EWCZ Q3 net income down 50.7%; reiterates FY24 financial outlook, cuts net new centers forecast

European Wax Center, Inc.

Q3 revenue $55.4M (-0.5% YoY); GAAP net income $2.0M (-50.7%); adjusted net income $5.5M (-8.2%).
Same-store sales -0.5%; system-wide sales $240.2M (-0.2%); Adj. EBITDA $18.4M (-4.4%).
FY2024 outlook reiterated: total revenue $216-221M, Adj. EBITDA $70-74M, system-wide sales $930-950M.
Net new centers outlook lowered to 17-22 from 27-32; expects 43 gross openings but 21-26 permanent closures.
Balance sheet: $48.0M cash, $391M senior secured notes; repurchased $20.1M of stock in Q3.

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