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Sally Beauty Holdings, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing details a slight decrease in consolidated net sales to $3,717.0 million, down 0.3% from $3,728.1 million in the prior year. The decrease is attributed to lower sales in the Sally Beauty Supply segment, partially offset by an increase in the Beauty Systems Group segment.
Sally Beauty Supply reported net sales of $2,107.1 million, a decrease of 1.5% from the previous year. The decline was primarily driven by lower comparable sales and the impact of store closures under the Distribution Center Consolidation and Store Optimization Plan.
Beauty Systems Group reported net sales of $1,609.9 million, an increase of 1.3% from the prior year. The increase was driven by expanded distribution, new brand innovation, and improving salon demand trends.
Consolidated gross profit decreased by $7.8 million to $1,890.3 million, with a gross margin unchanged at 50.9%.
Operating earnings decreased by $42.3 million to $282.7 million, with an operating margin of 7.6%, down from 8.7% in the prior year.
Net earnings for the fiscal year were $153.4 million, a decrease of 16.9% from $184.6 million in the previous year. Diluted earnings per share were $1.43, compared to $1.69 in the prior year.
Cash provided by operating activities was $246.5 million, compared to $249.3 million in the previous year. The slight decrease was primarily driven by higher inventory purchases and fewer cash receipts from customers.
The company completed the sale of its corporate headquarters in Denton, Texas, in October 2024, which was classified as held for sale at the end of the fiscal year.
Sally Beauty Holdings continues to focus on its strategic initiatives, including optimizing its store base and expanding its digital sales penetration.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sally Beauty Holdings Inc. (Name to be changed from Holdings Inc.) annual 10-K report dated November 14, 2024. To report an error, please email earnings@qz.com.