Ulta Beauty (NASDAQ:ULTA) shares plunged more than 13% on Friday after the company reported its Q1 earnings results, with revenue of $2.6 billion coming in worse than the Street estimate of $2.62 billion. EPS was $6.88, compared to the Street estimate of $6.82. Comparable sales grew 9.3%, compared to an 18% growth in Q1/2022.

The company provided its full 2023 year outlook, anticipating revenue in the range of $11-$11.1 billion, compared to the Street estimate of $11.12 billion.

According to the analysts at Oppenheimer, the company’s shares have historically struggled on prints, even with substantial beats. Slowing category growth and a more promotional backdrop add more risks in the short-term, but the analysts believe the company remains well positioned to continue gaining share.