By Denny Jacob
European Wax Center recorded a smaller profit and revenue in its latest quarter but maintained its outlook for the current fiscal year.
The franchiser of hair-removal waxing salons logged net income of $2.6 million, or 4 cents a share, for the first quarter ended April 5, compared to $3.7 million in net income, or 6 cents a share, in the prior-year period. Analysts polled by FactSet expected 3 cents a share.
Total revenue ticked down to $51.4 million from $51.8 million. Analysts polled by FactSet expected $49.7 million.
System-wide sales, which represents sales for both franchisee-owned and corporate-owned centers, rose 2.1% to $225.9 million.
European Wax Center maintained its outlook for the fiscal year 2025, with total revenue for the year expected to be in the range of $210 million to $214 million.
"During the first quarter, we made meaningful progress against our strategic priorities and delivered solid financial performance, enabling us to reiterate our full-year outlook," said Chief Executive Chris Morris.
European Wax Center estimates that franchisees will open 10 to 12 new centers and close 40 to 60 centers in the fiscal year 2025, translating to 28 to 50 net center closings. It expects 7 to 8 net center closings during the second quarter.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 14, 2025 06:35 ET (10:35 GMT)
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