Business
Regis Corporation Reports Second Quarter Fiscal Year 2022 Earnings
MINNEAPOLIS--(BUSINESS WIRE)-- Regis Corporation (NYSE: RGS), a leader in the haircare industry, today reported results for the second fiscal quarter ended
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 second fiscal quarter ended December 31, 2021 versus the prior year as noted below. Results reflect an improvement in system-wide same stores sales and a lower cost structure.\n\n\nTotal revenue in the quarter of $70.3 million decreased $34.1 million, or 32.7%, year-over-year, driven primarily by exiting company-owned salons that generated significant revenue, but were loss making.\n\n\nSystem-wide same-store sales increased 22.1%.\n\n\nReported G&A declined $10.7 million and adjusted G&A declined $9.8 million.\n\n\nOperating loss of $1.1 million improved compared to a $26.8 million loss in the prior year quarter.\n\n\nNet loss of $4.9 million, or $0.11 per diluted share improved compared to a net loss of $32.9 million, or $0.92 per share in the prior year quarter.\n\n\nEBITDA, as adjusted, of $2.4 million improved compared to a loss of $17.5 million in the prior year quarter.\n\n\nFranchise segment EBITDA, as adjusted, of $5.5 million improved $12.3 million, compared to second quarter 2021.\n\n\nEarnings webcast scheduled for 9am CST on February 3 will include insight into Regis' go-forward business and future earnings potential. Accompanying the webcast will be a slide presentation.\n\n\n\"Our second quarter results reflect our shift to a fully franchised business model, as we are nearing profitability amidst the continued impact of the pandemic in terms of labor availability and customer traffic,\" said Matt Doctor, Regis Interim Chief Executive Officer. \"The improvement in our operating performance in the quarter was due to fewer company-owned salons, increases in royalties, and lower expense levels. While the pandemic dampened our overall revenue performance in the quarter, Regis has the foundation in place for improved performance going forward and we are excited by the potential of our platform.\"\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended December 31,\n\n\n\n \n\n\n\nSix Months Ended December 31,\n\n\n\n\n\n(Dollars in thousands)\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nConsolidated r...