Business
Regis Reports Second Quarter 2020 Operating Results and Estimates That Its Transition to a Franchise Platform Will Be Substantially Complete by Calendar Year-end; Company Begins Meaningful G&A Reductions
The Company Continues To Make Significant Progress In Its Transition To A Fully-Franchised Model With The Sale And Conversion Of An Additional 443
About this update from Regis Corporation
[{"type":"text","content":"\nThe Company Continues To Make Significant Progress In Its Transition To A Fully-Franchised Model With The Sale And Conversion Of An Additional 443 Company-Owned Salons To Its Asset-Light Franchise Portfolio During The Quarter; Year-To-Date, The Company Has Sold And Converted 988 Company-Owned Salons To Its Franchise Portfolio\n\n\nApproximately 900 Company-Owned Salons, Or Approximately 50% Of The Remaining Company-Owned Salon Portfolio Available For Sale Are Now In Various Stages Of Negotiations To Be Purchased After Adjusting For Expected Salon Closures\n\n\nSignificant Progress In Transition Enables The Company's Retention Of Guggenheim Securities, LLC, The Investment Banking And Capital Markets Business Of Guggenheim Partners, LLC, As Its Exclusive Investment Banker To Identify Sources Of Replacement Debt Financing On Terms Appropriate For A Fully-Franchised Capital-Light Growth Platform\n\n\nThe Company's Board Of Directors Elects Hugh Sawyer, President and Chief Executive Officer, As Chairman Of The Company's Board Of Directors\n\n\nDave Williams To Remain The Board's Lead Independent Director\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nRegis Corporation (NYSE:RGS):\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nDecember 31,\n\n\n\n \n\n\n\nSix Months Ended\nDecember 31,\n\n\n\n\n\n(Dollars in thousands)\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n\n\nConsolidated Revenue\n\n\n\n \n\n\n\n$208,765\n\n\n\n \n\n\n\n \n\n\n\n$274,671\n\n\n\n \n\n\n\n \n\n\n\n$455,803\n\n\n\n \n\n\n\n \n\n\n\n$562,506\n\n\n\n \n\n\n\n\n\nSystem-wide Revenue (1)\n\n\n\n \n\n\n\n$428,731\n\n\n\n \n\n\n\n \n\n\n\n$451,045\n\n\n\n \n\n\n\n \n\n\n\n$878,019\n\n\n\n \n\n\n\n \n\n\n\n$916,257\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\nSystem-wide Same-Store Sales Comps (2)\n\n\n\n \n\n\n\n(2.3\n\n\n\n)%\n\n\n\n \n\n\n\n0.9\n\n\n\n%\n\n\n\n \n\n\n\n(1.7\n\n\n\n)%\n\n\n\n \n\n\n\n0.8\n\n\n\n%\n\n\n\n\n\nFranchise Same-Store Sales Comps (2)\n\n\n\n \n\n\n\n(1.4\n\n\n\n)%\n\n\n\n \n\n\n\n1.4\n\n\n\n%\n\n\n\n \n\n\n\n(0.8\n\n\n\n)%\n\n\n\n \n\n\n\n1.3\n\n\n\n%\n\n\n\n\n\nCompany-owned Same-Store Sales Comps\n\n\n\n \n\n\n\n(3.6\n\n\n\n)%\n\n\n\n \n\n\n\n0.5\n\n\n\n%\n\n\n\n \n\n\n\n(2.7\n\n\n\n)%\n\n\n\n \n\n\n\n0.5\n\n\n\n%\n\n\n\n\n\n \n\n\n\n \n\n\n\n ...