A noncash aftertax impairment charge of $23.4 million related to its salon division dropped Regis Corp. to a $64,000 loss during the third quarter ended March 31.
The results, breakeven on a per-share basis, compare with net income of $8.9 million, or 21 cents a diluted share, in the year-ago period. Excluding the onetime item, earnings per share in the 2010 quarter were 37 cents, beating by 5 cents the average expectations of analysts.
The firm reported on April 8 that revenues in the quarter declined 2.7 percent to $587.6 million from $604.1 million. Same-store sales declined 1.8 percent.
However, Paul D. Finkelstein, chairman and chief executive officer, called March “our best month in a long time with flat North American same-store sales.” He noted that Regis’ value-priced concepts are performing better than its higher-priced point Regis division.
Still, he warned that recovery would be “slow” with same-store sales for next year in the range of down 1 percent to up 2 percent.
During the fiscal year to date, profits came in at $25.9 million, or 46 cents a share, compared with a loss of $119.9 million, $2.79 a share, in the same nine-month period ended in 2009. Sales receded 2 percent to $1.77 billion from $1.81 billion.
As of March 31, Regis Corp. owned, franchised or held ownership interest in 12,748 worldwide locations, a 1.4 percent decline from a year ago. The firm plans to build 160 new salon locations during fiscal 2011.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)