10.31.17
Regis Corporation reported a first quarter 2018 net loss of $23.0 million. Total revenue in the quarter fell 2.8% to $309.9 million.
The company noted that its first quarter results, both reported and adjusted, were adversely impacted by Hurricanes Harvey, Irma and Maria. A total of 3,418 salon days were lost as 768 salons were closed at least one day during the quarter.
Hugh Sawyer, president and chief executive officer, commented, “We are pleased our adjusted EBITDA exceeded prior year results during the first quarter despite the operational and financial challenges associated with the impact of three major hurricanes. Moreover, during the quarter adjusted EBITDA from our Franchise business increased 14.9% versus prior year and the Regis team completed the successful sale and subsequent franchising of substantially all of its North America mall-based salons and its UK business in October.”
The company recently sold its international UK business, read about it here.
The company noted that its first quarter results, both reported and adjusted, were adversely impacted by Hurricanes Harvey, Irma and Maria. A total of 3,418 salon days were lost as 768 salons were closed at least one day during the quarter.
Hugh Sawyer, president and chief executive officer, commented, “We are pleased our adjusted EBITDA exceeded prior year results during the first quarter despite the operational and financial challenges associated with the impact of three major hurricanes. Moreover, during the quarter adjusted EBITDA from our Franchise business increased 14.9% versus prior year and the Regis team completed the successful sale and subsequent franchising of substantially all of its North America mall-based salons and its UK business in October.”
The company recently sold its international UK business, read about it here.