Regis Corp’s Q3 revenue lags estimates
Regis Corp. (NYSE:RGS), which runs hair salons and hair restoration centers, said Friday its third quarter revenues fell 1.1%, a bigger fall than what analysts had expected.
For the quarter ending March 31, the company's revenues dropped to $581 million from $588 million for the year-ago period. Analysts had expected revenues of $585.6 million.
The decline was mainly because of a fall in sales from the company's North American hair salons, which accounted for nearly 88% of revenues for the quarter.
Regis' hair restoration centers, which provide hair transplants and therapy, helped offset some of the decline as the segment's revenues grew 2% to $35.9 million.
Same-store sales for the quarter fell 2.3%, which the company said was because of bad weather in January and the calendar shift of the Easter holiday.
Minnesota-based Regis, which owns, franchises or holds ownership interests in over 12,700 locations worldwide, said it will release its third quarter results on April 27.
The company's shares fell 1.5% on Friday to $18.62 as of 1:21 pm EST.
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