$EWCZ reports fiscal 2022 growth in revenues, same-store sales, and new center openings.
Mar 9th 2023, 11:06 am
Analyst Summary: European Wax Center, Inc. reported positive financial results for fiscal 2022, including increases in open centers, total revenues, and same-store sales. CEO David Berg attributed the company's success to strong Wax Pass sales and sustained franchisee demand. Looking to fiscal 2023, the company expects continued growth based on new center openings and in-center sales. The company's total revenues for fiscal 2022 were $898.6 million, up 12% from the prior year, with same-store sales increasing by 10%. The company also opened 33 net new centers, bringing its total number of centers to 944. The company's outlook assumes no meaningful change in consumer behavior driven by inflationary pressures or the COVID-19 pandemic and no further impacts from incremental tightening in the labor market beyond current levels. The company's non-GAAP financial measures, including Adjusted EBITDA and Adjusted net income, were also positive. However, investors should note that the forward-looking statements regarding future financial performance may be impacted by various factors, as stated in the disclosure.