Finanzas: Sally Beauty Holdings Reports Fourth Quarter and Full Year Results
Sally Beauty Holdings, Inc. (SBH) (NYSE: SBH) (the “Company”) announced financial results for the fourth quarter and fiscal year ended September 30, 2016. The Company will hold a conference call today at 10:00 a.m. (Central) to discuss these results and its business.
“We achieved solid results with full-year adjusted EPS growth of 12%,” said Chris Brickman, President and CEO. “Consolidated same store sales grew almost 3% percent and gross margin expanded 20 basis points despite the unfavorable impact from foreign currency. Cash from operations of $351 million enabled us to invest in the business and return a substantial portion to our shareholders. During the year, we opened 152 net new stores and continued to buy our stock, acquiring 7.8 million shares totaling $207 million.
“Looking ahead to 2017, we are excited about our sales driving initiatives in both businesses,” Brickman added. “In Sally, our in-store investments are mostly behind us and the Sally team is focused on the next phase of customer conversion and engagement. We believe our BSG business will continue to gain channel share and work towards becoming the indisputable partner of choice for stylists and manufacturers. Our 2017 financial goals are straightforward. We expect revenue improvement from consolidated same store sales growth of approximately 3% and organic store openings of 2% to 3%. Gross margin expansion is anticipated to be 30 to 40 basis points and should offset higher SG&A expenses resulting from the headwinds in labor and IT investments. We believe the combination of sales growth and gross margin expansion will lead to mid-single digit operating earnings growth.
“Our focus is on delivering these straightforward targets in 2017 and building on that momentum as labor cost inflation and IT spending tapers off in future years. This should allow for SG&A leverage and higher operating earnings growth over time,” Brickman concluded.
Fiscal 2016 Fourth Quarter and Full Year 2016 Financial Highlights
Net Sales: For the fiscal 2016 fourth quarter, consolidated net sales were $976.4 million, an increase of 1.3% from the fiscal 2015 fourth quarter. The fiscal 2016 fourth quarter sales increase is primarily attributed to same store sales growth and the addition of new stores. The impact from unfavorable changes in foreign currency exchange rates in the fiscal 2016 fourth quarter was $12.7 million, or 1.3%. Consolidated same store sales growth in the fiscal 2016 fourth quarter was 1.2% compared to 3.5% in the fiscal 2015 fourth quarter.
Consolidated net sales for fiscal year 2016 were $3.95 billion, an increase of 3.1% from fiscal year 2015. Fiscal 2016 sales increased primarily due to same store sales growth and the addition of new stores. The impact from unfavorable foreign currency exchange in the 2016 fiscal year was $56.4 million, or 1.5%. Consolidated same store sales growth in fiscal year 2016 was 2.9%, flat when compared to fiscal year 2015.
Gross Profit: Consolidated gross profit for the fiscal 2016 fourth quarter was $483.4 million, an increase of 1.7% over gross profit of $475.3 million for the fiscal 2015 fourth quarter. Gross profit, as a percentage of sales (gross profit margin), was 49.5%, a 20 basis point improvement from the fiscal 2015 fourth quarter.
For fiscal year 2016, consolidated gross profit was $1.96 billion, an increase of 3.5% over fiscal 2015 gross profit. Gross profit as a percentage of sales was 49.7%, an increase of 20 basis points when compared to fiscal year 2015.
GAAP and Adjusted Selling, General and Administrative Expenses: For the fiscal 2016 fourth quarter, consolidated GAAP selling, general and administrative (SG&A) expenses, including charges from the previously disclosed data security incidents of $12.0 million and executive separation expenses of $0.7 million, pre-tax, were $345.5 million or 35.4% of sales, a 110 basis point increase from the fiscal 2015 fourth quarter metric of 34.3% of sales and total SG&A expenses of $330.9 million.
Excluding expenses associated with the previously disclosed data security incidents of $12.0 million, pre-tax, and charges for the executive separation of $0.7 million, pre-tax, adjusted SG&A expenses in the fiscal 2016 fourth quarter were $332.8 million, or 34.1% of sales.
For fiscal year 2016, GAAP SG&A expenses were $1.37 billion, which includes $153.4 million of unallocated corporate expenses and share-based compensation expenses of $12.6 million. SG&A expenses as a percentage of sales was 34.6%, compared to fiscal year 2015 metric of 34.2% of sales and total SG&A expenses of $1.31 billion.
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