Business
European Wax Center, Inc. Reports Record Third Quarter Fiscal 2021 Results and Increases Fiscal 2021 Outlook
System-wide sales of $219.1 million increased 60.0% and 21.3% from the third quarters of fiscal 2020 and 2019, respectivelySame-store sales rose 10.6% from
About this update from European Wax Center, Inc.
[{"type":"text","content":"System-wide sales of $219.1 million increased 60.0% and 21.3% from the third quarters of fiscal 2020 and 2019, respectivelySame-store sales rose 10.6% from the third quarter of fiscal 2019, accelerating 3.7 percentage points from the second quarter of fiscal 2021Total revenue of $49.0 million increased 61.0% and 20.4% from the third quarters of fiscal 2020 and 2019, respectivelyGAAP net loss was $9.3 million versus a net loss of $6.5 million and net income of $2.3 million in the third quarters of fiscal 2020 and 2019, respectivelyAdjusted net income was $8.5 million versus an Adjusted net loss of ($6.0 million) and Adjusted net income of $3.7 million in the third quarters of fiscal 2020 and 2019, respectivelyAdjusted EBITDA of $16.5 million increased 352.6% and 39.3% from the third quarters of fiscal 2020 and 2019, respectivelyRaises fiscal 2021 outlook for net new center openings, system-wide sales, total revenue, Adjusted net income and Adjusted EBITDA DALLAS, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Today, European Wax Center, Inc. (NASDAQ: EWCZ), a leading personal care franchise brand founded in 2004, reports financial results for the 13 and 39 weeks ended September 25, 2021 compared to September 26, 2020. Due the impact of COVID-19 on fiscal 2020, results are also compared to the 13 and 39 weeks ended September 28, 2019. David Berg, Chief Executive Officer of European Wax Center, Inc., stated: \"We delivered strong third quarter results, marking significant progress toward our goals and highlighted by double-digit growth in revenue, same store sales and operating profit as compared to the third quarter of fiscal years 2020 and 2019. On a two-year basis, our robust 21% increase in system-wide sales was driven by net new center openings, a double-digit increase in same store sales, and strong Wax Pass purchases. The expansion of our Wax Pass program benefitted from both new customer acquisition and increased visits from existing guests during the quarter. We continue to make it easier for our guests to engage with us and expect our efforts to lead to increased center productivity over time. We also progressed our new center expansion strategy with franchise operators opening 18 net new centers in the third quarter of fiscal 2021 and 47 net new centers since the third quarter of 2020. Our ability to drive revenue growth combined wit...