Sally Beauty sales rise 45% in third quarter
Denton, Texas-based professional hair and beauty supply company Sally Beauty Holdings, Inc. reported total Q3 sales of $1.02 billion on Thursday, an increase of 45.0% compared to $705.3 million in the prior-year period.
In the third quarter ended June 30, 2021, the group’s same store sales rose 44.7%, with growth driven by improving consumer confidence in the U.S. and the easing of Covid-19 restrictions in international territories. Sally Beauty operated 84 fewer stores in the quarter compared to the same period in the previous year.
Global e-commerce sales at the company were $71 million, accounting for 7.0% of total net sales.
In the group’s Sally Beauty Supply division, net sales were $602.7 million, up 45.1% compared to the prior-year period. The division’s global segment same store sales rose 43.3%, with the U.S. and Canada business representing 79% of sales and posting a 35.2% increase in same store sales. The division’s store count at the end of the quarter was 3,611, down 80 compared to the previous year.
In the Beauty Systems Group, net sales totaled $419.7 million, a year-over-year increase of 44.8%, while same store sales rose 47.8%. The division finished the quarter with 1,367 stores, a reduction of 4 locations from the same period in 2020.
Total company net earnings at Sally Beauty Holdings were $76.2 million, or $0.66 per diluted share, compared to a net loss of $23.5 million, or $0.21 per diluted share, in the third quarter of the previous year.
“We are pleased to report another strong quarter, which was driven by strengthening consumer demand and solid execution by our teams,” said the company’s president and CEO, Chris Brickman, in a release.
“As we approach our fiscal year-end, we are pleased with our strong financial performance to date, and ability to deliver against our strategic priorities despite the challenges of the pandemic,” added the executive. “We remain focused on the completion of our multi-year transformation in 2021, and as we enter 2022, we will continue to scale and optimize a full suite of omni-channel services designed to delight our customers.”
Year to date, Sally Beauty’s sales totaled $2.88 billion, up 12.8% from $2.56 billion in the same period in the previous year, while net earnings came to $171.7 million, or $1.50 per diluted share, increasing from $43.06 million, or $0.37 per diluted share.
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