Ulta Beauty Lowers 2024 Outlook After Missing Q2 Estimates

Increased competition and shifting consumer behavior lead to disappointing earnings and revised forecasts.

Ulta Beauty's Q2 revenue was $2.55 billion, below the expected $2.62 billion.
Earnings per share fell to $5.30, missing the forecasted $5.50.
Same-store sales declined by 1.2%, against an expected 1.32% growth.
The company now projects full-year revenue between $11 billion and $11.2 billion, down from $11.5 billion to $11.6 billion.
Shares dropped 7% in after-hours trading following the earnings report.