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Sally Beauty announces solid 2Q results, but president of U.S., Canada resigns

🕐 1 min read

DENTON, Texas (AP) _ Sally Beauty Holdings Inc. (SBH) on Thursday reported fiscal second-quarter earnings of $57 million.

The Denton-based company said it had profit of 40 cents per share. Earnings, adjusted for restructuring costs, were 44 cents per share.

The company also announced that, on May 1, Sharon Leite, President of Sally Beauty U.S. and Canada, notified the company that she was resigning from her position effective immediately.

Chris Brickman, president and CEO of Sally Beauty Holdings Inc., will serve as the interim President of Sally Beauty U.S. and Canada until the Company appoints Leite’s successor. An external firm has been retained to assist with the search process.

“I would like to thank Sharon for her contributions,” said Brickman. “I will immediately assume responsibility for all operations of the Sally Beauty U.S. and Canada business. More importantly, I am excited to work directly with the team to execute on the plans that they have developed, and I feel more confident than ever that we have defined the right strategy for Sally going forward.”

The second quarter results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The beauty products seller posted revenue of $966.5 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $982.8 million.

Sally Beauty shares have declined 26 percent since the beginning of the year. The stock has decreased 38 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBH at https://www.zacks.com/ap/SBH

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