EWCZ - European Wax Center Inc. Provides Update Ahead of Presentation at ICR Conference 2024 | Benzinga
Reports preliminary fiscal 2023 net new center openings at high end of previous outlook
Expects remaining fiscal 2023 financial results within or above previous outlook
PLANO, Texas, Jan. 08, 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, provides an update ahead of its presentation at the 26th Annual ICR Conference.
David Willis, Chief Executive Officer of European Wax Center, Inc., stated: "In 2023, we delivered another year of strong unit growth with 100 net new center openings, 18 of which opened in the fourth quarter. The continued commitment of our franchise partners to growing the European Wax Center brand allows us to enter 2024 with a strong development pipeline and reinforces our confidence in our underlying business model. Additionally, we are pleased with our execution of driving guest reservations during the fourth quarter. Our core guests, which include both Wax Pass and routine guests, continue to choose European Wax Center for their personal care needs, representing a recurring revenue stream for our franchisees, and in turn, our business. We remain focused on expanding our leadership position in out-of-home hair removal and creating additional value for our franchisees and shareholders."
The Company reports preliminary fiscal 2023 results of:
- 100 net new center openings, at high end of previous outlook of 98 to 100
Fiscal 2023 Outlook
The Company updates its previous fiscal 2023 outlook for the following metrics:
| Fiscal 2023 Outlook (Current) |
| Fiscal 2023 Outlook (Previous) |
| System-Wide Sales |
| $952 million to $955 million |
| $945 million to $955 million |
| Total Revenue |
| $218 million to $219 million |
| $217 million to $219 million |
| Same-Store Sales |
| 2.5% to 2.8% |
| 1.5% to 2.5% |
The Company reiterates its previous fiscal 2023 outlook for the following metrics:
| Fiscal 2023 Outlook (Current) |
| Adjusted Net Income |
| $20.5 million to $21.5 million |
| Adjusted EBITDA |
| $74.5 million to $76.0 million |
The Company also repurchased approximately 1.7 million shares for $23.5 million during the fourth quarter of 2023 and has cumulatively repurchased the full $40 million authorized under its current share repurchase program.
The Company notes that its fiscal ...