Financial Performance - Wingstop Inc. reported a 39.4% increase in system-wide sales, reaching $1.2 billion for the fiscal third quarter of 2024 compared to the same period in 2023 [1][3] - Total revenue rose by 38.8% to $162.5 million, up from $117.1 million in the previous year [3][29] - Net income increased by 31.9% to $25.7 million, translating to $0.88 per diluted share [1][29] - Adjusted EBITDA grew by 39.5% to $53.7 million [1][32] Sales and Growth Metrics - Domestic same store sales increased by 20.9%, driven primarily by transaction growth [1][3] - The average unit volume (AUV) for domestic restaurants rose to $2.1 million [1][2] - Digital sales accounted for 69.0% of system-wide sales [1] Restaurant Development - The company opened a record 106 net new restaurants in the third quarter, marking a 17.1% growth in system-wide restaurants year-over-year [1][8] - As of September 28, 2024, there were 2,458 Wingstop restaurants globally, including 2,064 in the U.S. [8][31] Cost and Expenses - Cost of sales increased to $24.4 million, representing 77.8% of company-owned restaurant sales, up from 73.6% in the prior year [4][30] - Selling, general, and administrative (SG&A) expenses rose by $9.2 million to $32.3 million, driven by performance-based compensation and increased headcount [5][30] Financial Outlook - The company reiterated guidance for approximately 20% domestic same store sales growth for fiscal year 2024 [7] - Updated guidance includes expectations for 320 to 330 global net new units and an increase in stock-based compensation expense to approximately $22.5 million [7] Shareholder Returns - The Board of Directors declared a quarterly dividend of $0.27 per share, totaling approximately $7.9 million, to be paid on December 6, 2024 [9] - During the fiscal third quarter, the company repurchased 93,617 shares at an average price of $373.68 per share [10]
Wingstop Inc. Reports Fiscal Third Quarter 2024 Financial Results