Sally Beauty Holdings Repurchases $300M Stock
DENTON, Texas--(BUSINESS WIRE)--Sally Beauty Holdings, Inc. (NYSE: SBH) announced that its Board of Directors has approved a new stock repurchase program authorizing the Company to repurchase up to $300 million of its common stock over an 18-month period beginning October 1, 2012.
The announcement is the second repurchase authorized by the company in 2012. In May 2012, the Company repurchased approximately $200 million, or 7,551,444 shares of its common stock.
“Sally Beauty Holdings’ strong cash flow allows us to repurchase our stock while continuing to invest in growth opportunities,” said Gary Winterhalter, Chairman, President and CEO. “We believe utilizing our excess cash to repurchase stock demonstrates our commitment on returning value to our shareholders.”
Sally Beauty Holdings, Inc. expects to fund the share repurchase through a combination of cash on hand, future cash flow from operations and borrowings under its revolving credit facility. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the plan.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH) is an international specialty retailer and distributor of professional beauty supplies with revenues of $3.3 billion annually. Through the Sally Beauty Supply and Beauty Systems Group businesses, the Company sells and distributes through over 4,300 stores, including approximately 200 franchised units, throughout the United States, the United Kingdom, Belgium, Chile, France, Canada, Puerto Rico, Mexico, Ireland, Netherlands, Spain and Germany. Sally Beauty Supply stores offer more than 6,000 products for hair, skin, and nails through professional lines such as Clairol, L’Oreal, Wella and Conair, as well as an extensive selection of proprietary merchandise. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 9,800 professionally branded products including Paul Mitchell, Wella, Sebastian, Goldwell, Joico and Aquage which are targeted exclusively for professional and salon use and resale to their customers. For more information about Sally Beauty Holdings, Inc., please visit sallybeautyholdings.com.