Texas-founded fast food chain Wingstop has had a strong fiscal quarter, driven by the opening of more than 100 new restaurants.
The company lifted its sales in the second quarter of the year to $1.4 billion, up 5.3 per cent from the same period last year. This led to $185.6 million in revenue, up from $174.3 million.
With 102 net new openings, Wingstop recorded $31.3 million in profits, a 16.9 per cent increase.
“During the second quarter, we continued making meaningful progress against the strategic priorities that we believe will drive the next phase of growth for Wingstop,” said Michael Skipworth, president and CEO.
Wingstop, however, expects its future same-store sales growth to decline by 4 to 6 per cent domestically. It credits this downgrade with a “macro-environment which is inherently difficult to predict given current high levels of uncertainty”.
“The national launch of ‘Club Wingstop’ marked an important milestone in building deeper relationships with our guests, while our continued investments in value, flavor innovation and ‘Smart Kitchen’ are strengthening the business in ways that position us to win more occasions,” Skipworth added.
“Combined with one of the strongest development pipelines in the industry, these investments reinforce our confidence in the long-term opportunity to become a top 10 global restaurant brand.”