European Wax Center, Inc. (EWCZ) reiterated its fiscal 2024 projections for adjusted earnings and revenues on Monday. The company, a franchisor, and operator of out-of-home waxing services also updated its forecasts for System-Wide Sales and Same-Store Sales for the year.
In pre-market trading on the Nasdaq, shares of European Wax Center rose approximately 2 percent, reaching $6.27.
Ahead of upcoming meetings at the 2025 ICR Conference in Orlando, Florida, the company maintained its projection for fiscal 2024, expecting adjusted net income to fall between $19 million and $22 million, adjusted EBITDA to range from $70 million to $74 million, and total revenue between $216 million and $221 million.
According to data from Thomson Reuters, analysts predict the company will announce earnings of $0.35 per share on $218.87 million in sales for the year, though these estimates usually exclude special items.
In addition, the company has revised its expectations for System-Wide Sales this year, now forecasting between $947 million and $950 million, an adjustment from the prior estimate of $930 million to $950 million. Same-Store Sales are anticipated to range from 0.0 percent to an increase of 0.2 percent, adjusted from the previous outlook of a decrease of 1.5 percent to an increase of 0.5 percent. Stacie Shirley, the Chief Financial Officer of European Wax Center, commented, "We anticipate system-wide sales to align with the higher end of our prior outlook, driven by robust Wax Pass sales in the fourth quarter and sustained loyalty from our core customers."
The company reported 23 net new center openings in fiscal 2024, surpassing its previous guidance of 17 to 22, consisting of 43 new center openings and 20 closures.
European Wax Center plans to release its final results for the fiscal year 2024 in March 2025.
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