Welcome to our dedicated page for European Wax Center news (Ticker: EWCZ), a resource for investors and traders seeking the latest updates and insights on European Wax Center stock.
European Wax Center, Inc. (NASDAQ: EWCZ) is recognized as the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States. Established in 2004 by Dave and Josh Coba, the company has redefined the waxing services industry by offering luxurious and consistent experiences across more than 1,000 locations in 45 states.
European Wax Center's mission centers on helping women feel confident and beautiful every day. This is achieved through the company's exclusive Comfort Wax® and the Four Steps to Gorgeous™ treatment, which includes cleansing, preparation, waxing, and rejuvenation. These treatments are designed to make waxing more efficient and relatively painless, using high-quality ingredients.
The company's impressive track record includes performing over 23 million services annually, generating sales close to $955 million in fiscal 2023. The brand's focus on guest experience and professional care is upheld by highly trained specialists who operate in clean, individual waxing suites. The company's innovative product line, including the award-winning EWC TREAT® Ingrown Hair Mist and Brightening Ingrown Hair Wipes, further enhances and extends waxing results.
European Wax Center's values drive its operations. These include caring for each other, doing the right thing, delighting guests, and having fun while being awesome. The company's commitment to these values has earned it the Great Place to Work® certification for two consecutive years, with 92% of associates affirming it as a great workplace.
Recent achievements include a fireside chat at the ICR Conference, significant fiscal 2023 results, and an outlook for continued growth in fiscal 2024. The company has also authorized a $50 million share repurchase program, illustrating confidence in its long-term strategy. For more details on the company's latest updates and how to receive your first wax free, visit their website.
European Wax Center (NASDAQ: EWCZ) has announced a public offering of 4,500,000 shares of Class A common stock by selling stockholders at a price of $21.50 per share. An additional 675,000 shares may be purchased by underwriters within 30 days. The offering is set to close on May 24, 2022. The selling stockholders will receive all net proceeds, while the company will not receive any funds from this offering. BofA Securities, Morgan Stanley, and Jefferies are the joint book-running managers.
European Wax Center, Inc. (NASDAQ: EWCZ) has announced a public offering of 4,500,000 shares of its Class A common stock by selling stockholders, which includes shareholders affiliated with General Atlantic, L.P. The underwriters are given a 30-day option to purchase an additional 675,000 shares. The Selling Stockholders will receive all net proceeds, while the company will not benefit financially from the offering. The registration statement has been filed but is not yet effective, and no sales can occur until it is.
European Wax Center has announced the opening of its 900th center on May 12, 2022, located in San Diego, California. This center, owned by franchisee Shawnee Oliver, is notable for showcasing a new design and marks the 20th location for Oliver. The expansion underlines the company's growth strategy, reflecting strong consumer demand. In a ceremony, a donation of $2,500 will be made to Rady Children's Hospital in San Diego. European Wax Center continues to lead the out-of-home waxing services market with 874 centers in operation as of March 26, 2022.
European Wax Center reported strong financial results for Q1 fiscal 2022, with system-wide sales of $207.0 million, a 31.9% increase year-over-year. Total revenue rose to $45.4 million, up 23.9%, driven by a 29.0% increase in same-store sales. GAAP net income reached $4.0 million, improving by $2.9 million. The company opened 21 net new centers, increasing its total to 874. Following a successful debt refinancing, it announced a special dividend of $3.30 per share. The annual outlook has been raised, with expected total revenue between $199 million and $209 million.
European Wax Center, Inc. (NASDAQ: EWCZ) will report its first quarter fiscal 2022 financial results on May 4, 2022, after market close. Management will host a conference call at 5:00 p.m. ET to discuss the results. The company, the largest franchisor of out-of-home waxing services in the U.S., operates 874 centers across 44 states. Founded in 2004, it continues to enhance the waxing experience with its proprietary Comfort Wax.
European Wax Center (NASDAQ:EWCZ) announced a special cash dividend of $3.30 per share on April 11, 2022, to be paid on May 6, 2022, to shareholders of record as of April 22, 2022. This dividend is partially funded by a $400 million whole business securitization. CEO David Berg highlights the company's strong business model, which generates consistent cash flow, allowing for growth and capital return to shareholders.
European Wax Center has successfully completed a refinancing transaction involving $400 million in new Class A-2 Fixed Rate Senior Secured Notes with a fixed interest rate of 5.5%, expected to finance a special dividend and repay $180 million in existing debt. However, the company forecasts a decline in its 2022 Adjusted Net Income outlook, reducing it to $20-$24 million from a prior estimate of $35-$39 million due to higher interest expenses.
European Wax Center (NASDAQ:EWCZ) priced $400 million of Series 2022-1 Class A-2 Fixed Rate Senior Secured Notes with a fixed interest rate of 5.50%, payable quarterly. The notes are part of a refinancing transaction expected to close in April 2022. The net proceeds, approximately $374 million, will be used to repay existing debt and fund a special dividend to shareholders. The final dividend amount and timing are subject to the board's determination. This issuance aims to enhance liquidity and financial stability amidst market uncertainties.
European Wax Center (NASDAQ: EWCZ) announced its financial results for Q4 and fiscal year 2021, reporting significant growth metrics. Q4 system-wide sales reached $201.9 million, a 51.2% increase from 2020, with total revenue at $45.1 million, up 53.8%. Fiscal 2021 total revenue hit $178.7 million, marking a 72.8% jump from last year. The company plans to launch a whole business securitization to refinance existing debts and fund a special dividend. Fiscal 2022 outlook anticipates revenues between $198-$208 million and same-store sales growth in the high single digits.
European Wax Center plans to report its fourth quarter and fiscal year 2021 financial results post-market on March 15, 2022. The company's management will hold a conference call at 5:00 p.m. ET to discuss the results. European Wax Center, the leading franchisor of waxing services in the U.S., operates 853 centers across 44 states as of December 25, 2021. The company is known for its proprietary Comfort Wax and aims to provide a superior waxing experience.
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