European Wax Center reports Q3 revenue $55.7M, consensus $59M

Reports Q3 Same-store sales increased 3.4%. Q3 net income of $4.2M decreased 20.7% from $5.3M in the prior year period due to increased tax expense, and Adjusted net income of $6.1M decreased 9.9% from $6.7M in the prior year period. David Willis, CEO of European Wax Center, stated: “The third quarter marked another period of top-line, bottom-line and unit growth for European Wax Center. Our robust unit economics continued to generate strong demand from existing franchisees who drove more than 12%-unit growth through 23 net new center openings and who continue to add to our new unit pipeline. In addition, our Wax Pass holders and routine guests remained committed to their waxing regimens and continue to represent a recurring revenue stream with consistent frequency and spend with our brand.” .