In calendar 2007, they were able to generate consolidated same-store sales of five percent and significantly improve profitability. Despite a difficult retail environment, their performance has been outstanding.”
Mr. Finkelstein concluded, “This is a very exciting and challenging time for Regis Corporation. Our customers have told us they want more than professional hair care products and, with today's increased competition and diversion issues, it is critical that we execute on the transformation of Trade Secret to a beauty boutique. I am confident the transformation of Trade Secret will create significant shareholder value.”
Further detail of this transaction will be provided on the second quarter earnings conference call scheduled on January 22, 2008 at 10:00 a.m. Central Time.