An ugly day for Ulta Beauty. Shares of the high-flying cosmetics and skin care retailer sank in early trading Friday, shedding all of their nearly 35% gain this year as ten analysts slashed their price targets on the stock.

Triggering the plunge: Ulta cut its profit forecast for the full year and warned that sales would slow. CEO Mary Dillon said the outlook reflects "the headwinds we are currently seeing in the U.S. cosmetics market."

That's a huge problem because roughly half of Ulta's annual sales are cosmetics. In the past, trends such as contouring and brow styling required buying several products, but customers are reportedly turning to other beauty items, and sales of mass-market cosmetics have slowed.

Ulta blossomed quickly from a little-known chain in 2012 to become a major force in beauty retailing. It lured customers by offering deals on everything from mass-market cosmetics to high-end brands.