Ulta Beauty Cuts Sales Outlook on Slowing Consumer Demand.

Ulta Beauty Inc. has revised its sales forecast due to a decrease in consumer demand for makeup and cosmetics in the US. The company now expects net sales of $11 billion to $11.2 billion for the year, down from its previous estimate. Ulta has experienced a decline in sales as shoppers become more cautious with their spending and focus on value. The company is also facing increased competition from rivals such as Sephora, Target, Walmart, and online sellers like Amazon. Ulta's CEO, Dave Kimbell, acknowledged that their market share is being challenged, particularly in the prestige makeup and hair care categories. The company's disappointing results indicate the need for a turnaround plan. [Extracted from the article]