Core Insights - C&C Group reported a 4% decline in first-half revenues on a constant-currency basis, generating €861.4 million ($1.1 billion) in the first half of the 2024/25 financial year [1][2] - The expected revenue decline is attributed to lower distribution revenues following the transfer of control of AB InBev off-trade beer distribution in Ireland and the planned exit from some lower-margin businesses [2] - Underlying operating profit is projected to be between €41.5 million and €42 million, consistent with the group's expectations, while the prior six-month period saw a 29% increase in underlying operating profit before exceptional items to €40.3 million [2] Management Changes - CFO Andrew Andrea, who is also the chief transformation officer, will step down to take the CFO role at Domino's Pizza Group, with a search for a new CFO currently underway [3] Brand Performance - C&C Group's core brands, Tennent's and Bulmers, showed solid revenue growth during the six-month period [3] - Following the transfer of control of Magners UK back to C&C Group, the company has initiated a multi-year program to reinvigorate the brand, starting with a new marketing campaign and initial distribution gains in the off-trade [4] Investment and Outlook - Despite a challenging macroeconomic environment, C&C Group is committed to further investments to support growth and remains on track to achieve operating profit in line with market expectations [5]

Core Viewpoint - Sally Beauty Holdings, Inc. reported mixed results for Q2 of fiscal 2025, with earnings exceeding estimates but revenues declining due to macroeconomic challenges, prompting management to lower its full-year outlook [1][15]. Financial Performance - Adjusted earnings were 42 cents per share, surpassing the Zacks Consensus Estimate of 39 cents, and increased from 35 cents in the prior year [2]. - Consolidated net sales totaled $883.1 million, missing the consensus estimate of $901.1 million, and fell 2.8% year over year [2]. - Consolidated gross profit was $458.8 million, down 0.9% from $463.1 million in the prior year, while gross margin improved to 52%, up 100 basis points [5]. - Adjusted operating earnings rose to $75.2 million from $68.6 million in the previous year, with an adjusted operating margin expanding to 8.5% from 7.6% [7]. Sales Insights - Consolidated comparable sales declined 1.3%, influenced by external factors such as weather and macroeconomic uncertainty, although hair color products and digital marketplace growth provided some offset [3]. - Sally Beauty Supply segment net sales decreased 2.5% year over year to $500.6 million, while Beauty Systems Group net sales fell 3.2% to $382.6 million [8][9]. Cost Management - Adjusted SG&A expenses totaled $383.7 million, reflecting a $10.8 million decrease year over year, maintaining a flat percentage of sales at 43.4% [6]. - Adjusted EBITDA was $104.8 million, representing a 5.3% increase from the previous year, with an adjusted EBITDA margin of 11.9%, up 90 basis points [7]. Financial Health - The company ended the quarter with cash and cash equivalents of $92.2 million, long-term debt of $902.8 million, and total stockholders' equity of $699.8 million [11]. - Cash flow from operations was $51 million, with operating free cash flow at $32 million [11]. Future Outlook - For fiscal 2025, comparable sales are projected to range from flat to a 1% decline, with consolidated net sales expected to be nearly 75 basis points lower than comparable sales due to foreign exchange impacts [16]. - The adjusted operating margin is anticipated to be between 8% and 8.5% for fiscal 2025, revised down from earlier expectations [16].