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Regis First Quarter Revenues Grew Two Percent to $680 Million

MINNEAPOLIS, Oct 06, 2008 (BUSINESS WIRE) ----Regis Corporation (NYSE:RGS), the global leader in the $170 billion hair care industry, today reported consolidated revenues increased 1.9 percent in the first fiscal quarter of 2009 to a record $680 million, compared to $668 million a year ago. Deconsolidation of the beauty schools and the European franchise salon operations reduced revenue in the quarter by approximately $20 million. Absent the impact of the school and European deconsolidation, consolidated revenues for the quarter would have increased 5.0 percent. First quarter total same-store sales decreased 1.6 percent, falling below the previously issued guidance of negative 1.0 percent to positive 1.0 percent. "In this difficult economic environment, we were able to show the stability of our service business as same-store service sales were positive 0.4 percent. However, the bottom line is consumer behavior has changed, consumers are cutting back and, as a result, we are seeing a slow-down in spending and visitation patterns," commented Paul D. Finkelstein, Chairman and Chief Executive Officer. "Our earnings results directly correlate to our same-store sales and with first quarter same-store sales coming in below plan, we now anticipate our operational earnings for the first quarter will be near or slightly below the low end of the previously issued guidance range of $0.41 to $0.47 per share." Mr. Finkelstein continued, "In the near term, we do not expect economic conditions to improve and we now anticipate that our fiscal 2009 same-store sales will be in a range of negative 1.0 percent to positive 1.0 percent. With this revised same-store sales expectation, we are now forecasting fiscal year 2009 operational earnings per share to be in a range of $1.77 to $2.03." Operational earnings per share exclude lease termination costs and costs associated with the Trade Secret transformation. Regis Corporation is scheduled to announce first quarter 2009 earnings results, including a reconciliation of non-GAAP financial measures, on October 23, 2008. A conference call discussing first quarter results will follow at 3:00 p.m. Central time. At that time, the Company will provide additional commentary and will address in further detail its first quarter 2009 results and its updated fiscal year 2009 guidance. Interested parties are invited to listen by logging on to www.regiscorp.com. To continue reading click here

Full post as published by The Trade Secrets Vault on October 12, 2008 (boomark / email).