Wingstop Inc. – Fiscal Second Quarter Financial Results

Delivers Over 200 New Restaurants Over Last 12 Months, Resulting in 13.1% Unit Growth

DALLAS, TX (StLouisRestaurantReview) Wingstop Inc. (“Wingstop” or the “Company”) (NASDAQ: WING) today announced financial results for the fiscal second quarter ended June 26, 2021.  Please note that this is a summary only.  For complete details, visit the Wingstop website.

Wingstop Highlights for the fiscal second quarter 2021 compared to the fiscal second quarter 2020:

1. System-wide sales increased 15.8% to $589.7 million
2. 45 net new openings in the fiscal second quarter 2021, an increase of 13.1%
3. Domestic same-store sales increased 2.1%
4. Domestic restaurant AUV increased to approximately $1.6 million, compared to $1.4 million in the prior fiscal second quarter
5. Digital sales increased to 64.5% of sales, compared to 63.7% in the prior fiscal second quarter
6. Total revenue increased 11.9% to $74.0 million
7. Net income was $11.3 million, or $0.38 per diluted share, compared to net income of $11.5 million, or $0.39 per diluted share in the prior fiscal second quarter. Adjusted net income* and adjusted earnings per diluted share*, both non-GAAP measures, increased 13.1% to $11.3 million and $0.38 per diluted share, compared to $10.0 million and $0.34 per diluted share in the prior fiscal second quarter
8. Adjusted EBITDA*, a non-GAAP measure, increased 9.5% to $22.9 million.

* Adjusted EBITDA, adjusted net income, and adjusted diluted earnings per share are non-GAAP measures. Reconciliations of adjusted EBITDA adjusted net income and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (“GAAP”) are set forth in the schedule accompanying this release.  See “Non-GAAP Financial Measures.”

“Our results in the second quarter continue to prove the strength of our brand and our growth strategies.  We successfully lapped last year’s outstanding results and generated domestic same-store sales growth of 2.1% during this year’s fiscal second quarter, or 34.0% on a two-year basis, an acceleration from the 30.6% we saw in the first quarter,” commented Charlie Morrison, Chairman and Chief Executive Officer of Wingstop.  “Despite the challenging commodity environment, we had another record quarter for development and have now opened more than 200 restaurants during the last 12 months, highlighting our brand partners’ continued excitement to grow with our brand.  We believe we are well-positioned to execute against our strategic long-term growth drivers.”

References:

1. Wingstop Website
2. Wikipedia