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Regis earnings fall 46% with one-time charges
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Regis Corporation's fiscal first-quarter earnings fell 46 percent on charges from debt repayment and closing stores, but excluding one-time items the Edina salon operator's results were flat compared with a year ago, beating analysts' expectations.
Chief Executive Paul Finkelstein has said that the most recent period likely would be the year's low point and that customer traffic should stabilize and lift same-store sales going forward. After years of profitability, the parent of haircut chains such as Supercuts and Sassoon Salon has posted a string of disappointing results, as consumers extend the period between salon visits, and Regis has cut costs to cope.
For the quarter ended Sept. 30, the company posted a profit of $7.8 million, or 14 cents a share, down from $14.5 million, or 34 cents a share, a year earlier. Excluding the charges, earnings were flat at 30 cents a share. Finkelstein said that figure for the latest quarter included 3 cents related to a pending legal settlement. A survey of analysts by Thomson Reuters expected 22 cents.
Regis said revenue fell 1.3 percent to $606 million, slightly better than the figure it reported earlier this month. Same-store sales fell 4.5 percent.
Shares in Regis rose 87 cents, or 5.5 percent, to close at $16.77. The stock, which has doubled from a 13-year low last November, is up 15 percent this year.
DOW JONES NEWS SERVICE
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