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Why European Wax Center Stock Crushed the Market on Wednesday
Wax is an inexpensive material, but it sure can make investors plenty of coin some days. On Wednesday, hair removal specialist European Wax Center's (NASDAQ: EWCZ) stock rose by a very robust 21% in price thanks to encouraging quarterly results. That performance well eclipsed the 0.1% increase of the bellwether S&P 500 index.That morning, European Wax Center unveiled its first-quarter figures, which showed that total revenue for the company was $51.4 million. That was on the back of a 1% bump in the tally of net new stores to a total of 1,062 at quarter end. Although that top-line number represented a slight (0.9%) year-over-year decrease, it topped the consensus prognosticator estimate of $49.4 million. Image source: Getty Images.Continue reading
Wax is an inexpensive material, but it sure can make investors plenty of coin some days. On Wednesday, hair removal specialist European Wax Center's (NASDAQ: EWCZ) stock rose by a very robust 21% in price thanks to encouraging quarterly results. That performance well eclipsed the 0.1% increase of the bellwether S&P 500 index.
That morning, European Wax Center unveiled its first-quarter figures, which showed that total revenue for the company was $51.4 million. That was on the back of a 1% bump in the tally of net new stores to a total of 1,062 at quarter end. Although that top-line number represented a slight (0.9%) year-over-year decrease, it topped the consensus prognosticator estimate of $49.4 million.
Image source: Getty Images.
