As investors pull back on the beauty retailer, Berkshire Hathaway is buying in.
On Thursday after market close, the beauty retailer reported second quarter results that missed estimates across the board. Revenue came in at $2.55 billion, compared to $2.62 billion expected. Earnings per share of $5.30 also fell short of the $5.50 expected."Our second quarter performance did not meet our expectations, driven primarily by a decline in comparable store sales," he said.
It expects revenue to come in between $11.0 billion to $11.2 billion, less than the previous range of $11.5 billion to $11.6 billion. "We think beauty demand may come under pressure in 2024 as consumer budgets remain stressed after two years of elevated rates. We think consumers will lean into shopping closer to refill, shopping for innovation-led solutions, and leveraging consumer rewards," CFRA analyst Ana Garcia wrote in a note to clients.
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