European Wax Center Backs FY24 Earnings View; Updates System-wide, Same-Store Sales Forecast

European Wax Cente a

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(RTTNews) - European Wax Center, Inc. (EWCZ) on Monday reiterated its fiscal 2024 outlook for adjusted earnings and revenues. Further, the franchisor and operator of out-of-home waxing services updated System-Wide Sales and Same-Store Sales forecast for the year.

In pre-market activity on the Nasdaq, European Wax Center shares were gaining around 2 percent to trade at $6.27.

In its update on fiscal 2024 expected performance ahead of meetings at the 2025 ICR Conference in Orlando, Florida, the company said it continues to expect adjusted net Income of around $19 million to $22 million, adjusted EBITDA of around $70 million to $74 million, and total revenue between $216 million and $221 million.

Analysts on average expect the company to report earnings of $0.35 per share on sales of $218.87 million for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, the company now expects system-Wide Sales for the year of $947 million to $950 million, compared to previous estimate of $930 million to $950 million. Same-Store Sales is now expected to be 0.0 percent to up 0.2 percent, compared to previous outlook of down 1.5 percent to up 0.5 percent. Stacie Shirley, Chief Financial Officer of European Wax Center, stated, "We anticipate system-wide sales near the high end of our previous outlook driven by strong fourth quarter Wax Pass sales and the continued loyalty of our core guests."

The Company reported 23 net new center openings in fiscal 2024, above its previous outlook of 17 to 22, comprised of 43 gross new center openings and 20 closures.

European Wax Center expects to publish its final results for fiscal year 2024 in March 2025.