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Ulta Beauty Names Dave Kimbell as New CEO, Misses Share Target

Ulta named the brand’s president Dave Kimbell as its new CEO.
Fragrance and colour cosmetics faced steep declines in 2020, but beauty demand overall remains strong as consumers turn to the “self-care” categories of skincare, haircare and personal care. Getty Images.
Fragrance and colour cosmetics faced steep declines in 2020, but beauty demand overall remains strong as consumers turn to the self-care categories of skincare, haircare and personal care. Getty Images.

Cosmetics retailer Ulta Beauty Inc on Thursday named President Dave Kimbell as its new chief executive officer, replacing Mary Dillon, who will become the executive chair of the company’s board of directors.

Kimbell joined Ulta as a chief marketing officer in 2014 and held other executive positions before becoming the president in 2019.

The company forecast fiscal 2021 revenue between $7.2 billion and $7.3 billion. Analysts had expected revenue of $7.32 billion, according to IBES data from Refinitiv.

Ulta’s full-year profit outlook of $8.85-$9.30 per share, missed expectations of $10.61 as demand for make-up products remains under pressure due to extended work-from-home policies.

The company’s shares were down 8.3 percent at $318.70 after the bell.

By Praveen Paramasivam

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