RTTNews | Mar 12, 2021 10:12AM EST

10:12 Friday, March 12, 2021 (RTTNews.com) - Shares of beauty retailer Ulta Beauty, Inc. (ULTA) are down more than 11% Friday morning.

In a statement, the company said, it named Dave Kimbell, current president, as Chief Executive Officer, to succeed Mary Dillon.

Separately, the company announced better-than-expected fourth-quarter results.

Quarterly net income was $171.5 million or $3.03 per share compared to $222.7 million or $3.89 per share in the same period a year ago.

Excluding items, adjusted earnings were $3.41, that beat the average estimate of analysts surveyed by Thomson Reuters at $2.35 per share. Analysts' estimates typically exclude special items.

Net sales decreased 4.6% to $2.2 billion compared to $2.3 billion in the fourth quarter of last year due to the impact of Covid-19.

For fiscal year 2021, the company expects to report earnings in the range of $8.85 per share to $9.30 per share and revenues to be in the range of $7.2 billion and $7.3 billion. Analysts expect the company to report earnings of $10.61 per share on revenue of $7.32 billion for the period.

ULTA, currently at $307.18, has been trading in the range of $124.05- $351 in the last one year.

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