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Hurricanes dampen Q1 guidance of Regis

Sep '05
Famous Salons leader Regis Corporation (RGS) announced that first quarter same-store sales trends and the impact of Hurricanes Katrina and Rita are expected to result in earnings below the low end of the Company's previous guidance range of $0.51 to $0.56 per diluted share.

Quarter-to-date domestic same-store sales increased 1.0 percent, including a 1.8 percent increase in domestic service same-store sales. However, quarter- to-date same-store sales trends in the Company's international operations are well below plan due to a particularly weak retail environment in the United Kingdom.

As a result, consolidated first quarter same-store sales are trending towards the low end of the Company's previously provided same-store sales guidance of 0.5 to 2.0 percent. Excluding the impact of Katrina and Rita, discussed below, the Company now anticipates first quarter earnings to be at, or slightly below, the low end of the previously provided earnings guidance of $0.51 to $0.56 per diluted share.

The impact of Katrina and Rita is expected to further reduce first quarter earnings. As of September 25th, all Regis Corporation employees in the affected regions were safe and accounted for; however, over 200 salons remained closed. The majority of these closed salons are expected to reopen in the coming days as employees return to previously evacuated areas of Texas and Louisiana. Immediately following the hurricanes, Regis Corporation provided disaster relief compensation to affected Company employees in the regions.

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