Ulta dials back expansion plans after Q1 sales take a hit

Ulta Beauty has reduced the number of stores it plans to open in 2020 after the Covid-19 outbreak caused a “significant disruption” to operations, CEO Mary Dillon said as the company released its fiscal year 2020 first quarter results. E-commerce sales during the quarter “exceeded our expectations” but were not enough to offset temporary store closures, Dillon said in a statement. Net sales decreased 32.7% to $1,173.2 million compared to $1,743.0 million in the first quarter of fiscal…