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News Wrap: Trump administration revokes security clearances of current, former officials

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Ulta Beauty raises full-year forecast after reporting growth in all major categories

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Ulta Beauty raises full-year forecast after reporting growth in all major categories


Ulta Beauty on Thursday raised its full-year forecast, after reporting growth in all major categories and topping Wall Street’s quarterly sales expectations.

The beauty retailer said it expects net sales of between $12 billion and $12.1 billion, up from its previous range of $11.5 billion and $11.7 billion, representing an increase from last fiscal year’s net sales of $11.3 billion. It expects earnings per share of $23.85 to $24.30, up from its previous range of $22.65 to $23.20.

It expects comparable sales, a metric that takes out one-time factors like store openings and closures, to grow between 2.5% to 3.5%, up from projections of as much as 1.5%. The company had raised its annual profit forecast and the upper end of its full year sales range in May.

In the company’s news release, CEO Kecia Steelman said its outlook for the year “reflects both the strength of our year-to-date performance and our caution around how consumer demand may evolve in the second half of the year.”

Shares of Ulta gained about 3% in extended trading, after earlier hitting a 52-week during the regular session.

Here’s what the company reported for the fiscal second quarter compared with what Wall Street expected, according to LSEG:

  • Earnings per share: $5.78. It was not immediately clear if that was comparable to the $5.08 expected by analysts.
  • Revenue: $2.79 billion vs. $2.67 billion expected

In the three-month period that ended August 2, Ulta’s net income rose to $260.88 million, or $5.78 per share, from $252.6 million, or $5.30 per share, in the year-ago period. Revenue increased from $2.55 billion in the year-ago quarter.

Beauty has remained a hot category for consumers, even as they pull back or watch their spending in other discretionary categories. Yet that’s fueled tougher competition for Ulta Beauty as specialty players like LVMH-owned Sephora, big-box retailers like Walmart and department stores like Kohl’s have all bulked up their beauty businesses.

For investors, tariffs have been a closely watched challenge for retailers, too. Compared to other retailers, Ulta is not as directly exposed. Only about 1% of the company’s merchandise last fiscal year was direct imports, then-CFO Paula Oyibo said in May on the company’s earnings call. She said at the time most of Ulta’s exposure to the higher duties was minor, such as store fixtures and supplies.

Even in tumultous economic times, Steelman said beauty and wellness tend to fare better because they “offer a unique sense of comfort and escape.”

“Our insight suggests consumers continue to prudently manage their day-to-day spending and are watchful of pricing trends in response to tariffs,” she said on the earnings call. “At the same time, beauty enthusiasts tell us that they’re prioritizing their beauty regimens and remain strongly engaged within the category.”

In the second quarter, Ulta’s comparable sales grew 6.7% year over year, more than double analysts’ expectations, according to StreetAccount.

Customers visited more and spent more when they shopped on Ulta’s website and in its stores compared to the year-ago quarter. Transactions rose by 3.7% and average ticket increased by 2.9%.

Ulta added new brands and products that drove purchases in the quarter, including more products from Sol de Janeiro, exclusive Korean beauty brand Peach & Lily and Shakira’s hair care brand, Isima, Steelman said on the company’s earnings call.

Plus, she said, it’s trying to reach more of its existing and prospective customers in new ways. It had an activation at the Coachella and Lollapalooza music festivals and was the official beauty retail partner of Beyonce’s Cowboy Carter Tour.

In a growing number of Ulta stores, it is dedicating space to wellness-related products, such as supplements. It has opened a wellness shop in about 370 stores and plans to expand them to more stores this quarter, Steelman said.

Along with attracting more customers in the U.S., Ulta has looked internationally for growth. It announced in July that had acquired Space NK, a British beauty retailer, from Manzanita Capital. The deal allows Ulta to enter a new international market, since Space NK has 83 stores in the United Kingdom and Ireland.

Ulta did not disclose the price of the acquisition, saying it funded the transaction with cash on hand and Ulta’s existing credit facility and that it would not be material to financial results for the fiscal year.

For Ulta, Space NK offered a less expensive way to enter a new market, Steelman said. Its business, which will continue to operate independently, could offer learnings that could shape Ulta’s strategy, she said. Compared to Ulta, its shops tend to be smaller, located on main streets in cities and sell primarily prestige beauty merchandise.

The company is expanding in other international markets, too. Ulta recently marked the soft opening of its first Ulta store in Mexico and it plans to open its first store in the Middle East later this year, Steelman said Thursday on the company’s earnings call.

Ulta is also introducing a third-party marketplace, which Steelman said will launch in the third quarter. A growing number of retailers, including Best Buy, are launching the marketplaces a way to expand the mix of merchandise they carry without needing more store shelf space or buying more of their own inventory.

At the same time, Ulta recently announced the end of one of its efforts to expand reach. It cut ties with Target, which had opened mini Ulta shops in more than 600 big-box stores. The licensing deal, which will end in August 2026, allowed Target to sell a smaller and rotating assortment of makeup, skincare, hair care products and more that are carried by the full Ulta stores. Target carried those items on its website, and it staffed the shops.

For Ulta, however, the Target deal contributed little to its finances, Steelman said. Royalty revenue from the deal last fiscal year “was well below 1% of net sales,” she said on the company’s earnings call.

Ulta is looking for a new CFO as well. The company’s former CFO, Oyibo, left Ulta in late June after about a year in the role. Ulta has not yet announced her permanent successor.



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White House says Trump has fired CDC Director Susan Monarez, will name replacement soon

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White House says Trump has fired CDC Director Susan Monarez, will name replacement soon


Susan Monarez, President Donald Trump’s nominee to be the Director of the Centers for Disease Control and Prevention (CDC), arrives to testify for her confirmation hearing before the Senate Committee on Health, Education, Labor, and Pensions in the Dirksen Senate Office Building on June 25, 2025 in Washington, DC.

Kayla Bartkowski | Getty Images

The White House on Thursday said President Donald Trump has fired Centers for Disease Control and Prevention Director Susan Monarez after she refused to resign, and that a new replacement will be named soon.

“The president fired her, which he has every right to do,” White House press secretary Karoline Leavitt said during a briefing.

She said Trump has “the authority to fire those who are not aligned with his mission,” and that he or Health and Human Services Secretary Robert F. Kennedy Jr. will announce a new CDC director “very soon.”

In a statement, lawyers for Monarez said they were “not aware of anything new happening.”

Earlier Thursday, Monarez’s attorney Mark Zaid said Monarez would remain in the role because she is a presidential appointee and only Trump can fire her. Zaid said White House personnel had tried to fire her, not the president.

“Receiving an email from an HR staffer simply saying ‘you’re fired’ is insufficient as a matter of law to constitute the termination of a federal employee, especially one appointed by the president and confirmed by the Senate,” Zaid said.

He also said she “refused to rubber-stamp unscientific, reckless directives and fire dedicated health experts” and that “she chose protecting the public over serving a political agenda.”

“For that, she has been targeted,” he said.

Monarez and Kennedy were at odds over vaccine policy, The New York Times reported Wednesday, citing an anonymous administration official.

Kennedy, a prominent vaccine skeptic, has taken several steps to change immunization policy in the U.S.

Monarez was sworn in on July 31. A longtime federal government scientist, she is the first CDC director to be confirmed by the Senate following a new law passed during the pandemic that required lawmakers to approve nominees for the role.

Trump’s move to oust her is the latest in a leadership upheaval at the CDC.

At least four other top health officials announced Wednesday that they were quitting the agency shortly after HHS said Monarez was “no longer” the director of the CDC in a post on X.

In a Fox News interview Thursday morning, Kennedy declined to comment on “personnel issues.” But he said the agency “is in trouble, and we need to fix it, and we are fixing it, and it may be that some people should not be working there anymore.”

Kennedy said Trump has “very, very ambitious hopes for the CDC right now.” But he said the CDC “has problems,” claiming that the agency took the “wrong” approach when it came to social distancing, masking and school closures during the Covid pandemic.

“We need to look at the priorities of the agency, if there’s really a deeply, deeply embedded … malaise at the agency, and we need strong leadership that will go in there and that will be able to execute on President Trump’s broad ambitions for this agency, the gold standard science and to what it was when we were growing up, which was the most respected health agency in the world,” Kennedy said.

The leadership departures come at a tumultuous time for the agency, which is reeling from a gunman’s attack on the CDC’s Atlanta headquarters on Aug. 8. A police officer died in the shooting. 

Correction: This article has been updated to reflect the correct day the White House said Trump fired Susan Monarez after she refused to resign, and to reflect the correct wording of Robert F. Kennedy Jr.’s last quote.

— CNBC’s Angelica Peebles contributed to this report.



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Best Buy reports modest sales recovery, but says tariffs are complicating its turnaround

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Best Buy reports modest sales recovery, but says tariffs are complicating its turnaround


Logo of Best Buy displayed outside a Best Buy store in Edmonton, Alberta, Canada, on March 22, 2025.

Artur Widak | Nurphoto | Getty Images

Best Buy surpassed Wall Street revenue and earnings expectations for its most recent quarter on Thursday, but stuck with its full-year forecast, citing tariff uncertainty.

On the company’s earnings call, CEO Corie Barry said the retailer is “increasingly confident about our plans for the back half of the year.” She said the company is “trending toward the higher end of our sales range.”

Yet she said, “given the uncertainty of potential tariff impacts in the back half, both on consumers overall as well as our business, we feel it is prudent to maintain the annual guidance we provided last quarter.”

The consumer electronics retailer said it expects revenue of $41.1 billion to $41.9 billion and adjusted earnings per share in a range of $6.15 to $6.30 for its full fiscal year 2026. In May, Best Buy had cut its full-year profit guidance from a prior range of $6.20 to $6.60.

The middle of Best Buy’s expected full-year revenue range would be roughly flat to its revenue of $41.53 billion in the previous year. Best Buy said it expects full-year comparable sales, a metric that tracks online sales and sales at stores open at least 14 months, to range between a 1% decline and a 1% increase.

Chief Financial Officer Matt Bilunas said the company’s full-year guidance reflects that some shoppers could hold off on purchases in the third quarter. He said the retailer could see a slowdown in the business in October “as people are waiting for those holiday deals to come.”

For Best Buy, back-to-school season is a crucial time as families and students come to the store for laptops, tablets and more. Barry said the company has seen “a strong customer response” to its sales events during the season.

“These results demonstrate an important aspect of our thesis: Our model really shines when there is innovation,” she said.

Shares of Best Buy were down about 4% in afternoon trading.

Here’s how the retailer did for the three-month period that ended August 2 compared with what Wall Street was expecting, according to a survey of analysts by LSEG:

  • Earnings per share: $1.28 adjusted vs. $1.21 expected
  • Revenue: $9.44 billion vs. $9.24 billion expected

Best Buy’s net income for the fiscal second quarter of 2026 fell to $186 million, or 87 cents per share, from $291 million, or $1.34 per share, in the year-ago quarter. Adjusting for one-time items, including restructuring charges, Best Buy reported earnings per share of $1.28.

Revenue increased from $9.29 billion in the year-ago quarter.

Best Buy has been navigating a challenging trifecta of factors. Customers have bought fewer kitchen appliances as they put off home purchases and projects because of higher interest rates. Some have hesitated to splurge on pricier items because of tariff-related uncertainty or held out on tech replacements as they wait for new or eye-catching items. The company’s annual sales have declined for the past three years.

To spur growth, Best Buy launched a third-party marketplace earlier this month to offer shoppers a wider selection of consumer electronics, accessories and more. On the marketplace, sellers who apply for the platform can list their own brands and items on Best Buy’s website and app.

The company already increased prices on some items because of tariff-related higher costs, Barry said on a mid-May call with reporters. She did not specify which items now cost more and described price increases as “the very last resort.”

Still, tariffs did not have a material impact on fiscal second-quarter financial results, Barry said on the company’s earnings call Thursday.

Shopping patterns

Barry said that shopping patterns at Best Buy have not changed from previous quarters. She said customers are “resilient, but deal-focused” and have been attracted to the company’s sales events like the one it held in July.

“In the current environment, customers continue to be thoughtful about big ticket purchases and are willing to spend on high price point products when they need to, or when there is technology innovation,” she said.

Best Buy’s comparable sales rose 1.6% in the fiscal second quarter compared to the year-ago period. That marked the company’s highest growth in three years, Barry said on the company’s earnings call.

In the U.S., comparable sales increased 1.1%, as customers bought mobile phones, video gaming equipment and items from its computing category. However, those sales trends were partially offset by weaker sales of appliances, home theaters, tablets and drones, the company said.

Investors have looked for signs that the replacement cycle is picking up about five years after consumers stocked up on laptops, kitchen appliances, computer screens and more during the Covid pandemic.

There were some indications of that rebound in Best Buy’s second quarter. Barry said the retailer’s computing category marked its sixth consecutive quarter of sales growth. It also recorded the highest number of second-quarter laptop unit sales in 15 years, she said.

Gaming in particular had stronger-than-expected sales in the quarter, thanks to the release of the Nintendo Switch 2, Barry said. The retailer capitalized on the highly anticipated launch by offering a way for customers to pre-order and opening stores at midnight when the gaming console dropped on June 5, so customers could line up and get it right away.

In the back half of the year, Barrie said Best Buy will try to rev up sales in slower categories like appliances and home theater by sharpening price points, adjusting the merchandise it sells and expanding the staffing devoted to them. The retailer has increasingly leaned on its vendor partners to staff stores, bringing in employees of Apple and Samsung for example, to support sales in different parts of its stores.

Barry said the retailer expects brands to ramp up those staffing contributions in the back half of the year.

Along with adding more dedicated brand experts to its stores, Best Buy has added new experiences to attract and engage customers. It’s testing mini-showrooms with Ikea that feature kitchen and laundry room appliances and merchandise from both retailers in 10 stores in Florida and Texas. It is also rolling out new experiences with Breville and SharkNinja to show off trendy coffeemakers, beauty items and more, Barry said. And it has areas in stores where shoppers can try out Ray-Ban and Oakley sunglasses with Meta AI technology.

For the Nintendo Switch 2 launch, Best Buy worked with Nintendo to double the space in stores ahead of the June launch. Nintendo also brought game trucks to select stores, physical trailers where customers could play with the new system and try out the latest videogames.

Best Buy’s fiscal second-quarter online sales in the U.S. rose 5.1% year over year and accounted for about a third of Best Buy’s total U.S. revenue in the quarter.



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