Why Sally Beauty Supply Stock Jumped 24% at the Open Today
Shares of Sally Beauty Supply (NYSE: SBH), a retailer focused on exactly what its name implies, soared 24% in early trading on May 6. The news driving the advance was the company's pre-market earnings release. But the story here is actually a bit bigger.
Sally Beauty's fiscal second-quarter 2021 sales increased 6.3% year over year. Same-store sales rose 6.5%, with global e-commerce sales higher by 56%. Adjusted earnings per share came in at $0.57, up 148% versus the year-ago period. Wall Street was expecting quarterly earnings of $0.15 per share, so this was a significant earnings beat, which is the type of thing investors like to see.
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Source Fool.com
