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Dec 31, 2020
Regis Q2 2021 Earnings Report
Regis reported second quarter 2021 results and took action on initiatives to position the company for growth.
Key Takeaways
Regis Corporation reported a net loss from continuing operations of $32.9 million, or $0.92 loss per diluted share. Excluding discrete items, the company reported an adjusted net loss of $25.9 million, or $0.72 loss per diluted share. Total revenue in the quarter was $104.3 million, a decrease of 50.0% year-over-year.
Continued progress in transition to a fully-franchised model with the sale and conversion of 145 company-owned salons to its franchise portfolio.
Second quarter results were materially impacted by the COVID-19 pandemic.
Strategic initiatives included a brand-centric corporate reorganization, implementation of zero-based budgeting, evolution of corporate salon refranchising strategy, and launch of new salon automation functionalities to Opensalon® PRO.
The company estimates it lost approximately $35 million in revenue due to government-mandated salon closures and lower traffic due to the COVID-19 pandemic.
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CapyFin.com Forward Guidance
The company is transforming into a nimble, performance-driven, data-oriented organization to position Regis well for a solid comeback.