Regis Corp. (RGS), a hair salon chain, on Wednesday reported improved net income in its fourth quarter, backed by income tax benefit and stronger revenue. Meanwhile, profit before tax declined from last year.
On the Nasdaq, RGS shares are currently trading 15.09% higher at $25.46.
For the fourth quarter, net income rose to $116.49 million from $91.20 million a year ago.
On a per share basis, earnings increased to $42.58 from $38.10 in the year-ago quarter.
Adjusted net income swung back to a profit of $2 million from a loss of $2 million a year ago.
On a per share basis, adjusted earnings amounted to $0.74, compared to a $0.84 loss in the prior year.
Income from operations before income taxes, meanwhile, plunged to $2.98 million from last year's $92.37 million.
Adjusted EBITDA improved to $9.7 million from $7.8 million in the same period last year.
Total revenue of the firm improved to $60.40 million from $49.38 million a year ago.
Same-Store Sales for Supercuts and Regis Consolidated grew 2.9% and 1.3%, respectively.
Jim Lain, Regis' Interim President and Chief Executive Officer, commented that the firm is well-positioned to build on momentum and create long-term value.
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