The value of small cap stock for Regis Corporation (NYSE:RGS) was lower on Tuesday after the company reported its fourth quarter revenues came in slightly lower than the same period last year.
According to the company's quarterly report, Regis, the leader of the $160 billion hair care industry, brought in fourth quarter fiscal revenues of $568 million, compared with the $592 million reported in the same period last year. Same-store sales in the final fiscal quarter also fell by about 3 percent.
"Fourth quarter same-store sales trends improved slightly over our third quarter," said Eric Bakken, executive vice president and Interim Chief Executive Officer. "We are pleased with the significant progress made during the quarter as we continue to roll-out our strategy to improve the salon experience."
Bakken added that last quarter, the company worked to realign its business into separate segments, and although this may have affected sales, reorganization will help it focus on hiring the best possible workers in the coming months, which will in turn, he says, improve overall performance.
Shares of Regis were down 5.05 percent to $17.30 as of 2:19 p.m. on Tuesday, July 10, after closing at $18.22 in the previous session.