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Sally Beauty Grows in Q1 2013
Posted: February 7, 2013
Sally Beauty Holdings, Inc. announced solid financial results for the fiscal 2013 first quarter. 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%.
“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 CEO of Sally Beauty Holdings. “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% 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 1st, we’ve repurchased approximately $141 million, or 47%, of our existing $300 million stock repurchase authorization."
For Sally Beauty Supply, sales were $558.8 million, up 4.2% from $536.4 million in the fiscal 2012 first quarter. Sales growth was from net new store openings and same store sales. Same store sales growth was 1.6% versus 8% in the fiscal 2012 first quarter, and segment earnings were $106.1 million, up 5% from $101.1 million in the fiscal 2012 first quarter.
For Beauty Systems Group, sales were $346.6 million, up 5.5% from $328.5 million in the fiscal 2012 first quarter. Same store sales growth was 5.6% versus 5% in the fiscal 2012 first quarter, and segment earnings were $48.8 million, up 12.5% from $43.3 million in the fiscal 2012 first quarter.