UPDATE 1-Regis posts lower Q3 revenue

* Q3 rev $604 mln vs est $586.5 mln

* Says rev impacted by European deconsolidation

* Q3 same-store sales down 4.5 pct

April 8 (Reuters) - Hair-salon operator Regis Corp (RGS.N) reported lower third-quarter revenue, hurt partly by the deconsolidation of the European franchise salon operations.

For the three months ended March 31, consolidated revenue fell 2.5 percent to $604 million, from $619 million a year ago, the company said.

Deconsolidation of the European franchise salon operations reduced revenue by about $5 million. In early 2008, Regis merged its continental European franchise salon operations with the Franck Provost Salon Group.

Excluding the impact of the deconsolidation, consolidated revenues for the quarter would have dipped 1.7 percent.

Quarterly same-store sales decreased 4.5 percent, hurt by about 1 percent due the shift in Easter from the third fiscal quarter in the prior year to the fourth fiscal quarter in the current year.

Regis shares closed at $14.73 Tuesday on the New York Stock Exchange. (Reporting by Kunal Raina in Bangalore; Editing by Himani Sarkar)