Subject: Re: DG: Theft
Notably, shrink was flat during the quarter, slightly better than our expectations, reflecting the impact of our investments this year in training, labor, and new fragrance fixtures.

For the full year, shrink as a percentage of sales increased 40 basis points. Moving to expenses, SG&A increased 7.6% to $820 million. Overall SG&A spend was better than planned due to focused expense management and a shift in timing of certain strategic investments. As a percentage of sales, SG&A decreased 50 basis points to 23.1% compared to 23.6% last year,

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In contrast to DG, ULTA mentioned shrink or theft only twice in the earnings call. Also there is better control over expense management than DG.