Ulta Beauty’s stock price dipped as much as 10 percent in after-market trading Thursday as its period of rapid sales growth began to moderate.
Net sales increased 12.3 percent to $2.6 billion in the primary quarter of fiscal 2023, in comparison with $2.3 billion in the identical period last yr and a touch below analysts’ predictions of $2.62 billion.
Comparable sales, which include stores open at the least 14 months and e-commerce sales, increased 9.3 percent in comparison with a rise of 18 percent in the primary quarter of fiscal 2022.
“We entered 2023 anticipating that the unprecedented growth in the wonder category would moderate and that the promotional environment would increase,” said chief financial officer Scott Settersten during a call with analysts....
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