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Jun 26, 2021
European Wax Center Q2 2021 Earnings Report
European Wax Center reported record second quarter fiscal 2021 results and introduced guidance for fiscal year 2021.
Key Takeaways
European Wax Center reported strong second quarter results with significant sales and profit growth relative to pre-pandemic performance. System-wide sales increased by 443% compared to the second quarter of fiscal 2020 and 15% compared to the second quarter of fiscal 2019. Total revenue increased by 343% from the second quarter of fiscal 2020 and 11% from the second quarter of fiscal 2019.
System-wide sales were $218.5 million, a 443% increase from the second quarter of fiscal 2020 and a 15% increase from the second quarter of fiscal 2019
Same-store sales rose 6.9% from the second quarter of fiscal 2019, a 13.1 percentage point increase from the first quarter 2021 same-store decline of 6.2%
Total revenue increased 343% to $47.9 million from the second quarter of fiscal 2020 and 11% from the second quarter of fiscal 2019
Net income grew $19.1 million to $7.7 million from the second quarter of fiscal 2020 and increased $3.9 million from the second quarter of fiscal 2019
Revenue by Segment
Forward Guidance
European Wax Center provided fiscal year 2021 guidance with total revenue expected to be between $173.0 million and $178.0 million and adjusted EBITDA between $60.0 million and $63.0 million.
Positive Outlook
- Total Revenue $173.0 million - $178.0 million
- Adjusted Net Income $26.5 million - $28.5 million
- Adjusted EBITDA $60.0 million - $63.0 million
- New Center Openings, Net 52
- System-Wide Sales $788.0 million - $793.0 million
Challenges Ahead
- The Company's outlook incorporates an appropriate level of prudence into its guidance for the balance of the year.
- This outlook does not contemplate a meaningful change from today in consumer behavior driven by renewed concerns about the COVID-19 pandemic
- This outlook does not include further impacts from incremental tightening in the labor market beyond what we see today.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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