European Wax Center, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 09:53 am EST
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European Wax Center, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 55.72 million compared to USD 55.04 million a year ago. Net income was USD 2.94 million compared to USD 3.52 million a year ago. Basic earnings per share from continuing operations was USD 0.06 compared to USD 0.09 a year ago. Diluted earnings per share from continuing operations was USD 0.06 compared to USD 0.08 a year ago.
For the nine months, revenue was USD 164.7 million compared to USD 153.83 million a year ago. Net income was USD 6.45 million compared to USD 6.38 million a year ago. Basic earnings per share from continuing operations was USD 0.12 compared to USD 0.17 a year ago. Diluted earnings per share from continuing operations was USD 0.12 compared to USD 0.17 a year ago.
European Wax Center, Inc. is a franchisor and operator of out-of-home (OOH) waxing services in the United States. The Company offers guests hygienic waxing services administered by its EWC-trained estheticians (its wax specialists). It provides a technology-enabled interface for automated appointment scheduling and remote check-in capabilities across its network of centers. The Company offers a variety of body and facial waxing services focused on the areas of their bodies needing hair removal. It utilizes its Comfort Wax formulation during the waxing service. This wax product features a blend of natural beeswax combined with other skin-soothing ingredients and is co-manufactured by suppliers in Europe. The Company also offers skincare retail products. It provides a range of pre- and post-service products, including ingrown hair serums, exfoliating gels, brow shapers and skin treatments. The Company operates a portfolio of centers operating in 1,044 locations across 45 states.