Here's Why Sally Beauty Stock Sank on Thursday
Shares of Sally Beauty Holdings (NYSE: SBH) sank on Thursday after the company's results for its fiscal fourth quarter of 2020 disappointed investors. Earnings per share (EPS) were up and ahead of expectations, but revenue left Wall Street wanting more. As a result, the stock was down 8% as of 2:30 p.m. EST.
For its Q4, Sally Beauty generated net sales of $958 million, which was down less than 1% year over year. Investors had expected sales to be a little bit better, but this was still a stark improvement from the third quarter, when net sales were down 28% from the prior-year period. For the fiscal year, the company generated net sales of $3.5 billion. This 9% drop from fiscal 2019 was mostly due to salons being closed because of the COVID-19 pandemic.
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Source Fool.com
