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Published June 10, 2020
Published June 10, 2020
Photo: via Sally Beauty

Sally Beauty Holdings expects to release its full third-quarter financial results in late July, but has provided a business update as the company has seen strong demand from consumers and professionals in reopened stores.

  • Sales are estimated to be $262 million in May, notwithstanding substantial elements of the store base being closed during the month. Sales in April were $95 million.
  • Store network reopening reaches critical mass.
  • Sally Beauty Supply US and Canada began May with 37% of stores open to public; ended May with 84% of stores open to public
  • Beauty Systems Group began May with 31% of stores open to public
  • Ended May with 82% of stores open to public
  • All Continental European stores open; stores in the United Kingdom and Ireland to reopen by June 15
  • Latin American stores forecast to open over next 45 days
  • E-commerce growth continues: compared to the prior year, SBH +52% in March, +353% in April, and +317% in May.
  • Company executes field and HQ reorganization, investing in digital business and analytics functions.
  • Company recalls all remaining Field and HQ Team in US and Canada from furlough effective June 8.
  • As of May 31, the company estimates that it had more than $650 million of cash-on-hand, with an additional $200 million of undrawn capacity on its asset-based line of credit, subject to the conditions of its credit agreement.

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