Restaurant chain Wingstop has reported a net income of $19.5m for the fiscal third quarter of 2023, an increase of 46% compared to $13.3m in the same quarter of the previous year.
For the quarter ended 30 September 2023, total revenue rose by 26.4% to $117.1m from $92.67m in 2022.
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In the latest quarter, the company’s adjusted net income and adjusted earnings per diluted share soared 53.3% to $20.5m
Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortisation], a non-GAAP [generally accepted accounting principles] measure, grew by 36.7% to $38.5m.
Wingstop’s system-wide sales increased by 26.5% to $885m from $700m a year earlier.
During the fiscal third quarter of 2023, the company’s domestic same-store sales rose by 15.3%, its digital sales surged 66.9% and it registered 53 net new openings.
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By GlobalDataWingstop president and CEO Michael Skipworth stated: “Our third quarter results showcase the multi-year strategies we are executing against, delivering 15.3% domestic same-store sales growth in the quarter, primarily driven by transaction growth.
“We are measuring record levels in brand health metrics, demonstrating the underlying momentum at Wingstop, and putting us on a path to deliver our 20th consecutive year of domestic same-store sales growth.
“This consistent growth, coupled with the strength of our unit economics, gives us confidence in our 2023 global development outlook and our long-term vision of scaling Wingstop into a top 10 global restaurant brand.”
