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 (NASDAQ: EWCZ) reported Q3 fiscal 2024 results showing mixed performance. The company experienced a 0.5% decrease in same-store sales and total revenue declined 0.5% to $55.4 million. Net income dropped 50.7% to $2.0 million, while Adjusted EBITDA decreased 4.4% to $18.4 million. The company maintains its fiscal 2024 financial outlook but updated its net new center projections to 17-22 openings, down from previous guidance of 27-32. System-wide sales reached $240.2 million, showing a slight decrease of 0.2%. The company ended Q3 with 1,064 centers across 45 states, representing a 3.7% increase year-over-year.
European Wax Center (NASDAQ: EWCZ) has announced it will release its third quarter fiscal year 2024 financial results before market opens on November 14, 2024. Management will host a conference call at 8:00 a.m. ET to discuss the results. The company, which operates over 1,000 centers across 45 states, is the largest franchisor of out-of-home waxing services in the US. The network generated sales of $955 million in fiscal 2023 and performs more than 23 million services annually.
European Wax Center, Inc. (NASDAQ: EWCZ) has climbed 11 spots to secure the No. 80 position in Franchise Times' Top 400 Ranking of the largest U.S.-based franchise systems by global systemwide sales. As the largest and fastest-growing franchisor of out-of-home waxing services in the United States, European Wax Center's improved ranking reflects its continued growth and success in the franchise industry.
CEO David Berg attributes this achievement to the dedication of their franchise partners and emphasizes the company's commitment to providing comprehensive support. European Wax Center remains focused on expanding its nationwide footprint, enhancing customer experience, and driving financial performance for franchisees as part of its strategy to deliver sustainable growth and value for shareholders.
European Wax Center (NASDAQ: EWCZ) announced strategic updates to drive growth and profitability. Key points include:
1. New partnership with Dolabra Digital to enhance guest acquisition, engagement, and loyalty.
2. Realignment of Commercial and Field Operations teams to support key initiatives and franchisees.
3. Pausing expansion of laser hair removal pilot beyond existing New York centers.
4. Senior VP of Marketing Michael Brister to lead Commercial function.
5. Reorganization of Field Operations team to improve four-wall performance.
6. Reaffirmation of fiscal 2024 outlook.
These measures aim to streamline operations, focus on core waxing business, and position the company for sustainable, long-term growth.
European Wax Center, Inc. (NASDAQ: EWCZ), the leading franchisor of out-of-home waxing services in the US, announced its participation in the 2024 Piper Sandler Growth Frontiers Conference. The event will take place on September 10, 2024, at the Virgin Hotel in Nashville, Tennessee. The company's management team will engage in a fireside chat at 9:00 AM EST.
European Wax Center operates over 1,000 centers across 45 states, performing more than 23 million services annually. The company generated sales of $955 million in fiscal 2023. Known for its innovative Comfort Wax® formula and proprietary products, European Wax Center aims to provide an efficient and relatively painless waxing experience.
European Wax Center, Inc. (NASDAQ: EWCZ) reported its Q2 fiscal 2024 results, showing mixed performance. The company experienced 2.3% growth in system-wide sales to $260.2 million and a 1.3% increase in total revenue to $59.9 million. Same-store sales rose by 1.6%, while net new centers increased by 5.6% to 1,059 total centers across 45 states. GAAP net income grew by 7.3% to $6.0 million, and adjusted net income increased by 4.0% to $7.3 million. However, adjusted EBITDA decreased by 2.6% to $20.6 million.
The company also announced the appointment of David Berg as CEO and updated its fiscal 2024 outlook, reducing expectations for new center openings and financial performance due to macroeconomic pressures affecting consumer spending and new guest acquisition.
European Wax Center (NASDAQ: EWCZ) has appointed David Berg as Chief Executive Officer, effective August 12, 2024. Berg, who has served as Executive Chairman since September 2023, replaces David Willis. Berg previously held the CEO position from 2018 to 2023, during which time he:
- Expanded the company from nearly 700 to over 1,000 centers
- Led the company through its successful IPO in 2021
- Increased network sales at double-digit rates
- More than doubled bottom-line performance
- Consistently met or exceeded earnings guidance
- Returned over $200 million to shareholders through dividends and share repurchases
The Board expressed confidence in Berg's ability to drive sustained growth and shareholder returns. Berg emphasized the company's strong market position, growth potential, and consistent revenue model as key factors for future success.
European Wax Center (NASDAQ: EWCZ), the largest franchisor of out-of-home waxing services in the US, has appointed Julia Hunter to its Board of Directors, effective August 1, 2024. Hunter, currently CEO of Jenni Kayne, brings nearly two decades of retail and consumer experience. She will serve on the Nominating and Governance committee.
During her ten-year tenure at Jenni Kayne, Hunter grew revenue forty times over. She previously held strategic roles at Elizabeth and James, J. Crew, Louis Vuitton, and Loeffler Randall. Simultaneously, Shaw Joseph, a director since 2018, will step down from the Board.
European Wax Center, founded in 2004, operates over 1,000 centers in 45 states and generated sales of $955 million in fiscal 2023. The company is known for its Comfort Wax® formulation and proprietary products.
European Wax Center, Inc. (NASDAQ: EWCZ), the leading franchisor and operator of out-of-home waxing services in the United States, has announced its plans to report second quarter fiscal year 2024 financial results on August 14, 2024, before the market opens. The company will host a conference call at 8:00 a.m. ET/7:00 a.m. CT for management to review the results. EWCZ operates over 1,000 centers across 45 states and generated sales of $955 million in fiscal 2023. The company is known for its innovative Comfort Wax® formulation and proprietary products, performing more than 23 million services annually.
European Wax Center (NASDAQ: EWCZ) is launching its new Eyebrow Tint service on August 1, 2024. As the largest franchisor of out-of-home waxing services in the US, EWC is expanding its popular brow services with an FDA-compliant, semi-permanent tint that lasts up to four weeks. The service will be priced the same as a Brow Wax ($25, prices may vary) and will be available nationwide, except where restricted by regulations.
CEO David Willis emphasized the company's commitment to innovation, building on their proprietary Comfort Wax® technology. The new tint service aims to capitalize on the growing brow category and enhance customer value. Recent research indicates strong demand for eyebrow products, with 73% of US beauty consumers purchasing such items in the past year.