What was the net income for My Salon Suite in 2022?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
es | | | | and | | | | member's | | | | equity | | |
Consolidated Statements of Income
| For the years ended December 31, | 2023 | 2022 |
|---|---|---|
| Revenues | ||
| Franchise | $ 3,508,446 | $ 3,373,128 |
| sales | ||
| Royalties | 49,940,078 | 45,832,770 |
| Rental | 13,118,572 | 11,907,621 |
| income | ||
| Other | 5,787,952 | 5,952,703 |
| revenue | ||
| Total revenues | 72,355,048 | 67,066,222 |
| Costs | ||
| and | ||
| expenses | ||
| Cost | 2,310,482 | 3,374,481 |
| of | ||
| goods | ||
| gold | ||
| Selling, | 44,067,902 | 37,229,030 |
| general, | ||
| and | ||
| administrative | ||
| Depreciation | 4,536,793 | 4,092,237 |
| and | ||
| amortization | ||
| Total | 50,915,177 | 44,695,748 |
| costs | ||
| and | ||
| expenses | ||
| Operating | 21,439,871 | 22,370,474 |
| Income | ||
| Other | ||
| income | ||
| Interest | 64,168 | 199 |
| income | ||
| Foreign | 8,040 | (43,356) |
| currency | ||
| exchange | ||
| Gain | - | 253,092 |
| on | ||
| sale | ||
| of assets | ||
| Total | 72,208 | 209,935 |
| other | ||
| income, | ||
| net | ||
| Income | 21,512,079 | 22,580,409 |
| before | ||
| taxes | ||
| Income | 8,942,992 |
Source: Item 6 — Other Intangibles and Goodwill (FDD pages 274–314)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, the net income for the company for the year ending December 31, 2022, was $17,655,295. This figure represents the company's profit after all revenues and expenses, including costs of goods, selling, general, and administrative expenses, depreciation, amortization, interest income, foreign currency exchange, gains on the sale of assets, and income tax expenses, have been accounted for.
Understanding My Salon Suite's net income is crucial for potential franchisees as it provides insight into the financial health and profitability of the franchisor. A strong net income can indicate a stable and well-managed franchise system, which can be reassuring for individuals considering investing in a My Salon Suite franchise. It demonstrates the franchisor's ability to generate profit and manage its financial obligations effectively.
It is important to note that while net income is a key indicator, prospective franchisees should also consider other financial metrics and factors, such as revenue trends, operating income, and cash flow, to gain a comprehensive understanding of My Salon Suite's financial performance. Additionally, franchisees should compare these figures with industry benchmarks and the performance of other franchise systems to assess the relative strength and potential of a My Salon Suite franchise.