Wingstop Beats On Q2 Fueled By 16.8% Growth In Domestic Same Store Sales; Boosts Dividend

Wingstop Inc WING reported second-quarter FY23 sales growth of 27.9% year-on-year to $107.17 million, beating the analyst consensus of $104.12 million.

System-wide sales increased 27.8% Y/Y to $809.8 million, Domestic same-store sales increased 16.8% versus last year, and Digital sales were 65.2% of sales. Domestic restaurant AUV exceeded $1.7 million.

Revenue from royalty, franchise fees, and others rose 33% Y/Y, Advertising fee revenue increased 26.2%, and company-owned restaurant sales grew 20.5%.

Total costs and expenses expanded 31.5% Y/Y to $80.7 million. The operating margin was 24.7%, and the operating income for the quarter gained 18.2% to $26.5 million.

Adjusted EBITDA of $34.4 million increased 47.1% Y/Y.

Adjusted EPS of $0.57 beat the analyst consensus of $0.51.

Wingstop held $199.9 million in cash and equivalents as of July 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.

Outlook: Wingstop raised FY23 domestic same-store sales growth outlook to 10% - 12% from the previous high-single digits growth. WING expects about 240 - 250 global net new units in 2023.

Price Action: WING shares are trading higher by 1.05% at $170.18 on the last check Wednesday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsGuidanceDividendsMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!