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 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.
European Wax Center has appointed David Willis as the new Chief Financial Officer, effective immediately, while he retains his role as Chief Operating Officer. This transition follows the departure of Jennifer Vanderveldt. The company expects to achieve fiscal 2021 total revenue between $175.5 million and $178.5 million, projecting a 71% increase from 2020. Furthermore, Adjusted EBITDA and Adjusted net income are anticipated to slightly exceed previous guidance. European Wax Center ended the year with 853 centers and a strong growth pipeline.
European Wax Center, Inc. (NASDAQ: EWCZ) reported a strong fiscal 2021, ending with 853 centers and the deepest pipeline ever of over 330 upcoming locations. CEO David Berg highlighted the addition of 57 new centers mainly through existing franchisees, showcasing growth partnerships. The company anticipates fiscal 2022 performance aligned with long-term growth targets while navigating the ongoing impacts of COVID-19. A virtual presentation at the ICR Conference is scheduled for January 10, 2022, where they will discuss future outlooks and financial guidance.
European Wax Center (NASDAQ: EWCZ) has been ranked #48 in Entrepreneur's 2022 Franchise 500, the highest-ranking in its category. This prestigious annual ranking recognizes franchises based on unit growth, financial strength, and brand power. The company continues to grow, launching a tested line of at-home wax products and a new loyalty program, EWC Rewards. The recognition highlights European Wax Center's resilience amid challenging times and its commitment to providing excellent guest experiences.
European Wax Center (NASDAQ: EWCZ) announced that its management team will present at the ICR Conference 2022 on January 10, 2022, at 2:30 PM ET. A webcast link with slides will be available on the Company's Investor Relations website on the day of the event.
Founded in 2004, European Wax Center is a leading personal care franchise offering professional waxing services. The company aims to provide a premium experience through certified specialists and innovative products, operating 853 centers across the U.S. as of December 2021.
Wax Center Partners (WCP) has expanded to Las Vegas, Nevada, acquiring four European Wax Center locations. This growth brings WCP's total to 24 centers across California, Texas, and Nevada. The company, which launched in May 2021, focuses on enhancing guest experiences and aims for further growth through acquisitions and partnerships. Notable promotions include a First Wax Free offer and a Wax Pass Promo where guests can buy 9 services to get 3 free.
Nital Scott has been appointed as an Independent Director on the Board of European Wax Center (NASDAQ: EWCZ) as of November 29, 2021. With this addition, the board expands to seven members. Scott, currently the CFO of Beautycounter, contributed to a remarkable 12x revenue growth during her tenure. The leadership anticipates her retail expertise will support strategic goals, including new center openings and improved same-store sales. The board aims to enhance governance with high-quality independent members, emphasizing a strong growth trajectory.
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