Wingstop Inc. has signed an agreement to acquire a 78,000-square-foot office building in Addison, Texas, and will be relocating its corporate headquarters from Dallas, the company said Tuesday.
Wingstop paid $18.3 million for the three-story building, completed in 2010, the fast-casual chicken wing brand said.
"We are at a pivotal moment in Wingstop’s path to become a Top 10 global restaurant brand and believe this new corporate headquarters will support our strategic growth priorities by creating an environment for innovation and collaboration,” said Charlie Morrison, Wingstop chairman and CEO, in a statement.
The building will be occupied solely by Wingstop, which the company said will allow for increased flexibility from its current multi-tenant offices. The design consists of a combination of open office areas, common spaces, conference rooms, training facilities and a fitness center. The new headquarters will also house the company’s global test kitchen, innovation center and a mock Wingstop restaurant.
"As we continue to invest in initiatives that position us for long-term success, attracting and retaining top talent is key to ensure we scale the business and continue to deliver best-in-class results,” Morrison said. “Our current facility does not provide the expansion capacity for our long-term growth.
For the first quarter ended March 30, Wingstop’s net income increased 7.1% to $6.6 million, or 22 cents a share, from $6.2 million, or 21 cents a share, in the prior-year period. Revenue in the quarter increased 2.9% to $48.1 million from $37.4 million last year. Systemwide domestic same-store sales increased 7.1%.
The company did not give a timetable on the headquarters move. The company said the new corporate headquarters will be less than four miles from its current building.
Wingstop, founded in 1994, owns and franchises more than 1,250 restaurants.
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