Regis annual earnings guidance reaffirmed

22 Oct '07

3 min read

Regis Corporation reported financial results for its fiscal first quarter ending September 30, 2007. Net income for the quarter was $20.6 million, or $0.46 per diluted share, which came in at the mid-point of the Company's previously issued guidance of $0.43 to $0.49 per share.

On October 10, 2007, the Company reported revenues for the first quarter ended September 30, 2007 increased four percent to $668 million versus $639 million in first quarter of fiscal 2007.

Consolidated same-store sales increased 0.9 percent for the quarter, including an increase in service same-store sales of 2.3 percent, versus an overall decrease of 0.3 percent during the comparable quarter a year ago.

“We are very encouraged by our first quarter same-store service sales increase of 2.3 percent. Over the last nine months, we have seen many positive signs that the long hair fashion cycle is turning and if these trends continue, we would expect our same-store service sales to return to historical levels,” commented Paul D. Finkelstein, Chairman and Chief Executive Officer.

During the quarter, Regis added a net total of 81 locations. The Company constructed 85 locations and franchisees built an additional 57 units. In addition, Regis acquired 91 corporate salons (including 59 franchise buybacks) and 42 franchised salons.

The Company closed or relocated 84 corporate and franchise locations during the quarter. In addition, the Company merged its 51 accredited beauty schools with Empire Education Group on August 1, 2007.

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