Business
Regis Corporation Reports Fourth Quarter and Full Year 2022 Results
MINNEAPOLIS--(BUSINESS WIRE)-- Regis Corporation (NYSE: RGS), a leader in the haircare industry, today reported results for the fourth quarter and full year
About this update from Regis Corporation
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nRegis Corporation (NYSE: RGS), a leader in the haircare industry, today reported results for the fourth quarter and full year ended June 30, 2022. Highlights from the year include:\n\n\nFourth quarter and full year revenue of $66.1 million and $276.0 million, including royalty growth of 12.1% and 25.6%, respectively.\n\n\nSystem-wide same-store sales increase of 7.1% in the quarter and 14.8% in fiscal year 2022.\n\n\nPositive fourth quarter adjusted EBITDA, excluding salon sales, of $1.1 million, a $15.6 million improvement compared to a loss of $14.5 million during the fourth quarter 2021; Franchise EBITDA of $2.5 million, positive for the 3rd quarter in a row.\n\n\nPositive fiscal year adjusted EBITDA, excluding salon sales, of $0.5 million compared to a $60.2 million loss in fiscal year 2021.\n\n\nEfforts to renegotiate debt culminated in the successful amendment to our credit agreement and extension of the maturity date from March 2023 to August 2025.\n\n\nSold proprietary salon management system, Opensalon® Pro, for up to $39.0 million in proceeds and partnered with salon technology leader, Zenoti, to provide a best-in-class technology solution to franchisees.\n\n\nReduced loss-generating company-owned locations from 276 to 105, resulting in a $38.0 million year-over-year EBITDA improvement.\n\n\nWell-positioned with strategy in place to deliver strong EBITDA growth in fiscal year 2023.\n\n\nEarnings webcast scheduled for 9am CST on August 23, 2022 and will be accompanied by a slide presentation.\n\n\n\"When I stepped in as Interim CEO in December 2021, we identified refinancing our debt, providing the right technology solution to our franchisees, and continuing the wind down of our company-owned salons as our top priorities. I am pleased that in a short period of time, we successfully delivered on all three by renegotiating our credit agreement with our lender group, selling Opensalon Pro to our new point-of-sale technology partner, Zenoti, and winding down our company-owned salons from 276 to 105 locations,\" said Matt Doctor, Regis Chief Executive Officer. \"In addition to these transformative efforts, our performance is continuing to improve with positive adjusted EBITDA, excluding salon sales, in Q4 and fiscal year 2022. With our fully-franchised business model and strategies in place t...