RTTNews | Nov 2, 2020 06:25AM EST

06:24 Monday, November 2, 2020 (RTTNews.com) - Hair care company Regis Corp. (RGS) reported Monday a net loss for the first quarter that widened to $35.27 million or $0.98 per share from $13.81 million or $0.38 per share in the prior-year quarter.

Excluding discrete items, adjusted net loss for the quarter were $0.78 per share, compared to adjusted earnings of $0.37 per share in the year-ago quarter.

Total revenue for the quarter declined 54.9 percent to $111.40 million from $247.04 million in the same quarter last year, driven primarily by the conversion of a net 1,056 company-owned salons to the Company's asset-light franchise portfolio over the past 12 months and due to the impact of the COVID-19 pandemic.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share on revenues of $145.02 million for the quarter. Analysts' estimates typically exclude special items.

Read the original article on RTTNews ( https://www.rttnews.com/3141852/regis-q1-loss-widens-results-miss-estimates-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved