Regis Corporation (RGS) Stock jumped 11.46% In premarket Trading. Here’s Why?

Regis Corporation (RGS) stock has seen a push of 11.46% in the premarket today. However, the last trading session closed at $4.1 with an incline of 8.18%.

New Appointment to Board of Directors

RGS stock reported on 10^th September 2021 that Lockie Andrews is the new addition to the Board of Directors of the company. Ms. Andrews leads Party City’s web, mobile, app, and digital sales and marketing. She is also the company’s next-generation marketing and internet technology development. She was the Chief Information Officer and Chief Digital Officer at UNTUCKit prior to entering Party City. Ms. Andrews is also the creator of Catalyst Consulting, a boutique consultancy business that focuses on “all things digital” for consumer-style, retail, and the next technology firms.

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Fourth Quarter & Full Year Results

On 25^th August 2021, RGS stock published fourth-quarter and full-year results. In the fourth quarter of 2021, the company reported an adjusted net loss of $26.5 million. The preceding year’s government-mandated salon closures owing to COVID-19. Due to lower profits per salon, the reduction in adjusted net loss was partially offset by $7.1 million.

Total sales of $99.1 million were up 64.8 percent year over year. This owed to mandatory salon closures in the previous year due to the COVID-19 epidemic. The adjusted EBITDA loss in the fourth quarter was $23.2 million, down $10.6 million from the same quarter the previous year. Lastly, adjusted EBITDA loss of $15.0 million was $17.7 million better than the same time last year, excluding the $8.2 million adjusted loss and $1.2 million adjusted loss from the sale of company-owned salons in the current and prior year quarters, respectively.

RGS Stock Partners with Industry Leaders for Product Distribution

On 3^rd August 2021, RGS stock announced that it has partnered with the industry leaders to make the product distribution process smooth. Beauty Systems Group and SalonCentric Inc. will handle product distribution as part of an asset-light, completely franchised strategy. For speedier access to products, the distributors have teamed together to offer online buying portals. The partners will market Regis franchisees’ private label products, design line, Blossom Pure Haircare, and a new men’s line, PrototypeTM, exclusively.

This was largely due to COVID-19-related salon closures enforced by the government the previous year. As one of RGS’ major distributors, Beauty Systems Group is thrilled to work with them and their franchisees. We look forward to supporting their franchisees and growing our relationship with the Regis salon network.