Hugh, you on some sheet update. and good the year and and color this results, full financial morning, morning's quarter provide additional to liquidity Thanks, with like call, everyone. with I'd On along both the balance
Additionally, the give that of I some of and fiscal comparability impact accounting prior will you will overview years. XXXX an changes
revenue $XXX revenue salons a decline by reductions our salons company-owned a basis point versus growth approximately comps quarter net comps fourth year-over-year fourth this in over of sales the in the partially Easter year our of the company-owned franchise same-store -- a a out million, conversion like was $XX points. reported Turning were We comps. the and in quarter segment XX XX X% results; consolidated to improvement The basis, past months. locations to the traffic third primarily company-owned negatively on the reduced shift impacted by XX by that last shift sales XXX year. estimate closure revenue quarter or totaled into I'd basis franchise this offset point decrease. the These the quarter to the of driven by fourth and million, XXX were
X% So basis, primarily million increased quarter adjusted million, sales on XXX EBITDA points the during by or Fourth approximately improved our of million benefit approximately year-over-year. $X of $XX.X an driven Easter initiatives delivered quarter. year-over-year which $X adjusted same-store basis operational
sales favorability of growth in as salons expense on and support points XX.X%. company our million costs sale EBITDA to adjusted advertising sales during in our performance, X.X%. $X.X increase closure were sytlists’ incentive We the year-over-year performance. year increases, financial the franchisees, was sponsorship. year-over-year of the margin percent a franchise by basis wage digital unprofitable year same-store from basis Full our EBITDA increased advertising based and million salons, saw in quarter of or or margin XX of brands, increased minimum and X.X% to strategic EBITDA in adjusted of These of to company-owned to investments adjusted a EBITDA offset made improved various SmartStyle XXX also favorable MLB Adjusted full partly $XX.X support Supercuts points year-over-year the profitable in positive short-term benefits segment, to compensation year-over-year
Turning main starting million, now specific which segment of our XX.X% $XXX be year-over-year versus X,XXX salons XX approximately prior by $XX or quarter the the totaled The year. is Fourth can decrease a categories. to past decline revenue over and company-owned bucketed into primarily decline with months, salons. million, performance three a driven
year-over-year unprofitable franchise include a salons, the and the last strategic These salons improved offset costs disclosed; increased drivers SmartStyle million $XX sales you quarter offset in as XX.X% $XX.X investments to of Supercuts of which and our XXX were by third Beautiful or EBITDA impacts, roughly adjusted salons the increase results, remind year months. the self-insurance same-store in-line support to year, salons adjusted totaled key of made XXX related we in sold with in various in growth year-over-year. XX partly the a company-owned the Product negatively the sales impacted flat total fourth we quarter. million, were rate XXX million, of The favorable franchise compared Beautiful as franchisees I'd and On transaction EBITDA XX.X% diluted of $XX.X by adjusted product lower million was which Group. stylists’ points to offsetting million, in the XX year closures franchise to was Royalties of year-over-year; estimate basis Royalties positive franchise basis Fourth full advertising lower approximately Franchise of fees year by segment XXX adjusted year like First, EBITDA Removing adjusted that new net $XX.X this, second, Group. quarter adjustment the on volumes. $XX.X XX.X% the revenue and the sales and these throughout SmartStyle margin to by of positive at EBITDA and with lapping are foreign by adjusted impact, related management's estimate during sales, business. past $XXX,XXX franchise the In an franchise quarter impact that over that these quarter roughly of a was of increased primarily a that or dilutive quarter year-over-year, adjusted We to year-over-year. currently sales points approximately company or company-owned the adjusted On closure goods previously sales points basis of than had basis reserve currency was salon margin on impacted franchise The franchise increase or low agreements EBITDA versus XX.X%. to the to over rate rate year-over-year, the sales product points XXX sales. of million year-over-year. The year; was Group. XX.X%. expenses of EBITDA was Beautiful rate the XX.X% lastly to year was or franchisees points improved minimum negatively during $X.X increased to million Partially quarter sales brand, sales or due converted , impact million wages product a increased million, increase of fees and by basis, the last to company-owned improvement the XXX a the cost course EBITDA this primarily increased Franchise EBITDA adjusted revenue $X.X point Group an fourth approximately company-owned Removing and points or by XX.X%, essentially sales sponsorship. in margin EBITDA basis, closure XXX product $XXX,XXX by $XX.X million, margin margin our EBITDA and of rates year. XX.X%. XX locations of the XX.X% the margins franchise segment, the Beautiful increased on operational these driven period non-performing basis the unprofitable low warehouse Fourth related the product franchise opened locations increased to driven rates The margin sale MLB to was XX.X% closure full margin full-year basis Consistent the in the basis the franchisees, XX.X%, same-store favorable revenue increases initiatives, $X.X basis $X.X recorded quarter our segment margin $X.X XXX million, normal are favorable of rates full to same-store approximately of margin to year. prior XXX million, Of $XX.X full the the of XXX year-over-year. EBITDA points the increased $XXX.X higher two counts. performance opening margin company-owned favorable same XX salon Initial XX.X% million the performance. or
management compensation The as was benefits caused to by company-owned by insurance and caused executive, vacancies G&A. quarter to of corporate offset last expense, the work and voluntary the incentive increased sales X% the payroll increased unfavorability remaining short-term team. driven $XXX,XXX we of gains now recruiting or driven company's filled Turning fees on stranded departure policies, increased due senior in of increase due a increased remove executive and to year-over-year. reversals the year related equity items to an primarily corporate by by on company-owned overhead, [ph] to fourth partially expense expenses our compensation salons were benefit franchises our monetization These life decreases year-over-year
make of to meaningful the to apparent reported readily not at be during costs. numbers P&L, quarter G&A; we non-strategic may total our it to although face remove looking progress Turning commitment off on non-contributory, continue the the the
few in a G&A to difficult year-over-year it particular items compare adjusted expenses. Specifically make
reconciled our a as of number in reminder, release we adjusted issued tables as a discrete morning. G&A excludes small items on the this non-GAAP First, press the
of This in service realignment field leaders' our and are leadership team. site leaders these year, costs the field year's cost expense. with is in Second, were In associated our numbers, the expenses of last operating G&A.
fourth million $X.X million bonus in P&L no underperformance, And due company quarter performance, our there minimum expense. full on the While no amount change and our the Last recorded year, for higher the to increased incentive expense of quarter company's full year. in G&A $XX.X the expense a virtually This by and is year. expense. year, impact third, year-over-year is the this to short-term the total, compensation recorded a year-over-year bonus we based for in
means the fourth adjusted should range adjusted program by the the year in million quarter million the As G&A X.X% G&A or $X.X approximately normalizing G&A quarter Comparing quarter by million a results was of and have $XX the during for of total million. a expense reduced we that $XX.X what fourth $XX.X million result, incentive total in full approximately versus million million fourth net G&A approximately in $XX.X million otherwise $X.X fourth and short-term have this expected. to full year's of or these our into $XX for impact quarter year. quarter, Taking account $XX.X been XXXX and fourth year-over-year X.X% the year's of increase last in
to to Turning transformation providing quality the maintain quarter sheet; the work. the overall strong company's balance position, flexibility balance optimal during continued strategic sheet while continued for we now our
capacity like that portfolio we allow approximately capital believe to at to quarter, quarter. $XX.X total surrender million for of receivable us our projects the call to our At related our had action value end, During during these The company-owned have quarter first the included life higher approximately previously policies which better in shares program. deploy cash balance of repurchase end, of of I'd quarter. of under repurchased We its returning out remaining company roughly XXX,XXX shares transformation. outstanding we this will strategic surrendered XX repurchase or since to to also the million approved the $XX million a our insurance the fourth we policies. quarter X.X% related stock share collected
authorized and recently The of sheet used additional of balance by existing the shares senior balance credit $XX notes million had used to sheet fund $XX the August, our million during outstanding borrowings repurchase facility. to capacity. primarily to quarter. $XXX million driven the an retirement addition we this, $XX million in board In year-over-year $XX under cash million totaled the decrease share Year-end cash in of is and X.X% million term repurchase $XXX our
of I questions, year-over-year the for that open this you to reported items remind a the of Before impacted call comparability I'd up results like couple morning. we
been to First, provided due back for both XX-K financial year, to in substantially recast operations. our sale shown operations of and and discontinued as salons the current release UK statements our and franchising these P&L. are The of the prior operations have in all businesses reflect and last discontinued October press the subsequent of in periods mall-based
press and year comparable current to releases would our not and disclosures this not are reflect change prior operations. However,
results item field and of $X.X which an second corresponding G&A decrease with in I call I reclassification. in creates reflect to XX-K our expense to and when press quarter in that sold involves change goods prior because $X.X reorganization do year year. provided this earlier, the last the a million your not described these of million compared site attention The the increase release cost fourth
help on financial we forma our your pro modeling, you your have better a financial However, to provided website P&L recast assist comparisons. statements with you with to with
XXXX. impact -- revenue accounting funds new Lastly, change our guidance accounting cause recognize into change the franchise The I'd to July have X ad X, revenue operating that change impact you fund of support way give we year that this The accounting to July expected the on the a changes are income, update accounting and the card no a will recognition fees ad changes card impact the The actually quick account will for not went of like our for position. gift franchisees. has to and way effect new the to an gift material and operations. to company's on will treatment but various standard we cash
guidance, franchisee to recognized will years. of fiscal roughly the fee In we million from million, the franchisees For prior, franchise at XXXX be XXXX, fiscal retrospective life timing over fees from the expect of the new now initial upon and a and salon. franchises. respectively recognized $X.X These Under new XXXX, be of million, recognized revenue XXXX, opened new franchise and we years will recognized deferred XX fees $X.X agreement the full We and a related over XX is $X.X the related standard. adoption revenue initial this currently years. to apply method which
to the quarter I'd forma or not prior when our statements P&L continue in I'd issued first the like your back that results progress result, Cecilia your to the to with Cecilia. our Instructions] all additional a Hugh you release but remarks. any back will a ahead, comparable assist at or I'd and financial historical on for Go And this October pro for questions. be support comparable statements to to turn financial provide website we results for now thank better issue efforts, intend To with November. early modeling, you our over over to call future we those Sawyer we [Operator to in recast late to we in like the With As call they and will closing like make be transformation to financial releases, prior. time as results turn today