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European Wax Center Inc. (EWCZ-9.54%) has submitted its 10-K filing for the fiscal year ended January 4, 2025.
The filing reports that the company delivered over 23 million waxing services in both 2024 and 2023, with system-wide sales of $951 million in fiscal 2024, a slight decrease from $955 million in fiscal 2023. The decrease is attributed to the fiscal year 2024 having one less sales week compared to fiscal 2023.
Total revenue for fiscal year 2024 was $216.9 million, compared to $221 million in fiscal year 2023. The decrease in revenue is primarily due to the shorter fiscal year.
The company reported a consolidated net income of $15 million in fiscal year 2024, up from $12 million in fiscal year 2023. Adjusted EBITDA remained consistent at $76 million for both fiscal years.
European Wax Center operates 1,067 locations across 45 states as of January 4, 2025, with 1,062 franchised centers and five corporate-owned centers.
The company's growth strategy includes expanding its national footprint and increasing system-wide sales through new center openings and enhanced marketing efforts.
The filing outlines various risk factors, including dependence on franchisees, competition in the waxing industry, and potential impacts of economic conditions on consumer spending.
European Wax Center's asset-light franchise model is highlighted as a driver of capital-efficient growth and strong cash flow generation.
The company continues to focus on enhancing the guest experience and investing in marketing and technology to drive growth and improve guest engagement.
The filing also details the company's securitized financing facility, which includes $400 million in Class A-2 Notes and a $40 million revolving financing facility, used to refinance existing debt and fund a special dividend to stockholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the European Wax Center Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.