Ulta Beauty: Rising Inventories Are Another Major Red Flag

Data by YCharts Ulta started the year with consensus estimates sitting at revenues of $11.73 billion, and EPS of $26.8. Today, the consensus is at $11.56 billion and $25.77, respectively. The significant downgrades are primarily a result of management's commentary throughout the year, as well as its lackluster Q1'24. Putting Ulta Beauty's Historical Multiple In Context The above graph shows us Ulta's TTM multiple over the past decade. We can see that today's 14.8x marks a low point, with the company trading ...