Ulta Beauty Inc (ULTA) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to Ulta Beauty's conference call to discuss results for the first quarter of fiscal year 2022. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Ulta Beauty 的電話會議，討論 2022 財年第一季度的業績。（操作員說明）作為提醒，本次電話會議正在錄音中。

And it is now my pleasure to introduce Ms. Kiley Rawlins, Vice President of Investor Relations. Thank you, Ms. Rawlins. Please proceed.

現在我很高興介紹投資者關係副總裁 Kiley Rawlins 女士。謝謝你，羅林斯女士。請繼續。

Thank you, John. Good afternoon, everyone, and thank you for joining us today for our discussion of Ulta Beauty financial and operational results for the first quarter of fiscal '22. Hosting our call are Dave Kimbell, Chief Executive Officer; and Scott Settersten, Chief Financial Officer; Kecia Steelman, Chief Operating Officer, will join us for the Q&A session.

謝謝你，約翰。大家下午好，感謝您今天加入我們，討論 22 財年第一季度 Ulta Beauty 的財務和運營業績。主持我們電話會議的是首席執行官 Dave Kimbell；和首席財務官 Scott Settersten；首席運營官 Kecia Steelman 將加入我們的問答環節。

This afternoon, we announced our financial results for the first quarter. A copy of the press release is available in the Investor Relations section of our website.

今天下午，我們公佈了第一季度的財務業績。新聞稿的副本可在我們網站的投資者關係部分獲得。

Before we begin, I'd like to remind you of the company's safe harbor language. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC.

在我們開始之前，我想提醒您公司的安全港語言。本次電話會議中包含的非歷史事實的陳述可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。實際未來結果可能與此類陳述中預測的結果大不相同，原因是公司向美國證券交易委員會提交的文件中描述了許多風險和不確定性。

We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, May 26, 2022. We have no obligation to update or revise our forward-looking statements, except as required by law, and you should not expect us to do so.

我們提醒您不要過分依賴這些前瞻性陳述，這些陳述僅在今天（2022 年 5 月 26 日）發表。我們沒有義務更新或修改我們的前瞻性陳述，除非法律要求，您應該不要指望我們這樣做。

We'll begin this afternoon with prepared remarks from Dave and Scott. Following our prepared comments, we will open the call for questions. (Operator Instructions) And as always, the IR team will be available for any follow-up questions after the call.

今天下午，我們將從戴夫和斯科特准備好的發言開始。根據我們準備好的評論，我們將打開問題電話。 （操作員說明）與往常一樣，IR 團隊將在通話後隨時解答任何後續問題。

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

現在我想把電話轉給戴夫。戴夫？

Thank you, Kiley, and good afternoon. Fiscal 2022 is off to an outstanding start with the Ulta Beauty team delivering another quarter of excellent performance on top of last year's record results.

謝謝你，Kiley，下午好。 2022 財年開局良好，Ulta Beauty 團隊在去年創紀錄的業績基礎上又取得了四分之一的出色表現。

For the quarter, net sales increased 21% to $2.3 billion, comp sales increased 18%, operating profit increased to 18.7% of sales and diluted EPS increased 54% to $6.30 per share. During the quarter, all major categories exceeded our expectations, and we increased our market share in Prestige Beauty based on point-of-sale data from the NPD Group.

本季度，淨銷售額增長 21% 至 23 億美元，複合銷售額增長 18%，營業利潤增長至銷售額的 18.7%，攤薄後每股收益增長 54% 至每股 6.30 美元。在本季度，所有主要類別都超出了我們的預期，我們根據 NPD 集團的銷售點數據增加了我們在 Prestige Beauty 的市場份額。

We also increased the number of members in our Ultimate Rewards Loyalty Program, introduced innovative digital experiences for our guests and continued to execute major strategic projects, including investments in new stores, supply chain and technology infrastructure, all while successfully navigating supply chain challenges, a tight labor market and operating cost pressures.

我們還增加了 Ultimate Rewards 忠誠度計劃的成員數量，為我們的客人引入了創新的數字體驗，並繼續執行重大戰略項目，包括投資新店、供應鍊和技術基礎設施，同時成功應對供應鏈挑戰，勞動力市場緊張和運營成本壓力。

I want to express my sincere appreciation to all of our Ulta Beauty associates for their collaborative efforts to create great guest experiences, execute against our plans and deliver these outstanding results.

我想對我們所有的 Ulta Beauty 員工表示衷心的感謝，感謝他們共同努力創造出色的客戶體驗、執行我們的計劃並取得這些出色的成果。

Consumers continue to be highly engaged with the beauty category as they participate in more in-person activities, engage in more travel and lean into experiential spending. And while macroeconomic pressures, such as rising inflation are top of mind for consumers, their resilience and emotional connection to beauty continues to drive the recovery of the category. This consumer demand, paired with strong execution of our strategic priorities, fueled our exceptional results.

消費者繼續高度參與美容品類，因為他們參與更多的面對面活動、參與更多的旅行並傾向於體驗式消費。儘管通貨膨脹等宏觀經濟壓力是消費者的首要考慮因素，但他們的韌性和與美容的情感聯繫繼續推動該類別的複蘇。這種消費者需求，再加上我們對戰略重點的有力執行，推動了我們的非凡業績。

Looking at our operational performance for the quarter, I will focus on the progress we are making with our consumer-facing priorities and then share an update on our optimization efforts. Let's start with our first strategic priority to drive disruptive growth through an expanded definition of All Things Beauty.

看看我們本季度的運營業績，我將重點關注我們在面向消費者的優先事項方面取得的進展，然後分享我們優化工作的最新情況。讓我們從我們的第一個戰略重點開始，通過擴大對萬物之美的定義來推動顛覆性增長。

From a category perspective, fragrance and bath, hair care, makeup and skin care all delivered double-digit comp growth against the first quarter last year. Importantly, sales of makeup exceeded pre-pandemic levels in both mass and prestige cosmetics. The makeup recovery is progressing faster than we expected coming into this year. Compared to the first quarter of 2021, prestige cosmetics outperformed mass cosmetics, driven by new and expanding brands and a strong 21 Days of Beauty event.

從品類來看，香水和沐浴、護髮、彩妝和護膚品都比去年第一季度實現了兩位數的增長。重要的是，大眾化妝品和高檔化妝品的銷售額都超過了大流行前的水平。化妝品復甦的進展速度比我們今年預期的要快。與 2021 年第一季度相比，在新的和不斷擴大的品牌以及強大的 21 Days of Beauty 活動的推動下，高檔化妝品的表現優於大眾化妝品。

From a trend standpoint, foundation, concealers, eyeliners, and lipstick continue to deliver strong comp growth. New brands like Fenty Beauty, r.e.m. Beauty by Ariana Grande and Treslúce, a mass cosmetics brand founded by Latin Musician, Becky G, contributed to growth during the quarter. While new product launches from a wide range of brands, including Clinique, Lancome, NARS, e.l.f. and NYX also delivered strong sales growth.

從趨勢的角度來看，粉底、遮瑕膏、眼線筆和口紅繼續帶來強勁的成分增長。新品牌如 Fenty Beauty、r.e.m. Ariana Grande 的 Beauty 和由拉丁音樂家 Becky G 創立的大眾化妝品品牌 Treslúce 為本季度的增長做出了貢獻。雖然來自多個品牌的新產品推出，包括倩碧、蘭蔻、NARS、e.l.f. NYX 也實現了強勁的銷售增長。

In addition, this quarter, we expanded MAC into 233 additional stores and introduced Chanel Beauté into 104 stores. Even as they increase makeup usage, beauty enthusiasts are maintaining their skincare routines. As a result, skin care delivered another quarter of strong double-digit sales comp on top of robust double-digit growth in the first quarter last year.

此外，本季度我們將 MAC 擴展到 233 家新店，並將 Chanel Beauté 引入 104 家門店。即使他們增加了化妝品的使用，美容愛好者也在保持他們的護膚程序。因此，在去年第一季度強勁的兩位數增長的基礎上，護膚品又實現了強勁的兩位數銷售額。

Moisturizers, eye serums and acne treatments continue to drive category growth in the quarter. We also saw strong growth in sun protection and self-tanning that consumers increased travel and social activities. NEWNESS continued to appeal to guests with new brands, including Drunk Elephant, Fresh, Super Goop and Good Molecules, as well as new products from TULA, StriVectin and First Aid Beauty, contributing to the category growth during the quarter and established brands, including Peter Thomas Roth and La Roche-Posay continue to benefit from engaging social media content.

保濕霜、眼部精華液和痤瘡治療繼續推動本季度的品類增長。我們還看到防曬和自我曬黑的強勁增長，消費者增加了旅行和社交活動。 NEWNESS 繼續通過 Drunk Elephant、Fresh、Super Goop 和 Good Molecules 等新品牌以及 TULA、StriVectin 和 First Aid Beauty 的新產品吸引客人，為該季度的品類增長和包括 Peter 在內的知名品牌做出貢獻Thomas Roth 和理膚泉繼續受益於參與社交媒體內容。

Hair care delivered another quarter of double-digit growth, driven by strong guest engagement with NEWNESS and our core assortment as well as successful salon back bar takeover events. Trends focused on hair health like damage repair, color care and scalp treatments continue to resonate with guests and interest in hair styling aids increased with the rise of social occasions. New brands like OLAPLEX as well as new product launches from [WEI] and Briogeo, contributed to category growth in the quarter. And Dyson's Airwrap styling tool continue to be a member favorite. Guests continued to engage with core professional brands like Redken, Pureology and Biolage and our salon back bar takeovers drove strong growth for FEKKAI and IGK as our stylists engaged guests with these brands.

受 NEWNESS 和我們的核心產品線的強勁客戶參與以及成功的沙龍後吧收購活動的推動，護髮產品又實現了四分之一的兩位數增長。專注於頭髮健康的趨勢，如損傷修復、色彩護理和頭皮護理，繼續引起客人的共鳴，隨著社交場合的興起，人們對頭髮造型輔助工具的興趣也在增加。 OLAPLEX 等新品牌以及 [WEI] 和 Briogeo 推出的新產品為本季度的品類增長做出了貢獻。戴森的 Airwrap 造型工具仍然是會員的最愛。客人繼續與 Redken、Pureology 和 Biolage 等核心專業品牌互動，我們的沙龍後台酒吧收購推動了 FEKKAI 和 IGK 的強勁增長，因為我們的造型師與這些品牌的客人互動。

Consumer strong engagement with the fragrance category continued, driving double-digit growth on top of a phenomenal results last year. Exciting newness, a strong Valentine's Day and strategic events, including 21 Days of Beauty and Spring Haul, contributed to this performance. The in-store launch of Ulta Beauty exclusive Billie Eilish as well as newness from Gucci and Carolina Herrera resonated with guests, and our monthly Fragrance Crush program drove growth for established brands like YSL and Valentino.

消費者對香水類別的強烈參與繼續保持，在去年取得驚人成果的基礎上推動了兩位數的增長。令人興奮的新鮮事物、強大的情人節和戰略活動，包括 21 天的美麗和春運，促成了這一表現。店內推出的 Ulta Beauty 獨家 Billie Eilish 以及來自 Gucci 和 Carolina Herrera 的新品引起了客人的共鳴，我們每月的 Fragrance Crush 計劃推動了 YSL 和 Valentino 等知名品牌的增長。

In addition to driving core category growth, we are investing in key cross-category platforms to drive guest engagement and market share growth. Since launching Conscious Beauty in 2020, we have continued to expand brand participation, increase guest awareness and drive trial. At the end of the first quarter, more than 280 brands offered certified products in at least 1 pillar. And while we continue to certify existing brands and SKUs, many new brands are launching with certification in place. One such example is Andrew Fitzsimons, a hair care brand that offers proprietary bonding technology at accessible price points, which was certified across all 4 pillars when it launched in the first quarter.

除了推動核心品類增長外，我們還投資於關鍵的跨品類平台，以推動客戶參與度和市場份額增長。自 2020 年推出 Conscious Beauty 以來，我們不斷擴大品牌參與度，提高客戶認知度並推動試用。一季度末，超過280個品牌提供至少1個支柱的認證產品。在我們繼續對現有品牌和 SKU 進行認證的同時，許多新品牌也在推出已獲得認證的產品。一個這樣的例子是 Andrew Fitzsimons，這是一個護髮品牌，它以可承受的價格提供專有的粘合技術，在第一季度推出時，它在所有 4 個支柱上都得到了認證。

Another example is Sk*p, an Ulta Beauty exclusive hair and body care brand packaged in a fully recyclable, shower-friendly paper beauty carton, which also launched in the first quarter.

另一個例子是Sk*p，這是一個Ulta Beauty獨家的頭髮和身體護理品牌，包裝在一個完全可回收、適合淋浴的紙質美容紙盒中，該紙盒也在第一季度推出。

Moving now to our efforts to continually expand and support our assortment of bipack brands, we launched 5 new bipack brands, BeautyStat, Rosen Skincare, Fenty Beauty, Treslúce Beauty and Mielle Organics. We also expanded Black Girl sunscreen into all stores. To promote trial, we introduced a spotlight display in select stores to showcase our bipack founders. In recognition of Black History Month, we launched a compelling omnichannel campaign to recognize, celebrate and support the black community and black-owned brands. We feature black-owned brands in stores and across enhanced digital and print channels, and we offered compelling loyalty rewards on black-owned brand purchases to drive awareness.

現在我們繼續努力不斷擴展和支持我們的 bipack 品牌種類，我們推出了 5 個新的 bipack 品牌，BeautyStat、Rosen Skincare、Fenty Beauty、Treslúce Beauty 和 Mielle Organics。我們還將 Black Girl 防曬霜擴展到所有商店。為了促進試用，我們在精選商店引入了聚光燈展示，以展示我們的 bipack 創始人。為紀念黑人歷史月，我們發起了一場引人注目的全渠道活動，以表彰、慶祝和支持黑人社區和黑人擁有的品牌。我們在商店和增強的數字和印刷渠道中展示黑人擁有的品牌，我們為購買黑人擁有的品牌提供引人注目的忠誠度獎勵，以提高知名度。

Finally, our wellness shop continues to resonate with guests as they prioritize self-care and wellness journeys. We recently expanded the shop to an additional 266 stores, now reaching about 55% of our fleet and refresh the digital landing page on ulta.com. With easy ways to explore our curated assortment and helpful tips about easy self-care routines, guests can now more readily incorporate wellness into their busy schedules.

最後，我們的健康店繼續與客人產生共鳴，因為他們優先考慮自我保健和健康之旅。我們最近將商店擴大到另外 266 家商店，現在達到我們車隊的 55% 左右，並刷新了 ulta.com 上的數字登錄頁面。通過簡單的方法來探索我們精選的產品組合和關於簡單的自我護理程序的有用提示，客人現在可以更輕鬆地將健康融入他們繁忙的日程中。

Turning now to our efforts to evolve the omnichannel experience through a connected physical and digital ecosystem, All In Your World. Store traffic trends were strong in the quarter as guests capitalized on their preference for in-store shopping with fewer COVID restrictions in place than last year and store capacity returned to normal levels.

現在轉向我們通過連接的物理和數字生態系統 All In Your World 來發展全渠道體驗的努力。本季度的商店客流量趨勢強勁，因為客人利用他們對店內購物的偏好，與去年相比，COVID 限制較少，商店容量恢復到正常水平。

While store traffic is still below pre-pandemic levels, the trend is improving.

儘管商店客流量仍低於大流行前的水平，但趨勢正在改善。

As a core differentiator for Ulta Beauty, beauty services deepen engagement and loyalty through human connection. Consumers are resuming their beauty service routines as they participate in more in-person activities. In the first quarter, our beauty services delivered double-digit comp growth, primarily due to increased capacity and new offerings, including OLAPLEX Repair and PROTECT and express color by Redken.

作為 Ulta Beauty 的核心差異化優勢，美容服務通過人際關係加深參與度和忠誠度。消費者在參加更多的面對面活動時，正在恢復他們的美容服務程序。第一季度，我們的美容服務實現了兩位數的增長，這主要是由於容量增加和新產品，包括 Redken 的 OLAPLEX Repair and PROTECT 和 express color。

To meet growing guest interest and services and experiences, we continue to expand our in-store events and enhance our service offerings. In April, we relaunched makeup services in all stores, just in time to support special events such as proms, graduations and weddings. As guests are coming back to shop in stores, they are also maintaining their use of convenient engaging digital channels. Reflecting these trends, we continue to enhance our omnichannel offerings, including buy online, pickup in store and same-day delivery.

為了滿足不斷增長的客人興趣和服務和體驗，我們將繼續擴大我們的店內活動並增強我們的服務產品。 4 月，我們在所有門店重新推出了化妝服務，以支持舞會、畢業典禮和婚禮等特殊活動。隨著客人回到商店購物，他們也在繼續使用方便的互動數字渠道。為反映這些趨勢，我們繼續加強我們的全渠道產品，包括在線購買、店內取貨和當日送達。

During the quarter, BOPIS increased 26% to 21% of e-commerce sales compared to just 16% last year. While still limited, guests are increasing their use of our same-day delivery options. Based on engagement trends, we recently expanded same-day delivery to 5 new markets, including New York City. And today, about 30% of our stores offer guests this convenient option.

本季度，BOPIS 在電子商務銷售額中的佔比增長了 26% 至 21%，而去年僅為 16%。雖然仍然有限，但客人正在增加使用我們的當日送達選項。根據參與趨勢，我們最近將當日送達擴展到了 5 個新市場，包括紐約市。如今，我們約有 30% 的商店為客人提供這種便捷的選擇。

During the first quarter, we continued to expand and enhance our digital experiences. As part of our Digital Store of the Future Journey, we introduced a new homepage for both ulta.com and our mobile app. We also launched 2 Virtual Try-On tools, each powered by technology developed by companies we have invested in through our digital innovation fund.

在第一季度，我們繼續擴展和增強我們的數字體驗。作為我們未來旅程數字商店的一部分，我們為 ulta.com 和我們的移動應用程序引入了一個新主頁。我們還推出了 2 款虛擬試戴工具，每一款都由我們通過數字創新基金投資的公司開發的技術提供支持。

First, we launched GLAMlab Skin Advisor 2.0, powered by global artificial intelligence startup, pot.ai. This best-in-class skin analysis technology enables us to provide guests with a more accurate skin diagnosis, which has resulted in stronger satisfaction with the tool.

首先，我們推出了由全球人工智能初創公司pot.ai提供支持的GLAMlab Skin Advisor 2.0。這種一流的皮膚分析技術使我們能夠為客人提供更準確的皮膚診斷，從而提高了對該工具的滿意度。

We also launched GLAMlab hairstyle try-on powered by [RE/STYLE], a beauty tech start-up that uses artificial intelligence and machine learning to enable virtual try-on of more than 50 different hair styles, including options by gender and texture. We also introduced innovative AR and virtual reality experiences to support our launch of Fenty Beauty and r.e.m. Beauty.

我們還推出了由 [RE/STYLE] 提供支持的 GLAMlab 髮型試穿，這是一家美容科技初創公司，它使用人工智能和機器學習來實現 50 多種不同髮型的虛擬試穿，包括按性別和質地選擇的髮型。我們還引入了創新的 AR 和虛擬現實體驗，以支持我們推出 Fenty Beauty 和 r.e.m.美麗。

Finally, we continue to enhance and expand our partnership with Target. This leading partnership is part of our long-term strategy to build brand loyalty and engagement with Ulta Beauty. We are seeing existing ultimate reward members, take advantage of the convenience of shopping while earning points at Ulta Beauty at Target. And we are leveraging Target's strong traffic to introduce Ulta Beauty and Ultimate Rewards to new guests.

最後，我們將繼續加強和擴大與 Target 的合作夥伴關係。這種領先的合作夥伴關係是我們建立品牌忠誠度和與 Ulta Beauty 互動的長期戰略的一部分。我們看到現有的終極獎勵會員在利用購物便利的同時在 Target 的 Ulta Beauty 賺取積分。我們正在利用 Target 的強大流量向新客人介紹 Ulta Beauty 和 Ultimate Rewards。

During the first quarter, we opened 26 Ulta Beauty at Target shops, ending the quarter with 127 locations. One of our priorities in 2022 is to leverage marketing to build engagement as we scale. As an example, in support of our 21 Days of Beauty event, we co-created brand-relevant digital and in-store communications with Target to support this strategic Ulta Beauty event, which resulted in strong performance and guest engagement across both channels.

在第一季度，我們在 Target 商店開設了 26 家 Ulta Beauty，到本季度末，共有 127 家門店。我們在 2022 年的首要任務之一是在我們擴大規模時利用營銷來建立參與度。例如，為了支持我們的 21 Days of Beauty 活動，我們與 Target 共同創建了與品牌相關的數字和店內通信，以支持這一戰略性的 Ulta Beauty 活動，從而在兩個渠道中取得了強勁的業績和客戶參與度。

Moving to our efforts to drive love, loyalty and emotional connection with Ulta Beauty by expanding and deepening our presence at the heart of the beauty community. During the first quarter, we continued to optimize our marketing mix to reach guests through the most relevant channels and platforms. We leveraged audience data to execute a targeted digital-first approach to 21 Days of Beauty and Spring haul driving greater awareness and increased sales. We launched content partnerships to engage new audiences and increase awareness of our cross-category platforms, and we created innovative marketing campaigns to support key brand launches.

通過擴大和加深我們在美容社區核心的存在，我們努力推動與 Ulta Beauty 的愛、忠誠和情感聯繫。第一季度，我們繼續優化營銷組合，通過最相關的渠道和平台接觸客人。我們利用受眾數據對 21 Days of Beauty 和 Spring 運輸執行有針對性的數字優先方法，從而提高知名度和銷售量。我們建立了內容合作夥伴關係以吸引新的受眾並提高對我們跨類別平台的認識，我們還創建了創新的營銷活動來支持關鍵品牌的發布。

We ended the quarter with 37.7 million active members in our Ultimate Rewards Loyalty Program, 17% above the first quarter last year. This increase was primarily driven by continued member reactivation growth, new member acquisition and strong retention. Our strategy is to reengage lapsed members, many of whom dropped off during the pandemic are delivering results. Additionally, new member conversion remains strong in stores and online conversion rates are improving, as we increase the visibility and value of ultimate rewards throughout the guests online journey.

截至本季度末，我們的 Ultimate Rewards Loyalty 計劃擁有 3770 萬活躍會員，比去年第一季度增長 17%。這一增長主要是由持續的會員重新激活增長、新會員獲取和強大的保留率推動的。我們的策略是重新吸引流失的成員，其中許多在大流行期間退出的成員正在取得成果。此外，隨著我們提高了顧客在線旅程中終極獎勵的可見度和價值，商店的新會員轉化率依然強勁，在線轉化率正在提高。

I'm also excited to share that we launched UB Media, our retail media network. Through UB Media, we will harness the power of our exclusive first-party data to transform the way brands connect with beauty enthusiasts. Building on our successful digital marketing partner program, UB Media offers brand partners an enriched portfolio of advertising products and channels as well as enhanced measurements in reporting, including audience and creative insights.

我也很高興與大家分享我們推出了我們的零售媒體網絡 UB Media。通過 UB Media，我們將利用我們獨家的第一方數據的力量來改變品牌與美容愛好者的聯繫方式。基於我們成功的數字營銷合作夥伴計劃，UB Media 為品牌合作夥伴提供豐富的廣告產品和渠道組合，以及增強的報告衡量標準，包括受眾和創意見解。

The media network offers advertising, access fee display, video, search, product listing ads, social and influencers on both open web platforms and Ulta Beauty-owned properties. In addition to unlocking a new income stream while helping brand partners build digital campaigns to effectively engage audiences, we expect to see sales benefits as campaigns lead consumers back to Ulta Beauty properties to transact.

該媒體網絡在開放網絡平台和 Ulta Beauty 擁有的資產上提供廣告、訪問費顯示、視頻、搜索、產品列表廣告、社交和影響者。除了在幫助品牌合作夥伴開展數字營銷活動以有效吸引受眾的同時釋放新的收入來源外，我們還希望看到銷售收益，因為營銷活動會引導消費者回到 Ulta Beauty 物業進行交易。

Underlying these customer-facing priorities is a focus on to drive operational excellence and optimization. Last fall, we shared our updated supply chain strategy, including our plan to build market fulfillment centers, or MFCs, to supplement our existing DC network capacity and provide greater speed to stores and e-commerce guests in specific markets. We recently broke ground on our first MFC in Greenville, South Carolina, and expect the facility will be fully operational in the third quarter next year.

這些面向客戶的優先事項的基礎是推動卓越運營和優化。去年秋天，我們分享了我們更新的供應鏈戰略，包括我們建立市場履行中心或 MFC 的計劃，以補充我們現有的 DC 網絡容量，並為特定市場的商店和電子商務客人提供更快的速度。我們最近在南卡羅來納州格林維爾的第一座 MFC 破土動工，預計該設施將在明年第三季度全面投入運營。

In addition, our planned retrofit of our full service distribution center in Greenwood, Indiana is on track to be complete in the second quarter of 2023. I am confident our infrastructure investments, including key supply chain and IT investments, will enable Ulta Beauty to continue to deliver strong results and capitalize on future growth opportunities.

此外，我們計劃對印第安納州格林伍德的全方位服務配送中心進行改造，預計將於 2023 年第二季度完成。我相信我們的基礎設施投資，包括關鍵的供應鍊和 IT 投資，將使 Ulta Beauty 能夠繼續以提供強勁的業績並利用未來的增長機會。

In closing, a few weeks ago, I had the privilege to welcome nearly 2,000 members of the Ulta Beauty team to our annual field leadership meeting, bringing together our general managers, district managers, field support teams and brand partners for several days of recognition, leadership development and product education. The excitement was palpable and the optimism about our future was truly inspiring. We celebrated everything we have accomplished throughout the last 2 challenging years and set the stage to deliver on the incredible opportunities ahead for Ulta Beauty. I left the event even more excited about all we can do together as 1 Ulta Beauty team to refine -- redefine how the world sees and expresses beauty.

最後，幾週前，我有幸歡迎 Ulta Beauty 團隊的近 2,000 名成員參加我們的年度現場領導會議，讓我們的總經理、區域經理、現場支持團隊和品牌合作夥伴齊聚一堂，進行數天的表彰，領導力發展和產品教育。興奮是顯而易見的，對我們未來的樂觀態度確實令人鼓舞。我們慶祝了我們在過去 2 年充滿挑戰的歲月中所取得的一切成就，並為 Ulta Beauty 未來提供了難以置信的機會奠定了基礎。我在離開活動時更加興奮，因為我們可以作為 1 個 Ulta Beauty 團隊一起改進——重新定義世界如何看待和表達美。

As we look forward, the world around us continues to be dynamic. Product prices and operating costs are rising and consumers are increasingly concerned about the impact of inflation. While it is difficult to forecast how inflation may impact consumer behavior going forward, we are monitoring guest engagement and remain encouraged by the underlying trends we see in our business and in the beauty category. I am confident our team will continue to navigate near-term pressures, and I remain excited about the long-term opportunity for Ulta Beauty to continue to deliver profitable growth.

展望未來，我們周圍的世界繼續充滿活力。產品價格和運營成本不斷上漲，消費者越來越關注通貨膨脹的影響。雖然很難預測通脹將如何影響未來的消費者行為，但我們正在監測客人的參與度，並繼續對我們在業務和美容品類中看到的潛在趨勢感到鼓舞。我相信我們的團隊將繼續應對近期壓力，我仍然對 Ulta Beauty 繼續實現盈利增長的長期機會感到興奮。

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

現在我將把電話轉給斯科特討論財務結果。斯科特?

Thanks, Dave, and good afternoon, everyone. I want to echo Dave's comments and thank our Ulta Beauty associates for delivering another outstanding quarter. Their collaborative efforts and commitment to serving our guests enabled this extraordinary performance.

謝謝，戴夫，大家下午好。我想回應 Dave 的評論，並感謝我們的 Ulta Beauty 員工提供了另一個出色的季度。他們的合作努力和為我們的客人服務的承諾促成了這一非凡的表現。

Our first quarter results were stronger than we planned. Robust top line growth due to several factors, including the continued resilience of the beauty category, stronger-than-expected store performance and the impact of new brand launches drove better-than-expected leverage in both gross margin and SG&A, resulted in record operating margin of 18.7%.

我們的第一季度業績比我們計劃的要好。由於美妝品類的持續彈性、強於預期的門店業績以及新品牌推出的影響等多種因素，實現了強勁的營收增長，推動毛利率和 SG&A 的槓桿率均好於預期，導致營業額創歷史新高利潤率為 18.7%。

Now let's dig into the details of our results. Starting with sales. Net sales for the quarter increased 21%, driven by 18% growth in comp sales, an increase in other revenue and strong new store performance. From a channel perspective, stores delivered strong double-digit comp growth, reflecting fewer COVID restrictions than last year, while e-commerce sales were flat, in line with our plan.

現在讓我們深入研究結果的細節。從銷售開始。本季度的淨銷售額增長了 21%，這主要得益於復合銷售額增長 18%、其他收入的增長以及新店業績的強勁增長。從渠道的角度來看，商店實現了兩位數的強勁增長，反映出比去年更少的 COVID 限制，而電子商務銷售額持平，符合我們的計劃。

Transactions for the quarter increased 10%, driven by double-digit growth in store transactions. Average ticket increased 7.3%, resulting primarily from an increase in average selling price. The increase in average selling price reflects the impact of product mix, retail price increases executed in the quarter and lower promotions.

在商店交易兩位數增長的推動下，本季度的交易量增長了 10%。平均票價上漲 7.3%，主要是由於平均售價的上漲。平均售價的上漲反映了產品組合、本季度執行的零售價格上漲和促銷活動減少的影響。

Other revenue increased $20.4 million, primarily due to growth in credit card income and higher loyalty point redemptions. The increase in credit card income was primarily due to stronger sales growth. The increase in loyalty point redemptions reflects the improving trend in store traffic and the impact of our proactive member engagement campaigns.

其他收入增加了 2040 萬美元，主要是由於信用卡收入的增長和更高的忠誠度積分兌換。信用卡收入的增加主要是由於銷售增長強勁。忠誠度積分兌換的增加反映了商店客流量的改善趨勢以及我們積極的會員參與活動的影響。

During the quarter, we opened 10 new stores and relocated 6 stores. For the quarter, gross margin increased 120 basis points to 40.1% of sales compared to 38.9% last year. The increase was primarily due to leverage of fixed costs, the growth of other revenue and favorable channel mix, partially offset by lower merchandise margin.

本季度，我們開設了 10 家新店並搬遷了 6 家店。本季度，毛利率增長 120 個基點，佔銷售額的 40.1%，而去年同期為 38.9%。增長主要是由於固定成本的槓桿作用、其他收入的增長和有利的渠道組合，部分被較低的商品利潤率所抵消。

Robust top line growth and benefits from our occupancy cost optimization efforts resulted in meaningful leverage of store fixed costs. Despite experiencing double-digit growth in supply chain costs, primarily resulting from increases in wage rates, transportation costs and fuel surcharges, strong top line growth during the quarter enabled us to leverage supply chain costs. As sales growth moderates through the rest of the year, we expect higher supply chain costs to become more of a headwind.

強勁的收入增長和我們的入住成本優化工作帶來的好處導致了商店固定成本的有意義的槓桿作用。儘管供應鏈成本出現兩位數增長，主要是由於工資率、運輸成本和燃料附加費的增加，但本季度強勁的收入增長使我們能夠利用供應鏈成本。隨著今年剩餘時間銷售增長放緩，我們預計供應鏈成本上升將成為更大的阻力。

Reflecting strong sales performance of stores, channel mix was favorable this quarter. As a percentage of sales, e-commerce sales were about 400 basis points lower than the first quarter last year. Although the impact of lower promotions was favorable during the quarter, merchandise margin was lower than last year, primarily due to the impact of brand mix and lapping benefits from favorable inventory reserve adjustments last year.

反映商店強勁的銷售表現，本季度渠道組合良好。電子商務銷售額佔銷售額的百分比比去年第一季度低約 400 個基點。雖然本季度促銷活動減少的影響是有利的，但商品利潤率低於去年，主要是由於品牌組合的影響以及去年有利的庫存儲備調整帶來的重疊收益。

As planned, SG&A increased 12.9% to $501 million. As a percentage of sales, SG&A decreased 150 basis points to 21.4% compared to 22.9% last year. Lower marketing expenses and leverage of store payroll and benefits due to higher sales were partially offset by deleverage of corporate overhead, reflecting investments related to our strategic priorities.

按計劃，SG&A 增長 12.9% 至 5.01 億美元。 SG&A 佔銷售額的百分比從去年的 22.9% 下降 150 個基點至 21.4%。較低的營銷費用以及由於銷售額增加而導致的商店工資和福利的槓桿作用被公司間接費用的去槓桿化部分抵消，這反映了與我們的戰略重點相關的投資。

As Dave shared, we recently launched UB Media, a more sophisticated and expanded version of our digital marketing partner program. Reflecting the expected scaling of this platform, we are offsetting the incremental marketing expense of the digital campaigns we manage for our brand partners with the vendor income that is a direct reimbursement for these specific costs within total marketing expense. This resulted in about 70 basis points of favorable impact to SG&A in the quarter.

正如 Dave 所分享的，我們最近推出了 UB Media，這是我們數字營銷合作夥伴計劃的更複雜和擴展的版本。反映該平台的預期擴展，我們正在用供應商收入來抵消我們為品牌合作夥伴管理的數字活動的增量營銷費用，這是在總營銷費用中直接報銷這些特定成本。這對本季度的 SG&A 產生了約 70 個基點的有利影響。

Operating income increased 43.4% to $437.7 million compared to $305.3 million last year. As a percentage of sales, operating margin increased 290 basis points to 18.7% of sales compared to 15.8% last year. Diluted GAAP earnings per share increased 53.7% to $6.30 per share compared to $4.10 per share last year.

與去年的 3.053 億美元相比，營業收入增長 43.4% 至 4.377 億美元。作為銷售額的百分比，營業利潤率增加了 290 個基點，達到銷售額的 18.7%，而去年為 15.8%。稀釋後的 GAAP 每股收益從去年的每股 4.10 美元增長 53.7% 至每股 6.30 美元。

Moving on to the balance sheet and cash flow statement. Total inventory increased 16% to $1.57 billion compared to $1.35 billion last year. In addition to the impact of 28 additional stores, the increase reflects inventory purchases to support key brand launches as well as continued efforts to maintain strong in-stock of key items to support expected demand and mitigate anticipated global supply chain disruptions.

轉到資產負債表和現金流量表。與去年的 13.5 億美元相比，總庫存增加了 16% 至 15.7 億美元。除了新增 28 家門店的影響外，這一增長還反映了為支持主要品牌推出而購買的庫存，以及為支持預期需求和緩解預期的全球供應鏈中斷而繼續努力保持關鍵商品的強勁庫存。

Capital expenditures were $71.1 million for the quarter compared to $34.6 million last year. The increase in capital expenditures reflects a more normalized investment cadence versus the last couple of years and includes investments in IT systems, merchandising improvements and store maintenance and other. Depreciation was $62.8 million compared to $70.6 million last year, primarily due to a shift of IT investments from capital to cloud expense. We ended the quarter with $654.5 million in cash and cash equivalents.

本季度的資本支出為 7110 萬美元，而去年為 3460 萬美元。資本支出的增加反映了與過去幾年相比更加規範化的投資節奏，包括對 IT 系統、商品改進和商店維護等的投資。折舊為 6280 萬美元，而去年為 7060 萬美元，主要是由於 IT 投資從資本轉向雲支出。我們在本季度結束時擁有 6.545 億美元的現金和現金等價物。

In the first quarter, we repurchased 332,000 shares at a cost of $132.8 million. At the end of the quarter, we had $1.87 billion remaining under our current $2 billion repurchase authorization.

第一季度，我們以 1.328 億美元的成本回購了 332,000 股股票。在本季度末，我們目前的 20 億美元回購授權下剩餘 18.7 億美元。

Turning now to our outlook. Reflecting our strong first quarter performance and sales trends we've experienced so far in the second quarter, we are increasing our outlook for fiscal 2022. We now expect net sales to be between $9.35 billion and $9.55 billion with comp sales growth between 6% and 8%. Our updated outlook reflects trends year-to-date while continuing to consider uncertainties that could impact the second half of the year, including inflationary risk to consumer spending and the impact of increased points of distribution for Prestige Beauty. We anticipate comp growth will be in the low to mid-teens in the first half and then moderate to low single-digit growth in the second half.

現在轉向我們的前景。反映我們迄今為止在第二季度經歷的強勁第一季度業績和銷售趨勢，我們正在提高對 2022 財年的展望。我們現在預計淨銷售額將在 93.5 億美元至 95.5 億美元之間，複合銷售額增長在 6% 至8%。我們更新的展望反映了年初至今的趨勢，同時繼續考慮可能影響下半年的不確定性，包括消費者支出的通脹風險以及 Prestige Beauty 分銷點增加的影響。我們預計上半年的複合增長率將處於低至十幾歲，然後在下半年中度至低個位數增長。

We now expect operating margin for the year to be between 14.1% and 14.4% of sales. We anticipate operating margin will leverage in the first half but deleverage in the second half, as sales growth moderates and cost pressures and planned investments have a greater impact.

我們現在預計今年的營業利潤率將在銷售額的 14.1% 至 14.4% 之間。我們預計上半年營業利潤率將受到影響，但下半年將去槓桿，因為銷售增長放緩，成本壓力和計劃投資產生更大的影響。

We continue to expect gross margin for the full year will be lower than fiscal 2021, driven primarily by lower merchandise margin resulting from the impact of brand mix, more normalized assortment management activity and a more normalized promotional environment. In addition, we believe fuel prices will continue to be volatile, resulting in higher supply chain costs than initially planned.

我們繼續預計全年毛利率將低於 2021 財年，這主要是由於品牌組合、更規範的分類管理活動和更規範的促銷環境的影響導致商品利潤率下降。此外，我們認為燃料價格將繼續波動，導致供應鏈成本高於最初計劃。

We continue to expect SG&A expense will deleverage for the year, driven primarily by $70 million to $75 million of expenses related to our strategic priorities, including investments to support UB Media, Ulta Beauty at Target, Project SOAR and other IT capabilities as well as higher wage rate growth across the enterprise, partially offset by lower marketing expense and incentive compensation.

我們繼續預計 SG&A 費用將在今年去槓桿化，主要受與我們的戰略優先事項相關的 7000 萬至 7500 萬美元支出的推動，包括支持 UB Media、Ulta Beauty at Target、Project SOAR 和其他 IT 能力以及更高的投資整個企業的工資率增長，部分被較低的營銷費用和激勵薪酬所抵消。

In addition, we are seeing inflationary pressure on operating expenses like service provider fees, labor, supplies and travel, and we expect these trends to continue throughout fiscal 2022. These assumptions result in updated full year guidance for diluted EPS growth in the high single to low double-digit range.

此外，我們看到服務提供商費用、勞動力、供應和差旅等運營費用面臨通脹壓力，我們預計這些趨勢將在整個 2022 財年持續。這些假設導致更新的全年每股收益增長指引在高單至低兩位數範圍。

For modeling purposes, some expenses initially planned for Q2 are expected to shift into Q3, primarily reflecting availability of resources and equipment. As a result of these shifts and a stronger than initially planned sales trend, we now expect to deliver earnings growth in the second quarter.

出於建模目的，最初為第二季度計劃的一些費用預計將轉移到第三季度，主要反映資源和設備的可用性。由於這些轉變以及比最初計劃的銷售趨勢更強勁，我們現在預計第二季度將實現盈利增長。

In closing, fiscal 2022 is off to a great start, but uncertainties remain. Our updated outlook reflects stronger top line performance and greater cost pressures as well as economic and global uncertainties that could adversely impact consumer spending later in the year.

最後，2022 財年開局良好，但不確定性依然存在。我們更新後的展望反映了更強勁的營收表現和更大的成本壓力，以及可能對今年晚些時候的消費者支出產生不利影響的經濟和全球不確定性。

While our updated expectations for fiscal 2022 are above our longer-term targets for comp sales and operating margin, we are not changing our long-term financial targets at this time, given our limited visibility into the economic environment and expected cost pressures as we move through the rest of the year and into 2023.

雖然我們對 2022 財年的最新預期高於我們對公司銷售額和營業利潤率的長期目標，但鑑於我們對經濟環境的可見性有限以及我們搬家時預期的成本壓力，我們目前不會改變我們的長期財務目標通過今年剩下的時間到 2023 年。

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

現在，我將把電話轉回給我們的接線員來主持問答環節。

(Operator Instructions) Our first question comes from the line of Simeon Siegel with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Congrats on the great results. So great comp. Within the strong ticket growth, could you break out AUR from UPT? And then maybe more broadly, how you're thinking about average ticket going forward? And then just a follow-up, just given how well you guys do with that, any way to know within that 10% transaction growth, how much are the unique guest visits versus an uptick in guest visit frequency?

祝賀偉大的結果。太棒了。在門票強勁增長的情況下，您能否將 AUR 與 UPT 分開？然後也許更廣泛地說，您如何看待未來的平均票價？然後只是一個跟進，只是考慮到你們在這方面做得如何，有什麼方法可以知道在這 10% 的交易增長中，獨特的客人訪問量與客人訪問頻率的上升有多少？

Yes. Simeon, thanks for the question. So even if I answer directly, the units per transaction were essentially flat year-over-year. So again, we're seeing a lot of the benefit from the continuation what I'd call a moderate promotional environment overall, coupled with the mix of brands we have that entered the assortment here over the course of the last year. So again, you know the names well. We've been talking about Fenty and OLAPLEX and some of the other big hitters here we've added recently. So again, the mix of those 2 are really doing -- making a big contribution to our gross margin here in recent quarters.

是的。西蒙，謝謝你的提問。因此，即使我直接回答，每筆交易的單位也基本上與去年同期持平。因此，我們再次看到了我所說的總體溫和促銷環境的延續帶來了很多好處，再加上我們在去年進入該分類的品牌組合。再說一次，你很熟悉這些名字。我們一直在談論 Fenty 和 OLAPLEX 以及我們最近添加的其他一些大熱門。因此，這兩者的結合確實在發揮作用——在最近幾個季度為我們的毛利率做出了巨大貢獻。

And then just within the transactions, frequency versus unique visits?

然後只是在交易中，頻率與唯一訪問？

Yes. We don't really have anything in more detail to share with that at this point in time. Again, we are very happy to see the rebound in store traffic, right. And so a nice healthy transaction growth is always what we're striving for and planned for. And so we're super excited to see the bounce back of the consumer in the stores and making sure, again, that we deliver best-in-class specialty retail omnichannel experience.

是的。目前，我們真的沒有任何更詳細的信息可以分享。同樣，我們很高興看到商店流量的反彈，對吧。因此，良好的健康交易增長始終是我們努力和計劃的目標。因此，我們非常高興看到商店中消費者的反彈，並再次確保我們提供一流的專業零售全渠道體驗。

Our next question comes from the line of Korinne Wolfmeyer with Piper Sandler.

我們的下一個問題來自 Korinne Wolfmeyer 和 Piper Sandler 的觀點。

Congrats on the quarter. So first of all, I'd like to just get your thoughts on the current inflation environment and how that's impacting consumers and maybe more so here in the early parts of Q2? Are you seeing any sort of shift in demand maybe from prestige to mass or vice versa? Or are you seeing mass be maybe more resilient than prestige or vice versa? Just any thoughts here would be helpful.

祝賀本季度。因此，首先，我想談談您對當前通脹環境的看法，以及這對消費者的影響，也許在第二季度初期更是如此？您是否看到任何形式的需求轉變，可能從聲望到大眾，反之亦然？或者你是否看到大眾可能比聲望更有彈性，反之亦然？這裡的任何想法都會有所幫助。

Yes. Great question. And yes, the inflationary environment, as we -- as both I and Scott said in the remarks, is certainly one that we're watching carefully, and we're staying close to our guests. So far, our guests are managing through it and we're not seeing huge impacts. In fact, as I mentioned in the script, Prestige makeup performed a bit higher than mass makeup. So we're seeing strong results across our portfolio. We haven't experienced meaningful trade down behavior that we can -- we could identify. And it's -- one of the unique things that we feel is core to our model is the breadth of our assortment, all price points, from mass to prestige, all categories, hair care and skin care, makeup and bath and fragrance. And so being able to adjust and adapt as consumers' needs evolve has been true to our model for a long time and allowed us to manage through any disruption in the marketplace. But right now, we're seeing strength across all aspects of our business, which we're obviously really pleased with. But we're also prepared to adjust and adapt if and when consumer behavior adjusts.

是的。好問題。是的，正如我和斯科特在講話中所說的那樣，通貨膨脹環境當然是我們正在仔細觀察的環境，並且我們與客人保持密切聯繫。到目前為止，我們的客人正在通過它進行管理，我們沒有看到巨大的影響。事實上，正如我在劇本中提到的，Prestige 彩妝的表現比大眾彩妝高一點。因此，我們在我們的投資組合中看到了強勁的成果。我們還沒有經歷過我們可以識別的有意義的降價行為。它是 - 我們認為我們的模型核心的獨特之處之一是我們的產品種類的廣度，所有價格點，從大眾到聲望，所有類別，護髮和護膚，化妝和沐浴和香水。因此，能夠隨著消費者需求的變化進行調整和適應，長期以來一直是我們的模式，讓我們能夠應對市場上的任何干擾。但是現在，我們在業務的各個方面都看到了實力，我們顯然對此感到非常滿意。但我們也準備在消費者行為調整時進行調整和適應。

And then I'd just like to ask quickly on Target and the shop-in-shops in Target and how they're doing. Are you seeing any like big difference in traffic in the Target shop-in-shops versus Ulta shops? How is ticket value different between the two? And then also, are there any key brands you'd like to call out that are being particularly successful in Target versus Ulta?

然後我想快速詢問一下 Target 和 Target 的店中店以及他們的情況。您是否發現 Target 店中店與 Ulta 店的客流量有很大差異？兩者的票價有何不同？然後，您想指出哪些關鍵品牌在 Target 與 Ulta 中特別成功？

Yes, I'll take that one. What I will say is that we're really pleased with the overall partnership with Target. As Dave mentioned, we co-created from brand-relevant digital in-store campaign during our 21 Days of Beauty, and we're really pleased with that performance. I would just say that we will continue to share more as we grow more to scale right now. As of today, we've got 140 stores that are open as of today. We're on track to open 250 plus stores with them this year, but we like what we see. When we get a member engaged in our Ultimate Rewards Program, what we're seeing is that they're behaving very similar to our existing loyalty members.

是的，我要那個。我要說的是，我們對與 Target 的整體合作關係感到非常滿意。正如 Dave 所提到的，我們在 21 Days of Beauty 期間共同創建了與品牌相關的數字店內活動，我們對這種表現感到非常滿意。我只想說，隨著我們現在的規模越來越大，我們將繼續分享更多。截至今天，我們已經有 140 家商店在營業。今年我們有望與他們一起開設 250 多家商店，但我們喜歡我們所看到的。當我們讓會員參與我們的終極獎勵計劃時，我們看到的是他們的行為與我們現有的忠誠會員非常相似。

As far as brands go, Ulta Beauty works closely with the partners, with our brand partners on the assortment, et cetera, but Target really owns the sales. So we're not at liberty to comment on the sales-specific performance by brand at this time.

就品牌而言，Ulta Beauty 與合作夥伴密切合作，與我們的品牌合作夥伴在品類等方面密切合作，但 Target 真正擁有銷售額。因此，我們目前無權評論品牌的特定銷售業績。

And our next question comes from the line of Olivia Tong with Raymond James.

我們的下一個問題來自 Olivia Tong 和 Raymond James 的台詞。

My first question is just around the makeup recovery and compare and contrast that to the emergence of Prestige hair care and your view in terms of the opportunity in front of you, obviously, makeup is significantly larger. The recovery accounted like, from your earlier comments, is progressing faster than you had anticipated. As you think about the second half of the year and continuing to drive acceleration, can you talk a little bit about the plans in place to keep that going? And then I have a follow-up.

我的第一個問題是關於化妝的恢復，比較和對比 Prestige 護髮的出現和你對擺在你面前的機會的看法，顯然，化妝明顯更大。從您之前的評論來看，恢復的速度比您預期的要快。當您考慮下半年並繼續推動加速時，您能否談談為保持這種發展而製定的計劃？然後我有一個跟進。

Great. Well, thanks for the question, Olivia. Yes, makeup did recover faster than we had anticipated coming into the year. You all know that we've been working on makeup for a while. It was somewhat soft going into the pandemic and was arguably the hardest hit category of segment beauty during the pandemic. And we're -- so we're excited to see it recovering, and that's driven by an elevated overall engagement in the category in part by more opportunities to go out, more social occasions, more people going back to work in person and then just some of the things that we've been talking about, the engagement, the excitement, the enthusiasm for makeup has remained high as evidenced in social media, just the opportunities to where makeup haven't been as numerous. So we're -- as that opens up, as the world opens up, we're definitely say, more opportunity, a high level of engagement. There's new trends that are coming in to make up that we're excited about, definitely a push towards bold looks, bright, glam, glitter, people are ready to get out in the world and that's shown up in the looks.

偉大的。好吧，謝謝你的問題，奧利維亞。是的，化妝品的恢復速度確實比我們今年預期的要快。你們都知道我們一直在化妝。進入大流行時它有點軟，可以說是大流行期間受打擊最嚴重的細分美容類別。而且我們 - 所以我們很高興看到它恢復，這是由於更多的外出機會，更多的社交場合，更多的人重返工作崗位，然後只是我們一直在談論的一些事情，參與度，興奮，對化妝的熱情仍然很高，正如社交媒體所證明的那樣，化妝的機會並不多。所以我們——隨著世界的開放，隨著世界的開放，我們肯定會說，更多的機會，更高的參與度。有新的趨勢正在出現，我們對此感到興奮，絕對是對大膽外觀的推動，明亮，迷人，閃光，人們已經準備好走出世界，這在外觀中得到了體現。

At the same time, some of the dynamics around a more natural look that requires makeup, same consumers are balancing both of those. We're seeing brow innovation, contouring is being discovered by younger consumers who missed it the first time around long lip wear -- long wear lip is a trend that's that started in the pandemic and is continuing. So we're excited about what we're seeing and then in the Total category. And then Ulta, through our assortment has really been performing quite well adding key brands like Fenty, r.e.m., Chanel, lots of innovation from both mass and prestige, MAC, Clinique, Lancome and NARS on the Prestige side, e.l.f. and NYX are 2 big highlights on the on the mass side. So we're getting a lot of innovation, lot of creativity, all the things that we have been working on and driving towards really came together in a nice way in the quarter.

同時，圍繞需要化妝的更自然外觀的一些動態，相同的消費者正在平衡這兩者。我們看到了眉毛的創新，年輕的消費者正在發現輪廓，他們第一次錯過了長唇妝——長唇是一種從大流行開始並持續下去的趨勢。因此，我們對我們所看到的以及 Total 類別感到興奮。然後，Ulta 通過我們的產品系列確實表現得非常好，增加了 Fenty、r.e.m.、Chanel 等主要品牌，以及大眾和聲望方面的大量創新，MAC、倩碧、蘭蔻和 NARS 在 Prestige 方面，e.l.f.和 NYX 是大眾方面的兩大亮點。所以我們得到了很多創新，很多創造力，我們一直在努力和推動的所有事情在本季度都以一種很好的方式結合在一起。

So as we look forward to the second half of the year, we're confident. It's hard to predict exactly how consumer behavior will go. But as more and more people are comfortable going out, more opportunities exist, more people going back to the work, coupled with the continued pipeline of strong innovation, we feel like makeup is on its way to a full recovery. And in fact, in Q1 was up over 2019 results, so pre-pandemic results for the first time in the pandemic. So excited about what we're seeing and looking to continue to drive that forward.

因此，當我們展望下半年時，我們充滿信心。很難準確預測消費者行為將如何發展。但隨著越來越多的人願意外出，更多的機會存在，越來越多的人重返工作崗位，再加上持續不斷的強勁創新，我們覺得彩妝正在全面復甦。事實上，第一季度的業績比 2019 年的業績有所上升，因此在大流行中首次出現了大流行前的結果。對我們所看到的一切感到非常興奮，並希望繼續推動這一進程。

And then on the gross margin, you said earlier that you're still expecting gross margin to be down. It was obviously a much better start to the year than we probably thought. But of course, costs are material as you progress through the year. But relative to your prior expectations, as you think about gross margin being down, is it the same level? And could you talk about like the puts and takes there, maybe a little bit of granularity in terms of your thought process on costs now versus mix improvement and obviously some leverage associated with an improved sales outlook?

然後在毛利率方面，您之前說過您仍然預計毛利率會下降。今年的開局顯然比我們想像的要好得多。但是，當然，隨著您一年中的進展，成本是重要的。但相對於你之前的預期，當你認為毛利率下降時，它是否處於同一水平？您能否談談那裡的看跌期權，就您現在對成本的思考過程與組合改進以及顯然與改善銷售前景相關的一些槓桿作用而言，可能有點粒度？

Yes. So the great start we got in the first quarter is really kind of a background here driving some of the gross margin. So we still expect it to be down, as you said, but down less than what our initial plan was for the year. So we still have the same variables at play there. We talked about brand mix being a headwind this year. We think the promotional environment will normalize during the year. Again, we didn't see so much of that in the first quarter, but we are expecting more of that to come into play as we get deeper into the year and then supply chain costs. Again, we expected cost generally to be higher this year. We're seeing some costs, especially around fuel, higher than we expected. And we -- the back half of the year, there'll be more headwind from that piece of the equation as well. So overall, I feel like we're in a good place. And if sales stay strong and we're always focused on optimizing the business overall. So helping to deliver great results.

是的。因此，我們在第一季度取得的良好開端確實是推動部分毛利率的背景。因此，正如您所說，我們仍然預計它會下降，但低於我們今年最初的計劃。所以我們仍然有相同的變量在起作用。我們談到品牌組合是今年的逆風。我們認為促銷環境將在年內正常化。同樣，我們在第一季度並沒有看到太多這樣的情況，但我們預計隨著今年的深入以及供應鏈成本的深入，更多的情況會發揮作用。同樣，我們預計今年的成本總體上會更高。我們看到一些成本，尤其是燃料成本，高於我們的預期。而且我們 - 今年下半年，這部分等式也會有更多的逆風。所以總的來說，我覺得我們在一個好地方。如果銷售保持強勁並且我們始終專注於優化整體業務。因此，有助於取得出色的成果。

And our next question comes from the line of Steph Wissink with Jefferies.

我們的下一個問題來自 Jefferies 的 Steph Wissink。

I have a really quick question on inventory. I'm wondering if you can just talk a little bit about the complexion of the balance sheet inventory? And it feels strange to ask, but do you feel like you have enough to chase if the momentum persists in the business? And Scott, 1 question for you. This is a clarification. Could you just walk through the accounting on the UB Media? I'm not sure I tracked with you in your prepared remarks in terms of the offset to marketing fee, just talk a little bit about how those vendor agreements work, just to understand a bit how that affects the middle of the P&L?

我有一個關於庫存的非常簡短的問題。我想知道您能否簡單談談資產負債表庫存的情況？問起來感覺很奇怪，但是如果業務的勢頭持續下去，你覺得你有足夠的追求嗎？斯科特，給你 1 個問題。這是一個澄清。你能簡單介紹一下 UB Media 上的會計嗎？我不確定我是否在您準備好的評論中就營銷費用的抵消進行了跟踪，只是談談這些供應商協議是如何運作的，只是為了了解一下這對損益表的中間有何影響？

That's 2 for me, Steph. That's not fair. Okay. So we'll go first up on the inventory. So again, it's up 16% year-over-year. We feel like we're in a good position. Again, it looks easy based on the results we're posting here, but our teams are doing an excellent job and working really hard with our vendor partners, the merchants, the inventory planning teams, the supply chain teams to make sure we get the right product in the right place. And so fill rates are good. We're feeling better. Things have kind of bounced back a little bit from what we saw mid- to late last year. So again, focused on high velocity SKUs, new brands to make sure we take advantage where we can there. We do expect that the growth rate, again, will moderate as we get further into the year this year and start anniversary-ing some of the steps we took last year to get more aggressive on inventory. So again, that's one place we always feel confident that we would make more investment if good judgment suggests that.

那對我來說是2，斯蒂芬。這不公平。好的。所以我們會先上庫存。同樣，它同比增長 16%。我們覺得我們處於一個很好的位置。同樣，根據我們在此處發布的結果，這看起來很容易，但我們的團隊做得非常出色，並且與我們的供應商合作夥伴、商家、庫存計劃團隊、供應鏈團隊一起努力工作，以確保我們獲得正確的產品在正確的地方。所以填充率很好。我們感覺好多了。從我們去年中後期的情況來看，情況有點反彈。因此，再次專注於高速 SKU、新品牌，以確保我們在可能的地方充分利用。我們確實預計，隨著我們今年進一步進入今年並開始紀念我們去年採取的一些措施，以更加積極地控制庫存，增長率將再次放緩。再說一次，這是一個我們總是有信心的地方，如果良好的判斷表明我們會做出更多的投資。

And then on the accounting for the UB Media, so this one again for the accountants in the room. So last year, again, the vendor, the marketing partner program that we had in place, again, we've explained this. We've always been doing this in a smaller scale, I guess, I would say. And so historically, the accounting was all in the gross margin line by and large, okay, the vendor income piece of it. The cost -- the actual marketing cost within SG&A and all the benefits were flowing through the gross margin line kind of in line with all of our vendor money accounting so to speak. And this year, the difference is we're able to offset the incremental advertising costs in the SG&A line and the residual rolls through the gross margin line. I hope that helps.

然後是 UB Media 的會計，所以這又是房間裡的會計師。因此，去年，我們再次對供應商、營銷合作夥伴計劃進行了解釋。我想，我會說，我們一直在以較小的規模做這件事。所以從歷史上看，會計基本上都在毛利率線上，好吧，是供應商收入的一部分。成本——SG&A 中的實際營銷成本和所有收益都流經毛利率線，可以說與我們所有的供應商資金會計一致。而今年，不同之處在於我們能夠抵消 SG&A 線的增量廣告成本和毛利率線的剩餘滾動。我希望這會有所幫助。

And our next question comes from the line of Kate McShane from Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

Just a quick one from us. Just you mentioned increasing points of sales Prestige, just how are you viewing the competitive environment in light of that? And how are you looking to further differentiate yourself as those points continue to roll out?

只是我們的一個快速。剛才您提到增加銷售點Prestige，您如何看待競爭環境？隨著這些要點的不斷推出，您如何尋求進一步區分自己？

Yes. We -- the beauty category is attractive and has been highly competitive for a long time. I've been here at Ulta for about 8.5 years now, and it's been hypercompetitive the whole time and for years before that. It's attractive. It's growing. It's engaging. So that's been part of the dynamic for a while. And certainly, it's true now. We're seeing new competitive locations, particularly on the prestige side, at the same time that we're opening up new stores of our own and in our partnership with Target. So there is some shift going on.

是的。我們——美容品類很有吸引力，長期以來一直競爭激烈。我已經在 Ulta 工作了大約 8.5 年，在此之前的幾年裡，它一直都競爭激烈。它很有吸引力。它正在增長。這很吸引人。所以這一直是動態的一部分。當然，現在是真的。我們看到了新的競爭地點，特別是在聲望方面，同時我們正在開設自己的新店並與 Target 合作。所以發生了一些轉變。

What we're excited about and proud of is the fact that even in that environment, even in the first quarter with hundreds of new competitive locations, we continue to gain meaningful share in the Prestige category. And I think it's a reflection of the strength of our model. We have something that nobody else offers in the marketplace. The unique combination of an assortment that reflects the way consumers want to buy and shop beauty across price points, mass, prestige, across categories and then most importantly, in an experienced an environment that reflects the human connection that consumers are looking for in this highly emotional category. All of our research suggests that our experience is unique and special. What our team does every day to deliver a unique experience stands out in the marketplace, and that helps us drive our business and drive our market share.

我們感到興奮和自豪的是，即使在這樣的環境下，即使在第一季度有數百個新的競爭地點，我們繼續在 Prestige 類別中獲得有意義的份額。我認為這反映了我們模型的實力。我們擁有市場上沒有其他人提供的東西。品類的獨特組合，反映了消費者想要購買和購買美妝產品的方式，跨越價格點、質量、聲望、跨越類別，最重要的是，在一個經驗豐富的環境中，反映消費者在這個高度上尋找的人際聯繫情感類。我們所有的研究都表明，我們的經歷是獨一無二的。我們的團隊每天為提供獨特體驗所做的工作在市場上脫穎而出，這有助於我們推動業務發展並擴大市場份額。

You add in loyalty and services and a great digital experience and add all the innovation that we continue to bring in all aspects of our business, we feel like we're doing -- we're playing offense. We're leading through what we know how to do best, which is drive engagement with beauty enthusiasts through all aspects of the beauty journey. And so we feel confident that if we continue to do that, it's going to continue to show up in our results. It's reflected in the strong results we had in the first quarter, the momentum we had coming out of fiscal '21 in our share results, in our loyalty, member growth, and we're -- that's our plan going forward. For us, we've always been focused on our strategy, executing our strategy with excellence. And when we do that, the results follow and that will be our plan going forward.

您添加了忠誠度和服務以及出色的數字體驗，並添加了我們繼續在業務的各個方面帶來的所有創新，我們覺得我們正在做——我們正在進攻。我們正在引領我們知道如何做到最好的事情，即通過美容之旅的各個方面推動與美容愛好者的互動。因此，我們有信心，如果我們繼續這樣做，它將繼續出現在我們的結果中。這反映在我們在第一季度取得的強勁業績，我們在 21 財年的股票業績、忠誠度、會員增長方面的勢頭，而且我們 - 這是我們的未來計劃。對我們來說，我們一直專注於我們的戰略，以卓越的方式執行我們的戰略。當我們這樣做時，結果就會隨之而來，這將是我們前進的計劃。

Our next question comes from the line of Daniel Hofkin with William Blair.

我們的下一個問題來自 Daniel Hofkin 和 William Blair 的觀點。

Just a quick question regarding the Target partnership. I don't know if you commented specifically on this, but can you say whether it's having a measurable impact yet on your overall comp sales, obviously not at the Target stores themselves, but in the form of additional traffic to nearby Ulta stores or ulta.com and then kind of how you expect that contribution to evolve over the rest of this year and the next couple of years?

關於 Target 合作夥伴關係的快速問題。我不知道您是否對此發表了特別評論，但您能說這是否對您的整體銷售產生了可衡量的影響，顯然不是在 Target 商店本身，而是以增加附近 Ulta 商店或 ulta 的流量的形式.com，然後您預計該貢獻在今年餘下時間和未來幾年將如何發展？

Yes. Dan, what I would say is that any time, as Dave mentioned earlier, we have new points of distribution, there's natural cannibalization that happens. But it's not meaningful yet. We've got just about 140 stores, as I mentioned out of today that are open. We've factored this into our expectations. We do see that whenever we've opened or there's other points of distribution, including our own office Beauty stores, we do see an initial impact that, that dissipates over time, we expect a similar pattern to happen here with our Ulta Beauty and Target locations. So as we continue to roll out more stores, we'll see if that continues to hold true. But we -- what we've seen so far is that seems to be the case.

是的。丹，我想說的是，任何時候，正如戴夫之前提到的，我們有了新的分配點，就會發生自然的蠶食。但這還沒有意義。正如我今天提到的那樣，我們只有大約 140 家商店正在營業。我們已經將這一點納入了我們的預期。我們確實看到，每當我們開業或有其他分銷點（包括我們自己的辦公室美容店）時，我們確實看到了最初的影響，隨著時間的推移逐漸消散，我們預計我們的 Ulta Beauty 和 Target 也會出現類似的模式地點。因此，隨著我們繼續推出更多商店，我們將看看這是否繼續適用。但是我們——到目前為止我們所看到的情況似乎就是這樣。

And then just as you think about the, obviously, overall stellar results, any just differentiation among categories or regions or parts of the quarter that you might call out plus or minus?

然後就像你考慮的那樣，顯然，整體出色的結果，類別或地區或季度的部分之間有任何公正的區別，你可能會稱之為加號或減號？

Yes. A few things that I might say. One, across categories, we're really pleased that we see strength in all of our major categories. I talked about makeup in detail already. And so that's an important improvement on our business. But at the same time, that improved. It was encouraging to see skincare deliver strong results, haircare continue through innovation and prestige, on tools to drive a lot of engagement and newness across haircare, continues to drive great results. Fragrance, which has been a shining star throughout the last 2 years continues to drive growth. I talked in the script about some of the drivers of that newness, brands, exclusive brands like Billie Eilish as well as innovation on our existing brands, that driving strong growth, sun care, expansion into wellness and driving incremental growth.

是的。我可能會說幾件事。一，在各個類別中，我們很高興看到我們所有主要類別的實力。我已經詳細討論了化妝。這對我們的業務來說是一個重要的改進。但與此同時，情況有所改善。令人鼓舞的是，護膚品取得了強勁的成果，護髮產品繼續通過創新和聲望，在推動護髮產品的大量參與和新穎性的工具上繼續取得巨大成果。香水，在過去 2 年裡一直是一顆閃亮的明星，繼續推動增長。我在劇本中談到了這種新穎性的一些驅動因素、品牌、Billie Eilish 等獨家品牌以及我們現有品牌的創新，它們推動了強勁增長、防曬、擴展到健康和推動增量增長。

So category performance was healthy across the board. Channel performance, again, strong results in both driven by our stores and traffic and engagement and the desire to get back and shopping in person, but to have our e-commerce business essentially flat after all the growth we've seen in that business over the last couple of years was in line with our expectation and salon coming back very strong. So our channels are performing well. Through the quarter itself, the first period, the first month or so of the quarter was the strongest as we kind of came out of the gates and then started lapping stimulus. But the other 2 months of the quarter were strong as well and well ahead of our expectations. So around a well-rounded delivery of results with all aspects of our business contributing to the performance that we have.

因此，品類表現全面健康。再次，渠道表現在我們的商店、流量和參與度以及回訪和親自購物的願望的推動下取得了強勁的結果，但在我們在該業務中看到的所有增長之後，我們的電子商務業務基本持平過去幾年符合我們的預期，沙龍的回歸非常強勁。所以我們的渠道表現良好。整個季度本身，第一季度，第一個月左右是最強勁的，因為我們有點走出大門，然後開始實施刺激。但本季度的其他 2 個月也表現強勁，遠超我們的預期。因此，圍繞全面交付結果，我們業務的各個方面都有助於我們的績效。

And then anything you would call out either regionally or in terms of customer demographic differences?

然後您會在區域或客戶人口統計差異方面提出任何意見？

No region. I mean 1 of the things that we really like about our model is our model works in all different types of geographies. Big cities from New York and L.A. to Chicago to smaller remote single-store markets, suburbs, urban, rural, and we saw strong performance across the board. So there was no real region or marketplace distinctions of note. And that to us is a reflection, this is working really well. And then when we look across economic, we saw growth across all income levels as well as we look at our consumer base. So strong growth from our highest income to more moderate income. So -- again, well-rounded growth. Consumers are engaged in the category. The category itself is, we think, more relevant, more important to our consumers, more connected to their overall sense of self-care and well-being. At the same time, there are so many more occasions to go out. We think the category is in great shape, and we're proud to be leading the category and driving these results through our strong execution.

沒有地區。我的意思是我們真正喜歡我們的模型的一件事是我們的模型適用於所有不同類型的地理區域。從紐約和洛杉磯到芝加哥的大城市，再到較小的偏遠單店市場、郊區、城市、農村，我們看到了全面的強勁表現。因此，沒有真正值得注意的地區或市場差異。這對我們來說是一種反思，這非常有效。然後，當我們審視經濟時，我們看到所有收入水平的增長以及我們的消費群。從我們的最高收入到更溫和的收入，如此強勁的增長。所以 - 再次，全面的增長。消費者參與該類別。我們認為，該類別本身對我們的消費者更相關、更重要，與他們的整體自我保健和幸福感更相關。同時，外出的機會也很多。我們認為該類別狀況良好，我們很自豪能夠引領該類別並通過我們強大的執行力推動這些結果。

And our next question comes from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

Understanding you're looking to be conservative and mindful of the uncertain macro environment, you get to low single-digit comps in the back half. Again given the strength in the cosmetics category, it would imply that haircare and skincare probably turn negative, why would that be the case?

了解您希望保持保守並註意不確定的宏觀環境，您會在後半部分獲得低個位數的組合。再次考慮到化妝品類別的強勢，這意味著護髮和護膚可能會轉為負面，為什麼會這樣？

Yes. I guess I would just chalk it up like we indicated, Michael, being prudent all things considered, looking at the world and all the uncertainty and all the warning signs that seem to be flashing a bit right now. So again, there's no -- we took the benefit of what we've seen strong performance so far in the first half of the year, bake that into our full year outlook and didn't really modify the second half of the year based on what our initial plan was for 2022. And so you take that and then you adjust for some of the expense pressures that we're seeing across the business right now, and that's where we think is an appropriate place to land it for the time being. And then we'll continue to modify as we work our way through the rest of the year.

是的。我想我會像我們所指出的那樣把它記下來，邁克爾，考慮到所有事情都是謹慎的，看看世界和所有的不確定性和所有現在似乎正在閃爍的警告信號。再說一次，沒有——我們利用了我們在上半年看到的強勁表現，將其納入我們的全年展望，並沒有真正修改下半年基於我們最初的 2022 年計劃是什麼。所以你接受它，然後調整我們現在在整個業務中看到的一些費用壓力，這就是我們認為暫時合適的地方.然後我們將繼續修改，因為我們在今年剩下的時間里工作。

My follow-up question is you're still -- you haven't seen it, but you're still expecting promotions to come back. What is going to be the catalyst to spark an increasing in promotions? And how much have you factored in for that rise in promotions in the back half of the year?

我的後續問題是你仍然 - 你還沒有看到它，但你仍然期待促銷活動回來。什麼將成為激發促銷活動增加的催化劑？今年下半年促銷活動的增加您考慮了多少？

Well, we won't get specific on any like -- specific elements of what we factored in. What I'd say about promotion is the environment is dynamic, as we talked about, highly competitive, and there's uncertainty ahead from consumer behavior. We -- what we know is we've been able to continue to manage our promotions in a smart, strategic way. We've been on a journey for a while to reduce nonstrategic broad-scale discounts and promotions to focus our efforts on personalization, CRM-enabled, highly relevant, strategic efforts that drive not just short-term but long-term results through higher engagement, higher loyalty, higher connection to Ulta Beauty over time. And that's what we are able to do in the first quarter.

好吧，我們不會具體說明我們考慮的具體因素。我要說的是促銷環境是動態的，正如我們所說的，競爭激烈，消費者行為存在不確定性。我們——我們所知道的是，我們能夠繼續以一種聰明的、戰略性的方式管理我們的促銷活動。一段時間以來，我們一直在努力減少非戰略性的大規模折扣和促銷活動，將我們的工作重點放在個性化、支持 CRM 的、高度相關的戰略性工作上，這些工作不僅通過提高參與度來推動短期而且長期的結果，更高的忠誠度，隨著時間的推移與 Ulta Beauty 的聯繫更高。這就是我們在第一季度能夠做到的。

But as we've said probably through many of these calls, we're well aware that this is a competitive environment. We've got lots of outstanding competitors that are also looking at ways to drive their business. We will not lose share. We'll respond appropriately. We have more tools than we've ever had through our personalization and CRM capabilities to ensure that we are leading the market. But with uncertainty around inflation, consumer behavior, competitive environment, we are prepared to react. We're not going to lead promotional intensity, but we're also going to make sure that we're appropriately engaging with our beauty enthusiasts to drive them to Ulta Beauty.

但正如我們可能通過許多這樣的電話所說的那樣，我們很清楚這是一個競爭環境。我們有很多傑出的競爭對手，他們也在尋找推動業務發展的方法。我們不會失去份額。我們會作出適當的回應。通過我們的個性化和 CRM 功能，我們擁有比以往更多的工具，以確保我們在市場上處於領先地位。但由於通脹、消費者行為、競爭環境的不確定性，我們已準備好應對。我們不會領導促銷力度，但我們也會確保我們與我們的美容愛好者進行適當的互動，以將他們帶到 Ulta Beauty。

Our next question comes from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

I'm going to ask my question and follow-up. So Kiley -- coming back to the next call. My first question is on the merch margin. Given that haircare seems to be mixing up, shouldn't that have been a positive? And then when Scott, when you made the comment X reserve adjustments, does that mean the merch margin X reserve adjustments could have been up year-over-year? You're using that against the compare? And then the follow-up is what is just changing in the back half? It sounds like you're keeping sales the way you modeled it, if I'm interpreting it right, but what if anything else changed?

我要問我的問題和跟進。所以 Kiley - 回到下一個電話。我的第一個問題是關於商品利潤的。鑑於護髮似乎混在一起了，那不應該是積極的嗎？然後當斯科特，當你發表評論 X 儲備調整時，這是否意味著商品保證金 X 儲備調整可能會同比上升？你用它來比較？然後後續就是後半區剛剛發生了什麼變化？如果我的解釋是正確的，這聽起來像是您按照建模的方式保持銷售，但是如果有其他變化怎麼辦？

That sounds like 3 questions, Simeon, actually. But I'll give it out 3 here. So yes, haircare has been a real contributor here recently. Again, it kind of gets back to the brand mix overall for the business, I would say. So while haircare, generally speaking, is higher margin than the house, some of the mix that's been added here recently, doesn't necessarily follow the same metrics overall.

這聽起來像是 3 個問題，Simeon，實際上。但我會在這裡給出3。所以，是的，護髮最近一直是這裡的真正貢獻者。再說一次，我想說的是，這有點回到了整個業務的品牌組合。因此，一般來說，雖然護髮產品的利潤率高於房子，但最近在這裡添加的一些組合併不一定總體上遵循相同的指標。

When we're talking about inventory, so it was favorable adjustments last year that was driving the tougher compare this year. So again, last year, cleaner inventories, we were coming off what I'd call some housekeeping, probably late in 2020, right? We closed some stores. We exited some brands later in the year. So we got some book benefit from that last year, which makes it a tougher compare.

當我們談論庫存時，去年的有利調整推動了今年的艱難比較。再說一遍，去年，更清潔的庫存，我們可能會在 2020 年末結束我所說的一些內務管理，對吧？我們關閉了一些商店。我們在今年晚些時候退出了一些品牌。所以我們去年從書中得到了一些好處，這使得比較起來更加困難。

As far as the guidance overall, what changed, again, the strong sales, the strong start. Obviously, it's helping drive a lot of fixed cost leverage here for the year. For the revenue, it was something that was unexpected, really wasn't in the plan to see those redemptions come back in our loyalty program that way and to see the credit card benefit pop here in the first quarter. So again, we're planning for more of that to continue throughout the year. We've got operating costs that are increasing across the business, specifically in supply chain, but we're seeing in other areas, too, as we mentioned in our prepared remarks. So that's been feathered in as we think about the second half of the year.

就整體指導而言，發生了什麼變化，再次是強勁的銷售，強勁的開局。顯然，它幫助推動了今年的大量固定成本槓桿。對於收入而言，這是出乎意料的，實際上並沒有計劃看到這些兌換以這種方式回到我們的忠誠度計劃中，並看到信用卡優惠在第一季度出現。因此，我們計劃在全年繼續進行更多此類活動。正如我們在準備好的評論中提到的那樣，我們的運營成本在整個業務中都在增加，特別是在供應鏈中，但我們也在其他領域看到。因此，當我們考慮今年下半年時，這已被納入其中。

So again, we feel like we're in a good position. We feel like we've got all the variables covered. Again, we think it's prudent to take a more thoughtful, careful approach and outlook as we're looking ahead to the second half of the year, considering all the uncertainties that are kind of floating out there right now.

再說一次，我們覺得我們處於一個很好的位置。我們覺得我們已經涵蓋了所有變量。同樣，我們認為在展望下半年時採取更加周到、謹慎的方法和展望是謹慎的做法，考慮到目前存在的所有不確定性。

John, I think we'll take 1 more question, please.

約翰，我想我們再回答 1 個問題。

Okay. And our final question comes from the line of Michael Binetti with Credit Suisse.

好的。我們的最後一個問題來自瑞士信貸的 Michael Binetti。

Congrats on a great quarter, and thanks for all the detail here. A lot of our questions have been answered. But on the -- I guess as we think about SG&A versus gross margin, on the SG&A, if we look at it on a per store basis or some kind of leveling metric like that, it looks like it was up about 12% versus 2019. Comps up in the mid-20s. I just wonder if there's more noise in the SG&A line in 1Q than I appreciate it. I know you mentioned, Scott, that a few expenses move out of 2Q into 3Q, is there any onetime items to think about in 1Q that led to some underspend in SG&A?

祝賀一個偉大的季度，並感謝這裡的所有細節。我們的很多問題都得到了解答。但是在 - 我想當我們考慮 SG&A 與毛利率時，在 SG&A 上，如果我們以每家商店為基礎或某種類似的平衡指標來看，它看起來與 2019 年相比增長了約 12% . 在 20 年代中期完成。我只是想知道 1Q 的 SG&A 線是否有比我欣賞的更多的噪音。我知道你提到，斯科特，一些費用從第二季度轉移到第三季度，第一季度是否有任何一次性項目需要考慮導致 SG&A 的一些支出不足？

And I guess the follow-up is, if I look at some normal SG&A seasonality back pre-COVID it suggests gross profit margin could be down as much as a couple of hundred basis points in the guidance that you gave in 2Q through 4Q, is that the right magnitude of the puts and takes that you laid out for us earlier? Or would you direct me to...

而且我想後續情況是，如果我看一下 COVID 之前的一些正常的 SG&A 季節性，它表明在你在第二季度到第四季度給出的指導中，毛利率可能下降多達幾百個基點，是你之前為我們安排的正確的看跌期權幅度？或者你會指導我...

So on the SG&A, there's really nothing. There's no onetime extraordinary items floating around in there. I would call, go back and look at our comments around the marketing expense and how that is being treated year-over-year because that is a rather significant change. Again, that comes from the UB Media change going from what I'd call a small scale kind of operation to a more formalized and larger scale process overall. So we did change the accounting there year-over-year, and that is providing a pretty significant benefit in the first quarter versus a year ago and that's going to continue for the rest of the year, obviously, that comparison.

所以在 SG&A 上，真的什麼都沒有。沒有曾經非凡的物品漂浮在那裡。我會打電話回去看看我們對營銷費用的評論，以及每年如何處理這些費用，因為這是一個相當大的變化。同樣，這來自於 UB Media 的變化，從我稱之為小規模的運營到整體上更正式和更大規模的流程。因此，我們確實逐年改變了那裡的會計，這在第一季度與一年前相比提供了相當大的好處，而且很明顯，這種比較將在今年剩下的時間裡繼續下去。

Then when we're talking about gross margin and some of the variability that you called out there in the second half, again, we think it's still in the same range that we guided to early in the year. Again, we -- I would point back to changing an expectation. So again, first quarter promotional environment was moderate to slightly better than what we saw a year ago, which was not our plan for the year, and we expect that to get more aggressive in the back half of the year. So that's baked in there, along with the brand mix. So again, brand mix kind of worked to our benefit in the first quarter. We think some of that will moderate as we get further into the year as well.

然後，當我們談論毛利率和你在下半年所說的一些可變性時，我們認為它仍然在我們年初指導的範圍內。同樣，我們 - 我會再次指出改變期望。再說一次，第一季度的促銷環境比我們一年前看到的情況溫和到略好，這不是我們今年的計劃，我們預計在下半年會變得更加積極。因此，與品牌組合一起在那裡烘焙。同樣，品牌組合在第一季度對我們有利。我們認為隨著今年的進一步深入，其中一些也會有所緩和。

We have reached the end of the question-and-answer session. And I would now like to turn the call back over to Dave Kimbell for any closing remarks.

我們已經到了問答環節的尾聲。我現在想將電話轉回給 Dave Kimbell 以發表任何結束語。

Okay. Great. Well, thank you all for joining us today. The year is off to a great start, and I want to thank the entire Ulta Beauty team for their collective efforts to support our guests and each other while moving our business forward. We look forward to speaking to you all again at the end of August when we report our second quarter results. I hope you all have a great evening. Thanks, again.

好的。偉大的。嗯，謝謝大家今天加入我們。這一年開局良好，我要感謝整個 Ulta Beauty 團隊的集體努力，在推動我們業務發展的同時支持我們的客人和彼此。我們期待在 8 月底報告第二季度業績時再次與大家交談。我希望你們都有一個美好的夜晚。再次感謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。