Did the rising cost of food and fuel cause consumers to eschew beautifying themselves for the holiday’s? Regis Corp’s second-quarter results suggest that just might be the case.
Regis, whose Salon chains include Supercuts, Jean Louis David and Vidal Sassoon, said its second-quarter profit fell to the low end of a forecast range on a sharp drop in consumer spending over the holiday season.
“Like many retailers, we had a disappointing holiday shopping season and as a result, our quarterly same-store sales came in below expectations,” Chief Executive Paul Finkelstein said.
But the steps Regis plans to take may not help consumers.
“We will continue to focus on increasing our average ticket and, more specifically, implementing price increases,” Finkelstein said.
(Photo: Reuters)
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