Face masks, hair masks — during pandemic lockdowns, we couldn’t get enough of them. Then, when those lockdowns ended, we wanted to buy makeup again.

“You’re now coming to a time where, you know, all of that is slowing,” said Kelly Crago, an analyst at Citi.

That explains why Ulta Beauty noted at its investor day on Wednesday that it’s continuing to face some challenges, including increased competition and softer demand in the beauty market, writ large.

Demand for products like masks and mascara is now normalizing, Crago said, which has meant lower growth for retailers like Ulta.

Plus, it now faces more competition to sell those those things, according to Dylan Carden, an analyst at William Blair.

“You’ve got Sephora that’s opened up stores in Kohl’s, you’ve got off price. T.J. Maxx, in particular, is increasingly talking about their beauty opportunity,” he said. “And you’ve got online migration.”

To counter that competition, Ulta is opening 200 new stores over the next three years. Beauty products have historically been purchased IRL, Carden added.

People are also getting interested in what Ulta’s selling at a younger age, per Citi’s Crago.

“There’s examples of, you know, teenagers that are caring about wearing sunscreen every day on their face. And it’s a lot more in their DNA to be caring about that stuff than I was when I was that age, or probably you,” she said.

Sun safety is good for everyone — and it’s especially good for the retailers who sell us the sunscreen.