Business
Wingstop Inc. Reports Fiscal Second Quarter 2024 Financial Results
Delivers 15.0% Unit Growth Domestic Same Store Sales Increased 28.7%, Driven by Transaction Growth DALLAS, July 31, 2024 /PRNewswire/ -- Wingstop Inc.
About this update from Wingstop Inc.
[{"type":"text","content":"Delivers 15.0% Unit Growth\nDomestic Same Store Sales Increased 28.7%, Driven by Transaction Growth\nDALLAS, July 31, 2024 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal second quarter ended June 29, 2024.\n\n \n \n \n \n \n \n\n \nHighlights for the fiscal second quarter 2024 compared to the fiscal second quarter 2023:\nSystem-wide sales increased 45.2% to $1.2 billion73 net new openings in the fiscal second quarter 2024Domestic restaurant AUV increased to $2.0 millionDomestic same store sales increased 28.7%Digital sales increased to 68.3% of system-wide salesTotal revenue increased 45.3% to $155.7 millionNet income increased 69.9% to $27.5 million, or $0.93 per diluted shareAdjusted EBITDA, a non-GAAP measure, increased 50.7% to $51.8 millionAdjusted EBITDA is a non-GAAP measure. A reconciliation of adjusted EBITDA to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (\"GAAP\") is set forth in the schedule accompanying this release. See \"Non-GAAP Financial Measures.\"\n\"The second quarter marked another industry-leading quarter for Wingstop, further solidifying our category-of-one position. With same store sales growth of 28.7%, driven primarily by transactions, our AUVs now exceed $2.0 million, a target we set only two years ago when AUVs just crossed $1.5 million. Due to the strength and staying power of our multi-year strategies, we believe we have line of sight to a new AUV target of $3.0 million,\" said Michael Skipworth, President and Chief Executive Officer. \"This growth in AUVs has further enhanced our best-in-class unit economics, and as we continue to open new restaurants at a record pace, we believe there is an opportunity to more than triple our current U.S. footprint.\"\nKey operating metrics for the fiscal second quarter 2024 compared to the fiscal second quarter 2023:\nThirteen Weeks Ended\nJune 29, 2024\nJuly 1, 2023\nNumber of system-wide restaurants open at end of period\n2,352\n2,046\nNumber of domestic franchise restaurants open at end of period\n1,988\n1,749\nNumber of international franchise restaurants open at end of period (1)\n312\n252\nSystem-wide sales (in millions)\n$ 1,176\n$ 810\nDomestic AUV (in thousands)\n$ 2,032\n$ 1,704\nDomestic same store sales growth\n2...