Business
Regis Corporation Reports Continued Profitability for the Second Fiscal Quarter 2024
MINNEAPOLIS--(BUSINESS WIRE)-- Regis Corporation (NasdaqGM: RGS), a leader in the haircare industry, today announced financial results for the second fiscal
About this update from Regis Corporation
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nRegis Corporation (NasdaqGM: RGS), a leader in the haircare industry, today announced financial results for the second fiscal quarter ended December 31, 2023. Matthew Doctor, Regis Corporation’s President and Chief Executive Officer, commented: “In the second quarter, we continued to stabilize and rebuild the foundation of the Company. We were pleased to see bright spots across all of our brands, as our top quartile salons collectively demonstrated approximately 6% same-store-sales for the quarter with positive traffic comps. We also reported a $4.1 million improvement in operating income versus the same quarter last year, which reflects our efforts to streamline the business. Despite our progress, much work remains to position Regis, our franchisees and our employees for sustainable, long-term growth. That includes strengthening our operations, improving our support to our franchisees, reducing costs where appropriate and increasing franchisee sales and profitability. As the Board continues to review strategic alternatives to assess the Company’s capital structure, we are dedicated to maximizing value for all of our stakeholders and retaining a leadership position in the global beauty industry.”\n\n\nFinancial Highlights:\n\n\nSecond quarter fiscal 2024 compared to second quarter fiscal 2023:\n\n\n\nSystem-wide revenue of $292.4 million declined $11.0 million from $303.4 million and system-wide same-store sales improved 1.9%;\n\n\n\nOperating income of $4.8 million improved $4.1 million from $0.7 million in the 2023 second quarter;\n\n\n\nFranchise adjusted EBITDA of $6.4 million declined $1.1 million from $7.5 million in the 2023 second quarter;\n\n\n\nNet loss from continuing operations of $1.0 million improved $1.5 million from a net loss of $2.5 million in the 2023 second quarter;\n\n\n\nNet income of $1.0 million improved $3.4 million from a net loss of $2.4 million in the 2023 second quarter; and\n\n\n\nAdjusted EBITDA of $6.0 million declined $1.8 million from $7.8 million in the 2023 second quarter.\n\n\n\nFirst half fiscal 2024 compared to first half fiscal 2023:\n\n\n\nSystem-wide revenue of $599.0 million declined $20.5 million from $619.4 million and system-wide same-store sales improved 1.8%;\n\n\n\nOperating income of $12.2 million improved $9.0 million from $3.2 million in the 202...