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Sally Beauty Holdings, Inc. (NYSE: SBH) (the “Company”) today announced solid financial results for the fiscal 2013 first quarter. The Company will hold a conference call today at 10:00 a.m. (Central) to discuss these results and its business.
“Fiscal year 2013 is off to a good start with solid performance in the first quarter from each of our business segments,” stated Gary Winterhalter, Chairman, President and Chief Executive Officer. “We performed very well during the quarter given our challenging year-over-year comparisons. Consolidated sales in the fiscal 2013 first quarter grew 4.7% versus 9.0% in the prior year first quarter. Gross profit margin expanded 30 basis points and we achieved 10 basis points of SG&A leverage. Since October 1
st, we’ve repurchased approximately $141 million, or 47%, of our existing $300 million stock repurchase authorization."
FISCAL 2013 FIRST QUARTER FINANCIAL HIGHLIGHTSNet Sales: For the fiscal 2013 first quarter, consolidated net sales were $905.4 million, an increase of 4.7% from the fiscal 2012 first quarter. Fiscal 2013 first quarter sales increase is attributed to same store sales growth and the addition of new stores. The impact from changes in foreign currency exchange rates in the fiscal 2013 first quarter was not material. Consolidated same store sales growth in the fiscal 2013 first quarter was 2.8%.
Gross Profit: Consolidated gross profit for the fiscal 2013 first quarter was $444.4 million, an increase of 5.3% over gross profit of $421.9 million for the fiscal 2012 first quarter. Gross profit as a percentage of sales was 49.1%, a 30 basis point improvement from the fiscal 2012 first quarter.
Selling, General and Administrative Expenses: For the fiscal 2013 first quarter, consolidated selling, general and administrative (SG&A) expenses, including unallocated corporate expenses and share-based compensation, were $305.7 million, or 33.8% of sales, a 10 basis point improvement from the fiscal 2012 first quarter metric of 33.9% of sales and total SG&A expenses of $293.0 million. Fiscal 2013 first quarter SG&A expenses increased $12.7 million primarily due to expenses associated with the opening of new stores such as rent, occupancy and payroll expenses.
Note: SG&A expenses include unallocated corporate expenses, as detailed in the Company’s segment information on schedule B.