The beloved brand will close some doors in the upcoming months.
has to do with inflation. According to Gutman, Sally Beauty is geared mostly toward lower-income consumers who are being hit particularly hard by rising inflation and have shifted their spending more to necessities like gas and groceries as a result.
In a statement, Paulonis said that the company will be executing three strategic initiatives as they enter the 2023 fiscal year to improve its financial performance. One of these initiatives is to increase the efficiency of Sally Beauty Holding Inc.'s operations, which includes transforming its retail footprint.
"The company is accelerating its store optimization plan, including the closure of approximately 350 stores," the new report stated. Most of the store closings will be Sally Beauty locations throughout the U.S., and the majority will start closing in Dec. 2022. There are currently a total of 3,439 Sally Beauty Supply stores globally, but the company did not disclose which exact locations will be shutting down.
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