Business
Wingstop Inc. Reports Fiscal Second Quarter 2023 Financial Results
16.8% Domestic Same Store Sales Growth Increases Outlook for Fiscal Year 2023 DALLAS, Aug. 2, 2023 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today
About this update from Wingstop Inc.
[{"type":"text","content":"16.8% Domestic Same Store Sales Growth\nIncreases Outlook for Fiscal Year 2023\nDALLAS, Aug. 2, 2023 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal second quarter ended July 1, 2023.\n\n \n \n \n \n \n \n\n \nHighlights for the fiscal second quarter 2023 compared to the fiscal second quarter 2022:\nSystem-wide sales increased 27.8% to $809.8 million50 net new openings in the fiscal second quarter 2023Domestic same store sales increased 16.8%Domestic restaurant AUVs exceeded $1.7 millionDigital sales increased to 65.2%Total revenue increased 27.9% to $107.2 millionNet income increased 21.6% to $16.2 million, or $0.54 per diluted share, compared to net income of $13.3 million, or $0.44 per diluted share in the prior fiscal second quarterAdjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 27.4% to $17.0 million, or $0.57 per diluted share, compared to $13.3 million, or $0.45 per diluted share in the prior fiscal second quarterAdjusted EBITDA, a non-GAAP measure, increased 47.1% to $34.4 million, compared to adjusted EBITDA of $23.3 million in the prior fiscal second 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 second quarter demonstrated the continued strength and staying power of our strategies. We exceeded $1.7 million AUVs fueled by 16.8% growth in domestic same store sales, which was primarily due to transaction growth,\" said Michael Skipworth, President and Chief Executive Officer. \"We opened 50 net new restaurants for the quarter and surpassed 2,000 restaurants globally. And yet, we're just getting started as we work toward our 20th consecutive year of same store sales growth and our vision of becoming a Top 10 Global Restaurant Brand.\"\nKey operating metrics for the fiscal second quarter 2023 compared to the fiscal second quarter 2022:\nThirteen Weeks Ended\nJuly 1, 2023\nJune 25, 2022\nNumber of system-wide restaurants open at ...