瑞银-美股-零售行业-美国美妆零售：2020年Q2美妆零售业将会发生什么？（英文）

We reviewed prices for 175 of ULTA's top products & other retailers (as of Aug 18). On exact SKU matches with ULTA, Sephora's prices were -0.8% cheaper (-0.3% in Apr), Macy's 2.0% more expensive (0.7% in Apr), & JWN's 2.2% more expensive (on par in Apr), highlighting that pricing behavior continues to be rational. According to UBS Evidence Lab (> Access Dataset), prices on ULTA's LFL items were down -0.1% YoY for the May/Jun period vs. -0.4% last year (& -0.5% avg for pr