据D.A. Davidson最新报告指出，Ulta美容的大规模资本投入时期似乎已接近尾声。该公司对本财年的业绩指引显示，其销售、一般及行政费用增速将与6%-7%的销售额增长预期持平或略低，较2025财年17%的增幅显著放缓。
分析师强调："这并非意味着Ulta将停止业务投资，但随着公司逐步消化过去几年的投入成果，投资规模将大幅缩减。"此前该美妆零售商持续深耕供应链升级、系统优化、门店运营，并同步投入薪资福利、激励性薪酬及并购领域。
受本财年增长预期放缓影响，Ulta股价当日下挫13%。当前消费者仍倾向于追寻高性价比产品，这一趋势持续对业绩形成压力。
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