"Ulta Beauty CEO's Warning Sends Shares Plummeting and Drags Down Cosmetics Stocks"

Ulta Beauty's shares dropped 13% after CEO Dave Kimbell warned of a slowdown in beauty product demand, attributing it to economic pressures and geopolitical conflicts. The company expects sales to grow in the mid single-digits for the year, but the slowdown has been "a bit earlier and bit bigger than we thought." This trend has affected various beauty categories, particularly prestige makeup and haircare. Ulta's anticipated net sales for 2024 are expected to range from $11.7 billion to $11.8 billion, with a projected 4% to 5% increase in comparable sales for the fiscal year.