From CNBC: 2024-08-29 17:13:58

Ulta Beauty’s shares dropped by 7% in extended trading after missing second-quarter expectations and reducing its full-year guidance due to a decline in same-store sales. Comparable sales fell 1.2% in the second quarter, below analysts’ expectations of 1.2% growth. The company now predicts full-year same-store sales to be flat to 2% down.
Ulta Beauty reported earnings per share of $5.30 and revenue of $2.55 billion for the period ended August 3, missing expectations of $5.46 per share and $2.61 billion in revenue. Net income was $252.6 million, down from $300.1 million from the same period a year prior. Revenue increased slightly to $2.55 billion.
Berkshire Hathaway disclosed a $266 million stake in Ulta Beauty earlier this month, causing a surge in Ulta’s shares. This follows a 32% drop in the stock value in 2024, largely due to slowing beauty demand as noted by Ulta’s CEO in April. Plans have been outlined for boosting sales through various strategies.



Read more at CNBC: Ulta earnings Q2 2024