For the nine months ended March 31, 2019, sales fell 15.9% to $705.3 million.
President and Chief Executive Officer Hugh Sawyer commented, “We remain focused on the ongoing transformation of our business and maximizing shareholder value. Among other items, this includes initiatives underway in technology, marketing and advertising, merchandise, data science, stylist recruiting and training, real estate and new capabilities to establish frictionless relationships with customers and franchisees.
“As in prior quarters, the gains generated from the sale and conversion of our company-owned salons met our financial objectives for these transactions. Given our success, we expect to consider additional opportunities to franchise company-owned salons in circumstances where we believe it will add to shareholder value and support an evolving strategy for our business.”