Regis swings to 3Q profit, misses revenue expectations

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Regis Corp. earned $2.4 million in its third-quarter that ended March 31, compared with a year-ago net loss of $1.4 million, Associated Press reports. Revenue for the three month period fell nearly 6 percent to $504.9 million from $535.9 million a year earlier.

However, the Wall Street Journal says the struggling Edina-based hair salon operator, whose brands include Supercuts and MasterCuts, fell short of analysts' estimates.

“My primary focus over the past six months has been to reverse the decline in service traffic Regis has been experiencing over the past several years,” said CEO Dan Hanrahan in a news release. “We have slowed the revenue decline in same-store sales and are generating sequential improvement in our service business.”

The Star Tribune notes Regis completed in April the planned sale of its Hair Club for Men and Women business to Tokyo-based firm for $163.5 million in cash.

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