European Wax Center Recognized by "Entrepreneur" and Featured in July/August Issue as a Top Franchise For Multi-Unit Owners and Best of the Best Franchise
PLANO, Texas, Aug. 15, 2023 /PRNewswire/ -- European Wax Center, Inc. (NASDAQ: EWCZ), the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States, is proud to be recognized in two of Entrepreneur's most coveted lists for franchises - the inaugural 2023 Top Franchises For Multi-Unit Owners and Best of the Best Franchises. Entrepreneur's Top Franchises for Multi-Unit Owners unveils the top franchisors with the best incentives, systems and overall opportunities for multi-unit ownership. In addition, European Wax Center once again ranked in this year's highly competitive Franchise 500® Best of the Best, landing the #1 spot in its respective industry category. Both rankings featuring European Wax Center are currently live on Entrepreneur.com and in the July/August issue of Entrepreneur magazine.
According to Entrepreneur, many of the most successful franchises provide high-quality services to a target group of customers. Since 2004, European Wax Center has been doing just that, building a leading personal care brand that revolutionized out-of-home hair removal. On July 18th 2023, the brand hit a major milestone by opening its 1,000th center in Louisville, Kentucky - Fern Creek. With institutional growth partners representing 40% of European Wax Center's existing centers but 70% of its future pipeline, the company is on the right path to deliver its goal of at least 3,000 European Wax Centers over the long-term.
"We are thrilled that European Wax Center continues to be recognized by Entrepreneur, the premier source for business," said David Berg, CEO of European Wax Center. "We were honored to be listed as the Best of the Best and one of their Fastest-Growing Franchises of 2023, ranking #30 out of 1,321. Our success is a direct reflection of our best-in-class franchise business model and our goal of delivering an unparalleled experience for both guests and associates. We are deeply grateful to our dedicated team, passionate franchise partners, and loyal guests who continue to support us."
European Wax Center recently delivered financial results for the second quarter of 2023 which reinforced the strength and consistency of its business model. Franchisees opened 25 net new centers across 19 states, representing a 12.3% increase versus the same quarter of fiscal 2022. System-wide sales of $254.2 million grew 10.0%, primarily driven by net new centers opened and increased spend by guests at existing centers. Total revenue of $59.1 million increased 10.7%, and Adjusted EBITDA grew 13.8% to $21.2 million.
The ranking systems for Top Franchises For Multi-Unit Owners and Best of the Best Franchises are based on information submitted to Entrepreneur for its annual Franchise 500® and is part of the Entrepreneur's continuing effort to best understand and evaluate the ever-changing franchise marketplace. The growth that European Wax Center continues to experience year-over-year is a tribute to the hard work and dedication of the entire company, including all the franchises.
About European Wax Center, Inc.
European Wax Center, Inc. (NASDAQ: EWCZ) is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 22 million services per year, providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites. The Company continues to revolutionize the waxing industry with its innovative Comfort Wax® formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience, along with its collection of proprietary products to help enhance and extend waxing results. By leading with its values – We Care About Each Other, We Do the Right Thing, We Delight Our Guests, and We Have Fun While Being Awesome – the Company is proud to be Certified™ by Great Place to Work®. European Wax Center, Inc. was founded in 2004 and is headquartered in Plano, Texas. In 2022 its network of 944 centers in 45 states generated sales of nearly $900 million. For more information, including how to receive your first wax free, please visit: https://waxcenter.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/european-wax-center-recognized-by-entrepreneur-and-featured-in-julyaugust-issue-as-a-top-franchise-for-multi-unit-owners-and-best-of-the-best-franchise-301899096.html
SOURCE European Wax Center
