Ulta Beauty has revised its fiscal year 2024 outlook downward after reporting disappointing second-quarter results. The company reported a 0.9% increase in net sales to $2.6 billion, driven by new store contributions and other revenue growth. However, comparable store sales declined by 1.2%, and sales totaled $2.552 billion. Ulta's diluted earnings per share fell to $5.30, a 12% decrease, missing the estimated $5.51, while net income dropped to $252.6 million from $300.1 million. As a result of these results, Ulta has lowered its full-year EPS guidance to $22.60-$23.50, down from the previous $25.20-$26.00, and reduced its revenue forecast to $11.0 billion-$11.2 billion from $11.5 billion-$11.6 billion. The company attributes the weaker performance to a decline in consumer demand for higher-priced cosmetics and increased competition in the beauty sector. Ulta's stock fell over 7.46% in after-hours trading following the announcement.