Sally Beauty Holdings has announced its financial results for Q3 2017.
The company states that consolidated net sales were "essentially flat when compared to the prior year" and reached $998 million in the third quarter.
Third quarter 2017 sales for Sally Beauty Supply decreased by 1.3% when compared to third quarter 2016 and totaled $594.4 million.
Third quarter 2017 sales for Beauty Systems Group (BSG) increased by 1.9% when compared to third quarter 2016 and totaled $403.2 million.
Chris Brickman, president and CEO of Sally Beauty Holdings, said, “We are pleased to report solid third quarter results, with improved revenue performance, excellent gross margin expansion and meaningful growth in adjusted earnings per share. Our results reflect a balanced approach to managing our business in a challenging retail environment, combining appropriate long-term strategic investments with an unrelenting focus on operating discipline and organizational efficiencies."
He added, “Our effort to position the company for better financial performance extends to our capital structure. As we announced shortly after quarter end, we refinanced $850 million of our long-term debt in early July by redeeming higher cost senior notes with funds generated from a new, lower cost institutional term loan, a move that should generate a significant reduction in annual cash interest expense...We intend to execute on our strategic priorities and strive for additional gross margin improvement and cost savings in order to achieve our financial goals for the year and deliver even better results in fiscal 2018.”
