Why Ulta Beauty Stock Sank on Wednesday
Shares of cosmetics retail chain Ulta Beauty (NASDAQ: ULTA) sank on Wednesday following some commentary from management at J.P. Morgan's 10th Annual Retail Roundup investor conference. As of 1:20 p.m. ET, Ulta Beauty stock was down 14%.
Ulta Beauty CEO Dave Kimbell and future CFO Paula Oyibo gave a fireside chat at the aforementioned conference at 9 a.m. ET this morning. The duo warned investors that the company is seeing "Slower growth than anticipated in the category so far this year," according to The Fly.
On March 14, Ulta Beauty gave financial guidance for its fiscal 2024, saying that it expected 4% to 5% full-year growth for same-store sales. However, now just 20 days later, management says that tepid growth in the first half of the year will cause full-year fiscal 2024 results to be closer to the low end of its guidance.
Source Fool.com
