European Wax Center, Inc (NASDAQ:EWCZ) reported a profit for the first quarter on Wednesday.
The company posted quarterly net income of $3.7 million versus a year-ago net loss of $1.1 million in. Its adjusted net income surged 41.3% to $4.8 million. Total revenue rose 4% year-over-year to $51.9 million, according to data from Benzinga Pro.
Its same-store sales rose 1.2%, while system-wide sales rose 1.3% to $221.4 million during the quarter.
David Willis, Chief Executive Officer of European Wax Center, Inc. stated, "We began 2024 with stable frequency and spend among our existing guests which led to positive system-wide sales and revenue growth in the first quarter and underpins our predictable, recurring business model. Further, continued franchisee demand drove new center growth in-line with our expectations. We're pleased that our development pipeline remains robust and supported by our well-capitalized and committed franchisees."
European Wax Center shares gained 4.9% to close at $11.43 on Wednesday.
These analysts made changes to their price targets on European Wax Center after the company reported quarterly results.
- B of A Securities cut the price target on European Wax Center from $19 to $16. B of A Securities analyst Lorraine Hutchinson maintained a Buy rating.
- Truist Securities slashed European Wax Center price target from $17 to $16. Truist Securities analyst Scot Ciccarelli maintained a Buy rating.
- Telsey Advisory Group lowered the price target on European Wax Center from $18 to $16. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating.
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