Wingstop Inc. reports developments for a fast-casual chicken restaurant brand built around classic and boneless wings, tenders, chicken sandwiches, sauces, sides, and housemade ranch and bleu cheese dips. The company operates an asset-light, highly franchised restaurant system with brand partners owning most locations worldwide.
Recurring news includes quarterly financial results, system-wide sales, same-store sales, domestic average unit volume, restaurant openings, royalty and advertising-fee trends, capital allocation, share repurchase authorizations, leadership updates, limited-time flavors, beverage pairings, and brand collaborations.
Wingstop reported strong financial results for Q2 2020, with system-wide sales up 37.0% to $509.0 million and total revenue increasing 36.1% to $66.1 million. The net income surged 134.6% to $11.5 million, or $0.39 per diluted share. Domestic same store sales grew 31.9% and Adjusted EBITDA rose 54.2% to $20.9 million. Wingstop also opened 23 new restaurants and plans to expand further, anticipating 120-130 net openings for the fiscal year. Additionally, the Board approved a 27% increase in the quarterly dividend to $0.14 per share.
Wingstop Inc. (NASDAQ: WING) has launched its first domestic ghost kitchen in Dallas, responding to the evolving dining habits due to COVID-19. The company shifted to 100% off-premise operations, showing resilience with a 33.4% increase in same-store sales in April 2020 and a 65% surge in digital sales. The ghost kitchen, under 400 sq. ft., will provide deliveries from a full menu, aligning with Wingstop's goal of digitizing 100% of transactions. The brand's digital channels accounted for 47% of sales as of March 2020.
Wingstop Inc. (NASDAQ: WING) has appointed Stacy Peterson Androes as Chief Technology Officer. She previously served in various technology roles, contributing to Wingstop's robust digital strategy. During her tenure, the brand achieved significant domestic same-store sales growth of 9.9% in Q1 2020 and over 33% in April. Digital orders surged to nearly 65% of total sales as Wingstop adapted to COVID-19 challenges. Stacy aims to enhance digital transactions domestically and internationally as the company strives to digitize 100% of its transactions.
Wingstop reported impressive fiscal Q1 2020 results, with system-wide sales up 18.6% to $429.9 million and net income increasing 22.6% to $8.1 million, or $0.27 per diluted share. Domestic same-store sales rose 9.9%, and digital sales surged to 47%. A strong performance in April saw same-store sales growth exceed 30%. However, the company withdrew 2020 guidance due to COVID-19 uncertainties. A quarterly dividend of $0.11 per share was declared, reflecting strong cash flow generation. Liquidity was improved with a $16 million funding draw, raising unrestricted cash to $31 million.