European Wax Center Q3 net income down 20.7%; cuts FY2023 guidance on transaction weakness

European Wax Center, Inc.

GAAP net income of $4.2M vs $5.3M YoY; adjusted net income $6.1M vs $6.7M.
Total revenue $55.7M (+1.2%); same-store sales +3.4%.
Adjusted EBITDA $19.3M (+3.4%); margin improved 80 bps to 34.6%.
Opened 23 net new centers; total centers up 12.6% to 1,026.
FY2023 outlook lowered: system-wide sales $945-955M, Adjusted EBITDA $74.5-76M.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

European Wax Center, Inc. reported 13 and 39 weeks ended September 30, 2023 results: revenue $55.7 million, net income $4.2 million. Guidance lowered.

Period: 13 and 39 weeks ended September 30, 2023
Revenue: $55.7 million
Net income: $4.2 million
Guidance: lowered
Result: reported results

Exact text from the filing

Quarter Fiscal 2023 versus 2022 • Net new centers increased 12.6% to 1,026 total centers in 45 states • System-wide sales of $240.7 million increased 2.4% • Total revenue of $55.7 million increased 1.2% • Same-store sales increased 3.4% • GAAP net income of $4.2 million and Adjusted net income of $6.1 million • Adjusted EBITDA of $19.3 million Plano, TX, November

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European Wax Center, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-060624

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