System-wide sales of $898.6 million grew 12.8% from $796.5 million in the prior year, primarily driven by increased spend by guests at existing centers and net new centers opened over the past twelve months. ![]() The Company opened 91 net new centers and ended the year with 944 centers, representing a 10.7% increase versus 853 centers at the end of the prior year.The Company repurchased $10.1 million of its Class A Common Stock during the period.Īnnual Results for Fiscal 2022 versus Fiscal 2021. ![]() Adjusted EBITDA of $19.2 million increased 25.9% from $15.2 million in the prior year period.We recognized an income tax benefit of $53.3 million in the fourth quarter of fiscal 2022 related to the release of a valuation allowance on deferred tax assets, compared to income tax expense of $0.1 million in the prior year period. Net income of $2.3 million decreased from $4.4 million in the prior year period, and Adjusted net income of $48.7 million increased from $8.5 million from in the prior year period.Interest expense of $7.2 million increased from $1.6 million in the prior year period due to higher average principal balances and interest rates following the Company’s refinancing in April 2022.SG&A as a percent of total revenue improved 810 basis points to 27.3% from 35.4%, primarily due to costs incurred in the prior year period related to our initial public offering, expense leverage on top line growth and a shift in the timing of advertising expense year-over-year. Selling, general and administrative expenses (“SG&A”) of $14.6 million decreased 8.5% from $15.9 million in the prior year period.Total revenue of $53.5 million increased 18.7% from $45.1 million in the prior year period.System-wide sales of $225.4 million grew 11.6% from $201.9 million in the prior year period, primarily driven by increased spend by guests at existing centers and net new centers opened over the past twelve months.Results for the Fourth Quarter of Fiscal 2022 versus Fiscal 2021 We look forward to extending our leadership position as the category killer and creator as we continue taking share in this growing, highly fragmented category.” Quarter-to-date transaction trends remain consistent with the past two quarters, and our 2023 top line outlook assumes continued stability supported by the unwavering loyalty of our recurring Wax Pass guests. Berg continued, “Looking ahead to fiscal 2023, we are well-positioned to deliver another year of growth, driven by new center openings and in-center sales. Our strong fourth quarter and full year results continue to validate European Wax Center’s position as the leader in out-of-home waxing. In addition, we continue to drive strong Wax Pass sales to guests, which underscore the commitment that our guests have to their waxing routines, engender brand loyalty and generate predictable visit frequency to our centers. ![]() We grew net new centers by over 10% and ended the year with our deepest pipeline ever, showcasing that our attractive unit economics generate sustained franchisee demand. stated: “We delivered record full year results in line with the guidance we provided at the beginning of 2022, demonstrating the stability of the European Wax Center model in a dynamic environment. (NASDAQ: EWCZ), the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States, reports financial results for the 14 and 53 weeks ended December 31, 2022.ĭavid Berg, Chief Executive Officer of European Wax Center, Inc. PLANO, Texas, Ma(GLOBE NEWSWIRE) - Today, European Wax Center, Inc.
0 Comments
Leave a Reply. |