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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sally Beauty Holdings Inc | NYSE:SBH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.17 | -1.55% | 10.78 | 11.42 | 10.78 | 11.20 | 924,730 | 01:00:00 |
GAAP Diluted EPS of $0.34; Adjusted Diluted EPS of $0.57
GAAP Operating Margin of 8.2%; Adjusted Operating Margin of 12.1%
Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”), the leader in professional hair color, today announced financial results for its second quarter ended March 31, 2021. The Company will hold a conference call today at 7:30 a.m. Central Time to discuss the results.
Fiscal 2021 Second Quarter Summary
“We are pleased to report strong financial results across all of our key measures despite extensive store closures in parts of our international territories and salon closures in California in January,” said Chris Brickman, president and chief executive officer. “In the U.S., we saw an acceleration in consumer demand in the latter part of the quarter, which drove a net sales increase of 6.3%. Our top line performance, coupled with ongoing strength in gross margin, resulted in significant earnings per share growth compared to the prior year.”
“In the second half of the year, we will continue to focus on growing customer engagement and loyalty, leveraging our new capabilities in support of our mission to recruit and retain color customers, and implementing the remaining steps in our successful transformation journey, which remains on track to be substantially completed by the end of the year. It is clear that the capabilities we’ve been building across digital, customer engagement and supply chain are bearing fruit and position us to drive sustainable long-term growth.”
COVID-19 Update
The table below includes the operating status of corporate-owned stores at the end of each month during the second quarter, reflecting the disruption caused by COVID-19 on global stores operations and customer traffic.
January February March TerritoryHard Closed
Reduced Capacity
Fully Open
Hard Closed
Reduced Capacity
Fully Open
Hard Closed
Reduced Capacity
Fully Open
Sally US/CAN0%
38%
62%
0%
37%
63%
0%
34%
66%
Sally Europe62%
2%
36%
49%
17%
34%
32%
36%
32%
Sally LATAM28%
69%
3%
13%
70%
17%
11%
35%
54%
BSG US/CAN2%
39%
59%
0%
42%
58%
0%
40%
60%
SBH Total *8%
37%
55%
5%
39%
56%
4%
35%
61%
*Includes corporate stores only (excludes franchises)Fiscal 2021 Second Quarter Operating Results
Second quarter consolidated same store sales increased 6.5% and consolidated net sales increased 6.3% to $926.3 million, primarily driven by the favorable impact in the U.S. from improving consumer confidence, government stimulus payments and the easing of COVID-19 restrictions in salons. The favorable impact was partially offset by continued COVID-19 mandated store closures in parts of our international territories and salon closures in California in January while operating 71 fewer stores compared to the prior year. Foreign currency translation had a favorable impact of approximately 90 basis points on reported sales. Global e-commerce sales increased 56%.
Consolidated gross profit for the second quarter was $467.2 million compared to $429.8 million in the prior year, an increase of 8.7%. Consolidated gross margin was 50.4%, an increase of 110 basis points compared to 49.3% in the prior year, driven primarily by fewer promotions in the Sally segment. Adjusted Gross Margin was 51.2%, excluding a $7 million write-down of COVID-19 related personal protective equipment inventory.
Selling, general and administrative (SG&A) expenses totaled $391.1 million, up $7.8 million compared to the prior year, which included COVID-19 related net expenses of $29.0 million ($31.2 million donation expense of personal protective equipment inventory partially offset by Canadian wage and rent subsidy credits of $2.2 million). Adjusted Selling, General and Administrative (Adjusted SG&A) Expenses, excluding COVID-19 net expenses in both years, were $362.1 million as compared to $368.6 million in the prior year. As a percentage of sales, Adjusted SG&A was 39.1% compared to 42.3% in the prior year.
GAAP operating earnings and operating margin in the second quarter were $75.5 million and 8.2%, respectively, compared to $43.3 million and 5.0%, respectively, in the prior year. Adjusted Operating Earnings and Operating Margin increased to $112.1 million and 12.1%, respectively, compared to $61.2 million and 7.0%, respectively, in the prior year.
GAAP net earnings in the second quarter were $38.3 million, or $0.34 per diluted share, compared to $13.4 million, or $0.12 per diluted share in the prior year. Adjusted Net Earnings were $65.5 million, an increase of 143% compared to $27.0 million in the prior year and Adjusted Diluted Net Earnings Per Share increased 148% to $0.57. Adjusted EBITDA in the second quarter was $141.3 million, an increase of 55.0% compared to the prior year, and Adjusted EBITDA Margin was 15.3%, an increase of 480 basis points compared to the prior year.
Balance Sheet and Cash Flow
In January, the Company utilized excess cash to fully repay the outstanding balance of $213 million of its 4.5% fixed rate term loan. At the end of the quarter, the Company had cash and cash equivalents on the balance sheet of $408 million and a zero balance outstanding under its $600 million asset-based revolving line of credit. Additionally, the Company ended the quarter with a net debt leverage ratio of 2.34x, reflecting its significant cash balance. For comparison purposes, the leverage ratio, as defined in our loan agreements where the impact of balance sheet cash and cash equivalents is capped at $100 million for net debt calculation purposes, was 2.95x.
Second quarter fiscal 2021 cash flow from operations totaled $92.6 million. Capital expenditures totaled $11.6 million. Operating free cash flow totaled $81.0 million. Subsequent to quarter end, on April 1, 2021, the Company utilized excess cash to fully repay the outstanding balance of $197 million of its 5.50% unsecured notes due 2023.
Fiscal 2021 Second Quarter Segment Results
Sally Beauty Supply
Beauty Systems Group
Fiscal Year 2021 Outlook
The Company will provide perspective on its outlook for the third quarter during its earnings conference call. The Company will not be providing formal guidance at this time.
Conference Call and Where You Can Find Additional Information
The Company will hold a conference call and audio webcast today to discuss its financial results and its business at approximately 7:30 a.m. Central Time today, May 6, 2021. During the conference call, the Company may discuss and answer one or more questions concerning business and financial matters and trends affecting the Company. The Company’s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed. Simultaneous to the conference call, an audio webcast of the call will be available via a link on the Company’s website, sallybeautyholdings.com/investor-relations. The conference call can be accessed by dialing (844) 867-6169 (International: (409-207-6975) and referencing the access code 6806264#. The teleconference will be held in a “listen-only” mode for all participants other than the Company’s current sell-side and buy-side investment professionals. In addition, a supplemental slide presentation may be viewed during the call at the following link SBH Q2 Earnings Presentation and entering the event password 2TErvPZw4S5. A replay of the earnings conference call will be available starting at 10:30 a.m. Central Time, May 6, 2021, through May 13, 2021, by dialing (866) 207-1041 (International: (402) 970-0847) and reference access code 3919224#. Also, a website replay will be available on sallybeautyholdings.com/investor-relations.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH), as the leader in professional hair color, sells and distributes professional beauty supplies globally through its Sally Beauty Supply and Beauty Systems Group businesses. The Company operates approximately 5,000 stores, including 142 franchised locations. Sally Beauty Supply stores offer up to 8,000 products for hair color, hair care, skin care, and nails through proprietary brands such as Ion®, Generic Value Products®, Beyond the Zone® and Silk Elements® as well as professional lines such as Wella®, Clairol®, OPI®, Conair® and Hot Shot Tools®. Beauty Systems Group stores, branded as CosmoProf® or Armstrong McCall® stores, along with its outside sales consultants, sell up to 10,500 professionally branded products including Paul Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico® and CHI®, intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit https://www.sallybeautyholdings.com/.
Cautionary Notice Regarding Forward-Looking Statements
Statements in this news release and the schedules hereto which are not purely historical facts or which depend upon future events may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “can,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “will,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters.
Readers are cautioned not to place undue reliance on forward-looking statements as such statements speak only as of the date they were made. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including, but not limited to, the risks and uncertainties related to COVID-19 and those described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2020. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any forward-looking statements.
Use of Non-GAAP Financial Measures
This news release and the schedules hereto include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the United States, or GAAP, and are therefore referred to as non-GAAP financial measures: (1) Adjusted Gross Margin; (2) Adjusted Selling, General and Administrative Expenses; (3) Adjusted EBITDA and EBITDA Margin; (4) Adjusted Operating Earnings and Operating Margin; (5) Adjusted Net Earnings; (6) Adjusted Diluted Net Earnings Per Share; and (7) Operating Free Cash Flow. We have provided definitions below for these non-GAAP financial measures and have provided tables in the schedules hereto to reconcile these non-GAAP financial measures to the comparable GAAP financial measures.
Adjusted Gross Margin – We define the measure Adjusted Gross Margin as GAAP gross margin excluding the write-down of COVID-19 related personal protective equipment inventory for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.
Adjusted Selling, General and Administrative Expenses – We define the measure Adjusted Selling, General and Administrative Expenses as GAAP selling, general and administrative expenses excluding COVID-19 net expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.
Adjusted EBITDA and EBITDA Margin – We define the measure Adjusted EBITDA as GAAP net earnings before depreciation and amortization, interest expense, income taxes, share-based compensation, costs related to the Company’s previously announced restructuring plans and COVID-19 related net expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of net sales.
Adjusted Operating Earnings and Operating Margin – Adjusted operating earnings are GAAP operating earnings that exclude costs related to the Company’s previously announced restructuring plans and net expenses related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Operating Margin is Adjusted Operating Earnings as a percentage of net sales.
Adjusted Net Earnings – Adjusted net earnings is GAAP net earnings that exclude tax-effected costs related to the Company’s previously announced restructuring plans and tax-effected net expenses related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.
Adjusted Diluted Net Earnings Per Share – Adjusted diluted net earnings per share is GAAP diluted earnings per share that exclude tax-effected costs related to the Company’s previously announced restructuring plans and tax-effected net expenses related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.
Operating Free Cash Flow – We define the measure Operating Free Cash Flow as GAAP net cash provided by operating activities less payments for capital expenditures (net). We believe Operating Free Cash Flow is an important liquidity measure that provides useful information to investors about the amount of cash generated from operations after taking into account payments for capital expenditures (net).
We believe that these non-GAAP financial measures provide valuable information regarding our earnings and business trends by excluding specific items that we believe are not indicative of the ongoing operating results of our businesses; providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry.
We have provided these non-GAAP financial measures as supplemental information to our GAAP financial measures and believe these non-GAAP measures provide investors with additional meaningful financial information regarding our operating performance and cash flows. Our management and Board of Directors also use these non-GAAP measures as supplemental measures to evaluate our businesses and the performance of management, including the determination of performance-based compensation, to make operating and strategic decisions, and to allocate financial resources. We believe that these non-GAAP measures also provide meaningful information for investors and securities analysts to evaluate our historical and prospective financial performance. These non-GAAP measures should not be considered a substitute for or superior to GAAP results. Furthermore, the non-GAAP measures presented by us may not be comparable to similarly titled measures of other companies.
Supplemental Schedules
Segment Information
1
Non-GAAP Financial Measures Reconciliations
2-3
Non-GAAP Financial Measures Reconciliations; Adjusted EBITDA and
Operating Free Cash Flow
4
Store Count and Same Store Sales
5
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited) Three Months Ended March 31, Six Months Ended March 31,2021
2020
PercentageChange2021
2020
PercentageChange Net sales$
926,328
$
871,023
6.3
%
$
1,862,350
$
1,851,231
0.6
%
Cost of products sold
459,099
441,266
4.0
%
924,397
946,626
(2.3
)%
Gross profit
467,229
429,757
8.7
%
937,953
904,605
3.7
%
Selling, general and administrative expenses
391,087
383,299
2.0
%
757,257
761,228
(0.5
)%
Restructuring
631
3,193
(80.2
)%
863
5,725
(84.9
)%
Operating earnings
75,511
43,265
74.5
%
179,833
137,652
30.6
%
Interest expense
23,883
21,644
10.3
%
49,861
43,185
15.5
%
Earnings before provision for income taxes
51,628
21,621
138.8
%
129,972
94,467
37.6
%
Provision for income taxes
13,316
8,253
61.3
%
34,469
27,884
23.6
%
Net earnings$
38,312
$
13,368
186.6
%
$
95,503
$
66,583
43.4
%
Earnings per share: Basic$
0.34
$
0.12
183.3
%
$
0.85
$
0.58
46.6
%
Diluted$
0.34
$
0.12
183.3
%
$
0.84
$
0.57
47.4
%
Weighted average shares: Basic
112,603
114,823
112,538
115,478
Diluted
114,342
115,795
114,028
116,462
Basis PointChange Basis PointChange Comparison as a percentage of net sales Consolidated gross margin
50.4
%
49.3
%
110
50.4
%
48.9
%
150
Selling, general and administrative expenses
42.2
%
44.0
%
(180
)
40.7
%
41.1
%
(40
)
Consolidated operating margin
8.2
%
5.0
%
320
9.7
%
7.4
%
230
Effective tax rate
25.8
%
38.2
%
(1,240
)
26.5
%
29.5
%
(300
)
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) (Unaudited) March 31,2021 September 30,2020 Cash and cash equivalents$
408,321
$
514,151
Trade and other accounts receivable
66,156
56,429
Inventory
949,695
814,503
Other current assets
42,278
48,014
Total current assets
1,466,450
1,433,097
Property and equipment, net
289,070
315,029
Operating lease assets
524,955
525,634
Goodwill and other intangible assets
601,539
598,321
Other assets
27,558
23,066
Total assets$
2,909,572
$
2,895,147
Current maturities of long-term debt$
197,596
$
180
Accounts payable
310,215
236,333
Accrued liabilities
195,467
170,665
Current operating lease liabilities
155,711
153,267
Income taxes payable
16,062
2,917
Total current liabilities
875,051
563,362
Long-term debt, including capital leases
1,389,545
1,796,897
Long-term operating lease liabilities
388,733
394,375
Other liabilities
30,113
32,976
Deferred income tax liabilities, net
91,297
92,094
Total liabilities
2,774,739
2,879,704
Total stockholders’ equity
134,833
15,443
Total liabilities and stockholders’ equity$
2,909,572
$
2,895,147
Supplemental Schedule 1 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Segment Information (In thousands) (Unaudited) Three Months Ended March 31, Six Months Ended March 31,2021
2020
PercentageChange2021
2020
PercentageChange Net sales: Sally Beauty Supply ("SBS")$
542,664
$
519,509
4.5
%
$
1,090,334
$
1,088,657
0.2
%
Beauty Systems Group ("BSG")
383,664
351,514
9.1
%
772,016
762,574
1.2
%
Total net sales$
926,328
$
871,023
6.3
%
$
1,862,350
$
1,851,231
0.6
%
Operating earnings: SBS$
100,063
$
56,373
77.5
%
$
195,191
$
130,598
49.5
%
BSG
47,843
41,039
16.6
%
96,415
103,473
(6.8
)%
Segment operating earnings
147,906
97,412
51.8
%
291,606
234,071
24.6
%
Unallocated expenses (1)
71,764
50,954
40.8
%
110,910
90,694
22.3
%
Restructuring
631
3,193
(80.2
)%
863
5,725
(84.9
)%
Interest expense
23,883
21,644
10.3
%
49,861
43,185
15.5
%
Earnings before provision for income taxes$
51,628
$
21,621
138.8
%
$
129,972
$
94,467
37.6
%
Segment gross margin:2021
2020
Basis PointChange2021
2020
Basis PointChange SBS
58.4
%
55.6
%
280
58.1
%
54.9
%
320
BSG
39.1
%
40.0
%
(90
)
39.5
%
40.2
%
(70
)
Segment operating margin: SBS
18.4
%
10.9
%
750
17.9
%
12.0
%
590
BSG
12.5
%
11.7
%
80
12.5
%
13.6
%
(110
)
Consolidated operating margin
8.2
%
5.0
%
320
9.7
%
7.4
%
230
(1) Unallocated expenses, including share-based compensation expense, consist of corporate and shared costs and are included in selling, general and administrative expenses. Supplemental Schedule 2 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2021 As Reported(GAAP) Restructuring (1) COVID-19 (2) As Adjusted(Non-GAAP) Cost of products sold
$
459,099
$
-
$
(6,957
)
$
452,142
Consolidated gross margin
50.4
%
51.2
%
Selling, general and administrative expenses
391,087
-
(28,974
)
362,113
SG&A expenses, as a percentage of sales
42.2
%
39.1
%
Operating earnings
75,511
631
35,931
112,073
Operating margin
8.2
%
12.1
%
Earnings before provision for income taxes
51,628
631
35,931
88,190
Provision for income taxes (3)
13,316
143
9,210
22,669
Net earnings
$
38,312
$
488
$
26,721
$
65,521
Earnings per share: Basic
$
0.34
$
0.00
$
0.24
$
0.58
Diluted
$
0.34
$
0.00
$
0.23
$
0.57
Three Months Ended March 31, 2020 As Reported(GAAP) Restructuring (1) COVID-19 (2) As Adjusted(Non-GAAP) Selling, general and administrative expenses
$
383,299
$
-
$
(14,697
)
$
368,602
SG&A expenses, as a percentage of sales
44.0
%
42.3
%
Operating earnings
43,265
3,193
14,697
61,155
Operating margin
5.0
%
7.0
%
Earnings before provision for income taxes
21,621
3,193
14,697
39,511
Provision for income taxes (3)
8,253
853
3,438
12,544
Net earnings
$
13,368
$
2,340
$
11,259
$
26,967
Earnings per share: Basic
$
0.12
$
0.02
$
0.10
$
0.23
Diluted
$
0.12
$
0.02
$
0.10
$
0.23
(1) For the three months ended March 31, 2021 and 2020, restructuring represents costs and expenses incurred primarily in connection with Project Surge and the Transformation Plan. (2) For the three months ended March 31, 2021, COVID-19 net expenses primarily represents a write-down of $7.0 million for personal protective equipment inventory in costs of products sold and donation expense of $31.2 million in selling, general, and administrative expenses related to personal-protective equipment inventory, partially offset by wage and rent subsidies provided by the Canadian government of $2.2 million. For the three months ended March 31, 2020, COVID-19 expenses primarily represents costs associated with disaster pay and furloughed employees in response to the coronavirus pandemic, partially offset by an employee retention payroll tax credit provided by the U.S. Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). (3) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized. Supplemental Schedule 3 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands, except per share data) (Unaudited) Six Months Ended March 31, 2021 As Reported Restructuring (1) COVID-19 (2) As Adjusted(Non-GAAP) Cost of products sold
$
924,397
$
-
$
(6,957
)
$
917,440
Consolidated gross margin
50.4
%
50.7
%
Selling, general and administrative expenses
757,257
-
(28,929
)
728,328
SG&A expenses, as a percentage of sales
40.7
%
39.1
%
Operating earnings
179,833
863
35,886
216,582
Operating margin
9.7
%
11.6
%
Earnings before provision for income taxes
129,972
863
35,886
166,721
Provision for income taxes (3)
34,469
177
9,198
43,844
Net earnings
$
95,503
$
686
$
26,688
$
122,877
Earnings per share: Basic
$
0.85
$
0.01
$
0.24
$
1.09
Diluted
$
0.84
$
0.01
$
0.23
$
1.08
Six Months Ended March 31, 2020 As Reported Restructuring (1) COVID-19 (2) As Adjusted(Non-GAAP) Selling, general and administrative expenses
$
761,228
$
-
$
(14,697
)
$
746,531
SG&A expenses, as a percentage of sales
41.1
%
40.3
%
Operating earnings
137,652
5,725
14,697
158,074
Operating margin
7.4
%
8.5
%
Earnings before provision for income taxes
94,467
5,725
14,697
114,889
Provision for income taxes (3)
27,884
718
3,438
32,040
Net earnings
$
66,583
$
5,007
$
11,259
$
82,849
Earnings per share: Basic
$
0.58
$
0.04
$
0.10
$
0.72
Diluted
$
0.57
$
0.04
$
0.10
$
0.71
(1) For the six months ended March 31, 2021 and 2020, restructuring represents costs and expenses incurred primarily in connection with Project Surge and the Transformation Plan. (2) For the six months ended March 31, 2021, COVID-19 net expenses primarily represents a write-down of $7.0 million for personal protective equipment inventory in costs of products sold and donation expense of $31.2 million in selling, general, and administrative expenses related to personal-protective equipment inventory, partially offset by wage and rent subsidies provided by the Canadian government of $2.2 million. For the six months ended March 31, 2020, COVID-19 expenses primarily represents costs associated with disaster pay and furloughed employees in response to the coronavirus pandemic, partially offset by an employee retention payroll tax credit provided by the CARES Act. (3) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized Supplemental Schedule 4 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, Adjusted EBITDA:
2021
2020
PercentageChange2021
2020
PercentageChange Net earnings$
38,312
$
13,368
186.6
%
$
95,503
$
66,583
43.4
%
Add: Depreciation and amortization
26,559
26,951
(1.5
)%
52,945
53,997
(1.9
)%
Interest expense
23,883
21,644
10.3
%
49,861
43,185
15.5
%
Provision for income taxes
13,316
8,253
61.3
%
34,469
27,884
23.6
%
EBITDA (non-GAAP)
102,070
70,216
45.4
%
232,778
191,649
21.5
%
Share-based compensation
2,649
3,059
(13.4
)%
5,541
6,532
(15.2
)%
Restructuring
631
3,193
(80.2
)%
863
5,725
(84.9
)%
COVID-19
35,931
14,697
144.5
%
35,886
14,697
144.2
%
Adjusted EBITDA (non-GAAP)$
141,281
$
91,165
55.0
%
$
275,068
$
218,603
25.8
%
Basis PointChange Basis PointChange Adjusted EBITDA as a percentage of net sales Adjusted EBITDA margin
15.3
%
10.5
%
480
14.8
%
11.8
%
300
Operating Free Cash Flow:
2021
2020
PercentageChange2021
2020
PercentageChange Net cash provided by operating activities$
92,570
$
13,806
570.5
%
$
131,556
$
76,131
72.8
%
Less: Payments for property and equipment, net
11,612
31,085
(62.6
)%
27,095
71,960
(62.3
)%
Operating free cash flow (non-GAAP)$
80,958
$
(17,279
)
568.5
%
$
104,461
$
4,171
2404.5
%
Supplemental Schedule 5
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Store Count and Same Store Sales (Unaudited)As of March 31,
2021
2020
Change
Number of stores: SBS: Company-operated stores3,617
3,688
(71
)
Franchise stores8
13
(5
)
Total SBS3,625
3,701
(76
)
BSG: Company-operated stores1,245
1,229
16
Franchise stores
134
145
(11
)
Total BSG1,379
1,374
5
Total consolidated
5,004
5,075
(71
)
Number of BSG distributor sales consultants704
660
44
BSG distributor sales consultants (DSC) include 187 and 197 sales consultants employed by our franchisees at March 31, 2021 and 2020, respectively.
Three Months Ended March 31,
Six Months Ended March 31,
2021
2020
Basis Point Change
2021
2020
Basis Point Change
Same store sales growth (decline): SBS4.9
%
(7.0
)%
1,190
0.7
%
(4.0
)%
470
BSG
9.9
%
(7.4
)%
1,730
2.1
%
(3.0
)%
510
Consolidated
6.5
%
(7.1
)%
1,360
1.2
%
(3.6
)%
480
For the purpose of calculating our same store sales metrics, we compare the current period sales for stores open for 14 months or longer as of the last day of a month with the sales for these stores for the comparable period in the prior fiscal year. Our same store sales are calculated in constant U.S. dollars and include e-commerce sales, but do not generally include the sales from stores relocated until 14 months after the relocation. The sales from stores acquired are excluded from our same store sales calculation until 14 months after the acquisition.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005260/en/
Jeff Harkins Investor Relations jharkins@sallybeauty.com 940-297-3877
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