Exhibit 99

CONTACT:
Investors:	REGIS CORPORATION:
	Paul D. Finkelstein – President, CEO Randy L. Pearce – Executive Vice President, CFO Kyle P. Didier – Vice President, Finance (952) 947-7000
Media:	BERNS COMMUNICATIONS GROUP:
	Melissa Jaffin/Michael McMullan (212) 994-4660

REGIS CORPORATION REPORTS RECORD THIRD QUARTER RESULTS
-Earnings per Diluted Share Increased to $0.46-
-Raises Fiscal Year 2003 EPS Guidance and Provides Fiscal Year 2004 Guidance-

     MINNEAPOLIS, April 22, 2003 — Regis Corporation (NYSE:RGS) the global leader in the $135 billion hair care industry, today reported record financial results for its fiscal third quarter ended March 31, 2003.

     Consolidated revenues for the third quarter increased 16.8 percent to a record $422.3 million, compared to $361.6 million during the third quarter last year. Consolidated same-store sales decreased 0.7 percent, compared to a 4.1 percent increase during the same period last year. System-wide sales, inclusive of non-consolidated sales generated from franchisees, increased 28.3 percent to $698 million versus $544 million a year ago. As of March 31, 2003, Regis Corporation owned, operated or franchised 9,353 salons compared to 7,402 salons as of March 31, 2002, a system-wide increase of 1,951 salons.

     The company reported record third quarter earnings of $20.9 million, or $0.46 per diluted share, compared with $19.3 million, or $0.44 per diluted share, for the same period a year ago. Prior year third quarter earnings included a nonrecurring tax benefit of $1.8 million, or $0.04 per diluted share.

     “We are pleased with our financial performance for our fiscal third quarter. We were able to achieve the high end of our third quarter earnings guidance despite lower than expected same-store sales. A continued focus on payroll control in our salons contributed to a 50 basis point expansion in salon contribution versus the same period a year ago,” commented Paul D. Finkelstein, President and Chief Executive Officer. “Revenue growth continues to be fueled by our new salon construction and acquisition strategies. We anticipate that these strategies should allow us to finish the fiscal year with more than 9,700 system-wide salons.”

     Mr. Finkelstein further commented, “On March 27, 2003 Regis Corporation reached an important milestone and began trading on the New York Stock Exchange under the symbol ‘RGS.’ As the market leader in the salon industry, we believe partnering with the NYSE will bring considerable value to our shareholders.”

Fourth Quarter 2003 Outlook

The following points pertain to the fiscal fourth quarter ending June 30, 2003:

• Earnings per diluted share are expected to increase to a range of $0.48 to $0.51, compared to $0.45 for the same period a year ago.

• Consolidated revenue is forecasted to grow at least 13 percent to a range of $435 to $440 million, compared to $384 million for the year ago period. Consolidated same-store sales are projected to increase 0.5 to 1.5 percent.

• Operating income is expected to increase to a range of $40 to $42 million, compared to $38 million for the same period a year ago.

• Effective tax rate is expected to be 37.5 to 38.0 percent.

• 100 to 150 new corporate and franchised salons, excluding acquisitions, are expected to open during the quarter.

• Acquisition of 300-store chain (approximately 100 corporate and 200 franchise salons) is expected to close prior to June 30, 2003.

Fiscal Year 2003 Outlook

The following points pertain to the fiscal year ending June 30, 2003:

• Earnings per diluted share are expected to increase to a range of $1.90 to $1.93, compared to $1.63 per diluted share for fiscal year 2002. Prior year earnings included a nonrecurring tax benefit of $1.8 million, or $0.04 per diluted share. Previously, we had forecasted earnings per diluted share to be in a range of $1.89 to $1.91.

• Consolidated revenue is forecasted to grow to $1.67 to $1.68 billion, an increase of at least 15 percent.

• Operating income is expected to increase to $158 to $160 million, representing approximately 9.5 percent of consolidated revenue.

• Total capital expenditures, including acquisitions, are forecasted to be $155 to $160 million.

• Debt to capitalization is expected to improve to a range of 36 to 38 percent.

• Total salon count is expected to increase to over 9,700, a net increase of over 1,000 salons.

Fiscal Year 2004 Outlook

     “It is always our goal to provide investors with comprehensive financial information so they can benchmark our progress. Therefore, we have provided our initial projections for fiscal year 2004,” commented Randy L. Pearce, Executive Vice President and Chief Financial Officer. “It is important to note that our forecasts exclude the anticipated benefits from future acquisitions. While acquisitions play a key part in our growth, the size and timing of future acquisitions makes it difficult to forecast with a high degree of precision the exact benefits we may realize in fiscal year 2004. However, we do anticipate spending $60 to $75 million to acquire approximately 400 salons. Assuming these salons are acquired evenly throughout the fiscal year, the acquired salons could add as much as $50 million in revenue and $0.05 to $0.08 to diluted earnings per share.”

     Mr. Pearce further commented, “It is also important to note that when we do start to see a pick up in the economy, an incremental increase in annual same-store sales of one percent could add as much as $0.10 per diluted share.”

Fiscal Year 2004 Outlook (Continued)

The following points pertain to the fiscal year ending June 30, 2004:

• Exclusive of future accretive acquisitions, earnings are expected to increase 6 to 9 percent to a range of $2.04 to $2.07 per diluted share. Including accretion from future acquisitions, double-digit earnings growth is expected for the fiscal year.

• Exclusive of future acquisitions, consolidated revenue is forecasted to grow to $1.79 to $1.81 billion, an increase of 6 to 8 percent. Consolidated same-store sales are projected to increase 1.0 to 1.5 percent. New salon revenue growth is expected to increase 5 to 6 percent.

• Service margins are expected to improve in all divisions. Fiscal 2004 service margins are projected to be in the range of 43.8 to 44.0 percent of service revenue.

• Product margins are expected to be in the mid-to-high 48 percent range of product revenue.

• Rent expense is expected to increase to the low 15 percent range of company-owned revenue.

• As a percent of company-owned revenue, direct salon expense and salon level depreciation are expected to remain flat with our expected fiscal 2003 levels of 9.1 and 3.4 percent, respectively.

• Franchise direct costs are forecasted to improve over 300 basis points to approximately 52 percent of total franchise revenue.

• Corporate and franchise support costs are expected to be 10 to 30 basis points lower than our anticipated fiscal 2003 rate of 9.7 percent of consolidated revenue.

• Corporate depreciation and amortization are forecasted to be consistent with our expected fiscal year 2003 rate of 0.7 percent of total consolidated revenue.

• Operating income is expected to be 9.2 percent of consolidated revenue.

• Interest expense is projected to be $20 — $21 million, representing 1.1 percent of consolidated revenue, down from our anticipated 1.2 percent for fiscal 2003.

• Our tax rate is expected to be in the 37 to 38 percent range for fiscal 2004.

• We plan to build 525 to 575 new corporate salons and we anticipate franchisees to build another 300 to 330 franchised salons, excluding salon closures.

• Our capital expenditures, excluding acquisitions, are projected to be $85 to $90 million, which includes $25 to $31 million for salon maintenance.

• Total debt is expected to be in the range of $320 — 340 million, including acquisition expenditures, with debt to capitalization expected to improve to a range of 34 to 36 percent.

     Regis Corporation will broadcast its conference call live over the internet on Tuesday, April 22, 2003 at 11:00AM Eastern Daylight Time. Interested parties are invited to listen by logging on to http://www.regiscorp.com/ .

Regis Corporation, a Fortune 1000 company, is the largest owner, operator, franchisor and acquirer of hair and retail product salons in the world. As of March 31, 2003, the Company operated and franchised 9,353 salons utilizing key brands such as; Supercuts, Jean Louis David, Vidal Sassoon, Regis Salons, MasterCuts, Trade Secret, SmartStyle and Cost Cutters. These salons are located in the United States, Canada, France, Italy, United Kingdom, Spain, Germany, Belgium, Switzerland, Poland, and Puerto Rico.

     Headquartered in Minneapolis, Minnesota, Regis Corporation has over 43,000 employees worldwide. The company’s common stock is traded on the NYSE under the symbol RGS. For more information about the company, visit our website at http://www.regiscorp.com/.

     This press release contains “forward-looking statements” within the meaning of the federal securities laws, including statements concerning anticipated future events and expectations that are not historical facts. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward–looking statements in this document reflect management’s best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Such forward-looking statements are often identified herein by use of words including, but not limited to, “may,” “believe,” “project,” “expect,” “estimate,” “anticipate,” and “plan.” In addition, the following factors could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. These factors include competition within the personal hair care industry, which remains strong, both domestically and internationally, and price sensitivity; changes in economic condition; changes in consumer tastes and fashion trends; labor and benefit costs; legal claims; risk inherent to international development (including currency fluctuations); the continued ability of the Company and its franchisees to obtain suitable locations and financing for new salon development; governmental initiatives such as minimum wage rates, taxes and possible franchise legislation; the ability of the Company to successfully identify and acquire salons that support its growth objectives; or other factors not listed above. The ability of the Company to meet its expected revenue growth is dependent on salon acquisitions, new salon construction and same-store sales increases, all of which are affected by many of the aforementioned risks. Additional information concerning potential factors that could affect future financial results is set forth in Exhibit 99 to the Company’s Form 10-K and included in Form S-3 Registration Statement filed with the Securities and Exchange Commission on January 31, 2003.

(TABLES TO FOLLOW)

REGIS CORPORATION (NYSE:RGS)
Consolidated Balance Sheet
as of March 31, 2003 and June 30, 2002
(Dollars in thousands, except par value)

		(Unaudited)
		March 31, 2003		June 30, 2002
ASSETS
Current assets:
Cash		$	62,104	$	87,103
Receivables, net			34,554		26,901
Inventories			156,251		120,259
Deferred income taxes			17,005		9,843
Other current assets			10,018		12,580
	Total current assets		279,932		256,686
Property and equipment, net			347,390		318,482
Goodwill			381,553		304,529
Other intangibles, net			56,368		54,907
Other assets			33,438		22,586
	Total assets	$	1,098,681	$	957,190
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Long-term debt, current portion		$	23,506	$	7,221
Accounts payable			59,792		54,545
	Accrued expenses		140,717		97,523
	Total current liabilities		224,015		159,289
Long-term debt			284,725		291,795
Other noncurrent liabilities			71,609		61,441
Shareholders’ equity:
Common stock, $.05 par value; issued and outstanding, 43,111,055 and 43,040,381 common shares at March 31, 2003 and June 30, 2002, respectively			2,156		2,152
Additional paid-in capital			198,453		194,859
Accumulated other comprehensive income			13,727		3,938
Retained earnings			303,996		243,716
	Total shareholders’ equity		518,332		444,665
	Total liabilities and shareholders’ equity	$	1,098,681	$	957,190

REGIS CORPORATION (NYSE:RGS)
Consolidated Statement of Operations
(Dollars in thousands, except per share amounts)

				(Unaudited)						(Unaudited)
				Three Months Ended						Nine Months Ended
				March 31,						March 31,
				2003			2002			2003			2002
Revenues:
	Company-owned salons:
		Service		$	281,772		$	238,887		$	815,536		$	707,139
		Product			115,176			103,083			343,409			309,252
					396,948			341,970			1,158,945			1,016,391
	Franchise revenue:
		Royalties and fees			17,176			11,723			51,574			34,948
		Product sales			8,191			7,885			25,778			18,441
					25,367			19,608			77,352			53,389
			Total revenues		422,315			361,578			1,236,297			1,069,780
Operating expenses:
	Company-owned:
		Cost of service			159,096			136,028			459,407			402,581
		Cost of product			57,627			55,034			170,902			163,721
		Direct salon			35,706			30,588			105,496			91,973
		Rent			59,318			48,409			170,020			143,849
		Depreciation			13,899			12,183			39,655			35,175
					325,646			282,242			945,480			837,299
	Franchise direct costs, including product and equipment				14,408			9,844			43,617			25,116
	Corporate and franchise support costs				40,795			34,170			120,010			104,066
	Depreciation and amortization				2,850			2,456			8,991			7,696
			Total operating expenses		383,699			328,712			1,118,098			974,177
			Operating income		38,616			32,866			118,199			95,603
Other income (expense):
	Interest				(5,180	)		(4,488	)		(15,704	)		(13,970	)
	Other, net				172			290			847			462
			Income before income taxes		33,608			28,668			103,342			82,095
Income taxes					(12,717	)		(11,084	)		(39,161	)		(32,188	)
Nonrecurring income tax benefit								1,750						1,750
Income taxes, net					(12,717	)		(9,334	)		(39,161	)		(30,438	)
			Net income	$	20,891		$	19,334		$	64,181		$	51,657
Net income per share
		Basic		$	.48		$	.46		$	1.48		$	1.23
		Diluted		$	.46		$	.44		$	1.42		$	1.18
Weighted average common and common equivalent shares outstanding:
		Basic			43,335			42,279			43,271			42,017
		Diluted			45,204			44,342			45,232			43,758

REGIS CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
for the nine months ended March 31, 2003 and 2002
(Dollars in thousands)

				2003			2002
Cash flows from operating activities:
	Net income			$	64,181		$	51,657
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation			46,407			41,362
		Amortization			2,698			1,894
		Deferred income taxes			(387	)		10,063
		Other			565			(818	)
		Changes in operating assets and liabilities*:
			Receivables		(4,535	)		(1,356	)
			Inventories		(32,155	)		(3,533	)
			Other current assets		3,380			(5,988	)
			Other assets		(7,023	)		(4,144	)
			Accounts payable		3,178			5,776
			Accrued expenses		30,985			10,935
			Other noncurrent liabilities		4,310			112
		Net cash provided by operating activities			111,604			105,960
Cash flows from investing activities:
	Capital expenditures				(49,561	)		(50,507	)
	Proceeds from sale of assets				839			281
	Purchases of salon net assets, net of cash acquired				(55,857	)		(19,126	)
		Net cash used in investing activities			(104,579	)		(69,352	)
Cash flows from financing activities:
	Borrowings on revolving credit facilities				636,030			216,000
	Payments on revolving credit facilities				(633,930	)		(301,500	)
	Proceeds from issuance of long-term debt							125,000
	Repayment of long-term debt				(8,673	)		(4,750	)
	Other, primarily decrease in negative book cash balances				(3,539	)		(2,126	)
	Dividends paid				(3,900	)		(3,778	)
	Repurchase of common stock				(21,694	)
	Proceeds from issuance of common stock				3,326			5,874
		Net cash (used in) provided by financing activities			(32,380	)		34,720
Effect of exchange rate changes on cash					356			(855	)
(Decrease) increase in cash					(24,999	)		70,473
Cash:
	Beginning of period				87,103			24,658
	End of period			$	62,104		$	95,131

* Changes in operating assets and liabilities do not reflect assets and liabilities assumed through acquisitions.

REGIS CORPORATION (NYSE:RGS)
Divisional Salon Counts and Revenues

		March 31, 2003			June 30, 2002
SYSTEM -WIDE SALONS:
Company-owned Salons			5,405			4,776
Franchise Salons			3,948			3,908
	Total Salons		9,353			8,684
SALON LOCATION SUMMARY
DOMESTIC SEGMENT:
REGIS SALONS
	Open at beginning of period		1,016			981
	Constructed		42			61
	Acquired		15			17
	Relocations and conversions		(9	)		(18	)
	Closed or sold		(25	)		(25	)
	Net salon openings		23			35
	Open at end of period		1,039			1,016
MASTERCUTS
	Open at beginning of period		551			523
	Constructed		33			42
	Acquired					1
	Relocations and conversions		(2	)		(1	)
	Closed or sold		(3	)		(14	)
	Net salon openings		28			28
	Open at end of period		579			551
TRADE SECRET
Company-owned Salons
	Open at beginning of period		490			478
	Constructed		29			34
	Acquired		9			1
	Relocations and conversions		(4	)		(12	)
	Closed or sold		(10	)		(11	)
	Net salon openings		24			12
	Open at end of period		514			490
Franchised Salons:
	Open at beginning of period		26			25
	Constructed					1
	Closed or sold		(1	)
	Net salon openings		(1	)		1
	Open at end of period		25			26

		March 31, 2003			June 30, 2002
SMARTSTYLE/COST CUTTERS IN WAL-MART
Company-owned Salons:
	Open at beginning of period		861			722
	Constructed		123			125
	Acquired		14			17
	Relocations and conversions		(4	)		(1	)
	Closed or sold		(5	)		(2	)
	Net salon openings		128			139
	Open at end of period		989			861
Franchised Salons:
	Open at beginning of period		210			194
	Constructed		27			37
	Relocations and conversions(1)		(12	)		(17	)
	Closed or sold		(1	)		(4	)
	Net salon openings		14			16
	Open at end of period		224			210
STRIP CENTERS
Company-owned Salons:
	Open at beginning of period		1,476			1,383
	Constructed		62			69
	Acquired		411			76
	Relocations and conversions		(13	)		(6	)
	Closed or sold		(51	)		(46	)
	Net salon openings		409			93
	Open at end of period		1,885			1,476
Franchised Salons:
	Open at beginning of period		1,988			2,011
	Constructed		110			150
	Acquired (3)		2
	Relocations and conversions(1)		(76	)		(90	)
	Closed or sold		(59	)		(83	)
	Net salon openings		(23	)		(23	)
	Open at end of period		1,965			1,988

		March 31, 2003			June 30, 2002
INTERNATIONAL SEGMENT (2):
Company-owned Salons:
	Open at beginning of period		382			364
	Constructed		10			18
	Acquired		17			16
	Closed or sold		(10	)		(16	)
	Net salon openings		17			18
	Open at end of period		399			382
Franchised Salons:
	Open at beginning of period		1,684
	Constructed		95			69
	Acquired (3)					1,664
	Closed or sold		(45	)		(49	)
	Net salon openings		50			1,684
	Open at end of period		1,734			1,684
Grand total, system-wide			9,353			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)	Represents primarily the acquisition of franchise networks.

		Three Months Ended				Nine Months Ended
		March 31,				March 31,
		2003		2002		2003		2002
		(Dollars in thousands)
Divisional Revenue:
	Regis Salons	$	110,095	$	104,442	$	320,925	$	311,183
	MasterCuts		42,907		41,798		127,838		124,018
	Trade Secret		50,870		46,996		156,186		145,828
	SmartStyle		58,544		46,762		165,815		129,522
	Strip Center (primarily Supercuts/Cost Cutters)		115,431		95,017		345,065		282,344
	International		44,468		26,563		120,468		76,885
		$	422,315	$	361,578	$	1,236,297	$	1,069,780

Included in the table above are franchise revenues of $25,367 and $19,608 for the three months ended March 31, 2003 and 2002, respectively, and $77,352 and $53,389 for the nine months ended March 31, 2003 and 2002, respectively.

END