European Wax Center reports Q2 revenue $59.9M, consensus $61.34M

Reports Q2 adjusted net income $12.2M, up 16.1% from $10.5M last year. Reports Q2 Same-store sales increased 1.6%. David Berg, Executive Chairman and CEO of European Wax Center, stated, “I’m excited to be back as CEO at European Wax Center during an important time for our business. While the Q2 marked a period of top line growth, anchored by the consistency and stability of our core guests, the ongoing macroeconomic environment continues to pressure consumer spending and our ability to attract and retain new guests to our brand. We have also worked with our franchise partners to reevaluate near-term development plans and extend the timeline of new center openings to allow more capacity and resources to improve overall performance. As a result, we are updating our full year financial guidance, including our outlook for new center openings.”