European Wax Center narrows FY23 revenue view to $218M-$219M from $217M-$219M

FY23 consensus $218.49M. Narrows FY23 system-wide sales view to $952M-$955M from $945M-$955M. Raises FY23 SSS growth view to 2.5%-2.8% from 1.5%-2.5%. The company maintains its previous FY23 outlook for adjusted net income and adjusted EBITDA. David Willis, CEO of European Wax Center, Inc., stated: “In 2023, we delivered another year of strong unit growth with 100 net new center openings, 18 of which opened in the fourth quarter. The continued commitment of our franchise partners to growing the European Wax Center brand allows us to enter 2024 with a strong development pipeline and reinforces our confidence in our underlying business model. Additionally, we are pleased with our execution of driving guest reservations during the fourth quarter. Our core guests, which include both Wax Pass and routine guests, continue to choose European Wax Center for their personal care needs, representing a recurring revenue stream for our franchisees, and in turn, our business. We remain focused on expanding our leadership position in out-of-home hair removal and creating additional value for our franchisees and shareholders.”