Wingstop Q1 2021 Earnings Report
Key Takeaways
Wingstop Inc. reported a strong fiscal first quarter in 2021, with a 30.0% increase in system-wide sales, a 20.7% increase in domestic same-store sales, and a 62.5% increase in net income. The company's digital sales also grew significantly, and it is continuing to expand its restaurant footprint.
System-wide sales increased by 30.0% to $558.9 million.
Domestic same-store sales grew by 20.7%.
Total revenue increased by 27.5% to $70.7 million.
Net income increased by 62.5% to $13.2 million, or $0.44 per diluted share.
Wingstop
Wingstop
Wingstop Revenue by Segment
Wingstop Revenue by Geographic Location
Forward Guidance
The Company reiterates mid-single digit domestic same store sales growth. The Company is providing unit growth guidance of 11%+ for fiscal year 2021. Additionally, the Company updated its outlook for SG&A for the following reclassifications, which do not impact operating income:
Positive Outlook
- Reiterating mid-single digit domestic same store sales growth.
- Providing unit growth guidance of 11%+ for fiscal year 2021.
- Reclassification of headcount related expenses for our national advertising fund to Advertising expense on the consolidated statement of operations totaling $9.2 to 9.7 million.
- Reclassification of convention costs to offset convention contributions totaling $2.0 million.
- Anticipates fiscal year 2021 SG&A of $64.8 to $66.8 million, and Adjusted SG&A, a non-GAAP measure, of between $55.1 - $56.6 million, which is unchanged from prior outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income