European Wax Center, Inc. (NASDAQ: EWCZ) reported its financial results for the third quarter ended October 5, 2024, on November 14, 2024. Total revenue for the quarter decreased slightly to $55.43 million from $55.717 million in the prior year, while net income attributable to European Wax Center, Inc. saw a significant decline to $1.480 million from $2.883 million.
The company reiterated its fiscal year 2024 financial outlook, expecting system-wide sales between $940 million and $950 million, total revenue between $205 million and $209 million, and Adjusted EBITDA between $69 million and $71 million. This outlook includes up to $4 million of costs related to the company’s investment in laser hair removal.
However, European Wax Center updated its fiscal 2024 outlook for net new center openings, now expecting 17 to 22 net new centers, down from a previous outlook of 27 to 32. This adjustment accounts for 43 gross new center openings and an anticipated 5 to 10 additional closures during the remainder of the year, adding to the 16 centers already closed in fiscal 2024.
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