It wasn't Ulta Beauty's (ULTA) earnings, sales or even future forecasts that caught analysts and investors off guard on Friday - it was the unexpected announcement that CEO Mary Dillon is stepping down.
Ulta Beauty (ULTA) - Get Report shares faded on Friday after the beauty retailer announced a sales outlook that missed estimates and an upcoming change of leadership that took both investors and analysts who cover the company by surprise.
Analysts were particularly surprised by Dillon’s plans to step down from her role as CEO in June. She will be replaced by current company President Dave Kimbell.
Watch the video above to hear more about what Wall Street analysts think of the surprise announcement and move, and what's next for Ulta Beauty.