Wingstop, a national chain specializing in chicken wings, announced financial results for the fiscal first quarter ended March 30, 2024.
Highlights for the fiscal first quarter 2024 compared to the fiscal first quarter 2023:
- System-wide sales increased 36.8% to $1.1 billion
- 65 net new openings in the fiscal first quarter 2024
- Domestic same store sales increased 21.6%
- Domestic restaurant AUV increased to $1.9 million
- Digital sales increased to 68.3% of system-wide sales
- Total revenue increased 34.1% to $145.8 million
- Net income increased 83.5% to $28.7 million, or $0.98 per diluted share
“Our fiscal first quarter 2024 showcased the momentum behind the Wingstop brand and the continued strength of our strategies, delivering 21.6% domestic same-store sales growth driven almost entirely by transaction growth,” said Michael Skipworth, President & Chief Executive Officer. “Our domestic Average Unit Volume (AUV) exceeded $1.9 million, further strengthening best-in-class returns for our brand partners and is strengthening our development pipeline, which gives us confidence in our ability to scale Wingstop into a Top 10 Global Restaurant Brand.”
As of March 30, 2024, there were 2,279 Wingstop restaurants system-wide. This included 1,974 restaurants in the United States, of which 1,924 were franchised restaurants and 50 were company-owned, and 305 franchised restaurants were in international markets and U.S. territories. During the fiscal first quarter 2024, there were 65 net system-wide Wingstop restaurant openings.
