Shares of Ulta Beauty (NASDAQ:ULTA) fell over 15% on Wednesday after CEO David Kimbell’s comments at the JPMorgan Retail conference indicated a notable slowdown in the beauty product category early in the fiscal year.

Kimbell stated that, despite entering the year expecting some moderation, the decline in growth across various price points and segments has occurred sooner and more significantly than anticipated. Despite this, he noted the category is still growing, with continued customer engagement, but the deceleration has surpassed expectations. He highlighted that external indicators confirm a market-wide slowdown, aligning with the company’s earlier predictions of a moderating pace.

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