Ulta CEO Dave Kimbell states that the demand for beauty products has slowed down earlier and bigger than expected. The slowdown has affected various price points and beauty categories, particularly prestige makeup and haircare.
CEO Dave Kimbell said Ulta expected demand to moderate, but the slowdown has been "a bit earlier and bit bigger than we thought." "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.
" But Kimbell added that slowdown has been "a bit earlier and bit bigger than we thought." He said that trend has cut across price points and different beauty categories, but has been more significant in prestige makeup and haircare. Beauty has stood out as one of the hottest categories in retail. Even as U.S. consumers watch their spending on discretionary items like clothing, they have continued to spring for makeup, skincare items and other beauty product
Ulta CEO Beauty Demand Slowdown Growth Makeup Haircare Retail Consumers
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