Ulta Beauty Shares Plunge as CEO Signals Industry-Wide Slowdown

Dave Kimbell, CEO of Ulta Beauty, reports a significant slowdown in demand across all beauty categories, attributing the trend to various economic pressures and increased competition.

Ulta Beauty's first-quarter performance falters, with a 15% drop in share price attributed to a slowdown in demand across the beauty industry.
CEO Dave Kimbell cites economic pressures such as rising credit card debt and geopolitical conflicts, alongside an election year, as factors affecting consumer spending.
Increased competition from rivals like Sephora in Kohl's and Bluemercury's expansion adds to Ulta's challenges.
Ulta Beauty plans to expand into Mexico through a joint venture, shifting focus from a previously planned Canada launch.
The industry-wide impact is evident as shares of other beauty companies, including Estee Lauder and e.l.f. Beauty, also fell following Ulta's announcement.