Ulta Beauty Shares Fall on Outlook Miss, Views for Slower Cosmetics Growth

Dow Jones03-15

Shares of Ulta Beauty dropped 6.3%, to $530.02, in Thursday post-market trading after the specialty beauty retailer guided for lower-than-expected full-year earnings and said it sees a slowdown in growth in the beauty industry.

The company forecast full-year earnings per share of $26.20 to $27. Wall Street expects earnings per share of $27.03 for the year, according to FactSet.

The beauty category has experienced unprecedented growth over the past three years, Chief Executive Dave Kimbell said on a call with analysts. Growth will moderate in 2024 to the mid-single-digit range, the executive added.

Ulta's sales rose 10%, to $3.55 billion, in the latest quarter, beating Wall Street expectations of $3.53 billion. Still, the company sees intensifying competition and has dealt with softness in prestige sales, as well as with lower makeup and hair-care sales, in the quarter ended Feb. 3.

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