Specialty retailer Sally Beauty Holdings Inc. (SBH), Thursday reported a decline in net income for the second quarter, in spite of higher revenues, which was offset by higher selling, general and administrative expenses. On a per share basis, earnings inclined by a penny from the comparable period, but missed estimates.
For the three-month period, net earnings were $64.89 million or $0.36 per share, down from $67.8 million or $0.35 per share recorded in the prior year.
On average, ten analysts polled by Thomson Reuters expected earnings per share of $0.39 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported net sales of $898.24 million for the quarter, compared with $889.28 million generated during the same period last year. Street analysts expected the company to record revenues of $920.64 million for the quarter.
Same store sales saw a decline of 0.8 percent, on top of a growth of 9.1 percent in the second quarter of 2012.
Selling, general and administrative expenses were $299.4 million for the quarter, compared with $289.1 million last year.
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