莎莉美容 2024年度报告

D E A R F E L L O W S H A R E H O L D E R S First, our Customer Activation strategy is focused on acquisition,retention and share of wallet. Much of our success is rooted in ourcustomer-centric capabilities. We have always been intensely focusedon delivering unmatched levels of education, service and advice. Byleveraging our rich customer data, advanced analytics such as ourenhanced media mix model, and robust customer research, we canbetter target high-potential segments. This will enable us to improvecustomer engagement across touchpoints that include performancemarketing and personalization at both Sally and BSG, as well as ourrefreshed brand marketing and our Licensed Colorist on Demandoffering at Sally. Fiscal 2025 was a strong year for our company, highlighted by strongoperating and financial performance in the context of a rapidlychanging and uncertain macro environment. We are pleased withthe momentum we finished the year with while delivering full yearfinancial results that exceeded our expectations. These results are atestament to the incredible execution of our teams across the globeand demonstrate the underlying strength of our business model. FISCAL YEAR 2025 HIGHLIGHTS For fiscal 2025, we delivered consolidated net sales of $3.7 billion,including global e-commerce sales that grew 9% to $397 millionand represented 11% of total net sales. Additionally, our gross marginremainedhealthy at 52%,which helped drive GAAP operatingearnings of $328 million and GAAP operating margin of 8.9%. GAAPdiluted net earnings per share came in at $1.89, representing growthof over 30% versus last year. Importantly, our core strategic pillarsdrove customer engagement and sales, contributing approximately260 basis points of sales growth for the full year. This performanceenabledus to generate strong cash flow from operations of$275 million, which we deployed toward investing for growth, furtherstrengthening our balance sheet with $119 million of debt reductionand returning value to shareholders through more than $50 millionof share repurchases. Second,our Digital strategy is focused on enhancing businessperformance and reaching new markets. For Sally, there is a clearopportunity to build on the momentum of our marketplace success.Our teams are focused on unlocking greater digital value throughmarketplace expansion, leveraging our speed to market deliverycapabilities and strengthening our digital foundation. On the BSG side,we are targeting the spring of 2026 for a substantial update to ourmobile app and ecommerce platform designed to deliver improveduser experience and enhanced personalization, which we believewill drive higher conversion, increase retention and engagement, andenhance brand loyalty. Third, our strategy around Product Assortment and Innovation isfocused on differentiation. For our Sally segment, we are focused ondriving multi-category performance by continuing to bring in newbrands and products, while expanding and nurturing categoriesbeyond color. One example includes adding fragrances as a newcategory in our top 1,000 Sally US stores this year. For the BSGsegment, we have another exciting lineup of innovation comingfocused on key trends like glossing, blonding, smoothing, molecularrepair and scalp care. I want to highlight a few of our operational successes from 2025: ■We maintained our leadership position in hair color, deliveringgrowth of 4% for fiscal 2025. ■We delivered on our promise of customer centricity, driving stronggrowth in our Licensed Colorist on Demand consultation serviceby delivering standout education and advice.■We extended our reach and fueled digital growth with theexpansion of our marketplaces strategy, adding Uber Eats toour already strong roster of partners, which includes Doordash,Instacart, Amazon and Walmart.■We delivered a continuous pipeline of product innovation, addingnew powerhouse brands like K18 at Beauty Systems Group (“BSG”),and expanding our partnership with Sauce Beauty as well asadding newness in color from Wella and Iroiro at Sally.■We launched a comprehensive Sally brand refresh, which we arenow calling Sally Ignited, designed to transform the business from atrusted beauty supplier to a modern, dynamic beauty powerhouse.■We generated an incremental $46 million of benefits through ourFuel for Growth Program in fiscal 2025, building our cumulative run-rate benefits to $74 million. Of that cumulative total, approximately$42 million flowed to the bottom line with the remaining $32 millionbeing reinvested in the business.■And lastly, we were responsible stewards of capital, focused onbuilding long-term value for all of our stakeholders. Lastly, our strategy for New Growth Pathways includes opportunitiesfor both of our business segments. For Sally, we view Sally Ignited asa game changer for our platform going forward. Sally Ignited is acomprehensiveinitiative encompassing both physical and digitalrefreshes, category and brand expansion, and immersive exper