Ulta Beauty Unlikely to Show Improvement in H2, Evercore Says-February 2024-www.financetom.com

Ulta Beauty Unlikely to Show Improvement in H2, Evercore Says

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Ulta Beauty Unlikely to Show Improvement in H2, Evercore Says

Aug 31, 2024 10:49 AM

08:04 AM EDT, 08/30/2024 (MT Newswires) -- Ulta Beauty ( ULTA ) will likely show no improvement in H2 performance given its market share and other pressures, Evercore said in a note to investors on Friday.

The company's miss on Q2 earnings "is likely to weigh on ULTA's stock in the near term," the note said.

However, Evercore said its lowered earnings guidance puts the beauty products retailer in a "more reasonable position to avoid further negative revisions" in FY24, which could hurt the three-year growth targets it plans to announce in October.

Amazon's Prime Day "drove nearly the entire dollar growth in the total US prestige beauty category" during Q2, a surge that won't recur in Q3, Evercore said.

Shares of the company were down more than 8% in recent Friday premarket activity.

Price: 335.95, Change: -31.63, Percent Change: -8.60

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