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Sally Beauty Holdings, Inc. (NYSE: SBH) is an international specialty retailer and
distributor of professional beauty supplies with annual revenues of $3.9 billion
and net earnings of $272 million. The Company operates primarily through two
business units, Sally Beauty Supply and Beauty Systems Group, and is one of
the largest distributors of professional beauty supplies in the United States
based on store count. We provide our customers with a wide variety of leading
third-party and owned brands of professional beauty supplies, including hair
color and hair care products, styling tools, skin and nail care products and other
beauty items
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In last year’s letter to shareholders, I summarized our plans
for our multi-quarter transformation plan with the goal of
strengthening our position as the “Hair Color Experts” for both
the professional stylist and DIY consumer. In fiscal year 2019,
our global organization experienced enormous change as we
completed numerous investments across the Sally Beauty
Holdings’ enterprise. At the same time, we continued to
effectively manage the operations of the business and delivered
on our financial plans for the year. I am extremely proud of the
teamwork and efforts of our associates across the globe, both in
the field and in our support center
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For fiscal year 2019, our consolidated net sales were $3.9 billion, a
decrease of 1.4% as compared to the prior year, driven primarily by an
increase in consolidated same store sales of 0.3%, offset by 95 fewer
stores and an unfavorable impact from foreign currency translation of
approximately 80 basis points.
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In the past year, we made significant progress against our
transformation plan, but as we look forward into fiscal year 2020,
we still have a lot of work to do and we will continue our efforts
with a focus on the following key initiatives:
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