Ulta Beauty shares are trading lower after the company reported Q4 financial results and issued FY24 revenue guidance below estimates. The company's board of directors approved a new share repurchase authorization of $2.0 billion.
Portfolio Pulse from Benzinga Newsdesk
Ulta Beauty's shares dropped following its Q4 financial results announcement and FY24 revenue guidance, which fell below expectations. However, the company's board approved a new $2.0 billion share repurchase program.
March 14, 2024 | 8:18 pm
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NEGATIVE IMPACT
Ulta Beauty's Q4 financial results and lower-than-expected FY24 revenue guidance led to a decrease in share price, but the new $2.0 billion share repurchase program may provide some support.
The negative reaction to Ulta Beauty's Q4 financial results and FY24 revenue guidance is likely to exert short-term downward pressure on the stock. However, the announcement of a $2.0 billion share repurchase program could mitigate some of the negative impact by signaling confidence from the company's board and potentially reducing share supply.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100