Sally Beauty Holdings reported a modest top-line improvement in Q3 FY2024, with consolidated net sales of $942.3 million, up 1.2% year over year and 1.5% in comparable sales. Management highlighted improving trends across both segments (Sally Beauty and BSG) and delivered an adjusted gross margin of 51.0% and an adjusted operating margin of 8.9%, ahead of guidance. The quarter benefited from continued momentum in Beauty Systems Group (BSG) fueled by expanded distribution and product innovation, and a notable rebound in Sally Beauty (Sally) driven by customer-centric initiatives including performance marketing, marketplace expansions, and digital enhancements. The company reiterated full-year guidance and signaled ongoing benefit from the Fuel for Growth program, targeting roughly $120 million of cumulative run-rate improvements by fiscal 2026, with two-thirds of the $20 million-year benefit realized in 2024 coming from SG&A and one-third from gross margin. Management emphasized a disciplined promotional strategy to protect value for price-conscious consumers while driving AUR and loyalty engagement. Looking ahead, Q4 is expected to deliver continued momentum with net sales up roughly 1–2% and adjusted operating margin near 9%. Investors should monitor the execution of strategic initiatives (LCOD, marketplace, private-brand growth), inflationary pressures on consumer spending, and the pace of margin expansion as these drive the longer-term profitability trajectory.