EXHIBIT A


Set forth below is a narrative update to Registrant's Form 10-K Annual Report
for the year ended June 30, 1996, Item 1 "Business" regarding changes in
Registrant's business as a result of the October 25, 1996 merger with Supercuts,
Inc. (Supercuts).  This update is in addition to information provided in the
Registrant's filing on Form S-4 dated September 24, 1996 (File No. 333-12099),
and filings on Form 10-Q for the quarters ended December 31, 1996, and March 31,
1997, regarding changes in the Registrant's business, as a result of the October
25, 1996 merger with Supercuts.

- -   BACKGROUND AND INDUSTRY

    Regis Corporation (the "Company"), based in Minneapolis, is the largest
    owner, operator and franchisor of hair and retail product salons in the
    world.  The Regis worldwide operations include 3,253 hairstyling salons at
    March 31, 1997 operating in six divisions: REGIS HAIRSTYLISTS, SUPERCUTS,
    MASTERCUTS, TRADE SECRET, WAL-MART and INTERNATIONAL.  Worldwide operations
    include 2,444 company-owned salons, 751 franchised SUPERCUTS salons and 58
    other franchised salons operating primarily in the TRADE SECRET division.
    The Company has more than 25,000 employees worldwide (excluding franchisee
    operations).

- -   BUSINESS STRATEGY

    The Company's business strategy maintains its consistent focus on Quality
    Service, Multiple Salon Concepts, High Quality Haircare Products, Control
    over Salon Operations, Economics of Scale and high traffic/visibility
    locations in the retail marketplace.  This strategy has been complemented
    by the October 25, 1996 merger with Supercuts, as follows:

    / /  Although the Company had previously entered the franchising business,
         through its 1994 acquisition of the Trade Secret division, the merger 
         with Supercuts adds 751 franchised Supercuts salons, similar in concept
         and format to the Company's MasterCuts division.  The Company intends 
         to continue Supercuts commitment to franchising and its franchisees,
         utilizing the continuing skills and competencies of certain Supercuts
         employees who will remain in a California office, complemented by
         added franchising and training staff at the Company's Minneapolis,
         Minnesota corporate headquarters.

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    / /  Company-owned Supercuts salons (totaling 422 salons at March 31, 1997)
         are very similar in format, service and product mix, price point and
         employee staffing to that of the company-owned MasterCuts division
         salons (totaling 350 salons at March 31, 1997).

    / /  Prior to the merger with Supercuts, the Company's United States
         operations were primarily committed to a strategy of "enclosed mall-
         based" salons.  The salons are designed to be aesthetically appealing
         and attractive to enclosed mall shoppers in order to provide a steady
         source of new business.

         The merger with Supercuts positions the Company in the rapidly growing
         "strip shopping center" segment of the retail haircare market in the
         United States.  Supercuts salons, company-owned and franchised, are in
         strip shopping centers located in all regions of the United States,
         other than the Midwest, and concentrated in primary population centers
         or markets.  The Company intends to continue to focus the future
         growth of the Supercuts division in strip shopping centers across the
         United States, as it adds additional company-owned Supercuts salons,
         and assists current and new franchisees in their expansion and market
         development.  The Company believes the growth opportunities in the
         "strip shopping center" segment of the retail haircare market in the
         United States are vast, and will complement the Company's continuing
         growth of other divisions.  The Company does not intend to refocus
         other divisions, now located in enclosed shopping malls throughout the
         United States into the strip shopping center segment of the retail
         haircare market, nor does it intend to refocus Supercuts into the
         enclosed shopping mall segment of the retail haircare market in the
         United States. Other than Puerto Rico, Supercuts has no international
         operations.  The Company may elect to grow the Supercuts division
         through international expansion, but any such plans have not been
         finalized.


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