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Sally Beauty Holdings Inc. has a market cap of $1.72 billion; its shares were traded at around $9.45 with a P/E ratio of 13.7 and P/S ratio of 0.7. Sally Beauty Holdings Inc. had an annual average earning growth of 12% over the past 5 years.SBH is in the portfolios of John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: · Our consolidated net sales for the nine months ended June 30, 2010, increased by $207.9 million, or 10.6%, to $2,168.3 million compared to $1,960.4 million for the nine months ended June 30, 2009;
· Our consolidated gross profit for the nine months ended June 30, 2010, increased $114.9 million, or 12.4%, to $1,038.4 million compared to $923.5 million for the nine months ended June 30, 2009. As a percentage of net sales, gross profit increased 80 basis points to 47.9% for the nine months ended June 30, 2010 compared to 47.1% for the nine months ended June 30, 2009;
· Our consolidated operating earnings for the nine months ended June 30, 2010, increased $26.8 million, or 12.1%, to $247.5 million compared to $220.7 million for the nine months ended June 30, 2009;
· Net earnings increased $29.7 million, or 41.1%, to $101.8 million for the nine months ended June 30, 2010 compared to $72.1 million for the nine months ended June 30, 2009;
· Cash provided by operations decreased by $16.2 million to $147.8 million for the nine months ended June 30, 2010 compared to $164.0 million for the nine months ended June 30, 2009; and
As a result of the Company’s acquisition of Sinelco on December 16, 2009, the Company, through Sinelco, uses foreign currency options (including, at June 30, 2010, foreign currency put options with an aggregate notional amount of €2.9 million ($3.6 million, at the June 30, 2010 exchange rate) and foreign currency call options with an aggregate notional amount of €1.8 million ($2.2 million, at the June 30, 2010 exchange rate)) to manage the exposure to certain non-Euro currencies resulting from Sinelco’s purchases of merchandise from third-party suppliers. Sinelco’s functional currency is the Euro. These foreign currency option agreements are not designated as hedges and do not meet the hedge accounting requirements of ASC 815. Accordingly, the changes in fair value of these derivative instruments (which are adjusted quarterly) are recorded in our consolidated statements of earnings. Included in selling, general and administrative expenses are gains of $0.4 million and $0.7 million related to these foreign currency options, including marked-to-market adjustments, for the three and nine months ended June 30,
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