03:58 PM EDT, 04/03/2024 (MT Newswires) -- Ulta Beauty ( ULTA ) shares fell 15% in recent Wednesday trading, after the company's Chief Executive David Kimbell said that the company is experiencing slowdown across categories and price cuts.

"What we've seen so far is a slowdown in the total category across price points and segments. That's a bit earlier and a bit bigger than we thought," Kimbell said during a conference presentation, according to a transcript.

Shares of companies who supply products to Ulta, such as Estee Lauder ( EL ) , Coty ( COTY ) and e.l.f. Beauty (ELF), also dropped 4%, 6% and 12%, respectively, in recent trading.

Price: 147.00, Change: -5.77, Percent Change: -3.78