Minneapolis Hair salon operator Regis Corp. announced Wednesday that an early Easter and price increases helped the company gain higher quarterly profits.
The company, which operates under the banners Vidal Sassoon and Supercuts, said net profit for the third quarter, ended March 31, soared to $19 million from $5.3 million a year earlier.
Same-store sales increased 3.3% during the period, the highest quarterly increase in eight years, according to chief executive Paul Finkelstein. Regis said it raised prices in more than 5,600 salons during the quarter. And earlier this month, the company said quarterly revenue rose 4% to $680 million from $655 million a year ago.Â
Looking ahead, Regis said it expects fourth-quarter consolidated revenue to climb between 5% and 7%, to a range of $710 million to $720 million. The company also forecasted full-year consolidated revenue of $2.74 billion. This is a 4% increase from a year ago.