Sally Beauty Holdings, Inc. (NYSE: SBH) (the “Company”) today announced strong financial results for the fourth quarter and fiscal year ended September 30, 2011. The Company will hold a conference call today at 10:00 a.m. (Central) to discuss these results and its business.
“Our strong fourth quarter performance topped off another superb year for Sally Beauty Holdings,” stated Gary Winterhalter, President and Chief Executive Officer. “For the fiscal year, consolidated sales grew 12% to reach $3.3 billion with same store sales growth of 6.1% and gross margin expansion of 60 basis points. Adjusted EBITDA exceeded the $500 million mark, ending the year at $503 million for growth of 24%. We applied our cash flow to reduce debt by $147 million and increased our store base by 6.2%, including acquisitions. We are very pleased with our 2011 results and anticipate that the drivers of our business will continue to generate strong operational and financial performance in fiscal 2012.”
Fiscal 2011 Fourth Quarter and Full Year 2011 Financial Highlights
Net Sales: For the fiscal 2011 fourth quarter, consolidated net sales were $837.2 million, an increase of 12.0% from the fiscal 2010 fourth quarter. The fiscal 2011 fourth quarter sales increase is attributed to same stores sales growth, acquisitions and the addition of new stores. The favorable impact from changes in foreign currency exchange rates in the fiscal 2011 fourth quarter was $8.5 million or 1.1% of sales on a consolidated basis. Consolidated same store sales growth in the fiscal 2011 fourth quarter was 5.6% compared to 5.3% in the fiscal 2010 fourth quarter.Consolidated net sales for fiscal year 2011 were $3.3 billion, an increase of 12.1% from fiscal year 2010, and include a positive impact from foreign currency exchange of $23.3 million, or 0.8% of sales. Fiscal 2011 sales increased primarily due to same stores sales growth, acquisitions and the addition of new stores. Consolidated same store sales growth in fiscal year 2011 was 6.1% compared to 4.6% in fiscal year 2010. (1) Adjusted results for the twelve months ended September 30, 2011, exclude a $27.0 million benefit of a litigation settlement and non-recurring charges of $5.7 million. The net favorable impact of these items is $21.3 million. Gross Profit: Consolidated gross profit for the fiscal 2011 fourth quarter was $412.9 million, an increase of 12.8% over gross profit of $366.0 million for the fiscal 2010 fourth quarter. Gross profit as a percentage of sales was 49.3%, a 40 basis point improvement from the fiscal 2010 fourth quarter. For fiscal year 2011, consolidated gross profit was $1.6 billion, an increase of 13.5% over fiscal 2010 gross profit. Gross profit as a percentage of sales was 48.8%, a 60 basis point improvement from fiscal year 2010.
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