Three weeks ago I reported on the investment I made in Wingstop, here are the first published number highlights since my investment:
Highlights for the third quarter of 2023 compared to the third quarter of 2022:
- Systemwide revenue increased 26.5% to $885.0 million
- 53 net new store openings in the third quarter of 2023
- Existing stores increased sales by 15.3%
- Domestic restaurant AUVs increased to $1.8 million (the average domestic sales for all stores that were consistently open more than 52 weeks)
- Digital sales increased to 66.9% (3 years ago Wingstop invested in proprietary software here, cost point $50 million, to increase retention udn frequency)
- Total revenue increased 26.4% to $117.1 million
- Net income increased 46.0% to $19.5 million, or $0.65 per diluted share
- Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 53.3% to $20.5 million, or $0.69 per diluted share.
- Adjusted EBITDA, a non-GAAP measure, increased 36.7% to $38.5 million.
Or summarized in a bullet point:
- Price +10.5%
