Ulta Beauty Inc (NASDAQ:ULTA) Q2 2020 Earnings Conference Call - Final Transcript

Aug 27, 2020 • 05:00 pm ET

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Ulta Beauty Inc (NASDAQ:ULTA) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to the Ulta Beauty Second 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 Diego, Good afternoon and thank you for joining us today for our discussion of Ulta Beauty's results for the second 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, August 27, 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 shall 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 store impairment charges and cost associated with the permanent closures of 19 stores.

A reconciliation of these measures to the corresponding GAAP measures can be found in our earnings release, which is available on the investor relation section of our website at www.ulta.com. We'll begin this afternoon with prepared remarks from Mary and Scott. Following our prepared comments, we'll open the call up 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 and one follow up question. To ask a second 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'd like to turn the call over to Mary. Mary?

Executive
Mary Dillon

Thank you Kiley, and good afternoon everyone. Let's start with an overview of where we are today. First I will say that since the beginning of the pandemic we've navigated through the crisis with our associates and guests at the center of every decision made. I'm really proud of how our teams have responded to this challenging period and I want to thank my leadership team and all of our Ulta Beauty associates especially our store and distribution center associates for their agility, creativity and commitment to serving our guests and taking care of each other during this unprecedented period. On our last earnings call we were in the early stages of our reopening process.

During the second quarter we reopened