earnings
confidence high
sentiment negative
materiality 0.70
European Wax Center Q3 net income falls 50.7%; cuts net new center outlook
European Wax Center, Inc.
- Total revenue of $55.4M decreased 0.5% YoY; same-store sales down 0.5%.
- GAAP net income of $2.0M, down 50.7%; adjusted EBITDA of $18.4M, down 4.4%.
- Reiterates FY2024 revenue outlook $216M-$221M; adjusted EBITDA $70M-$74M.
- Lowers FY2024 net new center openings forecast to 17-22 from previously 27-32.
- Repurchased $20.1M of Class A common stock during Q3; cumulative $30.1M under $50M authorization.