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Jun 25, 2022
European Wax Center Q2 2022 Earnings Report
Reported financial results for the period ended June 25, 2022, raised full year expectations for new center openings, and reiterated fiscal 2022 financial outlook.
Key Takeaways
European Wax Center reported an 11.4% increase in total revenue to $53.4 million and a net income of $2.0 million for the second quarter of fiscal year 2022. The company opened 19 net new centers during the quarter and is raising its outlook for fiscal 2022 net new center openings to 83 to 85.
System-wide sales increased 5.7% to $231.1 million.
Total revenue increased 11.4% to $53.4 million.
Same-store sales increased 6.7%.
Net income was $2.0 million and Adjusted EBITDA was $18.6 million.
European Wax Center
European Wax Center
Forward Guidance
European Wax Center updated its fiscal 2022 outlook, increasing expectations for new center openings while maintaining previous guidance for system-wide sales, total revenue, same-store sales, adjusted net income, and adjusted EBITDA.
Positive Outlook
- New Center Openings, Net: 83 to 85
- System-Wide Sales: $875 million to $915 million
- Total Revenue: $199 million to $209 million
- Same-Store Sales: 9.5% to 10.5%
- Adjusted Net Income: $24 million to $28.5 million