Business
European Wax Center, Inc. Reports Third Quarter Fiscal 2022 Results
Raises full year expectations for new center openingsNarrows fiscal 2022 financial outlook Announces $40 million share repurchase program Third Quarter Fiscal
About this update from European Wax Center, Inc.
[{"type":"text","content":"Raises full year expectations for new center openingsNarrows fiscal 2022 financial outlook Announces $40 million share repurchase program Third Quarter Fiscal 2022 versus 2021 System-wide sales of $235.2 million increased 7.3%Total revenue of $55.0 million increased 12.3%Same-store sales increased 4.7%Delivered GAAP net income of $5.3 million, Adjusted net income of $6.7 million and Adjusted EBITDA of $18.6 million PLANO, Texas, Nov. 03, 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 39 weeks ended September 24, 2022. David Berg, Chief Executive Officer of European Wax Center, Inc. stated: “We continue to be pleased with our performance in the back half of the year as our third quarter was again in line with our expectations, reflecting the strength and resiliency of the European Wax Center business model amid a dynamic macroeconomic backdrop. Our marketing initiatives, including those unveiled in the third quarter, continue to drive customer engagement and acquisition. Additionally, our development pipeline remained strong as we opened 18 new centers, showcasing the continued demand and brand excitement from our franchisees. As a result, we are again increasing our outlook for fiscal 2022 net new center openings to 88 to 90.” Mr. Berg continued, “Based on our expectations for the remainder of the year, we are narrowing our fiscal 2022 financial outlook within the original ranges we provided in March of this year. Furthermore, we are confident that both the recurring nature of our offering and incredible engagement from our loyal guests and franchise partners position European Wax Center to continue to grow market share as the category leader.” Mr. Berg concluded, “We are pleased to announce that our Board of Directors has approved a share repurchase program. Given our asset-light, capital-light business model and ability to generate meaningful free cash flow, we are confident that this authorization adds an accretive component to our capital allocation strategy and increases our flexibility to continue to deliver long-term shareholder value.” Results for the Third Quarter of Fiscal 2022 versus Fiscal 2021 The Company opened 18 net new centers and ended t...