- Wingstop Inc WING reported revenue growth of 42.7% year over year to $108.72 million for the first quarter of FY23, beat the consensus of $99.42 million.
- Adjusted earnings per share improved to $0.59 from $0.33 in 1Q22, beating the consensus of $0.45.
- System-wide revenue increased 30.4% year over year to $821.6 million, domestic same-store revenue increased 20.1% year-over-year, and digital revenue increased 65.2%. The domestic restaurant’s AUV was $1.7 million.
- Royalties, franchise fees and others increased $13.1 million, reflecting 20.1% domestic revenue growth and 199 net franchise restaurant openings since March 26, 2022.
- Adjusted EBITDA increased 59.8% year over year to $34.6 million.
- Operating margin was 23.6%, up 182 basis points, and operating income for the quarter increased 54.6% year over year to $25.67 million.
- As of April 1, 2023, Wingstop held $209.5 million in cash and equivalents.
- dividend: WIND declared a quarterly dividend of $0.19 per share, payable June 9, 2023, to shareholders of record May 19, 2023.
- As of April 1, 2023, there were 1,996 Wingstop restaurants systemwide. With 1,753 restaurants and 243 franchised restaurants in international markets.
- Outlook for FY23: Wingstop expects domestic revenue growth in the high single digits.
- WING continues to expect around 240 global net adds in 2023.
- also read: Don Lemon Pepper? Rick Ross Trolls fired CNN anchor and offered him a job at Wingstop
- Price promotion: WING shares are trading up 7.12% at $213.51 on the last check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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