European Wax Center sees FY22 systemwide sales $898.6M

Exceeding previous outlook of $885M-$895M. Sees FY22 91 net new center openings, exceeding previous outlook of 88 to 90. David Berg, CEO of European Wax Center, Inc., stated: "We are pleased with our performance in the fourth quarter of 2022, which underscores the consistency of our business model and high engagement with our guests and franchise partners. We believe our guests continue to be committed to our brand and view us as a non-discretionary part of their personal care routines. As a result, Wax Pass sales, which are a strong leading indicator of future guest visits, increased 16% year-over-year during our fourth quarter promotion period. Additionally, we ended the year with 944 centers and our deepest pipeline ever of more than 400 locations, reflecting our unique operating model that delivers a strong value proposition for franchisees and reinforcing confidence in our high-single-digit long-term unit growth targets. We remain focused on leveraging our leadership position in out-of-home waxing and our asset-light business model to fuel continued success for our stakeholders."