Regis buys 523 salons in France; 1st-Qtr profit rises
Published Oct 23 2001
Regis Corp., the largest operator and franchiser of hair salons,
said it bought the third-largest beauty-store chain in France,
and that fiscal first-quarter profit rose 21 percent.
Terms for the acquisition of GGG Group's 523 franchised
salons weren't disclosed. The chain, which had annual revenue
of about $16 million, will immediately add 1 cent a share to
full-year earnings, President and CEO Paul Finkelstein said.
Edina-based Regis also reported that net income in the quarter
ended Sept. 30 rose to $15.4 million, or 36 cents a share, from
$12.7 million, or 31 cents, a year earlier. The results matched
the average estimate of five analysts polled by Thomson
Financial/First Call.
Sales rose 13 percent to $349.7 million from $310.8 million.
Same-store sales, or sales at stores open at least a year, rose 3.2
percent during the quarter.
Regis, which owns salons under the Supercuts and Trade Secret
brand names, plans to spend up to $45 million on acquisitions
in this fiscal year, Finkelstein said.
Regis shares fell 5 cents to $21.05. They have risen 45 percent
this year.
-- Bloomberg News |
