英文_Jefferies_洞察_月度美容数据矩阵；网络数据仍为负；彩妆网络表现优于其他_17页_1mb

Jefferies Equity Research Summary: Beauty Sector June 2025

Key Insights:

• Beauty category faces headwinds, with web traffic declining across most segments except color, while social engagement improved for color and fragrance.
• Web traffic and social growth remain mixed, with web slowing everywhere except color, and social bouncing back for color and fragrance.
• High-end brands show resilience, but lower-price consumers are value-seeking. Mass channel slowdown in FDM (brick-and-mortar department stores) is a concern.
• Pricing power is uncertain amid tariff impacts.

Performance by Company:

• Strong Performers: Sally Beauty led in overall index scores, highlighting its May results. NTCO (North American Cosmetics) showed peaks in social and EMV growth.
• Declining Areas: ULTA Beauty and BBWI (Bath & Body Works) saw net negative performance. Coty and its alternatives noted declines in EMV and web traffic.

Category Breakdown:

• Color: Web outperformed others, driving positive social.
• Facial Skin & Skin: Web and social broadly negative.
• Fragrance & Hair: Various declines highlighted in EMV and web metrics.

Risks & Opportunities:

• Ongoing debate around FDM channel shift vs. beauty weakness.
• Uncertainty in pricing power and tariff mitigation.
• Innovation becomes increasingly critical for competitive advantage.

For detailed data on specific stocks like ULTRA, L'Oréal, or Ulta, refer to the full research report available here: https://javatar.bluematrix.com/sellside/Disclosures.action.