First-quarter profits at salon operator Regis Corp.
were off 29.7 percent to $14.5 million, or 34 cents
a diluted share, from $20.6 million, or 46 cents a
share, in the year-ago period.
Excluding $3.9 million in pretax costs from a
re-branding of its Trade Secret locations and lease
terminations for 21 salons, earnings per share
would have exceeded by a penny Wall Street analysts’
estimates of 38 cents a share.
While the company acknowledged the current
economic environment has impacted same-store
sales, which as previously reported were down 1.6
percent in the quarter, revenues from hair services
in locations opened for more than a year were
up 0.4 percent.
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The firm, which owns, franchises or holds a stake
in more than 13,500 locations worldwide, is forecasting
second-quarter sales in the $700 million to $715
million range.