Beauty has been a strong point for retailers as they face a consumer pullback in light of persistently higher costs.
Ulta Beauty reported on Thursday fiscal first-quarter earnings that showed the effects of a slowdown its CEO had previously warned about.
Comparable sales, a metric that tracks Ulta stores open at least 14 months along with online sales, increased 1.6% year over year, a stark slowdown from the same period a year earlier when Ulta reported comparable sales growth of 9.3%The company lowered their guidance for the fiscal year. Ulta reported that it is now expecting net sales in the range of $11.5 billion to $11.6 billion and comparable sales in the range of 2% to 3%. The company previously guided to full-year net sales of $11.
Ulta reported net income for the quarter ended April 24 of $313.1 million, or $6.47 cents per share, compared with $347.1 million, or $6.88 per share, a year earlier. Beauty brand The Wall Street view of Ulta has been cooling ahead of the company's earnings report, with analysts at Baird and Canaccord Genuity lowering their price targets in recent days.
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