Business
Wingstop Inc. Reports Fiscal First Quarter 2023 Financial Results
20.1% Domestic Same Store Sales GrowthDigital Sales Mix Achieved Record Level of 65.2% DALLAS, May 3, 2023 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today
About this update from Wingstop Inc.
[{"type":"text","content":"20.1% Domestic Same Store Sales GrowthDigital Sales Mix Achieved Record Level of 65.2% \nDALLAS, May 3, 2023 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal first quarter ended April 1, 2023.\n\n \n \n \n \n \n \n\n \nHighlights for the fiscal first quarter 2023 compared to the fiscal first quarter 2022:\nSystem-wide sales increased 30.4% to $821.6 million37 net new openings in the fiscal first quarter 2023, resulting in an increase in unit count of 11.4%Domestic same store sales increased 20.1%Domestic restaurant AUVs increased to $1.7 millionDigital sales increased to 65.2%Total revenue increased 42.7% to $108.7 millionNet income increased 80.6% to $15.7 million, or $0.52 per diluted share, compared to net income of $8.7 million, or $0.29 per diluted share in the prior fiscal first quarter. Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 81.1% to $17.8 million, or $0.59 per diluted share, compared to $9.8 million, or $0.33 per diluted share in the prior fiscal first quarter.Adjusted EBITDA, a non-GAAP measure, increased 59.8% to $34.6 million, compared to adjusted EBITDA of $21.6 million in the prior fiscal first quarterAdjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (\"GAAP\") are set forth in the schedule accompanying this release. See \"Non-GAAP Financial Measures.\"\n\"Our strong first quarter results reflect the continued momentum and strength of the Wingstop brand as we delivered 20.1% domestic same store sales growth, driven by transaction growth,\" said Michael Skipworth, President and Chief Executive Officer. \"With this underlying strength, we believe that our strategies we are executing against can deliver our 20th consecutive year of same store sales growth and another record year of unit growth for Wingstop.\"\nKey operating metrics for the fiscal first quarter 2023 compared to the fiscal first quarter 2022:\nThirteen Weeks Ended\nApril 1, 2023\nMarch 26, 2022\nNumber of system-wide restaurants open at end of period\n1,996\n1,791\nNumber...