Consistent Positive Comp Store Sales Growth
The company achieved its ninth consecutive quarter of positive comp store sales growth, with a 1.2% increase in comparable store sales.
Revenue Growth and UWC Subscription Model
Total company revenue increased by 4% to $265 million. The UWC subscription model remains strong, contributing to 75% of total sales with a 5% increase in membership compared to the previous year.
Successful Price Increase Implementation
The base membership price increase was successfully implemented, with member retention levels remaining in line with expectations.
Expansion and Innovation
Four new greenfield locations were added, expanding the total unit count to 522 stores. Additionally, the company saw a 300 basis point increase in titanium membership penetration from Q2 last year.
Strong Cash Flow and Debt Reduction
The company reduced outstanding long-term debt by $72 million year-over-year and expects its net leverage ratio to improve to under 2.5x adjusted EBITDA by the end of the year.