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European Wax Center, Inc. Reports First Quarter Fiscal Year 2024 Results By Investing.com

Baytex Reports Shareholder Meeting Results By Investing.com


Reiterates fiscal 2024 outlook
 Announces $50 million share repurchase program

First Quarter Fiscal 2024 versus 2023

  • Net new centers increased 7.5% to 1,051 total centers in 45 states
  • System-wide sales of $221.4 million increased 1.3%
  • Total revenue of $51.9 million increased 4.0%
  • Same-store sales decreased 1.2%
  • GAAP net income of $3.7 million and Adjusted net income of $4.8 million
  • Adjusted EBITDA of $17.5 million increased 7.4%

PLANO, Texas, May 15, 2024 (GLOBE NEWSWIRE) — Today, European Wax Center, Inc. (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 13 weeks ended April 6, 2024.

David Willis, Chief Executive Officer of European Wax Center, Inc. stated, We began 2024 with stable frequency and spend among our existing guests which led to positive system-wide sales and revenue growth in the first quarter and underpins our predictable, recurring business model. Further, continued franchisee demand drove new center growth in-line with our expectations. We’re pleased that our development pipeline remains robust and supported by our well-capitalized and committed franchisees.

Mr. Willis continued, We are making progress on our focused initiatives to drive average ticket and frequency from existing guests and attract new guests to the brand. Early data points give us confidence that these initiatives will drive our performance as we move through the year. As a result, we are reiterating our full-year guidance today. We believe that these efforts, along with continued engagement from our guests and franchise partners, position European Wax Center to generate meaningful top- and bottom-line growth over the long-term.

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Mr. Willis concluded, We are also pleased to announce that our Board of Directors has approved a $50 million share repurchase program. As our asset-light business model continued to generate meaningful free cash flow, we believe that this authorization supports our capital allocation strategy focused on delivering long-term shareholder value.

Results for the First Quarter of Fiscal 2024 versus Fiscal 2023

  • Franchisees opened seven net new centers, and we ended the quarter with 1,051 centers, representing a 7.5% increase versus 978 centers in the prior year period.
  • System-wide sales of $221.4 million increased 1.3% from $218.4 million in the prior year…

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