Group 1 - Morgan Stanley reports that Ulta Beauty is expected to maintain strong sales performance in Q2, maintaining an "overweight" rating [1] - Sales of beauty products in food, drug, and mass channels grew by 0.1% in the four weeks ending September 6, with a revised growth of 1.0% in the previous month [1] - The trend for Q3 so far is +0.2%, slightly down from +0.5% reported previously [1] Group 2 - Horizontal data suggests that Q3 trends are stable at approximately 5%-7% growth, which is stronger than market consensus expectations of +3.2% [2] - Ulta Beauty's recent comments indicate satisfaction with August performance, with no changes in consumer spending patterns or category participation [2] - Comparable sales for the second half of the year are expected to be flat to low single-digit growth [2]