TOKYO (dpa-AFX) - Sally Beauty Holdings, Inc. (SBH), a distributor and retailer of beauty products, Thursday reported higher profit for the first quarter, primarily helped by growth in revenue as well as lower expenses.
Selling, general and administrative expenses declined to $376.52 million from $398.14 million last year. In addition a restructuring charge of $85 million recorded last year was absent in the current year.
Net earnings for the quarter increased to $61.01 million or $0.58 per share from $38.39 million or $0.35 per share in the same quarter a year ago.
Excluding one-time items, the company posted earnings of $44.85 million or $0.43 per share, in line with the consensus estimate.
Operating earnings rose to $100.32 million from $69.12 million last year.
Net sales grew to $937.89 million from $931.30 million in the previous year. Analysts were looking for sales of $943.22 million.
Additionally, Beauty Systems Group, the parent company of Sally Beauty, has signed a distribution agreement with hair care brand K18, which will be available in all Beauty Systems stores in the U.S. and Canada, including its e-commerce channel from April 1.
Looking ahead, the company expects second-quarter comparable sales to be approximately flat compared to the prior year. Consolidated sales are now expected to be about 100 basis points lower than comparable sales due to the unfavorable impact from foreign exchange rates.
For the full year, Sally Beauty continues to expect comparable sales to be flat to up 2 percent. Consolidated sales are now expected to be nearly 100 basis points lower than comparable sales.
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