European Wax Center Eyes Top End Of FY22 Outlook
European Wax Center Inc (NASDAQ: EWCZ) expects its FY22 revenue to be at the high end of the previous outlook of $202 million - $205 million.
The company sees same-store sales above the high end of the previous outlook of approximately 9.5%.
The company expects adjusted net income at the high end of the prior outlook of $27.5 million - $28.5 million and Adjusted EBITDA at the high end of the previous outlook of $70 million - $71 million.
EWCZ reported preliminary FY22 system-wide sales of $898.6 million, above the previous outlook of $885 million - $895 million.
The company recorded 91 net new center openings, exceeding the previous outlook of 88 - 90.
European Wax repurchased about 0.7 million shares for $10 million during Q4 and has $30 million remaining under its share repurchase program.
The company expects to publish its audited financial results for the fiscal year ended December 31, 2022, in March 2023.
CEO David Berg stated, "We are pleased with our performance in the fourth quarter of 2022, which underscores the consistency of our business model and high engagement with our guests and franchise partners."
Price Action: EWCZ shares are trading higher by 9.08% at $14.78 on the last check Monday.
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