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Regis Reports Second Quarter 2021 Results and Takes Action on a Number of Initiatives to Position the Company for Growth The Company Continues To Make Progress In Its Transition To A Fully - Franchised Model With The Sale And Conversion Of An Additional 145 Company - Owned Salons To Its Franchise Portfolio During The Quarter Second Quarter 2021 Results Were Materially Impacted By The COVID - 19 Pandemic ; Excluding Discrete Items , The Company Reported Second Quarter 2021 Adjusted Net Loss of $ 25.9 Million As of December 31 , 2020 , Approximately 84 % Of The Company's Salon Portfolio Was Franchised MINNEAPOLIS - Regis Corporation ( NYSE : RGS ) : ( Dollars in thousands ) Consolidated Revenue System - wide Revenue ( 1 ) System - wide Same - Store Sales Comps ( 2 ) Franchise Same - Store Sales Comps ( 2 ) Three Months Ended December 31 , 2020 2019 Six Months Ended December 31 , 2020 2019 $ 104,320 $ 208,765 $ 215,716 $ 455,803 $ 261,452 $ 428,731 $ 523,573 $ 878,019 ( 32.0 ) % ( 2.3 ) % ( 32.3 ) % ( 1.7 ) % ( 31.1 ) % ( 1.4 ) % ( 31.5 ) % ( 0.8 ) % Company - owned Same - Store Sales Comps ( 36.2 ) % ( 3.6 ) % ( 35.4 ) % ( 2.7 ) % Operating Loss $ ( 26,755 ) $ ( 7,466 ) $ ( 58,345 ) $ ( 17,372 ) Loss From Continuing Operations $ ( 32,879 ) $ ( 16,520 ) $ ( 68,144 ) $ ( 30,698 ) Diluted Loss per Share From Continuing Operations $ ( 0.92 ) $ ( 0.46 ) $ ( 1.90 ) $ ( 0.85 ) EBITDA ( 3 ) $ ( 20,030 ) $ ( 9,178 ) ( 38,968 ) $ ( 15,020 ) as a percent of revenue ( 19.2 ) % ( 4.4 ) % ( 18.1 ) % ( 3.3 ) % As Adjusted ( 3 ) Net ( Loss ) Income , as Adjusted $ ( 25,902 ) $ 4,622 $ ( 53,833 ) $ 18,522 Diluted ( Loss ) Income per Share , as Adjusted $ ( 0.72 ) $ 0.13 $ ( 1.50 ) $ EBITDA , as Adjusted ( 3 ) $ as a percent of revenue ( 17,526 ) ( 16.8 ) % $ 17,014 $ ( 36,169 ) $ SS 0.50 46,799 8.1 % ( 16.8 ) % 10.3 % ( 1 ) Represents total sales within the system , excluding TBG franchise sales . ( 2 ) System - wide and franchise same - store sales excludes TBG in both periods . ( 3 ) See GAAP to non - GAAP reconciliations , within the attached section titled " Non - GAAP Reconciliations " . Regis Corporation ( NYSE : RGS ) , a leader in the haircare industry , whose primary business is franchising , owning and operating technology enabled hair salons , today reported a second quarter 2021 net loss from continuing operations of $ 32.9 million , or $ 0.92 loss per diluted share as compared to a net loss from continuing operations of $ 16.5 million , or $ 0.46 loss per diluted share in the second quarter of 2020. The Company's second quarter reported results included $ 7.0 million of discrete items . Excluding discrete items , the Company reported second quarter 2021 adjusted net loss of $ 25.9 million , or $ 0.72 loss per diluted share as compared to adjusted net income of $ 4.6 million , or $ 0.13 earnings per diluted share , for the same period last year . The year - over - year decrease in adjusted net income was driven primarily by the decrease in the gain from the sale of salons to franchisees of $ 18.2 million due to lower proceeds per salon in the current year . The elimination of adjusted net income that had been generated in the prior year period from the 768 company - owned salons that were sold and converted to the Company's asset - light franchise portfolio over the past twelve months also contributed to the decline , but this was partially offset by significant reductions in general and administrative expense and marketing . Additionally , the Company estimates it lost approximately $ 35 million in revenue due to government - mandated salon closures and lower traffic due to the COVID - 19 pandemic . Total revenue in the quarter of $ 104.3 million decreased $ 104.4 million , or 50.0 % , year - over - year driven primarily by the conversion of a net 768 company - owned salons to the Company's asset - light franchise portfolio over the past 12 months and due to the impact of the COVID - 19 pandemic . Second quarter adjusted EBITDA loss of $ 17.5 million decreased $ 34.5 million , versus the same period last year . Excluding the $ 3.2 million adjusted loss and $ 15.0 million adjusted gain from the sale of company - owned salons during the current and prior year quarter , respectively , adjusted EBITDA loss of $ 14.3 million was $ 16.3 million unfavorable versus the same period last year . This was driven primarily by the elimination of adjusted EBITDA that had been generated in the prior year period from the 768 company - owned salons that were sold and converted to the Company's asset - light franchise portfolio over the past twelve months , partially offset by significant reductions in general and administrative expense and marketing spend . Felipe Athayde , President and Chief Executive Officer , commented , " While the effects of the pandemic are evident in our results , we remain very confident about the strength of our business and our brands . Over the past quarter , we have executed on a number of strategic initiatives including a brand - centric corporate reorganization , the implementation of a zero - based budgeting process , an evolution of our corporate salon refranchising strategy , and the launch of new salon automation functionalities to our proprietary POS and salon management technology : Opensalon® PRO . These initiatives were designed to transform Regis into a nimble , performance - driven , data - oriented organization , which we believe will position Regis well for a solid comeback . " Second Quarter Segment Results Franchise Salons