BUZZ-European Wax Center hits record low after dour annual forecasts
European Wax Center's shares plummeted 46.77% to a record low of $2.72 after the company forecasted annual revenue, same-store sales, and core profit below expectations. Q4 revenue fell 11.7%, missing estimates, although adjusted EBITDA exceeded expectations. The company also announced the appointment of Thomas Kim as CFO, effective April 7, succeeding Stacie Shirley, who will remain as a strategic advisor until April 30. EWCZ's stock has dropped 51% in 2024 and is down 23.4% year-to-date as of the last close.
Shares of out-of-home waxing services provider European Wax Center (EWCZ.O) fall as much as 46.77% to an all-time low of $2.72 in early trading
Co forecasts annual revenue, same-store sales, and core profit below expectations, according to data compiled by LSEG
Q4 revenue fell 11.7% and missed estimates, while co beat expectations for quarterly adjusted EBITDA
Separately, co said it appointed Thomas Kim as CFO, effective April 7, to succeed Stacie Shirley, who will stay on as strategic advisor till April 30
EWCZ fell 51% in 2024 and was down 23.4% YTD as of last close
