What was the net income for My Salon Suite in 2024?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
1,000 | 1,000 | | Additional paid-in capital | 363,125,409 | 297,598,135 | | Retained earnings | 79,627,020 | 69,958,770 | | Accumulated other comprehensive loss | (100,769) | - | | | | | | Total member's equity | 442,652,660 | 367,557,905 | | Total liabilities and member's equity | $ 564,392,813 | $ 475,872,065 |
Consolidated Statements of Operations
| For the years ended December 31, | 2024 | 2023 |
|---|---|---|
| Revenues | ||
| Franchise sales | $ 4,110,484 | $ 3,508,446 |
| Royalties | 69,773,999 | 49,940,078 |
| Rental income | 17,316,296 | 13,118,572 |
| Other revenue | 6,989,429 | 5,787,952 |
| Total revenues | 98,190,208 | 72,355,048 |
| Costs and expenses | ||
| Cost of goods gold | 2,349,027 | 2,310,482 |
| Selling, general, and administrative | 66,485,526 | 44,067,902 |
| Depreciation and amortization | 11,002,904 | 4,536,793 |
| Total costs and expenses | 79,837,457 | 50,915,177 |
| Operating Income | 18,352,751 | 21,439,871 |
| Other income/(expenses) | ||
| Interest income | 272,192 | 64 |
Source: Item 17 — (r) of the FDD and Section 13 of the Franchise Agreement disclose the existence of certain covenants restricting competition to which Franchisee must agree. The Commissioner has held that covenants restricting competition contrary to Section 9-08-06 of the North Dakota Century Code, without further disclosing that such covenants may be subject to this statue, are unfair, unjust, or inequitable within the intent of Section 51-19-09 of the North Dakota Franchise Investment Law. The FDD and the Franchise Agreement are amended accordingly to the extent required by law. (FDD pages 230–274)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, the company's net income for the year ending December 31, 2024, was $9,668,250. This figure represents the profit My Salon Suite retained after deducting all costs, expenses, and taxes from its total revenues for that year.
The FDD also provides a breakdown of My Salon Suite's revenues and expenses. Total revenues for 2024 amounted to $98,190,208, which included franchise sales, royalties, rental income, and other revenue streams. The total costs and expenses were $79,837,457, encompassing the cost of goods sold, selling, general, and administrative expenses, as well as depreciation and amortization. After accounting for other income and expenses, My Salon Suite reported an income before taxes of $18,589,396.
Finally, the document indicates that My Salon Suite's income tax expense for 2024 was $8,921,146. This tax expense was subtracted from the income before taxes to arrive at the final net income figure of $9,668,250. Reviewing these figures can give a prospective franchisee insight into the overall financial performance of My Salon Suite.