Wingstop (WING) Reports Strong Q4 and Full-Year 2023 Performance

By Tamara Parker • Wednesday, February 21 11:50 • Permanent Link

Wingstop Inc. (NASDAQ: WING) has reported its fiscal fourth quarter and full year 2023 financial results, showcasing strong performance in various key metrics. The company's system-wide sales saw a 24.5% increase to $965.9 million in the fiscal fourth quarter of 2023 compared to the 14-week fiscal fourth quarter 2022, with 115 net new openings during the quarter. Furthermore, domestic same store sales increased by 21.2%, while digital sales accounted for 67.0% of system-wide sales. The total revenue for the fiscal fourth quarter 2023 saw a 21.2% increase to $127.1 million, with net income increasing by 6.9% to $18.8 million.

For the full 52-week fiscal year 2023, system-wide sales increased by 27.1% to $3.5 billion, with 255 net new openings and a 13.0% increase in system-wide restaurant count to 2,214 worldwide locations. Domestic same store sales also saw an 18.3% increase during the year, with total revenue rising by 28.7% to $460.1 million. Net income surged by 32.5% to $70.2 million.

Michael Skipworth, President and Chief Executive Officer of Wingstop Inc., expressed his enthusiasm for the company's performance, stating, "2023 marked the strongest year on record for Wingstop where we achieved 18.3% domestic same store sales growth, driven primarily by transactions, and we delivered an unprecedented 20 consecutive years of domestic same store sales growth."

Looking ahead to fiscal 2024, the company expects mid-single digit domestic same store sales growth, approximately 270 global net new units, SG&A of approximately $108 million, stock-based compensation expense of approximately $19 million, and depreciation and amortization between $18 - $19 million.

As of December 30, 2023, there were 2,214 Wingstop restaurants system-wide, including 1,926 restaurants in the United States and 288 franchised restaurants in international markets and U.S. territories. The company also executed a share repurchase program and approved a quarterly dividend payable to Wingstop stockholders of $0.22 per share of common stock.

Wingstop Inc.'s shares have moved -3.8%, and are currently trading at a price of $312.02.

The company's full 8-K submission is available here.

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