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Apr 01, 2023
Wingstop Q1 2023 Earnings Report
Wingstop's Q1 2023 performance showcased strong financial results and continued brand momentum.
Key Takeaways
Wingstop Inc. reported a strong fiscal first quarter 2023 with a 20.1% increase in domestic same store sales growth and a record digital sales mix of 65.2%. The company's total revenue increased by 42.7% to $108.7 million, and net income increased by 80.6% to $15.7 million.
System-wide sales increased 30.4% to $821.6 million.
The company had 37 net new openings, resulting in an 11.4% increase in unit count.
Domestic same store sales increased 20.1%.
Digital sales increased to 65.2% of total sales.
Wingstop
Wingstop
Wingstop Revenue by Segment
Wingstop Revenue by Geographic Location
Forward Guidance
Wingstop provided updated guidance for the fiscal year 2023, which is a 52-week fiscal year.
Positive Outlook
- High-single digit domestic same store sales growth
- Approximately 240 global net new units
- Depreciation and amortization of between $14.0 - $15.0 million
- Stock-based compensation expense of approximately $12.0 - $13.0 million
- SG&A of between $85.5 - $87.5 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income