Beauty salons operator Regis Corporation (RGS), Friday, reported a decrease in both consolidated revenues as well as same-store sales for the second quarter of fiscal 2010. The company left its same-store sales guidance for the full year unchanged from previous estimate.
For the quarter, the Edina, Minnesota-based company's consolidated revenues fell 2% to $575.48 million from $587.43 million in the prior-year period. On average, eight analysts polled by Thomson Reuters expected Regis to report revenues of $582.73 million for the quarter.
Revenues from North America slipped to $499.98 million from $511.41 million last year, and international revenues were $40.35 million as compared with $41.27 million a year earlier. Revenues from hair restoration centers rose to $35.15 million from $34.75 million in the previous-year period.
Total same-store sales for the second quarter declined 3.7%, including a negative 4.1% in the month of December, as compared with a 3.8% decrease in the prior-year quarter.
For the second quarter, domestic same-store sales dropped 4.0% versus a 3.3% decline recorded last year. International same-store sales decreased 1.6% compared to a 10.7% drop in the year-ago period. Same-store sales from hair restoration increased 0.1% as compared with a 1.5% decrease in the previous year.
Regis noted that international same-store sales for the quarter represent the 12-week period ended December 12, 2009 versus the 12-week period ended December 13, 2008.
Chairman and chief executive officer Paul Finkelstein said, "In December 2008, we began to see a significant lengthening in consumers' salon visitation patterns due to the economic recession."
The company stated that its same-store sales results improved throughout December, however not to expected levels, especially in its higher price point Regis Salon concepts. Regis added that it saw a significant improvement in both service and product same-store sales in the latter half of December, with total North American salon same-store sales improving to negative 3.6% from negative 5.4% in the first half of the month.
Looking ahead, the company continues to believe same-store sales in the second half should improve over the first half of the year. Regis maintained its fiscal year 2010 guidance, with same-store sales anticipated to be in a range of negative 3% to positive 1%, and operational earnings before interest, taxes, depreciation and amortization to be between $200 million and $240 million.
In Thursday's regular trading session, RGS closed trading at $16.35 per share on the New York Stock Exchange. In the past 52-week period, the shares have been trading in a range of $9.81 to $20.36.
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