Supercuts 2002 Annual Report Download - page 14

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Table of Contents
The Company intends to construct approximately 435 new company-owned salons during fiscal 2003, up from 349 salons constructed in fiscal
2002. The Company has a program of modernizing its existing salons, ranging from redecoration to substantial reconstruction, in order to raise
its older salons to the standards of its newly constructed locations. This program is implemented as management determines that a particular
location will benefit from such modernization, or as required by lease renewals. A total of 134 salons were remodeled in fiscal 2002, and the
Company anticipates completing approximately 175 projects in fiscal 2003.
11
INTERNATIONAL (2)
1998
1999
2000
2001
2002
Company
-
owned Salons:
Open at beginning of period
481
460
372
352
364
Salons constructed
27
12
17
35
18
Acquired
1
3
16
Less relocations
Net salon openings
27
13
17
38
34
Conversions
(3
)
Salons closed or sold
(48
)
(101
)
(37
)
(23
)
(16
)
Open at end of period
460
372
352
364
382
Franchised Salons:
Salons constructed
69
Acquired (4)
1,664
Net salon openings
1,733
Salon closed or sold
(49
)
Open at end of period
1,684
Grand total, system
-
wide
4,598
5,022
5,669
6,681
8,684
(1)
Represents primarily the conversion of franchise operations to company
-
owned.
(2)
Canadian and Puerto Rican salons are included in the Regis Salons, Strip Center, MasterCuts and Trade Secret divisions and not
included in the International salon totals.
(3)
Includes Mia & Maxx Hair Studio salons.
(4)
Represents primarily the acquisition of franchise networks.