Same-Store Sales Growth: Reported a robust 21.6% growth, primarily driven by transaction growth.
Net New Restaurants: Opened 65 net new restaurants, reflecting a 14% growth rate.
Company-Owned Restaurant Margins: Stood at 25.5%, showcasing the effectiveness of the supply chain strategy and superior unit economics.
Adjusted EBITDA: Reached $50.3 million, up 45% compared to the previous year.
System-Wide Sales Growth: Increased by 37%.
Total Revenue: Grew 34.1% to $145.8 million versus the prior year.
Royalty Revenues, Franchise Fees, and Other Revenue: Increased by $18.9 million due to new franchise openings and same-store sales growth.
Company-Owned Restaurant Sales: Rose to $28.5 million, a $5.5 million increase.
SG&A Expenses: Increased by $1.5 million to $25.2 million, driven by growth investments.
Adjusted Earnings Per Diluted Share: Improved by 66% to $0.98.
Future Guidance
Domestic Same-Store Sales Growth: Updated to low double digits for fiscal year 2024, from previously mid-single digits.
Net New Restaurant Openings: Projected to be between 275 and 295, previously around 270.
SG&A Guidance: Estimated to be around $111 million, including approximately $20 million of stock-based compensation expense.
Trends, Market Conditions, Sentiment
Brand and Digital Strategy Execution: Continuing momentum from executing multi-year sales driving strategies focused on increasing brand awareness, expanding delivery channels, and leveraging digital databases for marketing.
Operational Excellence and Product Quality: Maintaining focus on operational improvements and providing high-value products, with record levels in value and quality scores observed.
Supply Chain Strategy: Achievements in creating predictability and minimizing volatility in core commodities to sustain industry-leading returns.
Global Expansion: Notable growth in international markets with double-digit same-store sales growth and substantial increase in global AUVs.
Investments in Technology: Commitment to improving personalization and customer experience through technology investments like MyWingstop.
Economic Outlook and Consumer Behavior: Despite a cautious consumer sentiment in the broader QSR industry, Wingstop noted exceptional transaction-driven growth, indicating strong brand resilience and consumer preference.
Notable Quotes
”Our first quarter results showcase the continued strength and staying power of the strategies we are executing against, and further solidify Wingstop’s ‘category of one’ positioning."
"I am extremely proud of our team members, brand partners, and supplier partners for delivering these results and truly humbled to be part of a brand that is experiencing such unprecedented growth."
"We are making Wingstop more top of mind and filling the top of the funnel with new guests… These new guests we’re bringing into the brand are demonstrating a higher frequency than our traditional guests."
"Our vision is to scale Wingstop into a global brand… There is tremendous excitement across the globe as consumers have the opportunity to experience our flavor for the first time."
"The strength of the Wingstop business and our execution against our strategy that has proven staying power continues to position us on a path to achieve our vision of becoming a top 10 global restaurant brand.”
