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STRENGTH in OUR CORE Sally Beauty Holdings,Inc SALLY BEAUTY HOLDINGS, INC. HOLDINGS, BEAUTY SALLY 2020 ANNUAL REPORT STRENGTH IN OUR CORE sally beauty holdings,inc. | 2020 annual report DEAR FELLOW SHAREHOLDERS SHAREHOLDER INFORMATION During fiscal year 2020, we faced some unique challenges from Our focus in fiscal year 2021 will be on the following key Board of Directors Executive Officers Transfer Agent the disruption caused by COVID-19. As our business responded to initiatives: Robert R. McMaster Christian A. Brickman store closures and consumer uncertainty, our teams quickly pivoted • Leveraging our elevated digital capabilities through the rollout of to launch new e-commerce capabilities and service models like “Buy Online / Pickup In-Store” at all Sally Beauty U.S. retail stores “Ship-From-Store” at Sally Beauty, “Same-Day Delivery” at Beauty Marlo Cormier in the first quarter and expanding it to Beauty Systems Group Systems Group, and “Curbside Pickup” at both business segments. Our Christian A. Brickman stores in the second half of the year. differentiated core categories, including hair color, hair care, and nails, Annual Meeting continued to experience strong demand. At the peak of the pandemic, • Growing customer engagement and loyalty through the recently John Goss we saw tremendous e-commerce growth of 287% during our third launched Private Label Rewards Credit Card Program for both Timothy R. Baer quarter, driven by our Sally U.S. and Canadian retail business, which the Sally Beauty and Beauty Systems Group segments, and Mark G. Spinks delivered growth of 572%. In addition, we made cash management redesigning the Beauty Systems Group e-commerce site and and liquidity a top priority by partnering with our vendors to bring mobile app. Marshall E. Eisenberg down our inventory levels and extend payment terms, partnering John Henrich • Increasing brand partnerships that resonate strongly with our with our landlords on rent abatements, and aggressively cutting customers, including growing our leadership in Female-owned operating costs. and Black-owned brands. Diana S. Ferguson I could not be more proud of our team and what they accomplished Pamela K. Kohn • Optimizing efficiencies and driving savings through the ongoing despite the challenges that COVID-19 presented to us. Additionally, Form 10-K Reports and Investor Relations rollout of JDA, our new merchandising and supply chain platform, I want to thank all of our SBH team members across the globe to all distribution centers. whose dedication and hard work have set us up well for the future Dorlisa K. Flur Mary Beth Edwards by turning us into an agile operator with real strength in both • Continuing to build and refine our digital customer experience. digital and brick-and-mortar retail. Financial Results in Fiscal Year 2020 Scott C. Sherman Despite the disruptions caused by COVID-19, we still Linda Heasley completed key objectives of our Transformation Plan in For fiscal year 2020, our consolidated net sales were $3.51 billion, a Fiscal Year 2020, including: decrease of 9.3%, as compared to the prior year, driven primarily by the impact of COVID-19 shut-downs and operating 23 fewer stores. Executive Offices • The rollout of the Oracle-based point-of-sale system to both Sally Global e-commerce sales grew by 103% compared to the prior year. John A. Miller Beauty and Beauty Systems Group stores. Diluted earnings per share were $0.99, down from $2.26 in the prior • The national launch of the new Sally Beauty brand campaign year, driven primarily by the shutdown of operations due to COVID-19. “Unleash Your PROtential.” We generated $427 million in cash flow from operations. P. Kelly Mooney • The launch of new service models, including “Ship-From-Store” at 2,400 Sally Beauty stores, “Same-Day Delivery” at 1,000 Beauty Summary Susan R. Mulder Systems Group stores and “Curbside Pickup” in both segments. In summary, while we continue to operate in an uncertain environment, Common Stock • The launch of the new Private Label Rewards Credit Card at Sally Beauty Holdings, we believe we are a stronger company with Programs at both Sally Beauty and Beauty Systems Group. even greater ability to deliver long-term sustainable growth, driven by our enhanced capabilities in how we connect with customers Denise Paulonis • The addition of key talent across store operations, merchandising, digitally, through our loyalty and credit card programs, our enhanced marketing, e-commerce, and finance. infrastructure and omni-channel capabilities, and increased talent Independent Registered Public base, all of which are supported by a strong balance sheet and cash Looking ahead to fiscal year 2021 Accounting Firm flow. The bottom line—the challenges we faced in 2020 have simply Edward W. Rabin As we continue to deal with the impact of COVID-19, our top priority made us better. They pushed us to accelerate our digital transformation, will focus on the health and safety of both our customers and team to simplify our business strategy, and to build a team that is prepared members. We will continue to operate with agility and we feel we to win in a transformed retail environment. Finally, as the “Hair are well-positioned to handle the uncertainty in the near term due to Color Experts” for both the DIY consumer and professional stylist, three key factors. First, our businesses are on-trend. The Sally Beauty we will continue to empower our customers to express themselves business is the industry leader in professional color for home-use and through hair. is perfectly aligned with the increasing “Do-It Yourself” (DIY) trend. On the Beauty Systems Group side, we are the industry leader in stylist safety with our large assortment of PPE, including hand sanitizer, Cautionary Statement barbicide, gloves, masks, and capes. In addition, we have more convenient store locations, more direct sales consultants that are now As always, thank you for your support. digitally enabled and many of whom are now trained and certified in salon safety protocols, and we offer improved delivery service options Best Regards, to ensure we are convenient and safe for our professional customers. We expect to continue to build on this leadership position. Second, we have the ability to operate effectively in an environment that will continue to be impacted by COVID-19. Customers and team members can feel confident in our stores, which have instituted the protocols required to operate safely, and we have proven that we can rapidly evolve our service model to provide our customers with more choices Chris Brickman on how they shop with us and access our inventory. Third, we are President and Chief Executive Officer sitting in an excellent liquidity position with strong cash flow and cash on the balance sheet. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED: SEPTEMBER 30, 2020 -OR- ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-33145 SALLY BEAUTY HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 36-2257936 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3001 Colorado Boulevard Denton, Texas 76210 (Address of principal executive offices) (Zip Code) (940) 898-7500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $.01 per share SBH New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES È NO ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ‘ NO È Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES È NO ‘ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES È NO ‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer È Non-accelerated filer ‘ Accelerated filer ‘ Smaller reporting company ‘ Emerging growth company ‘ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. È Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) YES ‘ NO È The aggregate market value of registrant’s common stock held by non-affiliates of the registrant, based upon the closing price of a share of the registrant’s common stock on March 31, 2020, was approximately $901,906,000.
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