business
Regis owns up to another sales decline
- Article by: Star Tribune
- Updated: July 10, 2012 - 8:58 PM
Regis Corp., the troubled hair salon firm, had small declines in fourth-quarter and fiscal year sales. A full report is due in August.
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Struggling hair salon chain Regis Corp. announced its fourth-quarter revenue early, reporting Tuesday a 4 percent decline in sales to $568.1 million. Sales for the year declined 2.2 percent to $2.27 billion.
It was the 16th consecutive quarter in which same-store sales declined. They dropped 3 percent in the fourth quarter compared with a year ago.
Earnings for Edina-based Regis won't be disclosed until the regularly scheduled fourth-quarter report on Aug. 23.
Regis' same-store sales trends improved slightly over the third quarter, said Eric Bakken, the interim CEO. The firm also underwent a restructuring in the quarter that divided the business into four consumer segments.
"Meaningful change is underway at Regis, and, as we look forward to fiscal 2013, we expect these changes will drive improvement in our same-store sales results," Bakken said in a statement.
Regis has already undergone a whirlwind of changes, including the departure of former CEO Paul Finkelstein in February after pressure from an activist hedge fund. Bakken, the executive vice president and general counsel, was named interim CEO while the company searched for a permanent replacement. In April, Regis reported a $1.4 million loss for the third quarter, an improvement over the $57.4 million loss in the second quarter.
STEVE ALEXANDER
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