European Wax Center, Inc. Reports Third Quarter Fiscal Year 2024 Results

About this update from European Wax Center, Inc.

[{"type":"text","content":"Reiterates fiscal 2024 financial outlook Updates fiscal 2024 outlook for net new centers Third Quarter Fiscal 2024 versus 2023 Net new centers increased 3.7% to 1,064 total centers in 45 statesSystem-wide sales of $240.2 million decreased 0.2%Total revenue of $55.4 million decreased 0.5%Same-store sales decreased 0.5%GAAP net income of $2.0 million decreased 50.7%Adjusted net income of $5.5 million decreased 8.2%Adjusted EBITDA of $18.4 million decreased 4.4% PLANO, Texas, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Today, European Wax Center, Inc. (NASDAQ: EWCZ), the leading franchisor and operator of out-of-home waxing services in the United States, reports financial results for the 13 and 39 weeks ended October 5, 2024. David Berg, Executive Chairman and CEO of European Wax Center, Inc. stated, “We are pleased that our third quarter results were in line with the revised expectations we provided in August. Over the past three months, I’ve been immersing myself in the business, refining our key focus areas and developing a robust action plan focused on driving new guests and ticket growth. Over time, we believe our efforts will enhance unit economics and financial returns for our franchise partners, enable thoughtful growth for European Wax Center, and deliver long-term value to our stakeholders.” Mr. Berg continued, “As we look ahead, we are encouraged that our core guests remain committed to this brand, enabling us to reiterate our fiscal 2024 financial outlook. That said, as we navigate current market dynamics and continue to assess near-term development plans, we are updating our fiscal 2024 outlook for net new center openings. We remain confident in the strength of the European Wax Center business model and its ability to generate strong cash flow and sustained top-line, bottom-line and unit growth over the long-term.” Results for the Third Quarter of Fiscal 2024 versus Fiscal 2023 Franchisees opened 12 and closed 7 centers. We ended the quarter with 1,064 centers, representing a 3.7% increase versus 1,026 centers in prior year period.System-wide sales of $240.2 million decreased 0.2% from $240.7 million in the prior year period.Total revenue of $55.4 million decreased 0.5% from $55.7 million in the prior year period.Same-store sales decreased 0.5%.Selling, general and administrative expenses (“SG&A”) of $17.5 million increased 21.6...

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