Sally Beauty Holdings (SBH) FY2019 results: revenue $3.9 billion, down 1.4% on the year
Sally Beauty Holdings, Inc. (SBH) reported revenue of $3.9 billion for fiscal 2019, the year ended 30 September 2019, down 1.4% on the year before. Net income was $272 million, up 5.3%, and diluted earnings per share $2.26. The figures are the company's own, from the 10-K it filed with the SEC on 25 November 2019.
Revenue
$3.9 billion
-1.4% on the year
FY2012FY2019
Operating margin
11.8%
10.8% a year earlier
FY2012FY2019
Net income
$272 million
+5.3% on the year
FY2012FY2019
Diluted EPS
$2.26
+8.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,876
3,933
3,938
-1.4%
Cost of revenue
1,966
1,988
1,973
-1.1%
Gross profit
1,911
1,944
1,965
-1.7%
Gross margin
49.3%
49.4%
49.9%
Selling, general and administrative
1,453
1,484
1,464
-2.1%
Operating income
458
427
479
+7.5%
Operating margin
11.8%
10.8%
12.2%
Interest expense
96.3
98.2
133
-1.9%
Pre-tax income
362
328
346
+10.3%
Income tax
90.5
70.4
131
+28.6%
Effective tax rate
25.0%
21.4%
37.8%
Net income
272
258
215
+5.3%
Net margin
7.0%
6.6%
5.5%
Diluted EPS
$2.26
$2.08
$1.56
+8.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
320
373
343
-14.0%
Capital expenditure
108
86.5
89.7
+24.6%
Free cash flow
213
286
254
-25.7%
Free cash flow margin
5.5%
7.3%
6.4%
Cash from investing
-95.9
-95.3
-89.6
Cash from financing
-229
-263
-277
Depreciation and amortisation
108
109
112
-1.1%
Share-based compensation
9.2
10.5
10.5
-12.7%
Buybacks
47.4
167
347
-71.5%
Diluted shares, weighted
120m
124m
138m
-2.9%
Shares outstanding at period end
117m
120m
130m
-2.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-60.3
-269
-364
Debt
1,609
1,795
1,891
-10.4%
Other liabilities
549
571
571
-3.7%
Total liabilities and equity
2,098
2,097
2,099
+0.0%
Fixed assets
320
308
314
+3.7%
Goodwill
531
536
538
-1.0%
Intangible assets
62.1
72.7
80.3
-14.6%
Cash and equivalents
71.5
77.3
63.8
-7.5%
Receivables
43.1
48.4
47.0
-10.9%
Inventory
953
944
931
+0.9%
Other assets
118
110
126
+7.3%
Total assets
2,098
2,097
2,099
+0.0%
10-K for the year ended 30 September 2019, filed 25 November 2019: the filing.