Business
European Wax Center, Inc. Provides Update Ahead of the 2025 ICR Conference
Reports fiscal 2024 net new center openings Updates fiscal 2024 financial outlook PLANO, Texas, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Today, European Wax Center,
About this update from European Wax Center, Inc.
[{"type":"text","content":"Reports fiscal 2024 net new center openings Updates fiscal 2024 financial outlook PLANO, Texas, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Today, European Wax Center, Inc. (NASDAQ: EWCZ), the leading franchisor and operator of out-of-home waxing services in the United States, provides an update on fiscal 2024 expected performance ahead of meetings at the 2025 ICR Conference in Orlando, Florida. Stacie Shirley, Chief Financial Officer of European Wax Center, Inc., stated: “We are pleased to share our expectations for solid full year results, including 23 net new center openings. We anticipate system-wide sales near the high end of our previous outlook driven by strong fourth quarter Wax Pass sales and the continued loyalty of our core guests. We remain focused on our action plans to drive new guests and tickets, and we look forward to sharing progress updates on our fourth quarter earnings call.” Chris Morris, Chairman and Chief Executive Officer of European Wax Center, Inc., continued: “I am excited to officially lead European Wax Center and build upon the momentum established by David Berg and the leadership team. While it is only my first week, it is clear we are well positioned to further leverage our simple yet compelling business model to generate sustained growth, strong free cash flow and long-term value for our stakeholders. I look forward to hearing from our franchisees, associates and shareholders over the coming weeks and sharing more about my observations and priorities in March.” Fiscal 2024 Results and Outlook(1) The Company reports 23 net new center openings in fiscal 2024, above its previous outlook of 17 to 22, comprised of 43 gross new center openings and 20 closures. The Company updates its previous fiscal 2024 outlook for the following metrics: Fiscal 2024 Outlook (Current)Fiscal 2024 Outlook (Previous)System-Wide Sales$947 million to $950 million$930 million to $950 millionSame-Store Sales0.0% to 0.2%(1.5)% to 0.5% The Company reiterates its previous fiscal 2024 outlook for the following metrics: Fiscal 2024 Outlook (Current) Total Revenue$216 million to $221 million Adjusted Net Income(2)$19 million to $22 million Adjusted EBITDA(3)$70 million to $74 million The Company also repurchased approximately 1.6 million shares for $10.0 million during the fourth quarter and has cumulatively repurchased $40.1 million of the ...