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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.