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Jun 29, 2024
Wingstop Q2 2024 Earnings Report
Wingstop's Q2 2024 financial performance was marked by significant growth.
Key Takeaways
Wingstop Inc. reported a strong fiscal second quarter 2024, with a 45.2% increase in system-wide sales, a 28.7% increase in domestic same store sales, and 73 net new restaurant openings. Total revenue increased by 45.3% to $155.7 million, and net income increased by 69.9% to $27.5 million.
System-wide sales increased by 45.2% to $1.2 billion.
Domestic same store sales increased by 28.7%, driven primarily by transaction growth.
Domestic restaurant AUV increased to $2.0 million.
The company had 73 net new openings in the fiscal second quarter 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Wingstop provided updated guidance for 2024, including approximately 20% domestic same store sales growth, 285 to 300 global net new units, and SG&A expense of between $114 - $116 million. The company reiterated guidance for depreciation and amortization of between $18 - $19 million, and stock-based compensation expense of approximately $20 million.
Positive Outlook
- Approximately 20% domestic same store sales growth, previously low double digits.
- 285 to 300 global net new units, previously 275 to 295.
- Depreciation and amortization of between $18 - $19 million.
- Stock-based compensation expense of approximately $20 million.
- Strong cash flow generation and commitment to returning value to stockholders.
Challenges Ahead
- SG&A expense of between $114 - $116 million, previously $111 million.
- Increase in the cost of bone-in chicken wings impacted cost of sales.
- Increase in SG&A expense due to headcount-related expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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