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Regis Reports Third Quarter 2021 Improved Traffic Trends and Continued Progress in Key Initiatives The Company Refranchised 126 Company - Owned Salons To Franchisees During Third Quarter And An Additional 109 Salons In Fourth Quarter To Date . As Of March 31 , 2021 , Approximately 87 % Of The Company's Salon Portfolio Was Franchised Over 1,700 Salons , Representing 35 % Of U.S. Franchise Salons , Are Now Running Or Have Signed Contracts To Install Opensalon® Pro The Company Adopted A New Merchandising Strategy To Outsource Product Sales , As Part Of The Transition To An Asset - Light , Fully - Franchised Model MINNEAPOLIS - Regis Corporation ( NYSE : RGS ) : ( Dollars in thousands ) Consolidated Revenue System - wide Revenue ( 1 ) System - wide Same - Store Sales Comps Franchise Same - Store Sales Comps Company - owned Same - Store Sales Comps Operating Loss Loss From Continuing Operations Diluted Loss per Share From Continuing Operations EBITDA ( 2 ) as a percent of revenue As Adjusted ( 2 ) Net ( Loss ) Income , as Adjusted Diluted ( Loss ) Income per Share , as Adjusted EBITDA , as Adjusted ( 2 ) as a percent of revenue $ 100,267 $ 269,951 $ $ $ Three Months Ended March 31 , 2021 2020 ( 18,541 ) ( 10,847 ) ( 0.30 ) $ ( 3,564 ) $ $ $ ( 20.7 ) % ( 19.3 ) % ( 28.8 ) % ( 3.6 ) % ( 25,340 ) ( 0.70 ) ( 19,812 ) ( 19.8 ) % $ 153,783 $ 371,122 ( 5.4 ) % ( 4.1 ) % ( 7.9 ) % $ ( 59,399 ) $ ( 67,842 ) $ ( 1.89 ) $ ( 56,449 ) ( 36.7 ) % $ ( 4,024 ) $ ( 0.11 ) $ 6,559 4.3 % ( 1 ) Represents total sales within the system . ( 2 ) See GAAP to non - GAAP reconciliations , within the attached section titled " Non - GAAP Reconciliations " . $ $ Nine Months Ended March 31 , 2021 2020 315,983 791,577 ( 28.7 ) % ( 27.6 ) % ( 33.8 ) % $ ( 76,886 ) $ ( 78,991 ) $ ( 2.20 ) $ ( 42,532 ) ( 13.5 ) % $ $ ( 79,172 ) ( 2.20 ) $ ( 55,981 ) ( 17.7 ) % $ $ $ $ $ $ $ $ $ 609,586 1,249 , 152 ( 2.7 ) % ( 1.8 ) % ( 3.9 ) % ( 76,771 ) ( 98,540 ) ( 2.74 ) ( 71,469 ) ( 11.7 ) % 14,499 0.39 53,358 8.8 % 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 third quarter 2021 net loss from continuing operations of $ 10.8 million , or $ 0.30 loss per diluted share as compared to a net loss from continuing operations of $ 67.8 million , or $ 1.89 loss per diluted share in the third quarter of 2020. The Company's third quarter 2021 reported results included $ 14.5 million of discrete items . Excluding discrete items , the Company reported third quarter 2021 adjusted net loss of $ 25.3 million , or $ 0.70 loss per diluted share as compared to adjusted net loss of $ 4.0 million , or $ 0.11 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 $ 14.2 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 519 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 $ 23.7 million in revenue this quarter compared to $ 20.7 million in the prior year due to government - mandated salon closures and lower traffic due to the COVID - 19 pandemic . Total revenue in the quarter of $ 100.3 million decreased $ 53.5 million , or 34.8 % , year - over - year driven primarily by the conversion of a net 519 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 . Third quarter adjusted EBITDA loss of $ 19.8 million decreased $ 26.4 million , versus adjusted EBITDA of $ 6.6 million in the same period last year . Excluding the $ 4.6 million adjusted loss and $ 9.6 million adjusted gain from the sale of company - owned salons during the current and prior year quarter , respectively , adjusted EBITDA loss of $ 15.2 million was $ 12.2 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 519 company - owned salons that were sold and converted to the Company's asset - light franchise portfolio over the past twelve months and lower system - wide same - store sales due to the COVID - 19 pandemic , partially offset by significant reductions in general and administrative expense and marketing spend . Felipe Athayde , President and Chief Executive Officer , commented , " We are proud of the progress we have made against our key initiatives that will put us in the best position to optimize our brands and support our franchisees . While there is still much work to be done , we are putting in the hard work , not cutting corners , and taking the necessary steps to lay the right foundation for the future of Regis . " Third Quarter Segment Results