(RTTNews) - Beauty salons operator Regis Corporation (RGS:
News ) Thursday reported a 4.5% decline in total same-store sales for the first quarter, and a 1.8% decrease in consolidated revenues. Regis said its first quarter revenue and same-store sales results were slightly above the company's plan.
Domestic same-store sales for the quarter declined 4.7%, compared with a 0.1% increase recorded last year. International same-store sales decreased 4.6%, compared with a 3.3% decline a year ago. Hair restoration same-store sales were down 1.8%, compared with a 1.2% increase a year earlier.
Regis noted that international same-store sales for the quarter represent 12-week period ended September 19, compared with 12-week period ended September 20, 2008.
The Edina, Minnesota-based company's consolidated revenues for the quarter were $602.53 million, lower than $613.53 million a year ago. On an average, seven analysts polled by Thomson Reuters expected the company to report revenues of $599.25 million for the quarter.
Revenues from North America dropped slightly to $528.72 million from $529.93 million a year ago. International revenues were $38.80 million, down from $48.45 million in the prior year. Revenues from hair restoration centers edged down to $35.01 million from $35.15 million in the previous year.
Paul Finkelstein, chairman and chief executive officer, said, "We continue to expect that customer visitation patterns will stabilize and, as a result, we should see improvement in our same-store sales beginning in the later half of our second quarter."
While announcing the fourth quarter results back in August, the company had said it expects same-store sales for fiscal 2010 in a range of negative 3% to positive 1%, anticipating an improvement in same-store sales throughout the fiscal year, with a most challenging first quarter.
Regis said it expects to announce first quarter earnings results on October 29. At June 30, Regis owned, franchised or held ownership interests in over 12,900 worldwide locations.
RGS closed Wednesday's regular trading at $15.98 per share on the NYSE.
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by RTT Staff Writer
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