Ulta plunges on warning of sales slowdown

Down more than 10% Wednesday, after executives warns sales are declining way quicker than they thought.

4/3/24 4:31PM

Shares of cosmetics retailer Ulta tumbled more than 10% Wednesday, after executives spoke of a faster-than-expected sales slowdown for beauty products in early 2024.

“We’ve seen this growth rate come down probably faster than we anticipated,” Ulta Chief Executive Dave Kimbell told an investment conference.

KKW Beauty Launches At ULTA Beauty — Getty Images

He added: “The slowdown we're seeing is broad based across categories.”

Traders extrapolated Ulta’s issues to other makeup vendors. Coty and e.l.f. Beautyalso sank.

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