Wingstop Inc. raised its guidance for the full year after the company on Thursday reported domestic same-store sales growth of 3.1 percent in the second quarter.
The fast-casual wing chain said second quarter net income increased to $4.1 million, or 14 cents a share, from $584,000, or two cents a share, in the same quarter last year. The Dallas-based company's revenues increased 18.2 percent to $22.7 million from $19.2 million in the prior-year period.
“We had another strong quarter in Q2 characterized by strong unit development, revenue and profitability growth,” said Charlie Morrison, Wingstop CEO and president, in a statement.
“Year to date, we have opened 69 net new locations and ended the fiscal second quarter with 914 restaurants worldwide, representing 16.4 percent unit growth over the prior-year period,” he said. The company opened 41 net new restaurants during the second quarter, including one company-owned unit in Dallas.
Wingstop updated its revenue guidance and said same-store sales would remain in the low single digits.
Guidance called for a revenue increase to between $90 million and $91 million, up from earlier forecasts of $89 million to $90 million. The company said that increase was was based on 130 to 140 net systemwide restaurant openings for the year. The company had earlier projected 125 to 135 new restaurants.
As of June 25, Wingstop franchised 831 restaurants and owned and operated 20. The company has 63 franchised restaurants in five other countries.