Business
Mister Car Wash Announces Second Quarter Fiscal 2021 Financial Results
Record $197.1 Million Second Quarter Net Revenues—93% Increase over Q2 Fiscal 2020 93% Comparable Stores Sales Increased including 39% Increase in UWC
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nRecord $197.1 Million Second Quarter Net Revenues—93% Increase over Q2 Fiscal 2020 \n\n93% Comparable Stores Sales Increased including 39% Increase in UWC Members\n\nOpened 7 new locations in Fiscal Q2\n\nProvides Fiscal 2021 Outlook\n\n TUCSON, Ariz.--(BUSINESS WIRE)--\nMister Car Wash, Inc. (“Company” NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended June 30, 2021.\n\nJohn Lai, Chairperson and CEO of Mister Car Wash, stated, “We are very pleased to report record sales for the second quarter, underscored by continued strength in our comparable stores sales growth and the addition of approximately 143,000 new Unlimited Wash Club® (“UWC”) members. This performance is a testament to the team we’ve built over the past 25 years and their relentless focus on operational excellence and delivering a great customer experience.”\n\nMr. Lai continued, “Upon entering our next chapter as a public company, we continue to see significant growth ahead as we capitalize on the strong fundamentals of our business as well as on the highly fragmented and resilient industry in which we operate. We believe we are well positioned to continue driving sustainable profitable growth in the years ahead as our team continues to deliver exceptional service, providing our customers not only the best car wash, but a fast, smooth and seamless experience.”\n\nSecond Quarter Highlights\n\n\nNet revenues increased 93% to $197.1 million for the second quarter of 2021 from $101.9 million in Q2 fiscal 2020 and increased 25% from Q2 fiscal 2019.\n\n\nOur revenue growth for Q2 fiscal 2021 was impacted by a $5.1 million decrease in oil change revenue as a result of the divestiture of our quick lube facilities in December 2020. We are also comparing to a prior year period when we temporarily suspended our services including UWC billings, at more than 300 of our locations between March 2020 and May 2020 in response to the rapid onset of the pandemic.\n\n\n\n\nComparable stores sales increased 93% for the second quarter of 2021 compared to Q2 fiscal 2020.\n\n\nCompounded two-year comparable stores sales* increased 22% compared to the second quarter of 2019.\n\n\n\n\nAs of June 30, 2021, the Company had 1.5 million UWC members, which represented a 39% increase over the prior year. For Q2 2021, UWC sales represente...