Edina, Minnesota-Regis Corp. credited strong same-store sales for record revenue and higher earnings during the first quarter of its financial 2004, rising 15.4 percent to a record $460.7 million, compared to $399.2 million during the first quarter of fiscal 2003. Sales in stores open longer than a year rose 2.6 percent during the quarter ended September 30, compared to a 1.4 percent increase during the same period last year.
Regis opened 94 new hair-care salons in the first fiscal quarter and acquired 97 (95 of which were franchise buybacks). Franchisees opened an additional 73 salons, while a total of 79 corporate and franchised salons were moved or closed during the quarter. At the end of the quarter, Regis owned, operated or franchised 9,707 salons worldwide, compared to 9,138 salons at the end of the first quarter last year. -The Business Journal (Minneapolis/St. Paul)