Business
European Wax Center, Inc. Reports First Quarter Fiscal Year 2023 Results
Reiterates fiscal 2023 outlook First Quarter Fiscal 2023 versus 2022 Net new centers increased 11.9% to 978 total centers in 45 statesSystem-wide sales of
About this update from European Wax Center, Inc.
[{"type":"text","content":"Reiterates fiscal 2023 outlook\nFirst Quarter Fiscal 2023 versus 2022 Net new centers increased 11.9% to 978 total centers in 45 statesSystem-wide sales of $218.4 million increased 5.5%Total revenue of $49.9 million increased 9.8%Same-store sales increased 4.5%GAAP net loss of $1.1 million and Adjusted EBITDA of $16.3 million PLANO, Texas, May 10, 2023 (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 April 1, 2023. David Berg, Chief Executive Officer of European Wax Center, Inc. stated: “We are pleased with our solid performance in the first quarter, as we continued to deliver on our two key growth vectors – unit growth and in-center sales growth. We opened 34 net new centers during the quarter, which represents not only 12% growth year-over-year but also the highest single-quarter new center openings since our founding in 2004. This record growth underscores the strong demand from our well-capitalized franchisee base. We also delivered 5.5% system-wide sales growth, and we are focused on further strengthening guest engagement and valuable Wax Pass adoption through our “Attract More, Buy More, and Visit More” strategy. These efforts continue to generate recurring and predictable visits, giving us confidence in the health of our business model over the long term.” Mr. Berg continued, “We are reiterating our fiscal 2023 outlook, anchored by the resilience and consistency of our Wax Pass holders and routine guests, coupled with balanced initiatives in place to bolster trends in the current dynamic environment. Our efforts are designed to generate long-term revenue growth, enabling margin expansion and significant free cash flow over time – all of which we believe will translate into substantial value creation for our franchisees and our shareholders.” Results for the First Quarter of Fiscal 2023 versus Fiscal 2022 The Company opened 34 net new centers and ended the quarter with 978 centers, representing a 11.9% increase versus 874 centers at the end of 2022.System-wide sales of $218.4 million grew 5.5% from $207.0 million in the prior year period, primarily driven by increased spend by guests at existing centers and net new centers opened over the past twel...