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.
