European Wax Center Raises Sales Outlook for 2023

Plano, Texas - European Wax Center, a leading waxing-services franchiser, has announced an improved outlook for its same-store sales in 2023 while narrowing its previous guidance ranges.

According to the company, it now expects a growth rate of 2.5% to 2.8% in same-store sales, as opposed to the previous projection of 1.5% to 2.5% growth. This new estimation falls in line with the expectations of analysts polled by FactSet, who anticipate a growth rate of 2.4%.

In addition to raising the bottom end of its guidance range for total revenue and systemwide sales, European Wax Center now anticipates revenue ranging from $218 million to $219 million. This adjustment comes after the previous guidance of $217 million to $219 million.

Despite the positive revisions to its sales outlook, European Wax Center maintains its previous guidance for an adjusted profit of $20.5 million to $21.5 million. Analysts surveyed by FactSet predict adjusted net income of $19.5 million.

Chief Executive David Willis expressed his satisfaction, stating, "We are pleased with our execution of driving guest reservations during the fourth quarter."