Regis Corp. (RGS) reported that its third-quarter net income was $2.36 million or $0.04 per share, compared to a net loss of $1.37 million or $0.02 per share in the same quarter last year.
Income from continuing operations for the quarter $896 thousand, compared to a loss of $3.88 million last year.
Non-GAAP net income for the quarter plunged to $680 thousand from $17.94 million last year. Non-GAAP net income per share fell to $0.012 from $0.292 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.
The latest-quarter earnings were reduced by approximately $0.12 per share due to two fewer sales days in the quarter, increased labor costs primarily associated with increased stylist hours, increased retail product costs primarily associated with clearance sales and reduced equity in earnings of Empire Education Group.
The prior year result included $0.03 per share, representing equity in earnings of Provalliance and tax benefits realized primarily due to the release of income tax reserves and increased Work Opportunity tax credits.
Revenues for the quarter slip to $504.94 million from $535.90 million in the prior year quarter. Five analysts had consensus revenue estimate of $519.66 million for the quarter. Same-store sales declined 1.4%.
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