Consumer
Ulta Beauty Cuts Sales Outlook on Slowing Consumer Demand
- Beauty retailer faces more competition from Target, Walmart
- Shoppers are increasingly focused on value, Ulta CEO says
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Ulta Beauty Inc. trimmed its sales forecast as more US consumers cut back on makeup and cosmetics in the face of higher prices and elevated borrowing costs.
The retailer sees net sales of $11 billion to $11.2 billion in the current year, down from its earlier estimate of $11.5 billion to $11.6 billion. Second-quarter comparable store sales also missed Wall Street expectations.