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Jul 01, 2023
Wingstop Q2 2023 Earnings Report
Wingstop's financial performance demonstrated strong growth, driven by domestic sales and expansion.
Key Takeaways
Wingstop Inc. reported a strong fiscal second quarter 2023, marked by a 27.8% increase in system-wide sales to $809.8 million and a 16.8% rise in domestic same store sales. The company opened 50 net new restaurants, surpassing 2,000 locations globally. Total revenue increased by 27.9% to $107.2 million, with net income up by 21.6% to $16.2 million, or $0.54 per diluted share.
System-wide sales increased by 27.8% reaching $809.8 million.
Domestic same store sales grew by 16.8%.
The company achieved 50 net new restaurant openings in the second quarter.
Total revenue increased by 27.9% to $107.2 million.
Wingstop
Wingstop
Wingstop Revenue by Segment
Wingstop Revenue by Geographic Location
Revenue by Segment
Royalties & Fees Revenue
CapyFin.comAdvertising Fees Revenue
CapyFin.comCompany Restaurant Sales Revenue
CapyFin.comRevenue by Geographic Location
System-wide Sales Revenue
CapyFin.com Forward Guidance
Wingstop provided updated guidance for 2023, anticipating continued growth and strategic investments.
Positive Outlook
- Domestic same store sales growth of 10% to 12%, previously high-single digits.
- Global net new units of 240 to 250, previously 240 global net new units.
- The company is reiterating guidance for depreciation and amortization of between $14.0 - $15.0 million for 2023.
- Demonstrated the continued strength and staying power of our strategies.
- Exceeded $1.7 million AUVs fueled by 16.8% growth in domestic same store sales, which was primarily due to transaction growth
Challenges Ahead
- SG&A of between $91.0 - $93.0 million, which includes $3.9 million in consulting projects to support the Company’s strategic initiatives, previously $85.5 - $87.5 million.
- Stock-based compensation expense of approximately $14.0 - $15.0 million, reflecting an increase in incentive based compensation based on company performance, previously $12.0 - $13.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income