Wingstop Inc WING said its board of directors approved a new share repurchase program for up to $250.0 million of shares, effective immediately.
"Since our IPO, total shareholder returns have exceeded 850%, demonstrating our commitment to returning capital to shareholders," said CFO Alex Kaleida.
Repurchases under the program may be made in the open market, in privately negotiated transactions or by other means.
Wingstop expects to fund repurchases with a combination of existing cash and cash equivalents and cash flows from operations.
As of July 1, 2023, Wingstop had cash and cash equivalents of $188.5 million.
Earlier this month, Wingstop reported a Q2 FY23 sales growth of 27.9% Y/Y to $107.17 million, beating the analyst consensus. Adjusted EPS of $0.57 beat the consensus estimate of $0.51.
On August 1, 2023, the company's board of directors approved a quarterly dividend increase of 15% to $0.22 per share, which will be paid on September 8, 2023, to stockholders of record as of August 18, 2023.
Price Action: WING shares are trading higher by 3.20% at $167.91 on the last check Thursday.
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