UPDATE 1-Ulta Beauty names Dave Kimbell as new CEO

(Adds forecast, background, share price)

March 11 (Reuters) - Cosmetics retailer Ulta Beauty Inc on Thursday named President Dave Kimbell as its new chief executive officer, replacing Mary Dillon, who will become the executive chair of the company’s board of directors.

Kimbell joined Ulta as a chief marketing officer in 2014 and held other executive positions before becoming the president in 2019.

The company forecast fiscal 2021 revenue between $7.2 billion and $7.3 billion. Analysts had expected revenue of $7.32 billion, according to IBES data from Refinitiv.

Ulta’s full-year profit outlook of $8.85-$9.30 per share, missed expectations of $10.61 as demand for make-up products remains under pressure due to extended work-from-home policies.

The company’s shares were down 8.3% at $318.70 after the bell. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel and Shounak Dasgupta)