Ulta Q1 2024 earnings are in: lower full-year forecasts confirming beauty slowdown.
retailer is expecting net sales for fiscal 2024 to come in at between $11.5 billion and $11.6 billion, down from its previous forecast of $11.7 billion to $11.8 billion, it said on Thursday.category, and our ability to execute against our plans, but we have adjusted our annual guidance as we anticipate the dynamics we faced in the first quarter to continue for the balance of the year,” said Dave Kimbell, Ulta’s chief executive officer., speaking at a J.P.
In particular, Ulta reported that its prestige business was challenged in the first quarter, reflecting the impact of increased distribution for key brands, timing shifts of product movements, and the lapping of the impact of strong social media engagement with certain brands last year. Net income was $313.1 million, or $6.47 per diluted share, compared to $347.1 million the prior-year period. This was above forecasts of $6.25.Corp. that includes shops-in-shop, said he had never seen a more dynamic environment in beauty: “For the entire 33-year history of this company, we’ve been competing in a very competitive environment.
Kimbell said he would share more details of the plan to claw back market share during Ulta’s investor day in October. In the meantime, the retailer is focusing on five key areas: strengthening the assortment, accelerating social relevance, enhancing the digital experience, leveraging the loyalty program and evolving promotional levers.. We use vendors that may also process your information to help provide our services.
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