UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 8, 2011
REGIS CORPORATION
(Exact name of registrant as specified in its charter)
Minnesota |
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1-12725 |
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41-0749934 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No) |
7201 Metro Boulevard
Minneapolis, MN 55439
(Address of principal executive offices and zip code)
(952) 947-7777
(Registrants telephone number, including area code)
(Not applicable)
(Former name or former address, if changed from last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Regis Corporation
Current Report on Form 8-K
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 8, 2011, Regis Corporation announced its consolidated revenues and same-store sales for its fiscal fourth quarter ended June 30, 2011. A copy of the News Release issued by Regis Corporation in connection with this Item 2.02 is attached as Exhibit 99 and incorporated by reference herein.
The information in this Form 8-K shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
EXHIBIT |
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99 |
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Regis Corporation News Release dated July 8, 2011 |
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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REGIS CORPORATION | ||
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Dated: July 8, 2011 |
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By: |
/s/ Eric Bakken |
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Name: Eric Bakken, Title: Secretary |
EXHIBIT INDEX
EXHIBIT |
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99 |
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Regis Corporation News Release dated July 8, 2011 |
Exhibit 99
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CONTACT: REGIS CORPORATION: | |
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Mark Fosland SVP, Finance and Investor Relations |
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952-806-1707 |
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Andy Larew Director, Finance-Investor Relations |
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952-806-1425 |
For Immediate Release
REGIS REPORTS FOURTH QUARTER REVENUES INCREASED TO $592 MILLION
-Fourth Quarter Customer Visitation Trends Improved-
MINNEAPOLIS, July 8, 2011 Regis Corporation (NYSE:RGS), the global leader in the $160 billion hair care industry, today reported consolidated revenues increased 0.3 percent in the fourth fiscal quarter of 2011 to $592 million, compared to $590 million a year ago. Fourth quarter total same-store sales decreased 1.7 percent.
Fourth quarter customer visits declined 2.5 percent, an improvement of 150 basis points when compared to the first nine months of our fiscal year, commented Randy L. Pearce, President. As we move into fiscal 2012, we expect sequential improvement in customer visitation trends. We remain laser focused on executing our strategies, which center on increasing customer visits and improving profitability.
Fourth Quarter Revenues:
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For the Three Months Ended June 30, 2011 |
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Salons |
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Hair Restoration |
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(Dollars in thousands) |
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North America |
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International |
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Centers |
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Consolidated |
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Revenues: |
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Service |
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$ |
403,982 |
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$ |
31,147 |
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$ |
17,363 |
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$ |
452,492 |
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Product |
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98,193 |
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11,325 |
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19,694 |
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129,212 |
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Royalties and fees |
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9,536 |
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602 |
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10,138 |
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Total |
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$ |
511,711 |
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$ |
42,472 |
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$ |
37,659 |
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$ |
591,842 |
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For the Three Months Ended June 30, 2010 |
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Salons |
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Hair Restoration |
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(Dollars in thousands) |
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North America |
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International |
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Centers |
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Consolidated |
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Revenues: |
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Service |
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$ |
404,276 |
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$ |
30,480 |
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$ |
17,099 |
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$ |
451,855 |
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Product |
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97,980 |
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11,002 |
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18,838 |
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127,820 |
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Royalties and fees |
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9,650 |
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623 |
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10,273 |
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Total |
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$ |
511,906 |
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$ |
41,482 |
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$ |
36,560 |
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$ |
589,948 |
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Fourth Quarter Same-Store Sales:
For the Three Months Ended June 30,
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2011 |
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2010 |
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Service |
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Retail |
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Total |
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Service |
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Retail |
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Total |
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Regis Salons |
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-3.1 |
% |
5.1 |
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-1.8 |
% |
-5.9 |
% |
-2.7 |
% |
-5.4 |
% |
MasterCuts |
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-2.7 |
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5.0 |
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-1.4 |
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-1.9 |
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2.8 |
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-1.1 |
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Supercuts |
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0.8 |
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-4.7 |
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0.2 |
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-0.2 |
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2.1 |
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0.0 |
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Promenade |
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-1.5 |
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-0.1 |
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-1.3 |
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-3.7 |
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-0.1 |
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-3.3 |
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SmartStyle |
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-1.8 |
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-4.3 |
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-2.6 |
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-3.2 |
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-0.8 |
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-2.4 |
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North America Same-Store Sales |
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-1.7 |
% |
-1.3 |
% |
-1.6 |
% |
-3.4 |
% |
-0.5 |
% |
-2.9 |
% |
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International Same-Store Sales |
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-5.8 |
% |
-4.9 |
% |
-5.5 |
% |
-4.0 |
% |
-4.0 |
% |
-4.0 |
% |
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Hair Restoration Same-Store Sales |
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0.4 |
% |
2.2 |
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1.3 |
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3.9 |
% |
0.4 |
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2.1 |
% |
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Consolidated Same-Store Sales |
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-1.8 |
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-1.1 |
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-1.7 |
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-3.2 |
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-0.7 |
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-2.7 |
% |
International same-store sales for the quarter represent the 12-week period ended June 25, 2011 versus the 12-week period ended June 26, 2010.
Fiscal Year Revenues:
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For the 12 Months Ended June 30, 2011 |
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Salons |
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Hair Restoration |
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(Dollars in thousands) |
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North America |
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International |
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Centers |
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Consolidated |
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Revenues: |
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Service |
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$ |
1,588,690 |
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$ |
106,694 |
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$ |
67,685 |
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$ |
1,763,069 |
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Product |
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403,996 |
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43,448 |
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75,548 |
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522,992 |
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Royalties and fees |
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37,247 |
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2,419 |
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39,666 |
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Total |
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$ |
2,029,933 |
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$ |
150,142 |
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$ |
145,652 |
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$ |
2,325,727 |
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For the 12 Months Ended June 30, 2010 |
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Salons |
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Hair Restoration |
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(Dollars in thousands) |
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North America |
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International |
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Centers |
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Consolidated |
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Revenues: |
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Service |
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$ |
1,605,979 |
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$ |
111,833 |
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$ |
66,325 |
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$ |
1,784,137 |
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Product |
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397,401 |
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44,252 |
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72,978 |
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514,631 |
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Product sold to Premier |
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19,962 |
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19,962 |
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Royalties and fees |
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37,221 |
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2,483 |
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39,704 |
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Total |
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$ |
2,060,563 |
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$ |
156,085 |
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$ |
141,786 |
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$ |
2,358,434 |
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Fiscal Year Same-Store Sales:
For the 12 Months Ended June 30,
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2011 |
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2010 |
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Service |
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Retail |
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Total |
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Service |
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Retail |
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Total |
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Regis Salons |
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-3.8 |
% |
4.4 |
% |
-2.5 |
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-7.7 |
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-9.5 |
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-8.0 |
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MasterCuts |
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-2.2 |
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6.1 |
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-0.7 |
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-1.9 |
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-1.8 |
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-1.9 |
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Supercuts |
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0.4 |
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-2.0 |
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0.1 |
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0.5 |
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3.6 |
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0.8 |
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Promenade |
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-3.0 |
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0.8 |
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-2.6 |
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-3.4 |
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-3.4 |
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-3.4 |
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SmartStyle |
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-1.8 |
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-2.1 |
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-1.9 |
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-2.3 |
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-0.6 |
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-1.7 |
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North America Same-Store Sales |
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-2.3 |
% |
0.3 |
% |
-1.8 |
% |
-3.5 |
% |
-2.6 |
% |
-3.3 |
% |
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International Same-Store Sales |
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-4.6 |
% |
-0.1 |
% |
-3.1 |
% |
-3.9 |
% |
-3.5 |
% |
-3.8 |
% |
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Hair Restoration Same-Store Sales |
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1.3 |
% |
1.2 |
% |
1.2 |
% |
0.6 |
% |
0.3 |
% |
0.4 |
% |
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Consolidated Same-Store Sales |
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-2.3 |
% |
0.4 |
% |
-1.7 |
% |
-3.4 |
% |
-2.3 |
% |
-3.2 |
% |
International same-store sales for the year represent the 52-week period ended June 25, 2011 versus the 52-week period ended June 26, 2010.
Regis Corporation will announce fourth quarter 2011 earnings results on August 25, 2011. A conference call discussing fourth quarter results will follow at 10:00 a.m., Central time. Interested parties are invited to listen by logging on to www.regiscorp.com.
About Regis Corporation
Regis Corporation (NYSE:RGS) is the beauty industrys global leader in beauty salons, hair restoration centers and cosmetology education. As of March 31, 2011, the Company owned, franchised or held ownership interests in approximately 12,700 worldwide locations. Regis corporate and franchised locations operate under concepts such as Supercuts, Sassoon Salon, Regis Salons, MasterCuts, SmartStyle, Cost Cutters, Cool Cuts 4 Kids and Hair Club for Men and Women. In addition, Regis maintains an ownership interest in Provalliance, which operates salons primarily in Europe, under the brands of Jean Louis David, Franck Provost and Saint Algue. Regis also maintains ownership interests in Empire Education Group in the U.S. and the MY Style concepts in Japan. System-wide, these and other concepts are located in the U.S. and in over 30 other countries in North America, South America, Europe, Africa and Asia. For additional information about the company, including a reconciliation of certain non-GAAP financial information and certain supplemental financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com. To join Regis Corporations email alert list, click on this link:
http://www.b2i.us/irpass.asp?BzID=913&to=ea&Nav=1&S=0&L=1
This press release contains or may contain forward-looking statements within the meaning of the federal securities laws, including statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this document reflect managements best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Such forward-looking statements are often identified herein by use of words including, but not limited to, may, believe, project, forecast, expect, estimate, anticipate, and plan. In addition, the following factors could affect the Companys actual results and cause such results to differ materially from those expressed in forward-looking statements. These factors include, competition within the personal hair care industry, which remains strong, both domestically and internationally, price sensitivity; changes in economic conditions; changes in consumer tastes and fashion trends; the ability of the Company to implement its planned spending and cost reduction plan and to continue to maintain compliance with financial covenants in its credit agreements; labor and benefit costs; legal claims; risk inherent to international development (including currency fluctuations); the continued ability of the Company and its franchisees to obtain suitable locations and financing for new salon development and to maintain satisfactory relationships with landlords and other licensors with respect to existing locations; governmental initiatives such as minimum wage rates, taxes and possible franchise legislation; the ability of the Company to successfully identify, acquire and integrate salons that support its growth objectives; the ability of the Company to maintain satisfactory relationships with suppliers; or other factors not listed above. The ability of the Company to meet its expected revenue target is dependent on salon acquisitions, new salon construction and same-store sales increases, all of which are affected by many of the aforementioned risks. Additional information concerning potential factors that could affect future financial results is set forth in the Companys Annual Report on Form 10-K for the year ended June 30, 2010. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made in our subsequent annual and periodic reports filed or furnished with the SEC on Forms 10-K, 10-Q and 8-K and Proxy Statements on Schedule 14A.
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