Wingstop Inc. Reports Fiscal Second Quarter 2024 Financial Results
Wingstop Inc. (NASDAQ: WING) reported strong fiscal Q2 2024 results, with system-wide sales up 45.2% to $1.2 billion. The company saw 28.7% growth in domestic same-store sales, driven primarily by increased transactions. Total revenue rose 45.3% to $155.7 million, while net income surged 69.9% to $27.5 million. Wingstop opened 73 net new restaurants, bringing its total to 2,352 locations worldwide. The company's domestic average unit volume (AUV) reached $2.0 million, a target achieved two years ahead of schedule. Based on these results, Wingstop updated its 2024 guidance, projecting approximately 20% domestic same-store sales growth and 285-300 global net new units.
Wingstop Inc. (NASDAQ: WING) ha riportato risultati forti per il secondo trimestre fiscale 2024, con un aumento delle vendite a livello di sistema del 45,2% a 1,2 miliardi di dollari. L'azienda ha registrato una crescita del 28,7% nelle vendite comparabili domestiche, principalmente grazie all'aumento delle transazioni. I ricavi totali sono aumentati del 45,3% a 155,7 milioni di dollari, mentre l'utile netto è balzato del 69,9% a 27,5 milioni di dollari. Wingstop ha aperto 73 nuovi ristoranti netti, portando il totale a 2.352 sedi in tutto il mondo. Il volume medio per unità (AUV) domestico dell'azienda ha raggiunto i 2,0 milioni di dollari, un obiettivo raggiunto con due anni di anticipo. Sulla base di questi risultati, Wingstop ha aggiornato le sue previsioni per il 2024, prevedendo circa un aumento del 20% delle vendite comparabili domestiche e 285-300 nuove unità globali nette.
Wingstop Inc. (NASDAQ: WING) reportó resultados sólidos para el segundo trimestre fiscal de 2024, con ventas a nivel de sistema que aumentaron un 45,2% a 1,2 mil millones de dólares. La compañía experimentó un crecimiento del 28,7% en las ventas comparables en el país, impulsado principalmente por un aumento en las transacciones. Los ingresos totales aumentaron un 45,3% a 155,7 millones de dólares, mientras que las ganancias netas se dispararon un 69,9% a 27,5 millones de dólares. Wingstop abrió 73 nuevos restaurantes netos, elevando su total a 2,352 ubicaciones en todo el mundo. El volumen promedio por unidad (AUV) en el país alcanzó los 2,0 millones de dólares, un objetivo alcanzado dos años antes de lo programado. Basado en estos resultados, Wingstop actualizó su orientación para 2024, proyectando un crecimiento de aproximadamente el 20% en las ventas comparables en el país y entre 285 y 300 nuevas unidades netas globales.
윙스톱 주식회사 (NASDAQ: WING)는 2024 회계년도 2분기 실적을 강하게 발표했으며, 시스템 전반의 매출이 45.2% 증가하여 12억 달러에 달했습니다. 회사는 국내 매장 비교 판매에서 28.7%의 성장을 보였습니다, 주로 거래 수의 증가에 의해 촉진되었습니다. 총 수익은 45.3% 증가하여 1억 5천 570만 달러에 이르렀습니다, 반면 순이익은 69.9% 증가하여 2천 750만 달러에 달했습니다. 윙스톱은 73개의 신규 레스토랑을 열어 전 세계 2,352개의 매장을 운영하게 되었습니다. 회사의 국내 평균 시설량(AUV)은 200만 달러에 도달했습니다, 이는 예정보다 2년 빨리 달성한 목표입니다. 이러한 결과를 바탕으로, 윙스톱은 2024년도 가이던스를 업데이트하며 국내 매장 비교 판매 성장률을 약 20%로 예상하고, 285-300개의 새로운 글로벌 순 매장을 예측하고 있습니다.
Wingstop Inc. (NASDAQ: WING) a rapporté de solides résultats pour le deuxième trimestre fiscal 2024, avec des ventes à l'échelle du système en hausse de 45,2% à 1,2 milliard de dollars. L'entreprise a connu une croissance de 28,7% des ventes comparables domestiques, principalement grâce à une augmentation des transactions. Les revenus totaux ont augmenté de 45,3% pour atteindre 155,7 millions de dollars, tandis que le bénéfice net a bondi de 69,9% à 27,5 millions de dollars. Wingstop a ouvert 73 nouveaux restaurants nets, portant le total à 2 352 emplacements dans le monde. Le volume moyen par unité (AUV) domestique de l'entreprise a atteint 2,0 millions de dollars, un objectif atteint deux ans plus tôt que prévu. Sur la base de ces résultats, Wingstop a mis à jour ses prévisions pour 2024, projetant une croissance des ventes comparables domestiques d'environ 20% et 285-300 nouvelles unités nettes mondiales.
Wingstop Inc. (NASDAQ: WING) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit einem Anstieg des systemweiten Umsatzes um 45,2% auf 1,2 Milliarden US-Dollar. Das Unternehmen verzeichnete ein Wachstum von 28,7% bei den vergleichbaren Inlandsumsätzen, das hauptsächlich durch eine Zunahme der Transaktionen bedingt war. Der Gesamtumsatz stieg um 45,3% auf 155,7 Millionen US-Dollar, während der Nettogewinn um 69,9% auf 27,5 Millionen US-Dollar anstieg. Wingstop eröffnete 73 netto neue Restaurants, wodurch sich die Gesamtzahl auf 2.352 Standorte weltweit erhöhte. Das durchschnittliche Volumen pro Einheit (AUV) im Inland erreichte 2,0 Millionen US-Dollar, ein Ziel, das zwei Jahre früher als geplant erreicht wurde. Basierend auf diesen Ergebnissen hat Wingstop seine Prognose für 2024 aktualisiert und rechnet mit einem Wachstum der vergleichbaren Inlandsumsätze von etwa 20% und 285-300 neuen globalen Nettoeinheiten.
- System-wide sales increased 45.2% to $1.2 billion
- Domestic same-store sales grew 28.7%, driven by transaction growth
- Total revenue increased 45.3% to $155.7 million
- Net income rose 69.9% to $27.5 million
- Domestic AUV increased to $2.0 million
- 73 net new restaurant openings in Q2 2024
- Digital sales increased to 68.3% of system-wide sales
- Adjusted EBITDA increased 50.7% to $51.8 million
- Quarterly dividend increased from $0.22 to $0.27 per share
- Cost of sales as a percentage of company-owned restaurant sales increased to 75.9% from 73.7%
- SG&A expenses increased by $6.0 million to $28.1 million
Insights
Wingstop's Q2 2024 results are exceptionally strong, showcasing remarkable growth across key metrics. The 28.7% increase in domestic same-store sales, primarily driven by transaction growth, is particularly impressive in the restaurant industry. This growth has pushed domestic AUV to
The company's financial performance is robust:
- System-wide sales up
45.2% to$1.2 billion - Total revenue increased
45.3% to$155.7 million - Net income surged
69.9% to$27.5 million - Adjusted EBITDA grew
50.7% to$51.8 million
Wingstop's digital sales now account for
The increased quarterly dividend and ongoing share repurchase program demonstrate confidence in future cash flows and commitment to shareholder returns. However, investors should note the increase in cost of sales percentage, primarily due to higher bone-in chicken wing prices compared to the previous year's favorable spot market conditions.
Given the strong performance, Wingstop has raised its 2024 guidance for domestic same-store sales growth to approximately
Wingstop's Q2 2024 results reveal a company that's not just growing, but thriving in a competitive restaurant landscape. The 28.7% increase in domestic same-store sales is particularly noteworthy, as it's driven primarily by transaction growth rather than price increases. This suggests strong consumer demand and brand loyalty.
The company's digital strategy is paying off handsomely, with digital sales now accounting for
Wingstop's unit growth of
The increase in AUV to
However, it's important to note the increase in bone-in chicken wing costs. While Wingstop has shown ability to pass on costs to consumers, sustained inflationary pressures could impact margins or consumer demand in the future. The company's ability to navigate these challenges while maintaining its growth trajectory will be important for long-term success.
Delivers
Domestic Same Store Sales Increased
Highlights for the fiscal second quarter 2024 compared to the fiscal second quarter 2023:
- System-wide sales increased
45.2% to$1.2 billion - 73 net new openings in the fiscal second quarter 2024
- Domestic restaurant AUV increased to
$2.0 million - Domestic same store sales increased
28.7% - Digital sales increased to
68.3% of system-wide sales - Total revenue increased
45.3% to$155.7 million - Net income increased
69.9% to$27.5 million $0.93 - Adjusted EBITDA, a non-GAAP measure, increased
50.7% to$51.8 million
Adjusted 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 second quarter marked another industry-leading quarter for Wingstop, further solidifying our category-of-one position. With same store sales growth of
Key operating metrics for the fiscal second quarter 2024 compared to the fiscal second quarter 2023:
Thirteen Weeks Ended | |||
June 29, 2024 | July 1, 2023 | ||
Number of system-wide restaurants open at end of period | 2,352 | 2,046 | |
Number of domestic franchise restaurants open at end of period | 1,988 | 1,749 | |
Number of international franchise restaurants open at end of period (1) | 312 | 252 | |
System-wide sales (in millions) | $ 1,176 | $ 810 | |
Domestic AUV (in thousands) | $ 2,032 | $ 1,704 | |
Domestic same store sales growth | 28.7 % | 16.8 % | |
Company-owned domestic same store sales growth | 14.1 % | 5.7 % | |
Net income (in thousands) | $ 27,485 | $ 16,181 | |
Adjusted EBITDA (in thousands) | $ 51,778 | $ 34,350 | |
______________________________ |
(1) Including |
Fiscal second quarter 2024 financial results
Total revenue for the fiscal second quarter 2024 increased to
Cost of sales was
Selling, general & administrative ("SG&A") expense increased
Depreciation and amortization increased
Financial Outlook
Based on year-to-date results, the Company is providing updated guidance for 2024:
- Approximately
20% domestic same store sales growth, previously low double digits; - 285 to 300 global net new units, previously 275 to 295; and
- SG&A expense of between
$114 $116 million $111 million
Additionally, the Company is reiterating guidance for 2024:
- Depreciation and amortization of between
$18 $19 million - Stock-based compensation expense of approximately
$20 million
Restaurant Development
As of June 29, 2024, there were 2,352 Wingstop restaurants system-wide. This included 2,040 restaurants in
Quarterly Dividend
In recognition of the Company's strong cash flow generation and our commitment to returning value to stockholders, on July 30, 2024, our Board of Directors approved an increase in the quarterly dividend payable to Wingstop stockholders from
Share Repurchases
During the fiscal second quarter of 2024, the Company repurchased and retired 75,862 shares of its common stock at an average price of
The Company has repurchased and retired 721,814 shares of its common stock at an average price of
The following definitions apply to these terms as used in this release:
Domestic average unit volume ("AUV") consists of the average annual sales of all restaurants that have been open for a trailing 52-week period or longer. This measure is calculated by dividing sales during the applicable period for all restaurants being measured by the number of restaurants being measured. Domestic AUV includes revenue from both company-owned and franchised restaurants. Domestic AUV allows management to assess our domestic company-owned and franchised restaurant economics. Changes in domestic AUV are primarily driven by increases in same store sales and are also influenced by opening new restaurants.
Domestic same store sales reflects the change in year-over-year sales for the same store restaurant base. We define the same store restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and permanent closures. We review same store sales for domestic company-owned restaurants as well as system-wide domestic restaurants. Domestic same store sales growth is driven by increases in transactions and average transaction size. Transaction size increases are driven by price increases or favorable mix shift from either an increase in items purchased or shifts into higher priced items.
System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees. This measure allows management to better assess changes in our royalty revenue, our overall store performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by new restaurant openings as well as increases in same store sales.
Adjusted EBITDA is defined as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization (EBITDA), further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, and stock-based compensation expense.
We caution investors that amounts presented in accordance with our definitions above may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain non-GAAP measurements in the same manner.
Conference Call and Webcast
The Company will host a conference call today to discuss the fiscal second quarter 2024 financial results at 10:00 AM Eastern Time. The conference call can be joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176 (international) and asking for the Wingstop conference call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529 or 1-412-317-0088 (international), then entering the replay code 7955331. The replay will be available through Wednesday, August 7, 2024.
The conference call will also be webcast live and later archived on the investor relations section of Wingstop's corporate website at ir.wingstop.com under the 'News & Events' section.
About Wingstop
Founded in 1994 and headquartered in
In fiscal year 2023, Wingstop's system-wide sales increased
A key to this business success and consumer fandom stems from The Wingstop Way, which includes a core value system of being Authentic, Entrepreneurial, Service-minded, and Fun. The Wingstop Way extends to the brand's environmental, social and governance platform as Wingstop seeks to provide value to all guests.
In 2023, Wingstop earned its "Best Places to Work" certification. The Company landed on Entrepreneur Magazine's "Fastest-Growing Franchises" list and ranked #16 on "Franchise 500." Wingstop was listed on Technomic's "Top 500 Chain Restaurant Report," QSR Magazine's "2023 QSR 50" and Franchise Time's "40 Smartest-Growing Franchises."
For more information, visit www.wingstop.com or www.wingstop.com/own-a-wingstop and follow @Wingstop on X, Instagram, Facebook, and TikTok. Learn more about Wingstop's involvement in its local communities at www.wingstopcharities.org. Unless specifically noted otherwise, references to our website addresses, the website addresses of third parties or other references to online content in this press release do not constitute incorporation by reference of the information contained on such website and should not be considered part of this release.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures, including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the Securities and Exchange Commission (the "SEC") concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.
Forward-looking Statements
This news release includes statements of our expectations, intentions, plans and beliefs that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, trends, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "may," "will," "should," "expect," "intend," "plan," "outlook," "guidance," "anticipate," "believe," "think," "estimate," "seek," "predict," "can," "could," "project," "potential" or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. Examples of forward-looking statements in this news release include, but are not limited to, our 2024 fiscal year outlook for domestic same store sales growth, global net new units, SG&A expense, stock-based compensation expense, and depreciation and amortization, as well as references to domestic AUV targets and our potential domestic restaurant footprint. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Please refer to the risk factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be found at the SEC's website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release.
When considering forward-looking statements in this news release or that we make in other reports or statements, you should keep in mind the cautionary statements in this news release and future reports we file with the SEC. New risks and uncertainties arise from time to time, and we cannot predict when they may arise or how they may affect us. Any forward-looking statement in this news release speaks only as of the date on which it was made. Except as required by law, we assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Media Contact
Maddie Lupori
Media@wingstop.com
Investor Contact
Kristen Thomas
IR@wingstop.com
WINGSTOP INC. AND SUBSIDIARIES Consolidated Balance Sheets (amounts in thousands, except share and per share data) | |||
June 29, | December 30, | ||
(Unaudited) | |||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 96,749 | $ 90,216 | |
Restricted cash | 11,444 | 11,444 | |
Accounts receivable, net | 16,059 | 12,408 | |
Prepaid expenses and other current assets | 6,768 | 4,948 | |
Advertising fund assets, restricted | 31,768 | 25,328 | |
Total current assets | 162,788 | 144,344 | |
Property and equipment, net | 107,738 | 91,292 | |
Operating lease assets | 55,379 | 19,092 | |
Goodwill | 68,733 | 67,708 | |
Trademarks | 32,700 | 32,700 | |
Customer relationships, net | 7,108 | 7,740 | |
Other non-current assets | 17,375 | 14,949 | |
Total assets | $ 451,821 | $ 377,825 | |
Liabilities and stockholders' deficit | |||
Current liabilities | |||
Accounts payable | $ 5,752 | $ 4,725 | |
Current portion of operating lease liabilities | 4,061 | 2,380 | |
Other current liabilities | 42,955 | 38,571 | |
Advertising fund liabilities | 31,768 | 25,328 | |
Total current liabilities | 84,536 | 71,004 | |
Long-term debt, net | 713,258 | 712,327 | |
Operating lease liabilities | 53,943 | 17,807 | |
Deferred revenues, net of current | 32,928 | 30,145 | |
Deferred income tax liabilities, net | 4,626 | 3,721 | |
Other non-current liabilities | 71 | 187 | |
Total liabilities | 889,362 | 835,191 | |
Commitments and contingencies | |||
Stockholders' deficit | |||
Common stock, 29,304,401 and 29,337,920 shares issued and outstanding as of June 29, 2024 and December 30, 2023, respectively | 293 | 293 | |
Additional paid-in-capital | 1,869 | 2,676 | |
Retained deficit | (439,326) | (459,994) | |
Accumulated other comprehensive loss | (377) | (341) | |
Total stockholders' deficit | (437,541) | (457,366) | |
Total liabilities and stockholders' deficit | $ 451,821 | $ 377,825 | |
WINGSTOP INC. AND SUBSIDIARIES Consolidated Statements of Operations (amounts in thousands, except per share data) | |||
Thirteen Weeks Ended | |||
June 29, | July 1, | ||
(Unaudited) | (Unaudited) | ||
Revenue: | |||
Royalty revenue, franchise fees and other | $ 71,160 | $ 47,984 | |
Advertising fees | 54,654 | 36,596 | |
Company-owned restaurant sales | 29,885 | 22,593 | |
Total revenue | 155,699 | 107,173 | |
Costs and expenses: | |||
Cost of sales (1) | 22,673 | 16,642 | |
Advertising expenses | 58,548 | 38,729 | |
Selling, general and administrative | 28,097 | 22,128 | |
Depreciation and amortization | 5,161 | 3,218 | |
Total costs and expenses | 114,479 | 80,717 | |
Operating income | 41,220 | 26,456 | |
Interest expense, net | 5,200 | 4,244 | |
Other (income) expense | (471) | (46) | |
Income before income tax expense | 36,491 | 22,258 | |
Income tax expense | 9,006 | 6,077 | |
Net income | $ 27,485 | $ 16,181 | |
Earnings per share | |||
Basic | $ 0.94 | $ 0.54 | |
Diluted | $ 0.93 | $ 0.54 | |
Weighted average shares outstanding | |||
Basic | 29,343 | 29,972 | |
Diluted | 29,457 | 30,049 | |
Dividends per share | $ 0.22 | $ 0.19 | |
__________________________________ | |
(1) | Cost of sales includes all operating expenses of company-owned restaurants, including advertising expenses, but excludes depreciation and amortization, which are presented separately. |
WINGSTOP INC. AND SUBSIDIARIES Unaudited Supplemental Information Cost of Sales Margin Analysis (amounts in thousands) | |||||||
Thirteen Weeks Ended | |||||||
June 29, 2024 | July 1, 2023 | ||||||
In dollars | As a % of | In dollars | As a % of | ||||
Cost of sales: | |||||||
Food, beverage and packaging costs | $ 10,695 | 35.8 % | $ 7,264 | 32.2 % | |||
Labor costs | 6,987 | 23.4 % | 5,520 | 24.4 % | |||
Other restaurant operating expenses | 5,757 | 19.3 % | 4,408 | 19.5 % | |||
Vendor rebates | (766) | (2.6) % | (550) | (2.4) % | |||
Total cost of sales | $ 22,673 | 75.9 % | $ 16,642 | 73.7 % | |||
WINGSTOP INC. AND SUBSIDIARIES Unaudited Supplemental Information Restaurant Count | |||
Thirteen Weeks Ended | |||
June 29, | July 1, | ||
Domestic Franchised Activity | |||
Beginning of period | 1,924 | 1,710 | |
Openings | 65 | 42 | |
Closures | — | (1) | |
Acquired by Company | (1) | (2) | |
Restaurants end of period | 1,988 | 1,749 | |
Domestic Company-Owned Activity | |||
Beginning of period | 50 | 43 | |
Openings | 1 | — | |
Closures | — | — | |
Acquired by Company | 1 | 2 | |
Restaurants end of period | 52 | 45 | |
Total Domestic Restaurants | 2,040 | 1,794 | |
International Franchised Activity(1) | |||
Beginning of period | 305 | 243 | |
Openings | 10 | 9 | |
Closures | (3) | — | |
Restaurants end of period | 312 | 252 | |
Total System-wide Restaurants | 2,352 | 2,046 | |
______________________________ | |
(1) | Includes U.S. Territories. |
WINGSTOP INC. AND SUBSIDIARIES Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA (Unaudited) (amounts in thousands) | |||
Thirteen Weeks Ended | |||
June 29, | July 1, | ||
Net income | $ 27,485 | $ 16,181 | |
Interest expense, net | 5,200 | 4,244 | |
Income tax expense | 9,006 | 6,077 | |
Depreciation and amortization | 5,161 | 3,218 | |
EBITDA | $ 46,852 | $ 29,720 | |
Additional adjustments: | |||
Consulting fees (a) | — | 1,084 | |
Stock-based compensation expense (b) | 4,926 | 3,546 | |
Adjusted EBITDA | $ 51,778 | $ 34,350 | |
_______________________________ | |
(a) | Represents non-recurring consulting fees that are not part of our ongoing operations and are incurred to execute discrete, project-based strategic initiatives, which are included in Selling, general and administrative on the Consolidated Statements of Operations. The costs incurred in the thirteen weeks ended July 1, 2023 include consulting fees relating to a comprehensive review of our long-term growth strategy for our domestic business to explore potential future initiatives, which review was completed in fiscal year 2023. Given the magnitude and scope of this strategic review initiative that is not expected to recur in the foreseeable future, the Company considers the incremental consulting fees incurred with respect to the initiative not reflective of the ongoing costs to operate its business. |
(b) | Includes non-cash, stock-based compensation, net of forfeitures. |
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SOURCE Wingstop Restaurants Inc.
FAQ
What was Wingstop's domestic same-store sales growth in Q2 2024?
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What was Wingstop's domestic average unit volume (AUV) in Q2 2024?
