Ulta Beauty Shares Plunge 15% as Company Warns of Slowing Demand for Beauty Products

• Ulta Beauty shares plunged 15% as the company warned of slowing demand and "cooling consumer demand for beauty products" • Ulta said comparable sales for the current quarter would likely be at the lower end of previous guidance • The slowdown is "a bit earlier and a bit bigger" than the company had anticipated, said Ulta CEO • Higher credit card debt and the return of student loan payments are pressuring consumers, the company indicated • The drop in Ulta sparked broader selling in beauty stocks, with Elf Beauty, Estee Lauder, and Coty also falling sharply