Wingstop Inc Stock Price, News & Analysis

Wingstop (Nasdaq: WING) has signed an agreement for development rights in South Korea, aiming to open 60 restaurants over ten years, with potential for a total of 200-250 locations. The first restaurant is set to launch in early 2023. This expansion supports Wingstop's goal of becoming a Top 10 Global Restaurant Brand, leveraging its strong digital platform and the demand for western brands in Korea's tech-savvy market. The company also plans additional growth in Canada and Indonesia, targeting over 7,000 global restaurants, predominantly outside the U.S.

Wingstop (Nasdaq: WING) has reintroduced three popular flavor remixes: Hot Lemon, Bayou BBQ, and Lemon Garlic, available for a limited time. The flavors were inspired by consumer suggestions and highlight the company's dedication to innovation. In fiscal year 2021, Wingstop saw system-wide sales increase by 20.2% to around $2.3 billion, marking its 18th consecutive year of same-store sales growth. The company opened 60 net new restaurants in Q1 2022 and reported a 1.2% increase in domestic same-store sales. Digital channels accounted for 62.3% of sales during this period.

Wingstop reported a 12.7% increase in system-wide sales, reaching $630 million for Q1 2022. Despite a 7.8% rise in total revenue to $76.2 million, net income fell to $8.7 million or $0.29 per diluted share, down from $13.2 million or $0.44 the previous year. Domestic same-store sales grew 1.2%, and adjusted EBITDA decreased to $22.1 million. The company reported 60 new openings and raised full-year guidance to over 220 units. A quarterly dividend of $0.17 per share was also declared.

Wingstop Inc. (NASDAQ: WING) has expanded its development agreement in Indonesia, increasing its commitment from 60 to 120 restaurants by 2028. The brand, which currently operates 50 locations in Indonesia, has opened five new restaurants this year. This growth strategy is part of Wingstop's vision to become a top global restaurant brand, with plans for over 7,000 locations worldwide. Digital sales have surged from 35% to 65% during the pandemic, demonstrating the brand's adaptability and resilience in a challenging market.

Wingstop Inc. (NASDAQ: WING) is launching a limited-edition flavor, Blazed & Glazed, in celebration of 4/20, available from April 18 to 22 in restaurants nationwide. This flavor, crafted with hemp seeds, terpenes, strawberry, and cayenne pepper, is designed to capture the essence of the cannabis holiday without psychoactive effects. The brand aims to engage cannabis-loving fans and will also participate in the 4/20 celebrations at Hippie Hill in San Francisco. This initiative reflects Wingstop's strategy to expand its audience as it continues to grow its sales and brand presence.

Wingstop Inc. (NASDAQ: WING) announced a conference call for its fiscal first quarter 2022 financial results on May 4, 2022, before the market opens. The call will start at 10:00 AM EST and will be accessible via phone and webcast. Additionally, an investor day is scheduled for May 17, 2022, at 10:30 AM EST, where leadership will discuss strategic priorities and growth catalysts. These events highlight Wingstop's commitment to transparency and engagement with its investors.

Wingstop (NASDAQ: WING) announced its expansion into Spain, opening four ghost kitchens in Madrid, starting March 31, 2022. This marks Wingstop's entry into the Spanish market, aiming to replicate its success seen in the UK and the US. The company expects to establish a traditional franchise model in Spain over time, emphasizing its unique flavor offerings. Wingstop's recent strong performance includes a system-wide sales increase to $2.3 billion in 2021, reflecting a 20.2% growth from 2020. The brand plans further international expansion, targeting markets in EMEA.

Wingstop announced the resignation of Charlie Morrison as CEO and Chairman, effective March 13, 2022. Michael Skipworth, previously President and COO, will take over as CEO. Morrison leaves to become CEO of Salad And Go after a significant tenure at Wingstop. Under Skipworth's leadership since 2014, the brand achieved a successful IPO in 2015 and recorded a 20.2% increase in system-wide sales to approximately $2.3 billion in fiscal 2021. Lynn Crump-Caine is appointed as Chair of the Board.