![]() Net cash provided by operating activities totaled $41.3 million in fiscal 2021. The Company ended the fourth quarter with $43.3 million in cash and cash equivalents, $180.0 million in borrowings outstanding under its term loan and no outstanding borrowings under its revolving credit facility. Same-store sales increased 63.0% versus fiscal 2020 and 6.7% versus fiscal 2019.System-wide sales growth of 15.9% versus fiscal 2019 was primarily driven by 103 net new center openings and increased spend by guests at existing centers.The Company opened 57 net new centers during fiscal 2021.Same-store sales increased 40.7% and 13.6% versus the fourth quarters of fiscal 20, respectively.Īnnual Results for Fiscal 2021, 20 (Dollars in $000’s).System-wide sales growth of 23.2% versus fiscal 2019 was primarily driven by increased spend by guests at existing centers and 103 net new center openings during the two-year period.The Company opened 20 net new centers during the quarter and ended fiscal 2021 with 853 centers, representing an increase of 7.2% since fiscal 2020 and 13.7% since fiscal 2019.Results for the Fourth Quarter of Fiscal 2021, 20 (Dollars in $000’s) Overall, we remain excited about our business outlook and expect another year of strong growth and achievements toward our long-term goals.” In addition, we intend to optimize our capital structure for the benefit of all European Wax Center stakeholders. “Our priorities are focused on new center growth, capitalizing on our enhanced marketing and loyalty programs, increasing our pipeline of wax specialists and leveraging our industry-leading scale. With the network’s continued rebound from a COVID-constrained early 2021, we expect first quarter same-store sales growth in the low 20s,” Mr. “We begin fiscal 2022 with continued momentum and are very pleased with our quarter to date trends. We ended the year with our deepest new center pipeline in history, and I would like to thank all of our team members, franchisees and business partners for their dedication and contributions to our record performance.” ![]() We launched our new loyalty program, EWC Rewards, during the quarter and are pleased with its performance to date and potential to be a meaningful basket driver over time. The fourth quarter saw new center expansion, same-store sales acceleration, significant new guest acquisition and strong Wax Pass sales, all of which drove outperformance for the quarter and the year. As the leader in out-of-home waxing, we attribute our ongoing strength to the power of our business model, the recurring nature of our services, and the agility of our network in successfully executing our strategy. Due the impact of COVID-19 on fiscal 2020, results are also compared to the 13 and 52 weeks ended December 28, 2019.ĭavid Berg, Chief Executive Officer of European Wax Center, Inc., stated: “The favorable momentum in our business continued in the fourth quarter, capping an excellent year of growth for European Wax Center with total revenue and profit that exceeded full year guidance even with labor-related headwinds as the Omicron variant surged. (NASDAQ: EWCZ), the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States, reports financial results for the 13 and 52 weeks ended Decemcompared to December 26, 2020. PLANO, Texas, Ma(GLOBE NEWSWIRE) - Today, European Wax Center, Inc.
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