Business
European Wax Center, Inc. Reports Second Quarter Fiscal 2022 Results
Raises full year expectations for new center openingsReiterates fiscal 2022 financial outlook Second Quarter Fiscal 2022 versus 2021 System-wide sales of
About this update from European Wax Center, Inc.
[{"type":"text","content":"Raises full year expectations for new center openingsReiterates fiscal 2022 financial outlook Second Quarter Fiscal 2022 versus 2021 System-wide sales of $231.1 million increased 5.7%Total revenue of $53.4 million increased 11.4%Same-store sales increased 6.7%Delivered GAAP net income of $2.0 million and Adjusted EBITDA of $18.6 millionCompleted debt refinancing and issued $3.30 per share special dividend PLANO, Texas, Aug. 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 and 26 weeks ended June 25, 2022. David Berg, Chief Executive Officer of European Wax Center, Inc., stated: “We are pleased with our performance in the first half of the year as our second quarter was in line with our expectations and reflects the continued execution of our long-term growth initiatives. Our marketing capabilities continue to drive guest retention, and we generated strong Wax Pass sales this quarter. Furthermore, we opened 19 net new centers in the second quarter, primarily fueled by our existing franchisee base that represents over 90% of expected 2022 new center openings. Our strong development pipeline continues to expand, underscoring the attractiveness of our business model and unit economics for our franchise partners. As a result, we are raising our outlook for fiscal 2022 net new center openings to 83 to 85.” Mr. Berg continued, “While we are mindful of the inflationary environment and its near-term impact on the consumer, we are confident that the recurring nature of our services as well as the unparalleled experience that European Wax Center provides will remain an integral part of our guests’ personal care and beauty routines. Our guests continue to demonstrate enthusiasm for the brand, and we are excited to lead the category from a position of strength. We view the current operating environment as an opportunity to continue to grow market share.” Results for the Second Quarter of Fiscal 2022 versus Fiscal 2021 The Company opened 19 net new centers and ended the quarter with 893 centers, representing an increase of 9.6% versus 815 centers in the prior year period.System-wide sales of $231.1 million grew 5.7% from $218.5 million in the prior year period, primarily...