Business
European Wax Center, Inc. Reports Record Fourth Quarter and Fiscal Year 2021 Results
Announces intent to launch whole business securitization and refinancing of existing senior secured credit facilities, with portion of proceeds expected to
About this update from European Wax Center, Inc.
[{"type":"text","content":"Announces intent to launch whole business securitization and refinancing of existing senior secured credit facilities, with portion of proceeds expected to fund one-time special dividendIssues fiscal 2022 outlook, including total revenue growth in excess of long-term framework Fourth Quarter 2021 System-wide sales of $201.9 million increased 51.2% from Q4 2020 and 23.2% from Q4 2019Total revenue of $45.1 million increased 53.8% from Q4 2020 and 35.0% from Q4 2019Same-store sales increased 13.6% from Q4 2019 and accelerated 300 basis points sequentiallyGAAP net income of $4.4 million improved $8.9 million from Q4 2020 and $38.2 million from Q4 2019Adjusted EBITDA of $15.2 million increased $9.5 million from Q4 2020 and $15.1 million from Q4 2019 Fiscal Year 2021 System-wide sales of $796.5 million increased 69.9% from fiscal 2020 and 15.9% from fiscal 2019Total revenue of $178.7 million increased 72.8% from fiscal 2020 and 15.9% from fiscal 2019Same-store sales increased 6.7% from fiscal 2019, with sequential acceleration each quarter of the yearGAAP net income of $4.0 million improved $25.5 million from fiscal 2020 and $28.4 million from fiscal 2019Adjusted EBITDA of $64.1 million increased $44.1 million from fiscal 2020 and $30.1 million from fiscal 2019 PLANO, Texas, March 15, 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 and 52 weeks ended December 25, 2021 compared to December 26, 2020. Due the impact of COVID-19 on fiscal 2020, results are also compared to the 13 and 52 weeks ended December 28, 2019. David Berg, Chief Executive Officer of European Wax Center, Inc., stated: “The favorable momentum in our business continued in the fourth quarter, capping an excellent year of growth for European Wax Center with total revenue and profit that exceeded full year guidance even with labor-related headwinds as the Omicron variant surged. As the leader in out-of-home waxing, we attribute our ongoing strength to the power of our business model, the recurring nature of our services, and the agility of our network in successfully executing our strategy. The fourth quarter saw new center expansion, same-store sales acceleration, significant new guest acquisition and ...