European Wax Center Reports $51.1 Million Revenue, Announces Merger with Glow Midco

European Wax Center, Inc. reported a total revenue of $51.1 million for the thirteen weeks ended April 4, 2026, a decrease of 0.6% compared to $51.4 million for the same period in the previous year. The decline in revenue was primarily attributed to net center closures, which offset an increase in transactions at existing centers. Product sales decreased by 1.0% to $28.6 million, while royalty fees increased by 2.2% to $12.7 million, reflecting higher fees from existing and new centers. The company’s net income for the quarter was $1.6 million, down 37.2% from $2.6 million in the prior year, with net income attributable to European Wax Center, Inc. at $960,000, a 44.7% decrease.

In terms of operational metrics, the company reported a total of 1,044 system-wide centers at the end of the reporting period, down from 1,062 a year earlier. The number of net new center closures was three, with one new center opening during the quarter. Same-store sales increased by 2.0%, driven by a rise in both average transaction size and the number of transactions at centers open for at least 52 weeks. The company’s system-wide sales for the quarter were $228.9 million, reflecting a 1.3% increase from $225.9 million in the same period last year.

European Wax Center also announced a significant merger agreement with Glow Midco, LLC, an affiliate of its largest stockholder, General Atlantic. The merger, which closed on May 8, 2026, involved the conversion of shares of Class A and Class B common stock into cash payments of $5.80 and $0.00001, respectively. This strategic move is expected to enhance the company’s operational capabilities and financial position moving forward.

The company’s financial position showed total assets of $723.5 million as of April 4, 2026, with total liabilities of $616.8 million, resulting in stockholders' equity of $106.7 million. Cash and cash equivalents decreased to $71.7 million from $76.1 million at the beginning of the fiscal year. The company reported net cash provided by operating activities of $618,000, a significant decline from $12.7 million in the prior year, primarily due to increased working capital needs.

Looking ahead, European Wax Center aims to focus on improving the productivity and unit economics of existing centers while pursuing thoughtful growth strategies for new center openings. The company believes that its asset-light franchise model will continue to drive capital-efficient growth and strong cash flow generation, despite the challenges posed by market conditions and operational adjustments.