Business
European Wax Center, Inc. Reports First Quarter Fiscal 2022 Results
Opened 21 net new centers in the periodRaises fiscal 2022 outlook for revenue and profit First Quarter Fiscal 2022 versus 2021 System-wide sales of $207.0
About this update from European Wax Center, Inc.
[{"type":"text","content":"Opened 21 net new centers in the periodRaises fiscal 2022 outlook for revenue and profit First Quarter Fiscal 2022 versus 2021 System-wide sales of $207.0 million increased 31.9%Total revenue of $45.4 million increased 23.9%Same-store sales increased 29.0%GAAP net income of $4.0 million improved $2.9 millionAdjusted EBITDA of $15.2 million increased 20.9%Subsequent to quarter end, completed debt refinancing with proceeds funding $3.30 per share special dividend PLANO, Texas, May 04, 2022 (GLOBE NEWSWIRE) -- Today, European Wax Center, Inc. (NASDAQ: EWCZ), the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States, reports financial results for the 13 weeks ended March 26, 2022 compared to March 27, 2021. David Berg, Chief Executive Officer of European Wax Center, Inc., stated: “We are pleased with our performance as we start fiscal 2022, including strong consumer demand for our services and continued recovery from COVID-related headwinds early in fiscal 2021. Our strategic marketing initiatives drove increased customer engagement and wax pass redemptions, generating solid performance across our network and especially in our California centers. The strength of our development pipeline, evidenced by 21 net new center openings in the first quarter, continues to give us confidence in capitalizing on our long-term goal of over 3,000 centers nationwide. Lastly, we successfully completed our refinancing at the beginning of April, allowing us to secure a flexible fixed-rate capital structure and unlock value for our shareholders in the form of a special dividend.” “We are raising our expectations for the full year topline and bottom line as we continue to work towards our fiscal 2022 growth objectives that include new center growth, increasing our pipeline of wax specialists, capitalizing on our enhanced marketing and loyalty programs and optimizing our capital structure,” Mr. Berg continued. “In addition, we will continue to leverage our scale to strategically manage costs and mitigate supply chain headwinds to deliver another year of strong financial growth. We have laid a solid foundation and look forward to the many opportunities ahead.” Results for the First Quarter of Fiscal 2022 versus Fiscal 2021 The Company opened 21 net new centers and ended the quarter with 874 centers, represe...