Daily Newsletter

03 November 2023

Daily Newsletter

03 November 2023

Wingstop net income surges 46% in Q3 2023

Total revenue increased 26.4% year-on-year to $117.1m.

Umesh Ellichipuram November 02 2023

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.

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.

Wingstop 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.”

Customer engagement drives metaverse investment in the foodservice sector

COVID-19 and supply chain disruptions following the Ukraine war have accelerated automation and digitalization in the foodservice sector. Home delivery services and consumer engagement through digital channels have become essential for businesses trying to stay afloat. Foodservice companies must also cope with ESG issues, the fast-changing world of work, and the global economy heading for recession and possible stagflation. The metaverse, enabled by both AR and VR, is an important tool that can help address many of the foodservice industry's key challenges.

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