Why Ulta Beauty Stock Dropped by Almost 23% Last Month
Shares of cosmetics retailer Ulta Beauty (NASDAQ: ULTA) dropped by 22.6% in April, according to data provided by S&P Global Market Intelligence. And management has no one to blame but itself.
Ulta Beauty already had investors down in the dumps in March. On March 14, the company reported completed financial results for its fiscal 2023. The stock slid as its guidance for 2024 came in behind expectations.
However, on April 3 at an investor conference, Ulta Beauty's management said that spend for cosmetic products was off to a slower start this year than expected. Therefore, the company's upcoming first-quarter results could be at the low end of its guidance, and investors were disappointed with guidance to begin with.
Source Fool.com
