Good morning from the business news desk of the Star Tribune.
Regis Corp., the Edina-based operator of the largest chain of hair salons in the U.S., said in its quarterly results announcement this morning that revenue fell, shaped by a 6.2% drop in sales at comparable stores. Its revenue came in at $468 million, below analysts' forecasts of $478 million. The firm reported an adjusted loss of 4 cents per share, also below expectations of a loss of 2 cents a share. Regis has been undergoing a makeover of its salons and its IT systems for a year, creating turmoil in salon personnel and middle management. The company said in today's announcement that the change is now largely complete.
We'll also see earnings today from Graco and Seagate. And nationally, all eyes will be on reports from Apple after market close. Shares in Asia and Europe fell overnight but U.S. stock futures indicate a positive opening in just a few minutes.
In Minnesota news today, we'll also be watching the sale of $468 million in bonds by the state to pay for its portion of building the new stadium for the Vikings.
Former Target Corp. chief financial officer, Douglas Scovanner, has been named interim EVP-Finance and Accounting at Canada's Hudson's Bay Co.
Scovanner was CFO at Target/Dayton Hudson Corp. from 1994 to 2012.
Hudson's Bay Co., founded in 1670, is North America's longest continually operated company. Today the company operates Canada's largest department store that has 90 locations, an outlet store, and an online store. In the U.S. HBC operates Saks Fifth Avenue which has 41 full-line stores in 22 states. HBC also operates the department store chain Lord & Taylor and Home Outfitters, a chain of home specialty stores in Canada.
Scovanner will have day-to-day responsibilities for HBC's financial planning, asset protection, and accounting functions. He had been working with HBC in an advisory capacity in last several months.