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Mar 30, 2024
European Wax Center Q1 2024 Earnings Report
European Wax Center announced first quarter 2024 results, exceeding expectations with strong revenue growth and continued network expansion.
Key Takeaways
European Wax Center reported a strong first quarter in 2024, marked by revenue growth of 11.7% to $56.4 million. The company expanded its network, adding 23 new centers, and demonstrated robust system-wide sales growth. EWC reaffirmed its full-year outlook, projecting continued growth and expansion.
Revenue increased by 11.7% to $56.4 million compared to the first quarter of 2023.
System-wide sales grew by 9.8% to $226.9 million.
Opened 23 new centers, increasing the network by 5.9%.
Reaffirmed full-year 2024 outlook, indicating confidence in continued growth.
European Wax Center
European Wax Center
Forward Guidance
European Wax Center reaffirmed its full-year 2024 outlook, projecting continued growth and network expansion.
Positive Outlook
- Revenue between $238 million and $242 million.
- System-wide sales between $960 million and $980 million.
- Adjusted EBITDA between $74 million and $76 million.
- Capital expenditures between $14 million and $16 million.
- Opening between 85 and 90 new centers.
Challenges Ahead
- The guidance is based on current expectations and is subject to change.
- Macroeconomic conditions could impact consumer spending and franchise performance.
- Competition in the personal care services industry may affect market share.
- Supply chain disruptions could impact product availability and costs.
- Regulatory changes could affect business operations and profitability.