As a reminder, we have received $20 million in proceeds to date, which has gone towards servicing our debt. Executing on brand standards and utilizing Zenoti are the two initiatives that really form the foundation of our salon operations priorities. With these in place and ready to be executed on is where we will build the business, and our next major priority is the rollout of targeted promotions and loyalty strategies to drive traffic and sales. One of the key initiatives here is the development and rollout of our Supercuts loyalty program, Supercuts Rewards. This has moved out of the test phase and into full rollout. Our first wave of salons include 350 going live by the end of May, with the expectation this will be a brand standard for all of Supercuts in 2024 with all remaining salons participating by the end of September of this year.
Based on the results that we see from this launch, we can pivot and take relevant elements to roll out across our other brands, in addition to other promotion strategies that we are running. When thinking about the differentiating areas of our brands and where we will win, these three initiatives are all key pieces of the equation with the salon experience underpinned by enforced standards, convenience and connections through Zenoti, and stickiness through a powerful loyalty program which is fairly nascent in our industry. The fourth focus area I want to address on this call is the backbone of execution in salons, the stylists. We know how important it is for stylists to be equipped with the best education in the most current trends, techniques, and soft skills to provide superior excellence for the customer.
We have a robust network of corporate and franchisee employee trainers to ensure stylists have the tools and training they need to deliver quality hair services. Our training program is a differentiator for us and often the reason franchisees choose Regis. In-person training is supplemented with our proprietary digital training program known as the Regis Education Playground, and that has engaging digital training modules for our stylist community. As we look forward, we’re thinking about innovative ways to deliver an even more enhanced education experience. We firmly believe having both live training and digital components are foundational elements to stylist training, and we’re looking to further bolster continuous engagement by leaning into AI and digital learning.
Franchisees looking to address the turnover that exists at the 30, 60, 90-day marks of new hires, and we believe that engaging with them through the education program and a more robust onboarding process with that right mix of lives and digital education will increase engagement and drive retention of stylists past those critical points upon which they stay longer and tend to become more productive. More to come here as we continue to work through what this may look like with our franchisees. The last area I want to touch on before wrapping up is our focus on managing G&A. We are currently on track to end fiscal 2024 at approximately $45 million in G&A, equating to approximately $5 million in savings versus fiscal 2023 and over $50 million in savings since fiscal 2021.
This marks yet another quarter we have decreased our G&A due to our continued efforts to ensure the business is appropriately sized and managed. Now in closing, I would be remiss if I did not mention all of the hard work and dedication of our employees and franchisees have put into these efforts. Everyone at Regis has been heads down and focused on advancing these important initiatives that we believe will set the company up for long term success. We know how important it is to stay agile and innovative in this field, and the back-to-basics efforts we are instituting, combined with the technological advancements we’re implementing to improve the customer experience and salon productivity will pay dividends as we look to improve our current operations and open new salons.
With that, I will now turn the call over to Kersten to provide more detail on our Q3 and full year results. Kersten?
Kersten Zupfer: Thanks, Matt, and good morning. For this morning’s call, I will review our third quarter results. Overall, the third quarter was positive with positive system wide same-store sales, increased operating income and increased adjusted EBITDA. Reviewing the third quarter in more detail and beginning with the income statement, total third quarter revenues were $49.2 million and declined $6.6 million from the prior year. This revenue decline was expected and relates primarily to a reduction in franchise rental income and advertising fund revenue, which are a gross up of revenue and expense and have no impact on profitability. Additionally, transitioning out of company owned salons and product sales reduced revenue with minimal impact on profitability.
Royalty and fee revenue of $18.3 million, which represents our core business revenue, was down $200,000 versus the prior year’s third quarter due to the number of salon closures over the course of the last 12 months. Another reflection of our revenue performance is system wide same-store sales, which grew 0.5% in the quarter. We posted GAAP operating income of $4.1 million in the third quarter compared to $2 million in the prior year quarter. The increase in GAAP operating income of $2 million was driven by primarily a decrease in G&A expenses compared to the prior year period. We continue to produce operating profit each quarter, and we expect that trend to continue. We reported a net loss of $2.3 million and a loss per share of $1 in the third quarter compared to a loss of $1.6 million a year ago and a loss per share of $0.71.
The decline in the quarter was a result of contingent sale proceeds related to our sale of OpenSalon Pro in June of 2022 of a $0.5 million in the prior year period compared to no proceeds recognized in the current quarter and higher interest payments this year partially offset by an increase in operating income. Now let’s turn to our adjusted results, which reflects how management views the business. On an adjusted basis, third quarter consolidated EBITDA was $5 million compared to $4.2 million in the prior year quarter. The 800,000 increase was due primarily to the lower G&A costs. Our adjusted G&A was $11 million for the third quarter, a decrease of $1.3 million from the prior year quarter. The decrease is due primarily to lower headcount and timing of expenses.
With our continued focus on cost structure, we now believe our annual run rate G&A will be in the range of $43 million to $46 million. Our core franchise business achieved adjusted EBITDA of $5.8 million in the quarter, a $1 million increase compared to $4.8 million in the prior year quarter. This improvement is primarily related to a reduction in G&A spend due to partially to lower headcount and timing of expenses. On an adjusted basis, our company owned segment lost $800,000 for the quarter, a decline of $200,000 from the same quarter last year. The decline is due to inventory write offs related to company owned salon closures. With 20 company owned salons as of March 31st, our company owned salon segment will have significantly less impact on future periods, including the remainder of fiscal year 2024.
