Denton-based Sally Beauty Holdings shares traded lower Thursday after the beauty products retailer and wholesaler’s quarter missed Wall Street expectations.
The company reported a profit of $59 million, or 32 cents a share, in the fiscal first quarter ended Dec. 31, versus a profit of $30 million, or 16 cents a share a year ago.
Total first-quarter sales increased 4.7 percent to $905.4 million from $864.8 million last year. Analysts surveyed by Thomson Reuters forecast a 34 cents a share profit on sales of $915.1 million. The company had tough sales comparisons from a year ago when sales increased 9 percent.
Sally Beauty shares fell 65 cents, or 2.4 percent, to close at $26.20 on Thursday. Volume was more than three times the average daily shares traded. Sally Beauty operates 4,500 stores in more than a dozen countries.
— The Dallas Morning News