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% Ulta also revised its full-year earnings per share guidance to a range of $25.20 to $26, down from its previous guidance of $26.20 to $27.in the beauty category at an investor conference. And while the slowdown was largely anticipated, Kimbell said that it hit the beauty company "a bit earlier and bit bigger" than it had expected.Revenue: $2.73 billion vs. $2.72 billion expected
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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