EDINA, Minnesota — Shares of Regis Corp. dropped 10 percent in morning trading on Friday after the hair salon owner reported a continued decline in quarterly revenue.
The owner of hair salon chains Supercuts and MasterCuts said it had a loss of $2.6 million, or 5 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 1 cent per share.
The Edina, Minnesota-based company revenue fell 4 percent to $462.9 million in the period.
The hair care company is working on a turnaround over the past year but it has been slow to show results. The company has updated its technology and management as part of its turnaround effort, as well as trying to cut loss at its stores and improve sales trends.
"Fiscal 2015 has been a year where we began to stabilize the business and we have seen change beginning to add value in many of our salons and districts," CEO Dan Hanrahan said in a statement.
For the year, the company reported that its loss narrowed to $33.8 million, or 62 cents per share. Revenue fell 3 percent to $1.84 billion.
Regis shares dropped $1.38, or 10.5 percent to $11.79 in morning trading. Shares had dropped 21 percent since the beginning of the year. The stock has fallen 9 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RGS at http://www.zacks.com/ap/RGS
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