Ulta Shares Plunge as Company Forecasts Slowing Demand and Intense Competition

• Ulta Beauty shares tumble as much as 14.5% on Wednesday after execs forecast slowdown in demand across categories in Q1

• CEO cites "intense" competitive environment and lost market share in prestige makeup and haircare

• Slowdown comes earlier and is larger than Ulta had anticipated, after years of strong growth

• Warning drags down shares of peers like elf Beauty, Coty, and Estee Lauder, which also face challenges

• Ulta reiterates full-year comp sales target of 4-5% growth, but outlook sparks uncertainty on Wall Street