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Jul 06, 2024
European Wax Center Q2 2024 Earnings Report
European Wax Center reported an increase in total revenue and net income, but a decrease in adjusted EBITDA for Q2 2024.
Key Takeaways
European Wax Center's Q2 2024 saw a mix of positive and negative trends. Total revenue and net income increased, driven by growth in system-wide sales and same-store sales. However, adjusted EBITDA decreased, and the company updated its full-year financial guidance, including a revised outlook for new center openings due to macroeconomic pressures affecting consumer spending and new guest acquisition.
Net new centers increased by 5.6% to a total of 1,059 centers.
System-wide sales increased by 2.3% to $260.2 million.
Total revenue increased by 1.3% to $59.9 million.
GAAP net income increased by 7.3% to $6.0 million.
European Wax Center
European Wax Center
European Wax Center Revenue by Segment
Revenue by Segment
Product Sales Revenue
CapyFin.comRoyalty Fees Revenue
CapyFin.comMarketing Fees Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The Company updates its previous outlook for fiscal year 2024 as follows: Fiscal 2024 Outlook (Current)
Positive Outlook
- System-Wide Sales $930 million to $950 million
- Total Revenue $216 million to $221 million
Challenges Ahead
- New Center Openings, Net 27 to 32
- Same-Store Sales (1.5)% to 0.5%
- Adjusted Net Income(2) $19 million to $22 million
- Adjusted EBITDA $70 million to $74 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income