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Jul 01, 2023
European Wax Center Q2 2023 Earnings Report
European Wax Center reported second quarter results in line with expectations, reinforcing the strength and consistency of the business model.
Key Takeaways
European Wax Center, Inc. reported a 10.7% increase in total revenue to $59.1 million, a 10.0% increase in system-wide sales to $254.2 million, and a 175.4% increase in GAAP net income to $5.6 million compared to the prior year period. The company also achieved a milestone 1000th center opening and reiterated its fiscal year 2023 outlook.
Net new centers increased 12.3% to 1,003 total centers in 45 states.
System-wide sales increased 10.0% to $254.2 million.
Total revenue increased 10.7% to $59.1 million.
GAAP net income increased 175.4% to $5.6 million.
Revenue by Segment
Forward Guidance
The Company reiterates its previous outlook for fiscal year 2023.
Positive Outlook
- New Center Openings, Net: 95 to 100
- System-Wide Sales: $965 million to $990 million
- Total Revenue: $222 million to $229 million
- Same-Store Sales: Mid-Single Digits
- Adjusted EBITDA: $77 million to $80 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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