Q2 2024 Ulta Beauty Inc Earnings Call Transcript
Key Points
- Net sales increased by 0.9% to $2.6 billion.
- E-commerce sales increased as expected.
- Ulta Beauty Rewards program saw a 5% increase in active members, reaching 43.9 million.
- Fragrance category delivered double-digit growth.
- New stores performed well, with 17 new openings including the 1,400th store.
- Comparable sales decreased by 1.2%, driven by a decline in comp store transactions.
- Operating profit was below expectations at 12.9% of sales.
- Incremental promotions did not deliver the expected incrementality in stores.
- The company faced unanticipated operational disruptions due to ERP transformation.
- Competitive intensity remains high, with more than 80% of stores impacted by new competitive openings.
Good afternoon, and welcome to autos beauty, the ultimate result, RNA Memphis. And with that, you would please limit yourself to one question and then reenter the queue for any additional questions. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
It is now my pleasure to introduce by far with the goals for fiscal 2020 board.
Bolstering our call today are Dave Kimbell, Chief Executive Officer, and Paul Vivo, Chief Financial Officer cases. Steelman President and Chief Operating Officer, will join us for the Q&A session.
Before we begin, I'd like to remind you of the Company's Safe Harbor language. The statements contained in this conference call which are not historical facts may be deemed to constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those projected in such there
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