European Wax Center operates as a franchisor and operator of out-of-home waxing services in the United States. Company news has covered its waxing service categories, proprietary wax and skin-care product launches, brand partnerships, sponsorship activity, and operating updates tied to its center network and product sales.
European Wax Center also completed a take-private transaction by General Atlantic, after which its Class A common stock ceased trading and was no longer listed on the Nasdaq Stock Market. Subsequent reference coverage centers on the company's completed public-company transition, prior shareholder matters, and disclosures connected to the transaction.
European Wax Center reported strong performance in Q2 fiscal 2021, with system-wide sales at $218.5 million, a 443% increase from Q2 fiscal 2020, and up 15% from Q2 fiscal 2019. Total revenue soared 343% to $47.9 million, net income improved to $7.7 million from a loss of $11.4 million in Q2 fiscal 2020. Adjusted EBITDA rose to $19.8 million, a significant turnaround. The company opened 41 new centers, expanding its reach to 815 locations. FY21 guidance anticipates total revenue between $173.0 million and $178.0 million.
The European Wax Center (NASDAQ: EWCZ) announced it will report second quarter fiscal 2021 earnings on September 14, 2021, after market close. An investor conference call is scheduled for 5:00 PM ET the same day, providing insights into the financial results. The company operates 808 centers across the U.S. and is known for its proprietary Comfort Wax™ and a complimentary wax for new guests, aiming to enhance the overall waxing experience. The investor call will be accessible via phone and webcast, with replays available for up to 90 days.
Wax Center Partners has expanded its presence in Texas by acquiring six European Wax Center (EWC) locations in the Dallas metro area, raising its total to 18 centers. This strategic acquisition aims to bolster its market share and enhance service quality for Dallas clients. The company, a collaboration between MKH Capital Partners and the Stieber franchise, operates an additional 12 centers in Northern California. Wax Center Partners is focused on future growth through both development and additional acquisitions, fostering a strong commitment to investing in culture and service excellence.
European Wax Center (EWC) has completed its initial public offering (IPO) of 10,600,000 Class A common stock shares at $17.00 each. The offering included 8,915,206 shares sold by EWC, generating gross proceeds of approximately $151.6 million. Shares began trading on the Nasdaq under the ticker symbol 'EWCZ' on August 5, 2021. The underwriting was led by Morgan Stanley, BofA Securities, and Jefferies. EWC aims to enhance its market presence, leveraging funds raised from this IPO for future growth initiatives.