Ulta Beauty, Inc.’s (ULTA) CEO Mary Dillon on Q3 2020 Results – Earnings Call Transcript

Ulta Beauty, Inc. (NASDAQ:ULTA) Q3 2020 Results Earnings Conference Call December 3, 2020 5:00 PM ET

Company Participants

Kiley Rawlins – Vice President, Investor Relations

Mary Dillon – Chief Executive Officer

Scott Settersten – Chief Financial Officer

Dave Kimbell – President

Conference Call Participants

Erinn Murphy – Piper Sandler

Joe Altobello – Raymond James

Oliver Chen – Cowen

Rupesh Parikh – Oppenheimer

Simeon Siegel – BMO Capital Markets

Mark Altschwager – Baird

Operator

Greetings. And welcome to the Ulta Beauty Third Quarter 2020 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Ms. Kiley Rawlins, Vice President, Investor Relations. Please proceed.

Kiley Rawlins

Thank you, Shimauli. Good afternoon. And thank you for joining us today for our discussion of Ulta Beauty’s results for the third quarter of fiscal 2020. Hosting today’s call are Mary Dillon, Chief Executive Officer; and Scott Settersten, Chief Financial Officer. Dave Kimbell, President, 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 statements due to a number of risks and uncertainties, all of which are described in the company’s filings with the SEC.

We caution you not to place undue reliance on these forward-looking statements, which speak only as of today, December 3, 2020. 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.

In today’s comments, we will discuss certain non-GAAP financial measures, including adjusted diluted EPS, which has been presented to reflect our view of our ongoing operations by adjusting for impairment and restructuring-related costs.

A reconciliation of these measures to the corresponding GAAP measures can be found in our earnings release, which is available in the Investor Relations section of our website at www.ulta.com.

We will begin this afternoon with prepared remarks from Mary and Scott. Following our comments, we will open the call for questions. To allow us to accommodate as many questions as possible during the hour scheduled for this call, we would ask that you please limit your time to one question and one follow-up question. As always, Patrick and I will be available for any follow-up questions after the call.

Now I will turn the call over to Mary. Mary?

Mary Dillon

Thank you, Kiley, and good afternoon, everyone. Today, we reported financial results that reflect the strength of the Ulta Beauty model and improving trends in consumer demand. I continue to be very proud of how well our teams are responding and navigating through this difficult

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