Ulta Beauty Inc (NASDAQ:ULTA) Q1 2020 Earnings Conference Call - Final Transcript

May 28, 2020 • 05:00 pm ET

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Ulta Beauty Inc (NASDAQ:ULTA) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Ulta Beauty First Quarter 2020 Earnings Results Conference Call. [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.

Executive
Kiley Rawlins

Thank you, Shamal and good afternoon, and thank you for joining us today for our discussion of Ulta Beauty's results for the first 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. This afternoon, we released our financial results for the first quarter of fiscal 2020. A copy of the press release is available in the Investor Relations section of our website at www.ulta.com. 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, May 28, 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. We'll begin this afternoon with prepared remarks from Mary and Scott. Following our prepared remark 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, we ask that you please limit your time to one question. To ask a second or follow-up question, we would ask that you re-queue. As always, the IR team will be available for any follow-up questions after the call.

Now, I'll turn the call over to Mary. Mary?

Executive
Mary Dillon

Thank you, Kiley, and good afternoon, everyone. Before we talk about our first quarter results and how we're responding to the challenges created by COVID-19, I want to first take a moment to thank all who have been on the front line selflessly fighting the outbreak and caring for the country since this pandemic began. We're truly grateful for your dedication. I also want to thank my leadership team and all Ulta Beauty associates for their unwavering commitment, tireless efforts and continued agility as we adjust to a very dynamic and uncertain operating environment. As we've navigated through this crisis, our lens for every decision has been the safety and the well-being of our associates and guests. In early March, as the virus began to spread in the U.S., we quickly took steps to keep our associates and guests safe and healthy.

We increased sanitation measures and cleaning frequency in stores, limited the use of testers and suspended all beauty services. As the situation escalated,