As a result, the gross margin impact from promotional activity was lower than last year. Supply chain fixed costs increased, reflecting higher wage rates and higher depreciation and implementation costs associated with our ongoing supply chain optimization efforts.

我們消除了無效且重疊的報價，以提高清晰度，並實施了補充和保存等新功能，以提高參與度。因此，促銷活動對毛利率的影響低於去年。供應鏈固定成本增加，反映了與我們正在進行的供應鏈優化工作相關的工資率上升以及折舊和實施成本上升。

Moving to expenses. Consolidated SG&A increased 15% to $742 million, including approximately $7 million of onetime transaction expenses related to the acquisition of Space NK. As a percentage of sales, SG&A increased 130 basis points to 26.6% compared to 25.3% last year, driven in large part by higher incentive compensation, store payroll and benefits and corporate overhead.

轉向開支。合併銷售、一般及行政費用增加 15% 至 7.42 億美元，其中包括與收購 Space NK 相關的約 700 萬美元的一次性交易費用。作為銷售額的百分比，銷售、一般及行政費用 (SG&A) 增加了 130 個基點，達到 26.6%，而去年同期為 25.3%，這主要是由於激勵薪酬、門店工資和福利以及公司管理費用增加。

Incentive compensation deleverage for the quarter, reflecting our better-than-planned second quarter performance as well as the lapping of a benefit from lower incentive compensation last year. Store payroll and benefit expense increased primarily due to higher health care costs and additional selling hours to support the guest experience. And the growth of corporate overhead largely reflects investments to support our Ulta Beauty unleash strategy.

本季激勵薪酬去槓桿，反映了我們第二季業績優於計劃，以及去年激勵薪酬較低帶來的收益的抵銷。商店工資和福利費用增加主要是由於醫療保健成本增加以及為支持顧客體驗而增加的銷售時間。公司管理費用的成長很大程度上反映了支持我們的 Ulta Beauty 釋放策略的投資。

Operating profit increased 4.8% to $345 million compared to $329 million last year. As a percent of sales, operating margin decreased 50 basis points to 12.4% of sales compared to 12.9% last year. Wrapping up the P&L, diluted earnings per share increased 9.1% to $5.78 per share, including $0.03 of benefit due to income tax accounting for stock-based compensation.

營業利潤較去年同期的 3.29 億美元成長 4.8%，達到 3.45 億美元。以銷售額的百分比計算，營業利潤率下降 50 個基點至 12.4%，而去年同期為 12.9%。綜合損益表，每股攤薄收益成長 9.1% 至每股 5.78 美元，其中包括因股票薪酬所得稅核算而產生的 0.03 美元收益。

Moving to highlights from the balance sheet and cash flow statement. We ended the quarter with $243 million in cash and cash equivalents and $289 million in short-term debt. During the quarter, we drew on our revolving credit facility, primarily to support the acquisition of Space NK. Total inventory increased to $2.4 billion compared to $2 billion last year primarily reflecting additional inventory to support new brand launches, the impact of 62 net new stores and the acquisition of Space NK.

轉到資產負債表和現金流量表的重點。截至本季末，我們的現金和現金等價物為 2.43 億美元，短期債務為 2.89 億美元。在本季度，我們利用了循環信貸額度，主要用於支持對 Space NK 的收購。總庫存從去年的 20 億美元增至 24 億美元，主要反映了支持新品牌推出的額外庫存、62 家新店淨增的影響以及收購 Space NK 的影響。

Capital expenditures were $77 million for the quarter, mostly driven by investments in new existing stores. Depreciation increased 9% to $71 million compared to $65 million last year, largely reflecting supply chain and store investments. In the quarter, we repurchased 245,000 shares, bringing the year-to-date total for our share buyback program to 1.2 million shares or $468 million. At the end of the quarter, we had $2.2 billion remaining under our current $3 billion repurchase authorization. Turning now to our updated outlook for 2025.

本季資本支出為 7,700 萬美元，主要來自對現有新店的投資。折舊額從去年的 6,500 萬美元增加 9% 至 7,100 萬美元，主要反映了供應鏈和商店的投資。本季度，我們回購了 245,000 股，使我們年初至今的股票回購計畫總額達到 120 萬股或 4.68 億美元。截至本季末，我們目前的 30 億美元回購授權還剩餘 22 億美元。現在來看看我們對 2025 年的最新展望。

We have increased guidance for the year to reflect our strong first half performance and the impact of Space NK, which was not contemplated in our previous forecast, reflecting the momentum we saw in the first half, we have increased our sales expectation for the second half, but we continue to believe it is prudent to take a cautious approach given continued uncertainty around consumer spending.

我們提高了全年的業績預期，以反映我們上半年的強勁表現和 Space NK 的影響，這在我們之前的預測中沒有考慮到，反映了我們在上半年看到的勢頭，我們提高了對下半年的銷售預期，但鑑於消費者支出持續存在的不確定性，我們仍然認為採取謹慎的態度是明智之舉。

We now expect consolidated net sales for the year will be between $12 billion and $12.1 billion, with comp sales growth in the range of 2.5% to 3.5%. This outlook reflects our expectation that comp sales will be in the range of flat to up low single digits in the second half.

我們現在預計今年的綜合淨銷售額將在 120 億美元至 121 億美元之間，同店銷售額成長率將在 2.5% 至 3.5% 之間。這一前景反映了我們的預期，即下半年同店銷售額將維持在持平至低個位數成長的範圍內。

We now expect operating profit for the year will decrease in the high single-digit range and operating margin will be between 11.9% and 12% of sales reflecting our updated sales expectations, higher incentive comp and how we are forecasting the flow of investment spend, we expect operating margin will be between 10.7% and 10.9% of sales for the second half of the year.

我們現在預計全年營業利潤將在高個位數範圍內下降，營業利潤率將在銷售額的 11.9% 至 12% 之間，這反映了我們最新的銷售預期、更高的激勵補償以及我們對投資支出流的預測，我們預計下半年營業利潤率將在銷售額的 10.7% 至 10.9% 之間。

For modeling purposes, we continue to expect gross margin for the year will deleverage primarily driven by store occupancy and supply chain costs partially offset by lower shrink. We've updated our expectations for SG&A growth and now expect SG&A will increase between 13% and 14% for the year driven largely by higher incentive compensation, our strategic investments, including increased advertising and the addition of Space NK. We expect SG&A growth will be elevated in the second half reflecting both the shift of investment spending initially planned for the first half as well as the lapping of last year's expense trend.

出於建模目的，我們繼續預計今年的毛利率將下降，這主要受到門市入住率和供應鏈成本的推動，但部分被較低的損耗所抵消。我們更新了對銷售、一般和行政費用 (SG&A) 成長的預期，目前預計今年銷售、一般和行政費用將增加 13% 至 14%，這主要得益於更高的激勵薪酬、我們的策略投資（包括增加廣告和加入 Space NK）。我們預計下半年銷售、一般及行政費用的成長將會加快，這不僅反映了上半年最初規劃的投資支出的轉變，也反映了去年支出趨勢的重疊。

As a reminder, SG&A grew 1% in the second half of fiscal 2024 as we proactively reduced planned spend in response to lower-than-expected revenue growth. Reflecting these assumptions, we now anticipate diluted EPS for the year will be between $23.85 and $24.30 per share. These EPS estimates include the impact of share repurchases and assume a tax rate of approximately 24%.

提醒一下，由於我們為應對低於預期的收入增長而主動減少了計劃支出，銷售、一般及行政費用在 2024 財年下半年增長了 1%。基於這些假設，我們現在預計今年的稀釋每股盈餘將在每股 23.85 美元至 24.30 美元之間。這些每股收益估計包括股票回購的影響，並假設稅率約為 24%。

In closing, we remain focused on executing our Ulta Beauty unleashed strategy and committed to investing in our operating model to position sustainable growth. We are encouraged by our first half performance but we remain cautious about how consumer demand may evolve in the second half of the year. As we look to the rest of fiscal 2025, we intend to invest to strengthen our competitive position to deliver long-term profitable growth while also continuing to be thoughtful about pacing and prioritization as the environment evolves.

最後，我們將繼續專注於執行我們的 Ulta Beauty 釋放策略，並致力於投資我們的營運模式以實現永續成長。我們對上半年的業績感到鼓舞，但我們對下半年消費者需求的變化仍持謹慎態度。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，實現長期盈利增長，同時隨著環境的變化繼續深思熟慮節奏和優先順序。

And now I'll turn the call over to our operator to moderate the Q&A session.1

現在我將把電話轉給我們的接線生來主持問答環節。 1

(Operator Instructions)

（操作員指示）

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團。

Right, good afternoon, and congratulations, Kecia, and the team, what a stellar quarter and the outlook certainly seems very doable. As you think about the initiatives that you've put in place, Kecia, with the beauty unleashed plan, what's the sustainability given you doubled the comp growth that you did last quarter, this quarter was a 6.7% and the pace of newness that you suggested -- is there a difference between third quarter and fourth quarter, given the guidance you gave out?

好的，下午好，恭喜 Kecia 和團隊，這是一個多麼出色的季度，前景看起來非常可行。Kecia，當您考慮您所實施的舉措以及美麗釋放計劃時，考慮到您上個季度的複合增長率翻了一番，本季度的增長率為 6.7%，並且按照您建議的新品速度，該計劃的可持續性如何？根據您給予的指導，第三季和第四季之間有什麼區別嗎？

And on the technical side in terms of less shrink, your shrink going down. It just seems like everything is coming together what is the pathway going forward to the opportunity to have increased operating margins on a go-forward basis? Thank you.

從技術方面來說，收縮越少，收縮就越小。看起來一切都在逐漸好轉，那麼未來提高營業利潤率的途徑是什麼呢？謝謝。

So thank you, Dana, for the question. And I'll start and then I'll let Chris answer the operating margin question. Yes, I'm very pleased with how the team is responding to Ulta Beauty unleash plan. And I think it's very clear, everyone understands the role that they play, and we're getting synergies and momentum is definitely happening. We're going against some higher comps in the back half of the year.

所以，謝謝你，達娜，提出這個問題。我先開始，然後讓克里斯回答營業利益率的問題。是的，我對團隊對 Ulta Beauty 發布計劃的回應感到非常滿意。我認為很明顯，每個人都了解自己所扮演的角色，我們正在獲得協同效應，並且勢頭肯定會增強。今年下半年我們將與一些實力較強的公司競爭。

So that's -- the starting point is a little different than the first half was. And our guidance is reflecting the uncertainty that still is out there that remains with the consumer and the macroeconomic conditions. We're being prudent in our guidance and how we're looking at the business. But I'm very pleased with how the company is really rallying around our Ulta Beauty unleash plan.

所以——起點與前半部略有不同。我們的指導反映了消費者和宏觀經濟狀況仍然存在的不確定性。我們在指導和看待業務方面都十分謹慎。但我對公司如何真正團結起來支持我們的 Ulta Beauty 釋放計劃感到非常高興。

And I do feel like the momentum is going to continue this year. And as we continue to play things forward, it should be continuing to look at that. And then we're looking at our long-term operating margin is something that we're continuing to keep in our wheelhouse of what we're wanting to be focused on is the growth of that in the future.

我確實覺得今年這種勢頭將會持續下去。隨著我們繼續推進事情的發展，我們應該繼續關注這一點。然後，我們正在關注我們的長期營業利潤率，這是我們將繼續關注的事情，我們希望關注的是未來的成長。

Reflecting on our comp growth expectations for the back half of the year, low single digits, you will see that many costs will likely deleverage inflationary pressures, primarily around health care cost increased costs associated with our infrastructure investments. In addition to that, the shrink benefit in the second half or the back half of the year will start to moderate based on having meaningful shrink benefits from the prior year.

回顧我們對下半年的低個位數成長預期，您會發現許多成本可能會減輕通膨壓力，主要是圍繞與我們的基礎設施投資相關的醫療保健成本增加。除此之外，由於前一年的福利縮水幅度較大，下半年或下半年的福利縮水幅度將開始放緩。

Additionally, we expect operating margin will be pressured with the timing of some of our go-to-market investments. As you know, we started off a little bit slower in the first half, and they're moving more into the second half as well as higher incentive comp, right, as I called out earlier, reflecting our better-than-planned performance this year, we're lapping a low incentive comp from 2024.

此外，我們預期部分市場投資的時機將對營業利潤率帶來壓力。如你所知，我們上半年起步有點慢，而下半年則進展更快，激勵補償也更高，正如我之前所說的，這反映了我們今年好於計劃的業績，從 2024 年開始，我們的激勵補償就較低。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Thanks for taking our question. Let me have my congrats on a great quarter. Nice to see it. Maybe, I guess, just to look at the revenues first, can you help us understand some of the assumptions at the high end and the low end of the comp range flat to positive low singles in the back half, a little hard to understand with the momentum in the business today.

感謝您回答我們的問題。我對本季度取得的出色成績表示祝賀。很高興看到它。也許，我想，首先看一下收入，您能否幫助我們理解一些假設，即在下半年，同店銷售額的高端和低端持平到正低單打，這對於當今業務的發展勢頭來說有點難以理解。

And then as we think about the comps in the back half and the excise scenarios in dream a little bit, you're now approaching the margin that you said you would achieve for 2026 and beyond at the Analyst Day. Can you just help us understand, is there a break point in the model where there's more leverage than you expected at the Analyst Day you start to get into 2026.

然後，當我們稍微思考一下下半年的比較和夢想中的消費稅情景時，您現在已經接近您在分析師日所說的 2026 年及以後將實現的利潤率。您能否幫助我們理解一下，模型中是否存在一個斷點，即在進入 2026 年分析師日時，槓桿率是否比您預期的要高。

Is there -- and as we think about, I guess, 2Q, delevering on supply chain, delevering on corporate overhead, is there a comp rate that levers those line items in the back half, if they were deleverage components on 6.7% in the second quarter?

有沒有——我想，當我們思考第二季度供應鏈去槓桿、企業管理費用去槓桿時，如果第二季度的去槓桿成分為 6.7%，那麼在下半年是否有一個比較率可以槓桿化這些項目？

I think you asked like five questions. -- I'm going to start -- thank you for the question and multiple questions. It was in the question. And well, I'll start with the long term, maybe the long-term outlook, and then I'll let Chris kind of rate up a little bit more on the margin, is that looking at our long-term algorithm, if you look at our performance in 2025, we've come out of the gate much stronger than what we planned. We've had a lot that's happened in 2025 that was not originally in the plan.

我想你問了五個問題。 ——我要開始了——謝謝你的提問和多個問題。它就在問題中。好吧，我先從長期開始，也許是長期前景，然後我會讓克里斯稍微提高一點邊際，看看我們的長期演算法，如果你看看我們在 2025 年的表現，你會發現我們已經比我們計劃的要強大得多。2025 年發生了許多原本不在計畫之內的事。

You look at the acquisition of Space NK the mutual decision not to move forward with Target. So there's a lot of nuances that weren't baked into that long-term work. And while our comp performance through the first half of the year has been stronger, the operating environment continues to be really dynamic, and we think it's a little premature to change our long-term goals at this time. We've just started planning for 2026 and we'll share our expectations in March as we normally do.

看看 Space NK 的收購，雙方都決定不再與 Target 繼續合作。因此，有許多細微差別並沒有融入這項長期工作。雖然我們上半年的業績表現較為強勁，但經營環境仍然充滿活力，我們認為現在改變我們的長期目標還為時過早。我們剛開始規劃 2026 年，我們將像往常一樣在三月分享我們的期望。

But right now, we're just seeing really laser-focused on executing our strategy, making the necessary investments to improve our competitiveness and reaccelerate our long-term share growth. As I said earlier, we're very encouraged by the progress that we're making, and we're confident in our investment position that's going to give us the ability to be able to deliver long-term profitable growth in the future?

但目前，我們只是真正專注於執行我們的策略，進行必要的投資以提高我們的競爭力並重新加速我們的長期份額成長。正如我之前所說，我們對所取得的進展感到非常鼓舞，我們對我們的投資狀況充滿信心，這將使我們有能力在未來實現長期獲利成長？

On the comp sales question, Michael, while we continue to be cautious about the second half, we have modestly increased our expectations for the second half reflecting less uncertainty around the macro environment compared to where we were in May. So on that, we feel confident with our back half guidance.

關於可比較銷售額的問題，邁克爾，雖然我們對下半年仍然保持謹慎，但我們適度提高了對下半年的預期，因為與 5 月份相比，宏觀環境的不確定性有所減少。因此，我們對我們的後半部分指導充滿信心。

On SG&A growth, second quarter was modestly higher than we planned, driven primarily by the $7 million onetime transaction expenses related to the Space NK acquisition as well as higher incentive comp due to the overperformance in the second quarter.

在銷售、一般及行政費用增長方面，第二季度略高於我們的計劃，主要原因是與 Space NK 收購相關的 700 萬美元一次性交易費用，以及由於第二季度業績優異而導致的更高的激勵補償。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Thank you very much. And let me add my congratulations. Kecia, I was wondering if you can talk about the promotional backdrop in beauty. It feels like the entire sector sort of is now in that sort of more normalized mid-single-digit growth after normalizing for a couple of years. And it also seems like you had some promotional restraint throughout the quarter. So if you can speak to that.

偉大的。非常感謝。讓我也向您表示祝賀。Kecia，我想知道您是否可以談談美容方面的宣傳背景。感覺整個產業在經過幾年的正常化之後，現在正處於更正常的中等個位數成長之中。而且看起來你們在整個季度中都採取了一些促銷限制。所以如果你能談談這個的話。

And then secondarily, if you can talk to the health and wellness category, this is a new noncomp category that obviously has significant kind of growth potential. Where are you now? And with all of the different opportunities and ways to play that strategy, how are you deciding on what is the best and highest use of your assets and your time. Thank you.

其次，如果你談論健康和保健類別，這是一個新的非競爭類別，顯然具有巨大的成長潛力。你現在在哪裡？面對各種不同的機會和實施該策略的方式，您如何決定如何最好、最有效地利用您的資產和時間？謝謝。

Well, thank you, Adrienne, for the question. I'll start with that. In 2025, the second quarter, the impact to gross margin from promotional offers was lower than second quarter of '24. We eliminated less productive events and overlapping offers. And we optimize the timing of some key offers in some promotional events like the big summer Beauty sale and our back-to-school timing.

好吧，艾德麗安，謝謝你提出這個問題。我先從那裡開始。2025 年第二季度，促銷活動對毛利率的影響低於 2024 年第二季。我們取消了效率較低的活動和重疊的優惠。我們也優化了一些促銷活動中一些關鍵優惠的時機，例如夏季大型美容促銷和返校時間。

We're going to continue to evolve our promotional strategies to really drive profitable growth, but we're taking a very thoughtful approach to our promotional calendar with what I would call purposeful considerations around holidays, temple events and brand launches. And you shouldn't be surprised if you see some promotional strategy shifts, the changes as we're continuing to respond to our business. Going forward, barring any economic event, we do expect the promotional environment to stay rational at this time.

我們將繼續改進我們的促銷策略，以真正推動盈利增長，但我們對促銷日程表採取了非常周到的方法，我稱之為圍繞假期、寺廟活動和品牌發布的有目的的考慮。如果您看到一些促銷策略發生轉變，您不應該感到驚訝，這些變化是我們繼續響應業務而做出的。展望未來，除非發生任何經濟事件，我們確實預期目前的促銷環境將保持理性。

You asked a little bit about wellness. I would say that we had wellness in all of our stores in an position for a period of time. And we've just expanded into an additional 370 stores in the footprint in store now with an additional 50 that are coming with an even larger assortment. We're still working through that curation of self-care and focused around everyday care, supplements ingestibles, relax and renew, down their care and intimate wellness.

您問了一些有關健康的問題。我想說的是，我們所有門市在一段時間內都保持了良好的健康狀態。我們的店面面積剛擴大到另外 370 家，目前又新增了 50 家門市，商品種類更豐富。我們仍在努力自我護理，並專注於日常護理、補充營養、放鬆和更新、護理和私密健康。

We have about 150 brands and 700 SKUs with this focus on self-care. But we do recognize this wellness market is large and growing, and it's really driven by engagement and product innovation. The market itself is about a $410 billion market that was in 2024. And it's growing faster than beauty right now. But it's complex and it's personal. We believe this is an opportunity for us to really leverage our brand credibility and scale growth drivers in this wellness category. So we do believe in the long term that wellness can be a $1 billion business over time.

我們擁有大約 150 個品牌和 700 個 SKU，專注於自我照顧。但我們確實認識到這個健康市場規模龐大且不斷成長，而它的真正驅動力是參與度和產品創新。到 2024 年，市場規模將達到約 4,100 億美元。目前它的成長速度比美容還要快。但它很複雜，而且很私人。我們相信，這是一個機會，讓我們能夠真正利用我們的品牌信譽並在健康領域擴大成長動力。因此，我們確實相信，從長遠來看，健康產業最終可以成為價值 10 億美元的產業。

So in the quarter, we launched seven new brands in line. And like I had, we've expanded in 370 stores, but we're going to continue to look at the four wall productivity and how we can continue to make sure that we're bringing an assortment in that not only what our guests are winning and that they're asking for, but it's also accretive to our overall top line sales and our profitability.

因此，本季我們推出了七個新品牌。就像我之前所做的那樣，我們已經在 370 家門市進行了擴張，但我們將繼續關註四面牆的生產力，以及如何繼續確保我們提供的商品不僅能滿足客人的需求和要求，還能增加我們的整體銷售額和盈利能力。

Simeon Gutman, Morgan Stanley.

西緬古特曼，摩根士丹利。

Hi Kecia. So congratulations on the comp in the quarter. So you've been asked a few different ways about the operating margin of the business. I know it's too early to talk about long term. But you've been at the company a while, you've seen the margin low teens, even the mid-teens now that the business is getting reinvigorated and you're reinvesting to do it do you have a philosophy or a feeling on whether the margin of this business should be higher or no, you should keep it at a certain level so that you can continue the type of top line momentum Again, I'm not asking for 12 versus 15, but philosophically about reinvestment and maintaining a higher level of comp growth. Thanks.

你好，Kecia。因此，恭喜本季業績的良好表現。因此，您已經被以幾種不同的方式詢問有關企業營業利潤率的問題。我知道現在談論長期目標還為時過早。但是你已經在公司工作了一段時間，你已經看到利潤率低至十幾歲，甚至十幾歲中段，現在業務正在重新煥發活力，你正在重新投資，你是否有一個理念或感覺，這個業務的利潤率是否應該更高，或者不，你應該把它保持在一定的水平，這樣你就可以繼續保持這種收入增長勢頭。再說一次，我不是要求 12 比 15，而是從哲學上講，關於再投資和維持更高水準的複合成長。謝謝。

Well, thank you, Simeon, for the question. I will say that what will really leaning into is focused around operating profit dollars and really making sure that when we're doing these investments that we're getting the payback in the overall business, we're still in the early phases, and I could not be more proud of where we are in the first two quarters of this year, we still have a ways to go.

好的，西緬，謝謝你提出這個問題。我想說的是，我們真正關注的是營業利潤，並確保當我們進行這些投資時，我們能夠從整體業務中獲得回報，我們仍處於早期階段，我對今年前兩個季度的狀況感到無比自豪，我們還有很長的路要走。

And we've got quite a few investments that we're continuing to look at to make -- to drive this business forward. And one of the commitments that I have as the CEO and Chris as interim CFO, is that we're really looking at value creation and how we're investing our capital and our operating expense that we're getting a return on those investments.

我們已經進行了相當多的投資，並且正在繼續考慮這些投資，以推動這項業務向前發展。作為首席執行官，我和克里斯作為臨時首席財務官的承諾之一是，我們真正關注的是價值創造以及如何投資我們的資本和營運費用，以及我們如何從這些投資中獲得回報。

So pacing them at the appropriate rate and also making sure that we're giving it some time for the returns, it's a balancing act. But we're really focusing on operating profit dollars. And then just as a reminder, you're right, I have been in this category for a while. This is a highly competitive category that gets more competitive every single day. We are going to continue to focus in investing in this business, so we can continue to grow our business going forward.

因此，以適當的速度調整它們，並確保我們給它們一些時間來獲得回報，這是一種平衡行為。但我們真正關注的是營業利潤。然後提醒一下，你是對的，我已經屬於這個類別有一段時間了。這是一個競爭非常激烈的類別，而且競爭日益激烈。我們將繼續專注於投資這項業務，以便我們能夠繼續發展我們的業務。

Steven Forbes, Guggenheim Securities.

古根漢證券公司的史蒂文福布斯。

Good afternoon Kecia, Chris. Kecia, I was sort of curious to hear your thoughts here, right? We're sort of 12 months behind some of the cannibalization pressure and competitive pressures that you guys experienced last year. I would imagine you guys are sort of actively looking at the recovery and the productivity of those stores that were cannibalized.

下午好，Kecia，Chris。Kecia，我有點好奇想聽聽你的想法，對嗎？與你們去年經歷的一些蠶食壓力和競爭壓力相比，我們已經落後了 12 個月。我想你們正在積極關注那些被蠶食的商店的復甦和生產力。

I would just love to hear you frame up how those stores are recovering. And in essence, how much of that is sort of just natural? And if you can expand on sort of the company-specific initiatives that you were leaning into to make sure that to recapture sales sort of stick with you and create sustainable growth opportunities.

我很想聽聽您描述一下這些商店的復甦情況。那麼從本質上來說，其中有多少是自然的呢？如果您可以擴展您所傾向的特定公司計劃，以確保重新獲得銷售並創造可持續的成長機會。

Yeah. Well, thank you, Steve, for the question. The competitive distribution expansion has started to slow, and we are starting to see some recovery we saw a steady improvement in comp trends that were impacted in the first quarter and also in the second quarter.

是的。好吧，史蒂夫，謝謝你提出這個問題。競爭性分銷擴張已經開始放緩，我們開始看到一些復甦，我們看到第一季和第二季受到影響的競爭趨勢穩步改善。

But we also -- as a whole company, we saw increases across all stores across the United States. So we still expect there to be some competitive pressures and impact for our fleet, but we expect that impact is going to be lower than what we experienced in 2024. And then in regards to the recapture, I mean that's where I think that our loyalty program is one of our largest assets.

但作為一家整體公司，我們也看到美國所有門市的銷售額都有成長。因此，我們仍然預期我們的船隊會面臨一些競爭壓力和影響，但我們預計這種影響將低於 2024 年所經歷的影響。然後關於重新奪回，我的意思是，我認為我們的忠誠度計劃是我們最大的資產之一。

We understand the consumer, the shopper, where they're shopping, and we're going to be leveraging our investments in personalization and engaging with those guests to keep them into the ecosystem or get them even back into our ecosystem to come back and shop with us as we've started to lap some of these competitive openings. And then also, as you know, we continue to cycle through at the end of 2026 when we now are not going to be in target anymore.

我們了解消費者、購物者，知道他們在哪裡購物，我們將利用我們在個人化方面的投資並與這些客人互動，將他們留在生態系統中，或讓他們回到我們的生態系統中，回來和我們一起購物，因為我們已經開始抓住一些競爭機會。而且，正如你所知，我們將繼續循環，到 2026 年底，我們將不再達到目標。

I think there's going to be a huge upside potential opportunity for us to really recapture those guests back into the Ulta Beauty ecosystem and keep them hold here.

我認為，我們將擁有巨大的潛在上升機會，真正將這些客人重新吸引到 Ulta Beauty 生態系統中，並讓他們留在這裡。

Olivia Tong, Raymond James.

奧利維亞·童，雷蒙德·詹姆斯。

Great. Thanks and congrats on the quarter. In terms of the Q2 results, could you kind of break it down a little bit in terms of the outperformance in mass versus prestige, MAC, obviously, bit more economically sensitive, seeing a lot of new focus from retail competition. So can you talk about your initiatives to differentiate, capture the consumer there, which obviously is working?

偉大的。感謝並祝賀本季取得的成績。就第二季的業績而言，您能否從大眾市場和高端市場的優異表現方面進行一些分析？ MAC 顯然對經濟更加敏感，看到零售競爭的許多新焦點。那麼，您能否談談您為吸引消費者而採取的差異化舉措，這些舉措顯然是有效的？

And then on prestige, interesting to hear about the next tranche of exclusive, you mentioned Rihana. Can you give us some broad insights to how the pipeline is looking for next year? It seems like has been very, very solid. We launched a number of new brands this year. Where are you now versus perhaps where you were at this point last year and what your view is for the go forward? Thanks so much.

然後關於聲望，很高興聽到下一批獨家新聞，你提到了蕾哈娜。您能否向我們詳細介紹明年的管道發展？它看起來非常非常堅固。我們今年推出了許多新品牌。與去年此時相比，您現在處於什麼位置？您對未來有何看法？非常感謝。

Yeah. I'll start with the -- thanks, Olivia, for the question. I'll start with the second question first. And that is our launch of newness, I feel great about for the rest of this year, and we're actively already working on really great launches next year. One of the things that I think makes it very unique and different this year is it's not just in 1 category, it's really balanced across the entire portfolio. So it keeps that engagement in the store on all parts of the store very active. So really like what we're seeing there.

是的。我首先要說的是——感謝奧莉維亞提出這個問題。我先從第二個問題開始。這就是我們推出的新產品，我對今年剩餘的時間感到非常滿意，而且我們已經在積極地為明年推出的真正偉大的產品做準備。我認為今年它非常獨特和與眾不同的原因之一是它不只存在於一個類別中，而是在整個投資組合中真正實現了平衡。因此，它使商店各個部分的參與度保持非常活躍。真的很喜歡我們在那裡看到的。

In regards to the business of the blend of mass plus prestige we're pleased with how we are performing in all categories really going forward. The one thing that's been unique is that makeup lead growth in both in this quarter and it's been a while since that's happened. So we like what we're seeing. I think newness is getting a new guests coming into our store, and we're seeing the halo impact of that.

對於大眾化和高端化融合的業務，我們對未來在所有類別中的表現感到非常滿意。唯一獨特的是，本季化妝品引領了這兩個領域的成長，這種情況已經有一段時間沒有發生了。所以我們喜歡我們所看到的。我認為新鮮感會吸引新客人進入我們的商店，而且我們看到了這種新感帶來的光環效應。

Some of what -- and just as a reminder, some of what was impacting us in that mass makeup category was last year, we're cycling over us getting out of the old Ulta Beauty collection. So we've got some benefits on that this year, but we're really pleased to see makeup as a category in both mass and prestige that were up in those and it's been a while.

需要提醒的是，去年大眾化妝品類別中一些對我們產生影響的因素是，我們正在淘汰舊的 Ulta Beauty 系列。因此，今年我們在這方面取得了一些進展，但我們真的很高興看到化妝品在大眾和高端市場中都呈現上升趨勢，而且這種情況已經有一段時間了。

Susan Anderson, Canaccord Genuity.

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

Hi, good evening. Congrats on the quarter again. I guess maybe if you could -- I don't know if you could talk about Space NK and just the thought process around adding another retailer to expand internationally versus using your own Ulta stores? And then also I'm not sure if you could give some color just on the differences between Space NK and Ulta in terms of productivity or sales per store or any metrics that you can provide? Thanks.

嗨，晚上好。再次恭喜本季取得佳績。我想也許您可以——我不知道您是否可以談談 Space NK，以及關於增加另一家零售商進行國際擴張而不是使用您自己的 Ulta 商店的想法過程？另外，我不確定您是否可以詳細說明 Space NK 和 Ulta 在生產力或每家商店的銷售額方面的差異，或者您可以提供任何指標嗎？謝謝。

Yeah, thank you, Susan, for the question. So international expansion is an integral part of our Ulta Beauty unleash strategy to drive long-term growth. And acquiring Space NK was a unique opportunity that really enabled us to enter one of the largest beauty markets that's with a successful and growing brand and to provide less capital-intensive approaches because we would not have ever gone into that market and just build it from ground level up they're going to operate as a stand-alone subsidiary and led by their existing management team.

是的，蘇珊，謝謝你提出這個問題。因此，國際擴張是我們 Ulta Beauty 釋放策略推動長期成長的一個組成部分。收購 Space NK 是一個獨特的機會，它使我們能夠進入最大的美容市場之一，該市場擁有一個成功且不斷發展的品牌，並且能夠提供資本密集程度較低的方法，因為我們永遠不會進入該市場並從頭開始構建它，他們將作為獨立的子公司運營並由其現有的管理團隊領導。

I could not be more pleased with what we're seeing with their business. It does provide us a way that we can continue to grow Ulta Beauty in a way that we can be more global as a support to our brand partners. What I would just say is that our US business does remain our top priority. I have a small team that's really focused on building our international business. But we're really excited.

我對他們的業務表現感到非常滿意。它確實為我們提供了一種方式，讓我們能夠繼續發展 Ulta Beauty，以便我們能夠更全球化地支持我們的品牌合作夥伴。我想說的是，美國業務仍然是我們的首要任務。我有一個小團隊，主要致力於發展我們的國際業務。但我們真的很興奮。

And one of the things that I also think that was unique about this opportunity, it does show the market that there's three ways that we are looking at how we could expand Ulta Beauty brand outside of the US, whether it's through a licensed or franchise partnership, it's through a joint venture or it's through an acquisition we're willing to do any one of those that really fits within our model that's in a margin-accretive way that helps us continue to grow our footprint in a way that's not overly disruptive to our Ulta Beauty core business drug in the United States.

我認為這次機會的獨特之處之一在於，它向市場展示了我們正在研究的三種方式，即如何將 Ulta Beauty 品牌拓展到美國以外，無論是通過許可或特許經營合作夥伴關係，還是通過合資企業或通過收購，我們願意採取任何一種真正適合我們模式的方式，以增加利潤的方式幫助我們繼續我們的業務範圍，同時對我們的業務範圍，同時

Space NK is also a little bit unique in that they're smaller footprint stores that are predominantly on high street locations. And I think that there's this huge benefit that we're going to be able to get from them. And there's some great learnings that we can have in regards to how to operate in high street but they're predominantly prestige. They've got really good high consumer touch. And like as we move even further into this partnership, that's one of the things that was really intriguing to me is it's not just about taking that asset and trying to Ulta Beauty it.

Space NK 也有點獨特，因為它們的佔地面積較小，主要位於商業街上。我認為我們將從中獲得巨大的利益。關於如何在商業街上經營，我們可以學到一些很棒的經驗，但這些經驗主要與聲望有關。他們確實擁有良好的消費者觸覺。隨著我們進一步加深合作關係，真正讓我著迷的一件事是，這不僅僅是獲取該資產並嘗試將其轉化為 Ulta Beauty 的產品。

It's keeping the asset special and unique the way it is and taking those learnings and bringing them back in the United States that can maybe even make us even stronger in the future. So I'm very excited about it. I can't wait to see what we can continue to do with this asset and it's a great market to be in. We're looking forward to continuing to grow.

它保持了資產的特殊性和獨特性，並將這些經驗帶回美國，甚至可能使我們在未來變得更強大。所以我對此感到非常興奮。我迫不及待地想看看我們可以繼續利用這項資產做什麼，這是一個很好的市場。我們期待繼續成長。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯。

Thanks, and good morning. So my first question has to do with what you think is driving the share change that you're seeing on the -- really across the business with MAC and prestige. How much do you attribute to the fact that you've seen the competitive encroachment Sephora come flat versus what you're doing from a self-help and from a newness perspective. Thank you.

謝謝，早安。所以我的第一個問題與您認為是什麼推動了 MAC 和 Prestige 在整個業務中出現的份額變化有關。從自助和新穎性的角度來看，您認為絲芙蘭的競爭態勢對您所做的努力有多大影響？謝謝。

Well, I'd like to believe that -- thanks, Chris, for the question. But I'd like to believe that it a lot of what we're doing and we're focused on that we do best. No one does beauty the way that we do here at Ulta Beauty and also carries across all price ranges including the service component and us just really operating better and leaning into our core strengths and putting that guest front and center, no matter what price point they're shopping, I think is definitely making a difference.

嗯，我願意相信──謝謝克里斯提出這個問題。但我願意相信，我們正在做的很多事情以及我們專注於做的最好的事情。沒有人像我們 Ulta Beauty 一樣對待美容產品，而且我們的產品涵蓋所有價位，包括服務部分，我們只是真正更好地運營，依靠我們的核心優勢，把客人放在首位和中心位置，無論他們購物的價格是多少，我認為這肯定會有所作為。

We've seen a difference in our in-store conversion, our NPS, everything is moving in the right direction. So it's really kind of getting back to those basic fundamentals that I think is helping both the mass and the prestige businesses continues to drive forward. The other thing is the newness that we have been able to bring in is, again, it's like I shared earlier, it's across all different categories. And that's bringing a new consumer into our stores or on our online presence.

我們看到店內轉換率、NPS 都有所變化，一切都在朝著正確的方向發展。因此，我認為這實際上就是回歸那些基本原則，幫助大眾企業和高端企業繼續向前發展。另一件事是，我們能夠引入的新事物，就像我之前分享的那樣，它涵蓋了所有不同的類別。這會為我們的商店或線上業務帶來新的消費者。

And then as get it to our marketing team, being part of the social relevance in our conversation that's out there. it's a change set for us. We're talking to the guests in a very different way that's kind of fun and exciting, and we're working really hard to have all to be -- having a high cool factor back again. And it's really renting with our guests in all ages. So we're just going to continue to lean into what we're seeing. And I think it's going to continue to help us raise both sides of the business, both prestige and the mass.

然後將其傳達給我們的行銷團隊，成為我們對話中社會相關性的一部分。這對我們來說是一個改變。我們以一種非常不同尋常的方式與客人交談，這種方式既有趣又令人興奮，而且我們正在努力讓一切恢復到酷炫的程度。而且它確實適合各個年齡層的客人租用。因此，我們將繼續關注我們所看到的情況。我認為這將繼續幫助我們提升業務的兩面，包括聲望和大眾。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi, thank you for taking our question. We wondered what the announcement of the Target relationship means for the stand-alone Ulta real estate strategy going forward.

您好，感謝您回答我們的問題。我們想知道與 Target 建立合作關係對於未來獨立的 Ulta 房地產策略意味著什麼。

Well, thanks, Kate, for the question. What I will say is that our real estate strategy is important because new stores consistently attract new members and encourage multi-store channel shopping, which drives greater spend per member. So you get that halo impact.

好吧，凱特，謝謝你提出這個問題。我想說的是，我們的房地產策略非常重要，因為新店不斷吸引新會員並鼓勵多店通路購物，從而推動每位會員的消費增加。所以你就會感受到光環效應。

Our plan is 53 net new stores this year, and that includes our Space NK stores. But one of the things that we are seeing is we're seeing some higher cost pressures with rent, insurance and CAM and some lower vacancy rates in our higher quality centers. And we want to make sure that we're going into the right locations for us.

我們的計劃是今年淨增 53 家門市，其中包括我們的 Space NK 門市。但我們看到的情況之一是，租金、保險和 CAM 的成本壓力增加，而我們品質較高的中心的空置率則降低。我們希望確保我們進入了適合我們自己的正確地點。

So I'm going to answer the question. It doesn't have anything necessarily to do with Ulta Beauty at target partnership but it does have to do with how we're looking at our new stores and new store growth. We are now targeting 50 to 56 new stores a year over the next two to three years. So coming down that previously communicated $200 million to be more that 150 to 160 range. But again, it doesn't have to do with the target question.

所以我要回答這個問題。這與 Ulta Beauty 的目標合作關係並不一定有關，但與我們如何看待新店和新店成長有關。我們目前的目標是在未來兩到三年內每年開設 50 到 56 家新店。因此，先前所說的 2 億美元將下降到 150 至 1.6 億美元以上。但同樣，這與目標問題無關。

You asked about in-stores, so I want to make sure I'm answering that. It has to do with making sure that we're thinking very thoughtfully of investing our capital and expense dollars in the right way for our return and making sure that we're making really good business actions on our new store opening growth. We feel very comfortable with the 50% to 56% range per year going forward.

您詢問了店內情況，所以我想確保我能回答這個問題。這與確保我們認真考慮以正確的方式投資我們的資本和支出以獲得回報以及確保我們在新店開設成長方面採取真正良好的商業行動有關。我們對未來每年 50% 至 56% 的成長率感到非常滿意。

Oliver Chen, TD Cowen.

奧利佛陳 (Oliver Chen)，TD Cowen。

Hi, Kecia and Chris. And the marketplace sounds exciting. There's always a balance between curation and trust relative to the speed of growth. How do you envision that working within your loyalty ecosystem? And as you think about these evolving landscape affiliates, tick talk, Amazon, those are important factors, too. Would love your thoughts there. Thanks.

你好，Kecia 和 Chris。市場聽起來很令人興奮。相對於成長速度，策展和信任之間總是存在著平衡。您如何設想在您的忠誠度生態系統中開展工作？當你考慮這些不斷發展的景觀聯盟時，tick talk、亞馬遜，這些也是重要因素。我很想知道您的想法。謝謝。

Yeah. Thanks, Oliver, for your question. Our marketplace is going to be a closed marketplace. It's invitation only, so it allows us to be able to curate the very best assortment for our guests. We have thousands of brands that want to be in with this, but it doesn't mean that we're going to put them all in.

是的。謝謝奧利佛的提問。我們的市場將成為一個封閉的市場。由於只接受邀請，我們可以為客人精心挑選最好的商品。我們有數千個品牌想要參與其中，但這並不意味著我們會把它們全部納入其中。

So we want to make sure that we're being very thoughtful. Have you expect a mix of new and established brands and emerging brands across beauty and wellness members can earn their points on the marketplace purchases, and we're also making sure that the -- the ease of return one thing that you hear often in the marketplace is, they're going to be able to return their products through stores through our happy return process, which we already do -- we have a relationship with having returns right now.

因此，我們要確保我們考慮周到。您是否期望美容和健康領域中新舊品牌和新興品牌的混合，會員可以在市場購物時賺取積分，並且我們還確保 - 退貨的便利性，您在市場上經常聽到的一件事是，他們將能夠通過我們的快樂退貨流程通過商店退回他們的產品，我們已經這樣做了 - 我們現在已經與退貨建立了關係。

We think this is going to enable us to really expand our assortment and drive margin accretion and growth in both city and wellness in a low-risk way. In regards to other marketplaces that you can sell your products on. We're continuing to lean in. We're keeping a close eye on TikTok, et cetera, we've done some activity with them. I think you want to be where the guest is and make sure that we're putting products in relevant spaces and engaging with a guest in the way that they want.

我們認為這將使我們能夠真正擴大我們的產品種類，並以低風險的方式推動城市和健康領域的利潤成長和成長。關於您可以在其他市場上銷售您的產品。我們將繼續傾力支持。我們正在密切關注 TikTok 等，我們已經與他們進行了一些活動。我認為您想出現在客人所在的地方，並確保我們將產品放置在相關的空間，並以客人想要的方式與他們互動。

So I'd say stay tuned. We're going to -- going to be excited to share more about Marketplace in our Q3 call. But -- we're very excited about this and our -- and brands are very excited about joining this also. We're getting out of the gate that we're starting it off on the right foot versus having the course correct. And I just feel like it's going to be a great complement to our already fantastic ulta.com presence.

所以我想說請繼續關注。我們將很高興在第三季電話會議上分享更多有關 Marketplace 的資訊。但是——我們對此感到非常興奮，我們的——我們的品牌也對加入這個計劃感到非常興奮。我們從一開始就走在正確的道路上，而不是走在正確的道路上。我覺得這會對我們原本就很出色的 ulta.com 形象起到很大的補充作用。

Leila, I think we have time for one more question, please.

萊拉，我想我們還有時間再問一個問題。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Great, thank you for taking my question. Congrats on the results here. I wanted to follow up on Target. I know you called out that it's well less than 1% of sales last year, but that is royalty revenue with a high flow-through to EBIT margin, at least is my understanding. So I guess the question is, should we think that there's enough margin tailwinds from the core strength throughout to unleash some of these new investments, franchise partnerships, marketplace. Is there enough -- there from a good guy perspective to neutralize target going away in 2026, anything you can share there would be helpful.

太好了，謝謝你回答我的問題。恭喜你所取得的成果。我想跟進 Target。我知道您說這遠低於去年銷售額的 1%，但這是特許權使用費收入，且對息稅前利潤率有很高的流轉，至少我是這麼理解的。所以我想問題是，我們是否應該認為核心實力足以帶來利潤順風，從而釋放一些新的投資、特許經營合作夥伴關係和市場。從好人的角度來看，是否有足夠的努力來消除 2026 年消失的目標，您能分享的任何資訊都會有所幫助。

Yeah. Well, Mark, thank you for the question. I would say the flow through, think about it as about a 60% to 65% flow-through to start. We believe that our strategic priorities and our initiatives outlined in the Ulta Beauty and lease strategy position us to really maximize our growth opportunities and replace any lost royalties -- the partnership conclusion doesn't change how we're looking at our long-term financial targets.

是的。好吧，馬克，謝謝你的提問。我想說的是，一開始的流通量大約是 60% 到 65%。我們相信，Ulta Beauty 和租賃策略中概述的策略重點和舉措使我們能夠真正最大限度地利用成長機會並彌補任何損失的版稅——合作夥伴關係的結束不會改變我們對長期財務目標的看法。

And we're really confident that this transition is going to actually position us to focus more fully on the successful execution of our strategy and to advance the initiatives that maximize growth opportunities in beauty and wellness for us. We, again, we look to the future, we're focused on maximizing our growth opportunities and bringing to life the uniquely Ulta Beauty guest experience in ways that we define the next chapter of growth for our brand. All right. I think that was the last question.

我們非常有信心，這種轉變實際上將使我們更加專注於成功執行我們的策略，並推進能夠最大限度地為我們帶來美容和健康領域成長機會的舉措。我們再次展望未來，我們專注於最大限度地利用我們的成長機會，並以定義我們品牌下一章成長的方式為顧客帶來獨特的 Ulta Beauty 體驗。好的。我認為這是最後一個問題。

Yes, of course. Thank you all for joining us today. I want to wrap up again by thanking the entire Ulta Beauty team for their passionate commitment to delivering on our mission, vision and values every day. Our performance is the direct result of the collective effort of our dedicated store DC and court associates to deliver for our guests and drive our business forward.

是的當然。感謝大家今天的參與。最後，我要再次感謝整個 Ulta Beauty 團隊，感謝他們每天為實現我們的使命、願景和價值觀所付出的熱情。我們的業績直接歸功於我們敬業的門市 DC 和球場同事的共同努力，他們致力於為客人提供服務並推動我們的業務向前發展。

Before we end the call, I want to share that we are celebrating our 35th anniversary this year. In 1990, we opened the first store in Lombard, Illinois, and today, we operate more than 1,550 stores across 4 countries. I am proud of what our team has achieved I'm confident the changes that we are setting in motion today position us to bring to life the beautiful possibilities in many more years to come. We look forward to sharing more about our progress when we report results for the third quarter in early December and have a good evening, everyone. Thank you.

在我們結束通話之前，我想告訴大家，今年是我們慶祝成立 35 週年。1990 年，我們在伊利諾州倫巴第開設了第一家商店，如今，我們在 4 個國家經營著 1,550 多家商店。我為我們團隊所取得的成就感到自豪，我相信我們今天所啟動的變革將使我們能夠在未來的許多年裡實現美好的可能性。我們期待在 12 月初報告第三季業績時分享更多進展，祝大家晚上愉快。謝謝。

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。