- Generated Q1 Cash Flow from Operations of $51
Million
- Executed $20 Million in Share Repurchases
- Maintains Full Year Fiscal 2024 Guidance
Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”), the
leader in professional hair color, today announced financial
results for its first quarter ended December 31, 2023. The Company
will hold a conference call today at 7:30 a.m. Central Time to
discuss these results and its business.
Fiscal 2024 First Quarter Summary
- Consolidated net sales of $931 million, a decrease of 2.7%
compared to the prior year;
- Consolidated comparable sales decline of 0.8%;
- Global e-commerce sales of $91 million, representing 9.8% of
net sales;
- GAAP gross margin 50.2%;
- GAAP operating earnings of $69 million and GAAP operating
margin of 7.4%; Adjusted Operating Earnings of $74 million and
Adjusted Operating Margin of 7.9%;
- GAAP diluted net earnings per share of $0.35 and Adjusted
Diluted Net Earnings Per Share of $0.39; and
- Cash flow from operations of $51 million and Operating Free
Cash Flow of $20 million.
“We are pleased with our start to the year, delivering results
in line with our expectations while continuing to make solid
progress on our strategic initiatives to drive top line growth and
improve profitability over the long-term,” said Denise Paulonis,
president and chief executive officer. “During the quarter, our
teams executed well as we continued to focus on customer
centricity, and bringing innovation, education and new services to
our customers. The business generated solid cash flow from
operations of more than $50 million in the quarter, allowing us to
return value to shareholders through our share repurchase
program.”
Fiscal 2024 First Quarter Operating Results
First quarter consolidated net sales were $931.3 million, a
decrease of 2.7% compared to the prior year, primarily reflecting
the unfavorable impact from the Company’s December 2022 store
closures. Foreign currency translation had a favorable impact of 90
basis points on consolidated net sales for the quarter. At constant
currency, global e-commerce sales were $91 million or 9.8% of
consolidated net sales for the quarter.
Consolidated comparable sales declined 0.8%, driven primarily by
lower traffic and inflationary pressures that continued to impact
consumer behavior at Sally Beauty, partially offset by expanded
distribution, new brand innovation and improving salon demand
trends at Beauty Systems Group.
Consolidated gross profit for the first quarter was $467.2
million compared to $488.6 million in the prior year, a decrease of
4.4%. Consolidated GAAP gross margin was 50.2%, a decrease of 80
basis points compared to 51.0% in the prior year. Excluding the
prior year’s true-up of the non-cash inventory write-down as part
of the Company’s previously announced distribution center
consolidation and store optimization plan, Adjusted Gross Margin
was 50.2%, a decrease of 60 basis points compared to 50.8% in the
prior year. The decrease was driven primarily by an unfavorable
sales mix shift between Sally Beauty (higher margin) and Beauty
Systems Group (lower margin), and unfavorable fixed cost
absorption, partially offset by lower distribution and freight
costs from supply chain efficiencies.
Selling, general and administrative (SG&A) expenses totaled
$398.1 million, an increase of $6.6 million compared to the prior
year. Adjusted Selling, General and Administrative Expenses,
excluding costs related to the Company’s fuel for growth initiative
and other expenses, and COVID-19 related net expenses, totaled
$393.3 million, an increase of $2.7 million compared to the prior
year. The increase was driven primarily by higher labor costs, rent
costs and other expenses related to the Company’s strategic
initiatives, partially offset by savings from the Company’s
previously announced distribution center consolidation and store
optimization plan. As a percentage of sales, Adjusted SG&A
expenses were 42.2% compared to 40.8% in the prior year.
GAAP operating earnings and operating margin in the first
quarter were $69.1 million and 7.4%, compared to $86.6 million and
9.0%, in the prior year. Adjusted Operating Earnings and Operating
Margin, excluding the Company’s restructuring efforts, costs
related to the Company’s fuel for growth initiative and other
expenses, and COVID-19 related net expenses, were $73.9 million and
7.9%, compared to $95.4 million and 10.0%, in the prior year.
GAAP net earnings in the first quarter were $38.4 million, or
$0.35 per diluted share, compared to GAAP net earnings of $50.3
million, or $0.46 per diluted share in the prior year. Adjusted Net
Earnings, excluding the Company’s restructuring efforts, costs
related to the Company’s fuel for growth initiative and other
expenses, and COVID-19 related net expenses, were $42.0 million, or
$0.39 per diluted share, compared to Adjusted Net Earnings of $56.9
million, or $0.52 per diluted share in the prior year. Adjusted
EBITDA in the first quarter was $107.1 million, a decrease of 14.9%
compared to the prior year, and Adjusted EBITDA Margin was 11.5%, a
decrease of 160 basis points compared to the prior year.
Balance Sheet and Cash Flow
As of December 31, 2023, the Company had cash and cash
equivalents of $121 million and a zero-balance outstanding under
its asset-based revolving line of credit. At the end of the
quarter, inventory was $1.01 billion, up 2.1% versus a year ago.
The Company ended the quarter with a net debt leverage ratio of
2.2x.
First quarter cash flow from operations was $51.0 million.
Capital expenditures in the quarter totaled $30.6 million. During
the quarter, the Company repurchased 1.9 million shares under its
share repurchase program at an aggregate cost of $20 million.
Fiscal 2024 First Quarter Segment Results
Sally Beauty Supply
- Segment net sales were $523.2 million in the quarter, a
decrease of 4.8% compared to the prior year, driven primarily by
the lapping of the Company’s December 2022 store optimization
efforts. The segment had a favorable impact of 160 basis points
from foreign currency translation on reported sales. At constant
currency, segment e-commerce sales were $35 million or 6.7% of
segment net sales for the quarter.
- Segment comparable sales decreased 1.9% in the first quarter,
primarily reflecting lower traffic and inflationary pressures that
impacted consumer behavior.
- At the end of the quarter, net store count was 3,143 compared
to 3,146 in the prior year.
- GAAP gross margin decreased by 30 basis points to 58.6%
compared to the prior year. The decrease was driven primarily by an
unfavorable sales mix shift between Sally US (higher margin) and
Sally international (lower margin), and unfavorable fixed cost
absorption, partially offset by lower distribution and freight
costs from supply chain efficiencies.
- GAAP operating earnings were $77.6 million compared to $99.2
million in the prior year, representing a decrease of 21.7%. GAAP
operating margin decreased to 14.8% compared to 18.0% in the prior
year.
Beauty Systems Group
- Segment net sales were $408.1 million in the quarter,
essentially flat to the prior year. The segment operated 20 fewer
stores at the end of the quarter compared to the prior year. At
constant currency, segment e-commerce sales were $56 million or
13.8% of segment net sales for the quarter.
- Segment comparable sales increased 0.7% in the first quarter,
primarily reflecting expanded distribution, new brand innovation
and improving salon demand trends.
- At the end of the quarter, net store count was 1,332.
- GAAP gross margin decreased 110 basis points to 39.4% in the
quarter compared to the prior year. Excluding the prior year’s
true-up of the non-cash inventory write-down as part of the
Company’s previously announced distribution center consolidation
and store optimization plan, Adjusted Gross Margin decreased 40
basis points to 39.4% compared to the prior year. The decrease was
driven primarily by unfavorable fixed cost absorption and shrink
expense, partially offset by lower distribution and freight costs
from supply chain efficiencies and higher product margin.
- GAAP operating earnings were $44.6 million in the quarter, a
decrease of 10.1% compared to $49.6 million in the prior year. GAAP
operating margin in the quarter was 10.9% compared to 12.2% in the
prior year.
- At the end of the quarter, there were 656 distributor sales
consultants compared to 688 in the prior year.
Fiscal Year 2024 Guidance
The Company is maintaining the following guidance for the full
fiscal year 2024:
- Net sales and comparable sales are expected to be approximately
flat compared to the prior year, reflecting growth from the
Company’s strategic initiatives, offset by anticipated pressure on
consumer spending;
- Gross Margin is expected to remain above 50%;
- Adjusted Operating Margin is expected to be at least 9.0%;
- Operating Cash Flow is expected to be at least $260 million;
and
- Capital expenditures are expected to be approximately $100
million.
*
The Company does not provide a
reconciliation for forward-looking non-GAAP financial measures
where it is unable to provide a meaningful or accurate calculation
or estimation of reconciling items and the information is not
available without unreasonable effort. This is due to the inherent
difficulty of forecasting the occurrence and the financial impact
of various items that have not yet occurred, are out of the
Company’s control or cannot be reasonably predicted. For the same
reasons, the Company is unable to address the probable significance
of the unavailable information. Forward-looking non-GAAP financial
measures provided without the most directly comparable GAAP
financial measures may vary materially from the corresponding GAAP
financial measures.
Conference Call and Where You Can Find Additional
Information
The Company will hold a conference call and audio webcast today
to discuss its financial results and its business at approximately
7:30 a.m. Central Time today, February 1, 2024. During the
conference call, the Company may discuss and answer one or more
questions concerning business and financial matters and trends
affecting the Company. The Company’s responses to these questions,
as well as other matters discussed during the conference call, may
contain or constitute material information that has not been
previously disclosed. Simultaneous to the conference call, an audio
webcast of the call will be available via a link on the Company’s
website, sallybeautyholdings.com/investor-relations. The conference
call can be accessed by dialing (877) 336-4440 (International:
(409) 207-6984) and referencing the access code 2134081#. The
teleconference will be held in a “listen-only” mode for all
participants other than the Company’s current sell-side and
buy-side investment professionals. A replay of the earnings
conference call will be available starting at 10:30 a.m. Central
Time, February 1, 2024, through February 15, 2024, by dialing (866)
207-1041 (International: (402) 970-0847) and referencing access
code 6387048#. Also, a website replay will be available on
sallybeautyholdings.com/investor-relations.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH), as the leader in
professional hair color, sells and distributes professional beauty
supplies globally through its Sally Beauty Supply and Beauty
Systems Group businesses. Sally Beauty Supply stores offer up to
7,000 products for hair color, hair care, nails, and skin care
through proprietary brands such as Ion®, Bondbar®, Strawberry
Leopard®, Generic Value Products®, Inspired by Nature® and Silk
Elements® as well as professional lines such as Wella®, Clairol®,
OPI®, L’Oreal®, Wahl® and Babyliss Pro®. Beauty Systems Group
stores, branded as CosmoProf® or Armstrong McCall® stores, along
with its outside sales consultants, sell up to 8,000 professionally
branded products including Paul Mitchell®, Wella®, Matrix®,
Schwarzkopf®, Kenra®, Goldwell®, Joico®, Amika® and Moroccannoil®,
intended for use in salons and for resale by salons to retail
consumers. For more information about Sally Beauty Holdings, Inc.,
please visit https://www.sallybeautyholdings.com/.
Cautionary Notice Regarding Forward-Looking
Statements
Statements in this news release and the schedules hereto which
are not purely historical facts or which depend upon future events
may be forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements, as that term is defined in the Private Securities
Litigation Reform Act of 1995, can be identified by the use of
forward-looking terminology such as “believes,” “projects,”
“expects,” “can,” “may,” “estimates,” “should,” “plans,” “targets,”
“intends,” “could,” “will,” “would,” “anticipates,” “potential,”
“confident,” “optimistic,” or the negative thereof, or other
variations thereon, or comparable terminology, or by discussions of
strategy, objectives, estimates, guidance, expectations and future
plans. Forward-looking statements can also be identified by the
fact that these statements do not relate strictly to historical or
current matters.
Readers are cautioned not to place undue reliance on
forward-looking statements as such statements speak only as of the
date they were made. Any forward-looking statements involve risks
and uncertainties that could cause actual events or results to
differ materially from the events or results described in the
forward-looking statements, including, those described in our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the year ended September 30, 2023.
Consequently, all forward-looking statements in this release are
qualified by the factors, risks and uncertainties contained
therein. We assume no obligation to publicly update or revise any
forward-looking statements.
Use of Non-GAAP Financial Measures
This news release and the schedules hereto include the following
financial measures that have not been calculated in accordance with
accounting principles generally accepted in the United States, or
GAAP, and are therefore referred to as non-GAAP financial measures:
(1) Adjusted Gross Margin; (2) Adjusted Selling, General and
Administrative Expenses; (3) Adjusted EBITDA and EBITDA Margin; (4)
Adjusted Operating Earnings and Operating Margin; (5) Adjusted Net
Earnings; (6) Adjusted Diluted Net Earnings Per Share; and (7)
Operating Free Cash Flow. We have provided definitions below for
these non-GAAP financial measures and have provided tables in the
schedules hereto to reconcile these non-GAAP financial measures to
the comparable GAAP financial measures.
Adjusted Gross Margin – We define the measure Adjusted Gross
Margin as GAAP gross margin excluding the true-up of the inventory
write-down related to the Company’s distribution center
consolidation and store optimization plan for the relevant time
periods as indicated in the accompanying non-GAAP reconciliations
to the comparable GAAP financial measures.
Adjusted Selling, General and Administrative Expenses – We
define the measure Adjusted Selling, General and Administrative
Expenses as GAAP selling, general and administrative expenses
excluding costs related to the Company’s fuel for growth initiative
and other expenses, and COVID-19 net expenses for the relevant time
periods as indicated in the accompanying non-GAAP reconciliations
to the comparable GAAP financial measures.
Adjusted EBITDA and EBITDA Margin – We define the measure
Adjusted EBITDA as GAAP net earnings before depreciation and
amortization, interest expense, income taxes, share-based
compensation, costs related to the Company’s restructuring plans,
costs related to the Company’s fuel for growth initiative and other
expenses, and COVID-19 related net expenses for the relevant time
periods as indicated in the accompanying non-GAAP reconciliations
to the comparable GAAP financial measures. Adjusted EBITDA Margin
is Adjusted EBITDA as a percentage of net sales.
Adjusted Operating Earnings and Operating Margin – Adjusted
operating earnings are GAAP operating earnings that exclude costs
related to the Company’s restructuring plans, costs related to the
Company’s fuel for growth initiative and other expenses, and net
expenses related to COVID-19 for the relevant time periods as
indicated in the accompanying non-GAAP reconciliations to the
comparable GAAP financial measures. Adjusted Operating Margin is
Adjusted Operating Earnings as a percentage of net sales.
Adjusted Net Earnings – Adjusted net earnings is GAAP net
earnings that exclude tax-effected costs related to the Company’s
restructuring plans, tax-effected expenses related to the Company’s
fuel for growth initiative and other costs, and tax-effected net
expenses related to COVID-19 for the relevant time periods as
indicated in the accompanying non-GAAP reconciliations to the
comparable GAAP financial measures.
Adjusted Diluted Net Earnings Per Share – Adjusted diluted net
earnings per share is GAAP diluted earnings per share that exclude
tax-effected costs related to the Company’s restructuring plans,
tax-effected expenses related to the Company’s fuel for growth
initiative and other costs, and tax-effected net expenses related
to COVID-19 for the relevant time periods as indicated in the
accompanying non-GAAP reconciliations to the comparable GAAP
financial measures.
Operating Free Cash Flow – We define the measure Operating Free
Cash Flow as GAAP net cash provided by operating activities less
payments for capital expenditures (net). We believe Operating Free
Cash Flow is an important liquidity measure that provides useful
information to investors about the amount of cash generated from
operations after taking into account payments for capital
expenditures (net).
We believe that these non-GAAP financial measures provide
valuable information regarding our earnings and business trends by
excluding specific items that we believe are not indicative of the
ongoing operating results of our businesses; providing a useful way
for investors to make a comparison of our performance over time and
against other companies in our industry.
We have provided these non-GAAP financial measures as
supplemental information to our GAAP financial measures and believe
these non-GAAP measures provide investors with additional
meaningful financial information regarding our operating
performance and cash flows. Our management and Board of Directors
also use these non-GAAP measures as supplemental measures to
evaluate our businesses and the performance of management,
including the determination of performance-based compensation, to
make operating and strategic decisions, and to allocate financial
resources. We believe that these non-GAAP measures also provide
meaningful information for investors and securities analysts to
evaluate our historical and prospective financial performance.
These non-GAAP measures should not be considered a substitute for
or superior to GAAP results. Furthermore, the non-GAAP measures
presented by us may not be comparable to similarly titled measures
of other companies.
Supplemental Schedules
Segment Information
1
Non-GAAP Financial Measures
Reconciliations
2
Non-GAAP Financial Measures
Reconciliations; Adjusted EBITDA and
Operating Free Cash Flow
3
Store Count and Comparable Sales
4
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings (In thousands, except
per share data) (Unaudited)
Three Months Ended
December 31,
2023
2022
PercentageChange Net sales
$
931,302
$
957,055
(2.7
)%
Cost of products sold
464,126
468,481
(0.9
)%
Gross profit
467,176
488,574
(4.4
)%
Selling, general and administrative expenses
398,138
391,580
1.7
%
Restructuring
(85
)
10,406
(100.8
)%
Operating earnings
69,123
86,588
(20.2
)%
Interest expense
17,314
17,923
(3.4
)%
Earnings before provision for income taxes
51,809
68,665
(24.5
)%
Provision for income taxes
13,419
18,328
(26.8
)%
Net earnings
$
38,390
$
50,337
(23.7
)%
Earnings per share: Basic
$
0.36
$
0.47
(23.4
)%
Diluted
$
0.35
$
0.46
(23.9
)%
Weighted average shares: Basic
105,948
107,140
Diluted
108,718
109,460
Basis PointChange Comparison as a
percentage of net sales Consolidated gross margin
50.2
%
51.0
%
(80
)
Selling, general and administrative expenses
42.8
%
40.9
%
190
Consolidated operating margin
7.4
%
9.0
%
(160
)
Effective tax rate
25.9
%
26.7
%
(80
)
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In thousands) (Unaudited)
December 31,2023 September 30,2023 Cash
and cash equivalents
$
120,999
$
123,001
Trade and other accounts receivable
78,489
75,875
Inventory
1,007,628
975,218
Other current assets
55,748
53,903
Total current assets
1,262,864
1,227,997
Property and equipment, net
284,899
297,779
Operating lease assets
551,639
570,657
Goodwill and other intangible assets
591,872
588,252
Other assets
40,112
40,565
Total assets
$
2,731,386
$
2,725,250
Current maturities of long-term debt
$
4,168
$
4,173
Accounts payable
267,479
258,884
Accrued liabilities
139,573
163,366
Current operating lease liabilities
147,069
150,479
Income taxes payable
14,780
2,355
Total current liabilities
573,069
579,257
Long-term debt, including capital leases
1,065,299
1,065,811
Long-term operating lease liabilities
438,928
455,071
Other liabilities
22,465
23,139
Deferred income tax liabilities, net
90,285
93,224
Total liabilities
2,190,046
2,216,502
Total stockholders’ equity
541,340
508,748
Total liabilities and stockholders’ equity
$
2,731,386
$
2,725,250
Supplemental Schedule 1
SALLY BEAUTY
HOLDINGS, INC. AND SUBSIDIARIES Segment Information (In
thousands) (Unaudited)
Three Months Ended December
31,
2023
2022
PercentageChange Net sales: Sally Beauty Supply ("SBS")
$
523,238
$
549,472
(4.8
)%
Beauty Systems Group ("BSG")
408,064
407,583
0.1
%
Total net sales
$
931,302
$
957,055
(2.7
)%
Operating earnings: SBS
$
77,629
$
99,174
(21.7
)%
BSG
44,627
49,647
(10.1
)%
Segment operating earnings
122,256
148,821
(17.9
)%
Unallocated expenses (1)
53,218
51,827
2.7
%
Restructuring
(85
)
10,406
(100.8
)%
Interest expense
17,314
17,923
(3.4
)%
Earnings before provision for income taxes
$
51,809
$
68,665
(24.5
)%
Segment gross margin:
2023
2022
Basis PointChange SBS
58.6
%
58.9
%
(30
)
BSG
39.4
%
40.5
%
(110
)
Segment operating margin: SBS
14.8
%
18.0
%
(320
)
BSG
10.9
%
12.2
%
(130
)
Consolidated operating margin
7.4
%
9.0
%
(160
)
(1) Unallocated expenses, including share-based
compensation expense, consist of corporate and shared costs and are
included in selling, general and administrative expenses.
Supplemental Schedule 2
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP
Financial Measures Reconciliations (In thousands, except per share
data) (Unaudited)
Three Months Ended December 31,
2023 As Reported(GAAP) Restructuring (1) Fuel for Growthand
Other (2) As Adjusted(Non-GAAP) Cost of products sold
$
464,126
$
—
$
—
$
464,126
Consolidated gross margin
50.2
%
50.2
%
Selling, general and administrative expenses
398,138
—
(4,881
)
393,257
SG&A expenses, as a percentage of sales
42.8
%
42.2
%
Operating earnings
69,123
(85
)
4,881
73,919
Operating margin
7.4
%
7.9
%
Interest expense
17,314
—
—
17,314
Earnings before provision for income taxes
51,809
(85
)
4,881
56,605
Provision for income taxes (4)
13,419
(21
)
1,254
14,652
Net earnings
$
38,390
$
(64
)
$
3,627
$
41,953
Earnings per share: Basic
$
0.36
$
(0.00
)
$
0.04
$
0.40
Diluted
$
0.35
$
(0.00
)
$
0.04
$
0.39
Three Months Ended December 31, 2022 As
Reported(GAAP) Restructuring (1) COVID-19 (3) As Adjusted(Non-GAAP)
Cost of products sold
$
468,481
$
2,681
$
—
$
471,162
Consolidated gross margin
51.0
%
50.8
%
Selling, general and administrative expenses
391,580
—
(1,052
)
390,528
SG&A expenses, as a percentage of sales
40.9
%
40.8
%
Operating earnings
86,588
7,725
1,052
95,365
Operating margin
9.0
%
10.0
%
Interest expense
17,923
—
—
17,923
Earnings before provision for income taxes
68,665
7,725
1,052
77,442
Provision for income taxes (4)
18,328
1,976
270
20,574
Net earnings
$
50,337
$
5,749
$
782
$
56,868
Earnings per share: Basic
$
0.47
$
0.05
$
0.01
$
0.53
Diluted
$
0.46
$
0.05
$
0.01
$
0.52
(1) For the three months ended December 31, 2023 and
2022, restructuring represents expenses and adjustments incurred
primarily in connection with our Distribution Center Consolidation
and Store Optimization Plan, including $2.7 million in cost of
products sold related to adjustments to our expected obsolescence
reserve in the three months ended December 31, 2022. (2)
Fuel for Growth and other represents expenses related to consulting
services and severance expenses. (3) For the three months
ended December 31, 2022, COVID-19 expenses related to use taxes
around the donation of personal protection merchandise. (4)
The provision for income taxes was calculated using the applicable
tax rates for each country, while excluding the tax benefits for
countries where the tax benefit is not currently deemed probable of
being realized. Supplemental Schedule 3
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP
Financial Measures Reconciliations, Continued (In thousands)
(Unaudited)
Three Months Ended December 31,
Adjusted EBITDA:
2023
2022
PercentageChange Net earnings
$
38,390
$
50,337
(23.7
)%
Add: Depreciation and amortization
28,063
25,285
11.0
%
Interest expense
17,314
17,923
(3.4
)%
Provision for income taxes
13,419
18,328
(26.8
)%
EBITDA (non-GAAP)
97,186
111,873
(13.1
)%
Share-based compensation
5,118
5,135
(0.3
)%
Restructuring
(85
)
7,725
(101.1
)%
Fuel for Growth and Other
4,881
—
100.0
%
COVID-19
—
1,052
(100.0
)%
Adjusted EBITDA (non-GAAP)
$
107,100
$
125,785
(14.9
)%
Basis PointChange Adjusted
EBITDA as a percentage of net sales Adjusted EBITDA margin
11.5
%
13.1
%
(160
)
Operating Free Cash Flow:
2023
2022
PercentageChange Net cash provided by operating activities
$
51,020
$
54,951
(7.2
)%
Less: Payments for property and equipment, net
30,551
25,007
22.2
%
Operating free cash flow (non-GAAP)
$
20,469
$
29,944
(31.6
)%
Supplemental Schedule 4
SALLY BEAUTY HOLDINGS, INC.
AND SUBSIDIARIES Store Count and Comparable Sales
(Unaudited)
As of December 31,
2023
2022
Change Number of stores: SBS stores
3,143
3,146
(3
)
Franchise stores
—
-
-
Total SBS
3,143
3,146
(3
)
BSG: Company-operated stores
1,200
1,220
(20
)
Franchise stores
132
132
—
Total BSG
1,332
1,352
(20
)
Total consolidated
4,475
4,498
(23
)
Number of BSG distributor sales consultants (1)
656
688
(32
)
(1) BSG distributor sales consultants (DSC) include 185 and
191 sales consultants employed by our franchisees at December 31,
2023 and 2022, respectively.
Three Months Ended December 31,
2023
2022
Basis PointChange Comparable sales growth (decline): SBS
(1.9
)%
3.0
%
(490
)
BSG
0.7
%
(1.5
)%
220
Consolidated
(0.8
)%
1.1
%
(190
)
Our comparable sales include sales from stores
that have been operating for 14 months or longer as of the last day
of a month and e-commerce revenue. Additionally, our comparable
sales include sales to franchisees and full service sales. Our
comparable sales excludes the effect of changes in foreign exchange
rates and sales from stores relocated until 14 months after the
relocation. Revenue from acquisitions are excluded from our
comparable sales calculation until 14 months after the acquisition.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240201910240/en/
Jeff Harkins Investor Relations 940-297-3877
jharkins@sallybeauty.com
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