Business
European Wax Center, Inc. Reports Record Fourth Quarter and Fiscal Year 2022 Results
Issues fiscal 2023 outlook, including 10% unit growth Fiscal Year 2022 versus 2021 Open centers increased 10.7% to 944 in 45 statesSystem-wide sales of $898.6
About this update from European Wax Center, Inc.
[{"type":"text","content":"Issues fiscal 2023 outlook, including 10% unit growth\nFiscal Year 2022 versus 2021 Open centers increased 10.7% to 944 in 45 statesSystem-wide sales of $898.6 million increased 12.8%Total revenue of $207.4 million increased 16.0%Same-store sales increased 10.4%Delivered GAAP net income of $13.6 million and Adjusted EBITDA of $71.6 million PLANO, Texas, March 09, 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 14 and 53 weeks ended December 31, 2022. David Berg, Chief Executive Officer of European Wax Center, Inc. stated: “We delivered record full year results in line with the guidance we provided at the beginning of 2022, demonstrating the stability of the European Wax Center model in a dynamic environment. We grew net new centers by over 10% and ended the year with our deepest pipeline ever, showcasing that our attractive unit economics generate sustained franchisee demand. In addition, we continue to drive strong Wax Pass sales to guests, which underscore the commitment that our guests have to their waxing routines, engender brand loyalty and generate predictable visit frequency to our centers. Our strong fourth quarter and full year results continue to validate European Wax Center’s position as the leader in out-of-home waxing. Mr. Berg continued, “Looking ahead to fiscal 2023, we are well-positioned to deliver another year of growth, driven by new center openings and in-center sales. Quarter-to-date transaction trends remain consistent with the past two quarters, and our 2023 top line outlook assumes continued stability supported by the unwavering loyalty of our recurring Wax Pass guests. We look forward to extending our leadership position as the category killer and creator as we continue taking share in this growing, highly fragmented category.” Results for the Fourth Quarter of Fiscal 2022 versus Fiscal 2021 The Company opened 33 net new centers.System-wide sales of $225.4 million grew 11.6% from $201.9 million in the prior year period, primarily driven by increased spend by guests at existing centers and net new centers opened over the past twelve months.Total revenue of $53.5 million increased 18.7% from $45.1 million in the prior year period.Same-store...