European Wax Center, Inc. (NASDAQ: EWCZ) provided an update on its fiscal year 2024 performance on January 13, 2025, reporting 23 net new center openings for the year. This figure surpassed the company's previous outlook of 17 to 22 net new center openings, resulting from 43 gross new center openings and 20 closures.
The company anticipates its system-wide sales for fiscal 2024 to be near the high end of its previous outlook, driven by strong fourth-quarter Wax Pass sales and the continued loyalty of its core guests. European Wax Center reiterated its previous fiscal 2024 outlook for total revenue, Adjusted EBITDA, and Adjusted net income.
Additionally, European Wax Center repurchased approximately 1.6 million shares for $10.0 million during the fourth quarter of fiscal 2024. Cumulatively, the company has repurchased $40.1 million of the $50.0 million authorized under its current share repurchase program, demonstrating a commitment to returning value to shareholders.
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