Why Sally Beauty Stock Popped Today
Shares of Sally Beauty (NYSE: SBH) have popped today, up by 9% as of 1:10 p.m. EDT, after the company reported fiscal second-quarter earnings. The beauty products retailer is in the process of reopening its stores.
Revenue in the fiscal second quarter declined 8% to $871 million, slightly ahead of the consensus estimate of $870.4 million. Adjusted earnings per share got cut in half to $0.23, which was $0.01 more than what analysts were expecting. Sally Beauty attributed the steep drop in profitability to continued fallout from the coronavirus outbreak, which has shuttered many retail businesses. Same-store sales slumped 7% during the quarter.
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Source Fool.com
