Exhibit 99.1

Contact: Jeff Harkins

Investor Relations

940-297-3877

jharkins@sallybeauty.com

Sally Beauty Holdings Reports Fourth Quarter and Full Year Fiscal 2021 Results; Provides Fiscal 2022 Outlook

Q4 GAAP Diluted EPS of $0.59; Adjusted Diluted EPS of $0.64

Q4 GAAP Operating Margin of 11.2%; Adjusted Operating Margin of 11.7%

DENTON, Texas, November 11, 2021 – Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”), the leader in professional hair color, today announced financial results for its fourth quarter and full year ended September 30, 2021. The Company will hold a conference call today at 7:30 a.m. Central Time to discuss the results.

Fiscal 2021 Fourth Quarter Summary

Fiscal 2021 Full Year Summary

“We are pleased to conclude the year with strong fourth quarter performance, highlighted by net sales growth of 3.4%, adjusted operating margin of 11.7% and operating cash flow of $164 million,” said Denise Paulonis, president and chief executive officer. “In fiscal 2021, we successfully executed on our stated priorities to substantially complete the remaining elements of our transformation and leverage our new capabilities and tools in service of our mission to recruit and retain color customers. We rebounded strongly from last year’s pandemic challenges, delivering net sales growth of 10.3% while generating strong profitability and cash flow and reducing our debt levels by over $400 million in fiscal 2021.”

“Serving on the Board of Directors over the last four years, I have admired the tremendous work and dedication of our teams and associates as they prioritized the customer and transformed our business into a modern, dynamic beauty company. I am incredibly excited to join this management team and look forward to building upon our strong foundation of enhanced capabilities across CRM, loyalty, e-commerce, merchandising, technology and talent, as we pivot to a new era for SBH focused on customer centricity and the acceleration of long-term profitable growth.”

Fiscal 2021 Fourth Quarter Operating Results

Fourth quarter consolidated net sales were $990.3 million, an increase of 3.4% compared to the prior year, with a same store sales increase of 2.1%. Foreign currency translation had a favorable impact of approximately 90 basis points on reported sales. The Company was operating 127 fewer stores at the end of the quarter compared to the prior year. Global e-commerce sales were $71 million or 7.1% of net sales for the quarter.

Consolidated gross profit for the fourth quarter was $501.0 million compared to $489.1 million in the prior year, an increase of 2.4%. Consolidated gross margin was 50.6%, a decrease of 50 basis points compared to 51.1% in the prior year, primarily reflecting a higher mix of Beauty Systems Group sales and a lower gross margin at Beauty Systems Group.

Selling, general and administrative (SG&A) expenses totaled $386.5 million, up $19.6 million compared to the prior year, driven primarily by increased labor and advertising costs, as previously planned. As a percentage of sales, SG&A expenses were 39.0% compared to 38.3% in the prior year.  

GAAP operating earnings and operating margin in the fourth quarter were $111.2 million and 11.2%, compared to $119.7 million and 12.5%, in the prior year. Adjusted Operating Earnings and Operating Margin, excluding the Company’s previously announced restructuring efforts and COVID-19 related income in both years, were $115.8 million and 11.7%, compared to $120.3 million and 12.6%, in the prior year.

GAAP net earnings in the fourth quarter were $68.1 million, or $0.59 per diluted share, compared to net earnings of $70.2 million, or $0.62 per diluted share in the prior year. Adjusted Net Earnings were $73.1 million, or $0.64 per diluted share, compared to Adjusted Net Earnings of $70.7 million, or $0.63 per diluted share in the prior year. Adjusted EBITDA in the fourth quarter was $143.4 million, a decrease of 2% compared to the prior year, and Adjusted EBITDA Margin was 14.5%, a decrease of 80 basis points compared to the prior year.

Balance Sheet and Cash Flow

As of September 30, 2021, the Company had cash and cash equivalents of $401 million and no borrowings outstanding under its asset-based revolving line of credit. Fourth quarter cash flow from operations totaled $164.1 million, capital expenditures totaled $28.8 million and Operating Free Cash Flow totaled $135.4 million. For the full fiscal year, cash flow from operations totaled $381.9 million, capital expenditures totaled $73.7 million and Operating Free Cash Flow totaled $308.2 million.

In fiscal 2021, the Company reduced its debt levels by approximately $420 million. Additionally, the Company ended the year with a net debt leverage ratio of 1.69x.

Fiscal 2021 Fourth Quarter Segment Results

Sally Beauty Supply

Beauty Systems Group

Fiscal Year 2022 Guidance

The Company’s full year guidance for fiscal year 2022 is outlined below and additional perspective will be provided during the earnings conference call.

Update on Financial Disclosures

Beginning in fiscal 2022, the Company will be replacing the same store sales metric with comparable sales, which will include sales from the full service divisions and franchise operations, including any related e-commerce sales. In fiscal 2022, for each quarter the Company will disclose both current and prior year comparable sales under the new definition.

Conference Call and Where You Can Find Additional Information

The Company will hold a conference call and audio webcast today to discuss its financial results and its business at approximately 7:30 a.m. Central Time today, November 11, 2021.  During the conference call, the Company may discuss and answer one or more questions concerning business and financial matters and trends affecting the Company. The Company’s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed. Simultaneous to the conference call, an audio webcast of the call will be available via a link on the Company’s website, sallybeautyholdings.com/investor-relations. The conference call can be accessed by dialing (844) 291-4185 (International: (409) 207-6997) and referencing the access code 3661420#. The teleconference will be held in a “listen-only” mode for all participants other than the Company’s current sell-side and buy-side investment professionals. In addition, a supplemental slide presentation may be viewed during the call at the following link SBH Q4 Earnings Presentation and entering the event password Ke5Yd3Prgt8. A replay of the earnings conference call will be available starting at 10:30 a.m. Central Time, November 11, 2021, through November 25, 2021, by dialing (866) 207-1041 (International: (402) 970-0847) and referencing access code 5241224#. Also, a website replay will be available on sallybeautyholdings.com/investor-relations.

About Sally Beauty Holdings, Inc.

Sally Beauty Holdings, Inc. (NYSE: SBH), as the leader in professional hair color, sells and distributes professional beauty supplies globally through its Sally Beauty Supply and Beauty Systems Group businesses. Sally Beauty Supply stores offer up to 7,000 products for hair color, hair care, nails, and skin care through proprietary brands such as Ion®, Generic Value Products®, Beyond the Zone® and Silk Elements® as well as professional lines such as Wella®, Clairol®, OPI®,

Conair® and L’Oreal®. Beauty Systems Group stores, branded as CosmoProf® or Armstrong McCall® stores, along with its outside sales consultants, sell up to 10,000 professionally branded products including Paul Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico® and Olaplex®, intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit https://www.sallybeautyholdings.com/.

Cautionary Notice Regarding Forward-Looking Statements

Statements in this news release and the schedules hereto which are not purely historical facts or which depend upon future events may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “can,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “will,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters.

Readers are cautioned not to place undue reliance on forward-looking statements as such statements speak only as of the date they were made. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including, but not limited to, the risks and uncertainties related to COVID-19 and those described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2020. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any forward-looking statements.

Use of Non-GAAP Financial Measures

This news release and the schedules hereto include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the United States, or GAAP, and are therefore referred to as non-GAAP financial measures: (1) Adjusted Gross Margin; (2) Adjusted Selling, General and Administrative Expenses; (3) Adjusted EBITDA and EBITDA Margin; (4) Adjusted Operating Earnings and Operating Margin; (5) Adjusted Net Earnings; (6) Adjusted Diluted Net Earnings Per Share; and (7) Operating Free Cash Flow. We have provided definitions below for these non-GAAP financial measures and have provided tables in the schedules hereto to reconcile these non-GAAP financial measures to the comparable GAAP financial measures.

Adjusted Gross Margin – We define the measure Adjusted Gross Margin as GAAP gross margin excluding the write-down of COVID-19 related personal protective equipment inventory for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.

Adjusted Selling, General and Administrative Expenses – We define the measure Adjusted Selling, General and Administrative Expenses as GAAP selling, general and administrative expenses excluding COVID-19 net expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.

Adjusted EBITDA and EBITDA Margin – We define the measure Adjusted EBITDA as GAAP net earnings before depreciation and amortization, interest expense, income taxes, share-based compensation, costs related to the Company’s previously announced restructuring plans, COVID-19 related net expenses, costs related to the non-cash write down of inventory, and  impairment charges related to long-lived assets and operating lease assets not included in restructuringfor the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of net sales.

Adjusted Operating Earnings and Operating Margin – Adjusted operating earnings are GAAP operating earnings that exclude costs related to the Company’s previously announced restructuring plans and net expenses related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Operating Margin is Adjusted Operating Earnings as a percentage of net sales.

Adjusted Net Earnings – Adjusted net earnings is GAAP net earnings that exclude tax-effected costs related to the Company’s previously announced restructuring plans and tax-effected net expenses related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.

Adjusted Diluted Net Earnings Per Share – Adjusted diluted net earnings per share is GAAP diluted earnings per share that exclude tax-effected costs related to the Company’s previously announced restructuring plans and tax-effected net expenses related to COVID-19 for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.

Operating Free Cash Flow – We define the measure Operating Free Cash Flow as GAAP net cash provided by operating activities less payments for capital expenditures (net).  We believe Operating Free Cash Flow is an important liquidity measure that provides useful information to investors about the amount of cash generated from operations after taking into account payments for capital expenditures (net).

We believe that these non-GAAP financial measures provide valuable information regarding our earnings and business trends by excluding specific items that we believe are not indicative of the ongoing operating results of our businesses; providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry.

We have provided these non-GAAP financial measures as supplemental information to our GAAP financial measures and believe these non-GAAP measures provide investors with additional meaningful financial information regarding our operating performance and cash flows. Our management and Board of Directors also use these non-GAAP measures as supplemental measures to evaluate our businesses and the performance of management, including the determination of performance-based compensation, to make operating and strategic decisions, and to allocate financial resources. We believe that these non-GAAP measures also provide meaningful information for investors and securities analysts to evaluate our historical and prospective financial performance.  These non-GAAP measures should not be considered a substitute for or superior to GAAP results.  Furthermore, the non-GAAP measures presented by us may not be comparable to similarly titled measures of other companies.

Supplemental Schedules

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

Supplemental Schedule 1

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Segment Information

(In thousands)

(Unaudited)

(1)  Unallocated expenses, including share-based compensation expense, consist of corporate and shared costs and are included in selling, general and administrative expenses.

Supplemental Schedule 2

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures Reconciliations

(In thousands, except per share data)

(Unaudited)

(1) For the three months ended September 30, 2021, restructuring represents expenses incurred primarily in connection with the Transformation Plan, including $1.4 million related to inventory. For the three months ended September 30, 2020, restructuring represents expenses incurred primarily in connection with Project Surge and the Transformation Plan.

(2) For the three months ended September 30, 2021, COVID-19 primarily represents a rent subsidy provided by the Canadian government and additional tax impact from the donation of personal-protective equipment. For the three months ended September 30, 2020, COVID-19 primarily represents a wage subsidy provided by the Canadian government under the Canada Emergency Wage Subsidy.

(3) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized.

Supplemental Schedule 3

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures Reconciliations, Continued

(In thousands, except per share data)

(Unaudited)

(1) For fiscal year 2021, restructuring represents expenses incurred primarily in connection with Project Surge and the Transformation Plan, including the write-down of inventory of $1.4 million in cost of products sold. For fiscal year 2020, restructuring represents expenses incurred primarily in connection with Project Surge and the Transformation Plan.

(2) For fiscal year 2021, COVID-19 expenses primarily represents the write-down of personal-protective equipment inventory of $7.0 million in cost of products sold and donation expense related to the personal-protective equipment inventory of $33.0 million in selling, general, and administrative expenses, partially offset by wage and rent subsidies provided by the Canadian government of $3.4 million. For fiscal year 2020, COVID-19 primarily represents costs associated with disaster pay and furloughed employees in response to the coronavirus pandemic. These cost were partially offset by an employee retention payroll tax credit provided by the U.S. Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and the Canada Emergency Wage Subsidy provided by the Canadian government.

(3) The provision for income taxes was calculated using the applicable tax rates for each country upon the recognition of expenses or gains, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized.

Supplemental Schedule 4

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures Reconciliations, Continued

(In thousands)

(Unaudited)

(1) Incremental, non-cash write down of inventory as part of aggressive tactical inventory clearance actions.

(2) Impairment charges related to long-lived assets and operating lease assets outside of restructuring.

Supplemental Schedule 5

SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES

Store Count and Same Store Sales

(Unaudited)

BSG distributor sales consultants (DSC) include 194 and 183 sales consultants employed by our franchisees at September 30, 2021 and 2020, respectively.