A Wingstop store in Pearland, Texas. Credit: JHVEPhoto/Shutterstock.com.

Restaurant chain Wingstop has reported a net income of $16.2m for the second quarter of fiscal year (FY) 2023.

This is a 21.6% rise from $13.3m in the same period last year.

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When adjusted for non-recurring items, quarterly net income stood at $17m or 57 cents a share, compared with $13.3m or 45 cents per share a year ago.

The firm’s total revenues increased by 27.9% to $107.1m from $83.7m.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 47.1% to $34.4m from $23.3m.

System-wide sales grew to $810m from $634m, with digital sales constituting 65% of total sales.

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Domestic same-store sales growth was 16.8% for the quarter ended 1 July 2023. A year ago, same-store sales decreased by 3.3%.

Domestic restaurant average unit volume (AUVs) surpassed $1.7m this quarter from $1.58m in the previous year.

Company-owned domestic same-store sales growth was 5.7%. The same indicator registered a negative growth of 4.9% in the year-ago quarter.

As a percentage of company-owned restaurant sales, the cost of sales fell to 73.7% from 79.5%, largely due to food, beverage and packaging costs. Total cost of sales increased to $16.6m from $14.9m.  

The company approved a quarterly dividend increase to $0.22 per share, which will be distributed to stockholders on 8 September 2023.

Wingstop has also lifted its annual forecast, now projecting domestic same-store sales growth of 10%-12% and between 240 and 250 global net new units. 

Wingstop president and CEO Michael Skipworth said: “Our second quarter demonstrated the continued strength and staying power of our strategies. We exceeded $1.7m AUVs, fuelled by 16.8% growth in domestic same-store sales, which was primarily due to transaction growth.

“We opened 50 net new restaurants for the quarter and surpassed 2,000 restaurants globally. And yet, we’re just getting started as we work toward our 20th consecutive year of same-store sales growth and our vision of becoming a Top 10 Global Restaurant Brand.”