Business
European Wax Center, Inc. Reports Second Quarter Fiscal Year 2024 Results
Updates fiscal 2024 outlook including expected net new center openings Second Quarter Fiscal 2024 versus 2023 Net new centers increased 5.6% to 1,059 total
About this update from European Wax Center, Inc.
[{"type":"text","content":"Updates fiscal 2024 outlook including expected net new center openings\nSecond Quarter Fiscal 2024 versus 2023 Net new centers increased 5.6% to 1,059 total centers in 45 statesSystem-wide sales of $260.2 million increased 2.3%Total revenue of $59.9 million increased 1.3%Same-store sales increased 1.6%GAAP net income of $6.0 million increased 7.3%Adjusted net income of $7.3 million increased 4.0%Adjusted EBITDA of $20.6 million decreased 2.6% PLANO, Texas, Aug. 14, 2024 (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 July 6, 2024. In a separate release today, European Wax Center announced that its Board of Directors has appointed David Berg as Chief Executive Officer (“CEO”), effective August 12, 2024. Mr. Berg succeeds David Willis, who served as CEO and previously held various positions including President, Chief Operating Officer and Chief Financial Officer. David Berg, Executive Chairman and CEO of European Wax Center, Inc. stated, “I’m excited to be back as CEO at European Wax Center during an important time for our business. While the second quarter marked a period of top line growth, anchored by the consistency and stability of our core guests, the ongoing macroeconomic environment continues to pressure consumer spending and our ability to attract and retain new guests to our brand. We have also worked with our franchise partners to reevaluate near-term development plans and extend the timeline of new center openings to allow more capacity and resources to improve overall performance. As a result, we are updating our full year financial guidance, including our outlook for new center openings.” Mr. Berg continued, “As I transition back into the day-to-day CEO role, I am working with the executive team, franchise partners, associates and our Board to put an action plan in place to reinvigorate new guest growth and retention and drive transactions even in a tough macroeconomic environment. Our financial performance and our new center productivity are inextricably linked, and we believe that improving center performance will feed the flywheel for unit development and expansion. By narrowing our focus on key priorities, I believe that our “says...