Beauty stocks fell last month after Ulta CEO Dave Kimbell said beauty demand was cooling, but cosmetics upstart Oddity Tech said the industry is just changing.
Oddity Tech, the parent company behind the Il Makiage and Spoiled Child brands, disagreed with recent comments from Ulta CEO Dave Kimbell that beauty demand was cooling.
The beauty and wellness company, which uses AI to develop new products, blew past Wall Street's expectations and saw first quarter sales grow 28% compared to the prior year.– the newly public Israeli cosmetics platform that uses AI to develop products — posted first quarter results that blew past expectations and raised its full-year guidance.The company reported net income of $32.98 million, or 53 cents per share, for the three-month period that ended March 31, compared with $19.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"We have seen a slowdown in the total category," Kimbell said at an investor conference hosted by JPMorgan Chase."We came into the year — and we talked about this on our call a few weeks ago — expecting the category to moderate. It has , as I said, several years of strong growth. We did not anticipate it would continue at the rate that it's been growing.
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