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Sally Beauty Announces Preliminary Results For The Fiscal Quarter Ended June 30, 2012

Sally Beauty Holdings, Inc. (NYSE:SBH) (the “Company”) today announced preliminary results for the fiscal quarter ended June 30, 2012.

Preliminary Results for the Quarter Ended June 30, 2012

For the quarter ended June 30, 2012 (the ‘‘fiscal 2012 third quarter’’), the Company’s consolidated net sales were approximately $887.0 million, an increase of 6.0% from the quarter ended June 30, 2011 (the ‘‘fiscal 2011 third quarter’’). This fiscal 2012 third quarter sales increase is attributed primarily to same store sales growth, the addition of new stores and acquisitions. The negative impact from changes in foreign currency exchange rates was $11.0 million or 132 basis points in the fiscal 2012 third quarter. Consolidated same store sales growth in the fiscal 2012 third quarter was approximately 5.2% compared to 5.9% in the fiscal 2011 third quarter. Key drivers of same store sales growth include increased customer traffic and higher average ticket in both business segments.

In the fiscal 2012 third quarter, GAAP net earnings were approximately $69.5 million, a 0.5% increase, when compared to fiscal 2011 third quarter GAAP net earnings of $69.1 million. In the fiscal 2012 third quarter, GAAP diluted earnings per share were approximately $0.37, flat when compared to fiscal 2011 third quarter GAAP diluted earnings per share of $0.37. Fiscal 2011 third quarter includes an after-tax credit of $13.4 million from a litigation settlement, net of non-recurring expenses.

In the fiscal 2012 third quarter, adjusted net earnings (a non-GAAP measure) increased by 28.3% to approximately $71.6 million, or $0.38 earnings per diluted share compared to fiscal 2011 third quarter adjusted net earnings of $55.8 million and $0.30 earnings per diluted share. Adjusted net earnings in the fiscal 2012 third quarter were adjusted for expenses related to the refinancing of the outstanding balance on the Company’s Senior Term B loan with a portion of the proceeds from the sale of $700 million of the Company’s 5.75% Senior Notes due 2022. The Company’s adjusted net earnings for the fiscal 2011 third quarter were adjusted for an after-tax credit of $13.4 million from a litigation settlement, net of non-recurring expenses. See ‘‘Use of Non-GAAP Financial Measures’’ below for a reconciliation of adjusted net earnings to GAAP net earnings and a reconciliation of adjusted earnings per diluted share to GAAP diluted earnings per share.

Stock quotes in this article: SBH 

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