Which leads me back to today’s announcement on exploring strategic alternatives. This is another chapter in the turnaround that has been ongoing for years. It is worth-noting that, we have been engaged in continued and constructive dialogue, with our current lenders. This is a process that will enable us, to evaluate a wide range of options, to ensure completeness. The story and the business have improved, from our last process and that Regis is on much more solid foundation versus before. And I want to reiterate that, this is the right window of time, to do this when we have control over the situation. Now continuing under the status quos an option as well. As I mentioned, we have plenty of liquidity and are in full compliance of all our debt covenants.
If at the end of this process, keeping on as is proves to be the best option. And that is what we’ll do. And I also know throughout the course of this, we will likely get a lot of questions around specifics around, which paths may or may not be considered. To all of that I will say this, given how fluid this process will be. And any comments on specifics will be complete speculation. All I can say is we’re going to do our best to maximize values for all stakeholders, which of course includes shareholders, and we’ll evaluate all of the various options appropriately. And once again, we strongly believe that this is the right move to make at the right time for Regis in order, to best position us for growth. And one last note on the strategic alternatives process, before moving on to the results.
As I just want to take a moment to address the franchisees and employees who may be listening to this call, and just hearing this announcement. There is no change, the initiatives and plans we worked hard on putting together collaboratively, over the past few years, to strengthen our brands. There has been a lot of collective thought, a lot of dialogue between us and we’ve advanced our working relationships. And I want to reassure you that all of that still holds. Business will continue as usual as it relates to our brand initiatives. And we will remain laser focused on our efforts, to drive the core business and implement winning strategies, to address the stylist, customer and in-salon operations. This process is intended to strengthen our ability to support all of you best as franchisor.
Now, turning to our Q1, 2024 results. In Q1, same-store sales rose 1.8% versus the prior year’s first quarter. And while same-store sales were up slightly, royalty and fee revenue, which represents our core business revenue were down around $700,000 versus the prior year’s first quarter due to the number of salon closures over the course of fiscal ’23. Despite lower royalty and fee revenue, we continue to improve our profitability. Adjusted Q1, EBITDA on a consolidated basis was $7.5 million, compared to $3.8 million in the prior year’s quarter, a $3.6 million improvement. Our adjusted franchise EBITDA, eliminating the impact of our company-owned salons was $8 million, compared to $5 million in Q1 of fiscal ’23. The progress that we’re making here continues, to demonstrate the efforts that we’ve made to stabilize the business.
We reported our fifth quarter in a row of positive operating income of $7.4 million, versus an operating profit of $2.5 million in Q1 fiscal ’23, a $5 million improvement. And for the first time, since fiscal 2018, we reported positive net income, from continuing operations of $1.2 million and earnings per share of $0.03, compared to a loss of $1.8 million a year ago, during Q1, ’23 and a total loss of $12 million, for the full fiscal 2023 year. From a cash flow perspective, we use $2.8 million in the quarter versus $5.1 million a year ago. Our profitability gains were offset by increases in interest expense, cash associated with a legacy company-owned business I mentioned earlier, as well as timing of payments that are specific, to Q1 as well as investments that we’re making into our business.
