Ulta Beauty (ULTA.US) is one of the worst performing Wall Street companies today, dropping around 13% at press time. Share price slump was triggered by sales warning made by David Kimbell, company's CEO, at JPMorgan Retail Round Up Conference.
Kimbell said that there is a slowdown in spending on all categories and across all price points and segments at the beginning of 2024. Executive said that this slowdown came earlier than expected and was larger than anticipated. While spending is still growing, it was noted that pace of this growth came down faster than expected. Kimbell said that Ulta Beauty now expects Q1 comparable sales to be at the lower end of 'low single digits' growth outlook.
This warning of a weaker-than-expected consumer spending is putting pressure on Ulta Beauty shares today, but also on other beauty stocks, like for example Coty (COTY.US) or Estee Lauder (EL.US).
Ulta Beauty (ULTA.US) slumped to the lowest level since late-August 2023 following sales warning from company's CEO. Source: xStation5
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