Customers who have tried Mister Car Wash really seem to like it, based on the 34.3% year-over-year increase in Unlimited Wash Club (UWC) memberships through the end of 2021 to 1.656 million members.
In fact, UWC members represent two two-thirds of Mister Car Wash’s total wash sales in the three-month period ending Dec. 31, according to the company’s latest earnings report, which it released Thursday (March 24).
Mister Car Wash’s 2021 Q4 net revenues increased 18.2% to $191.5 million, up from $162 million in the fourth quarter of 2020, and jumped 21% from the fourth quarter of 2019.
The company added 36 new car wash locations in the fourth quarter of 2021, bringing its total to 396 locations through the end of 2021, up from 342 locations at the end of 2020, a jump of 15.8%.
Full-year fiscal 2021 net revenues increased 31.9% to $758.4 million from $574.9 million in fiscal 2020. Net revenues jumped 37.6% in fiscal 2021, excluding $23.8 million of fiscal 2020 revenue from the divested quick lube facilities.
Mister Car Wash’s compounded two-year comparable stores sales increased 17.9% from fiscal 2019.
“We are pleased with the way we closed 2021 and the strong start we are seeing in 2022,” said John Lai, chairperson and CEO of Mister Car Wash, in the company press release. “Demand for our services remains healthy as more motorists value the convenience of professional car washing and the ease of being an Unlimited Wash Club member.
Related: 7 In 10 Mister Car Wash Customers Are Subscribers, IPO Filing Shows
Mister Car Wash went public in June, debuting with a $20.30 share price. It sits at $15.57 in early trading Friday (March 25).
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