Financial News-Sbarro, Regis Corp.
Melville, New York--Sbarro Inc. reported in a August 23 SEC filing that decreased traffic at malls and airports continues to hurt store sales in a post-9/11 economy. For the 28 weeks ended July 14, Sbarro's revenue dropped 6.5 percent to $184.5 million. In the first half of 2002, Sbarro closed 32 units, an additional 17 units were shuttered in its third quarter (its current operating period) and the company anticipates closing at least 13 more under-performing stores before year's end. -PizzaMarketplace.com
Edina, Minnesota--The acquisition of European salon franchisor Jean Louis David helped Regis Corp. set new revenue and earnings records for its fiscal 2002 fourth quarter and full year. Regis, hair salon owner and franchisor of brands like Cost Cutters and Supercuts, reported sales for its fourth quarter ended June 30 were up 33.4 percent to $663.9 million. Full year sales were up 18.4 percent to $2.3 billion. -The Minneapolis-St. Paul Business Journal