Sally Beauty has announced its first quarter 2022 results that showed net sales were $980,251 million, a 4.7% increase from $936,066 million in the previous year.
Gross profit for the quarter was $500,129 million, compared to $470,724 million in the previous year.
Net earnings were $66,838 million, compared to $57,191 million in the previous year.
Global e-commerce sales were $81 million, representing 8.3% of net sales.
Fiscal 2022 Outlook
Net sales are expected to increase 3% to 4%, compared to the previous year.
Denise Paulonis, president and CEO, said:
We are pleased to begin the new fiscal year with solid financial results, highlighted by comparable sales growth of 6.1%, strong gross margin of 51.0% and significantly improved profitability. Our first quarter performance reflects strong demand for our core categories of color and care among both the DIY enthusiast and professional stylist and also demonstrated our ability to navigate and effectively manage the dynamic macro supply chain environment. Strong business performance and a solid balance sheet enabled us to return value to our shareholders through the repurchase of $75 million of SBH shares during the quarter.
We are proud of our teams for their strong operational execution and ongoing commitment to prioritize our Sally and BSG customers. We remain focused on our roadmap for fiscal 2022, which includes leveraging our digital platform, driving loyalty and personalization, delivering product innovation and advancing our supply chain. We believe the business is well positioned to benefit from ongoing demand for our products and services, pursue new growth opportunities and build long-term shareholder value.