Wingstop Names Craig Sherwood as SVP of US Development

Rhea-AI Summary

Wingstop (NASDAQ: WING) announced the appointment of Craig Sherwood as SVP of U.S. Development, aiming to expand its presence from over 1,600 locations to 4,000+ across the U.S. Sherwood's prior experience includes leadership roles at Little Caesars and Gold's Gym. The company reported an average unit volume of $1.6 million and opened a record 127 new units in the first half of 2022, contributing to a total system-wide sales increase of 20.2% to approximately $2.3 billion in fiscal 2021.

Positive

• Record 127 new units opened in H1 2022.
• Average unit volume of $1.6 million marks strong franchise performance.
• Strong sales growth of 20.2% year-over-year, reaching $2.3 billion.

Negative

• None.

DALLAS, Sept. 15, 2022 /PRNewswire/ -- Wingstop (NASDAQ: WING) today announced the appointment of Craig Sherwood as its SVP of U.S. Development. Craig will lead domestic development and focus on executing Wingstop's domestic development playbook through new and existing franchisees as the brand scales its U.S. footprint.

"I'm excited for Craig to join the brand at such a pivotal time as we look to scale our 1,600+ restaurants base to 4,000 plus across the country," said Michael Skipworth, Wingstop President and CEO. "With an average unit volume of $1.6 million and our industry leading unit economics, our franchisees continue to reinvest in Wingstop and position us with a strong domestic pipeline fueling development growth for Wingstop. We have a great deal of white space across the country, and Craig's leadership and experience of domestic franchised development make him an incredible asset for our brand."

Craig previously served as the VP of U.S. Development at Little Caesars Enterprises Inc. where he oversaw all aspects of domestic franchise development, real estate and construction. He also served as the Chief Development Officer at Gold's Gym and held various development-focused roles at other franchised brands including Sonic Drive-In and Yum! Brands.

Wingstop's compelling business model provides industry-leading returns for its franchisees and has fueled record development for the brand in 2022, opening a record 127 net new units for the first half of 2022, and has a target of 7,000 plus restaurants globally.

For information on franchising a Wingstop, click here. 

About Wingstop

Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 1,850 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and use of a best-in-class technology platform, all while offering classic and boneless wings and tenders, always cooked to order and hand sauced-and-tossed in fans' choice of the brand's bold, distinctive flavors. Wingstop's menu also features signature sides including fresh-cut, seasoned fries and freshly-made ranch and bleu cheese dips.

In fiscal year 2021, Wingstop's system-wide sales increased 20.2% year-over-year to approximately $2.3 billion, marking the 18th consecutive year of same store sales growth. With a vision of becoming a Top 10 Global Restaurant Brand, our system is comprised of independent franchisees, or brand partners, who account for approximately 98% of Wingstop's total restaurant count of 1,858 as of June 25, 2022.

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 stakeholders.

Rounding out a strong year in 2021, the Company was ranked #1 on Technomic 500's "Fastest Growing Franchise" and #22 on Entrepreneur Magazine's "Franchise 500," maintained its certification as a Great Place to Work, was named as a finalist for The Innovation SABRE Award's Best New Product/Brand Launch category for its Thighstop campaign, and named to Fast Company's "The World's Most Innovative Companies" list ranking #4 in the dining category.

For more information visit www.wingstop.com or www.wingstop.com/own-a-wingstop and follow @Wingstop on Twitter, Instagram, Facebook, and TikTok. Learn more about Wingstop's involvement in its local communities at www.wingstopcharities.org.

Media Contact
Megan Sprague
Media@wingstop.com
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SOURCE Wingstop Restaurants Inc.

FAQ

What recent appointment did Wingstop make regarding U.S. development?

Wingstop appointed Craig Sherwood as SVP of U.S. Development on September 15, 2022.

How many restaurants does Wingstop plan to open in the U.S.?

Wingstop aims to scale its presence to over 4,000 restaurants across the U.S.

What was Wingstop's system-wide sales for fiscal 2021?

Wingstop's system-wide sales reached approximately $2.3 billion in fiscal 2021.

How many new units did Wingstop open in the first half of 2022?

Wingstop opened a record 127 net new units in the first half of 2022.