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Sales Slow at Ulta Beauty

After a blistering finish to 2023, demand cools for cosmetics, says CEO.

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By: TOM BRANNA

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Even Ulta Beauty is feeling the economic and makeup malaise. After a spectacular 2023, that saw sales rise more than 18% to $10.2 billion, Ulta CEO Dave Kimbell said results for the first two months of 2024 were worse than expected. “What we’ve seen so far is a slowdown in the total category across price points and segments,” he told attendees at a JP Morgan conference in New York City. “That’s a bit earlier and a bit bigger than we thought.” Kimbell couldn't p...

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