The beauty retailer Ulta’s CEO Dave Kimbell said sales are still growing, but at a slower-than-expected rate.
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.
In his remarks on Wednesday, however, Kimbell said beauty shoppers aren't immune to feeling economic pressures, even in a category that's been red hot. He referred to dynamics that may cause them to pull back on spending, including rising credit card debt, geopolitical conflicts and the upcoming presidential election.
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