Wingstop Inc WING reported third-quarter FY23 sales growth of 26.4% year-on-year to $117.1 million, beating the analyst consensus estimate of $109.08 million.
System-wide sales increased 26.5% Y/Y to $885 million, Domestic same-store sales increased 15.3% versus last year, and Digital sales increased to 66.9%. Domestic restaurant AUVs increased to $1.8 million.
Revenue from royalty, franchise fees, and others rose 31.8% Y/Y, Advertising fee revenue increased 24.3%, and company-owned restaurant sales grew 18.8%.
Total costs and expenses expanded 26% Y/Y to $86.5 million. The operating margin was 26.2%, and the operating income for the quarter gained 27.3% to $30.6 million.
Adjusted EBITDA of $38.5 million increased 36.7% Y/Y.
Adjusted EPS of $0.69 beat the analyst consensus estimate of $0.52.
Wingstop held $89.4 million in cash and equivalents as of September 30, 2023.
The company's board of directors approved a quarterly dividend of $0.22 per share, which will be paid on December 8, 2023, to stockholders of record as of November 17, 2023.
Outlook: Wingstop raised its FY23 domestic same-store sales growth outlook to about 16% from the previous 10% - 12% growth. WING reiterated its 2023 forecast for 240 - 250 global net new units.
Price Action: WING shares are trading higher by 6.22% at $194.14 on the last check Wednesday.
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