JHVEPhoto August 30th was not a particularly pleasant day for shareholders of Ulta Beauty, Inc. (NASDAQ:ULTA), a company that operates as the largest beauty retailer in the US. Through its stores, it sells cosmetics, fragrances, skincare products, and hair care products, and even provides salon services. This is a space that, in prior years, had been quite attractive. Management has achieved robust growth and has not been shy to allocate excess capital toward things like share buybacks. Unfortunately, thoug ...