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Wingstop’s profit more than doubles in 2015

CEO credits unit growth, 7.9% same-store sales increase

Wingstop Inc.’s profit more than doubled for fiscal 2015 on system restaurant growth and increased same-store sales, the company said Thursday.

The Dallas-based fast-casual chicken-wing chain said net income in the fourth quarter ended Dec. 26 more than doubled, to $3.8 million, or 13 cents a share, from $1.5 million, or 6 cents a share, in the same quarter last year. Revenue rose 14 percent, to $20.6 million, from $18.1 million in the prior-year period.

In January, Wingstop reported that domestic same-store sales increased 5.9 percent in the fourth quarter and 7.9 percent in fiscal 2015.

“We delivered strong performance in 2015 by successfully executing on our growth strategy and exceeding our annual guidance across all key metrics,” said Charlie Morrison, Wingstop president and CEO, in a statement.

“We grew our systemwide restaurant count by 19 percent, with 133 net new store openings, and posted our 12th consecutive year of positive same store sales, with a 7.9-percent increase in domestic same-store sales,” Morrison said.

Wingstop ended the quarter with 845 restaurants systemwide, with 767 of those units franchised in the United States, and 19 locations company-owned. The company also has 59 locations franchised internationally in six nations.

In guidance for 2016, the company said it expected to have 125 to 135 net systemwide openings, for a unit growth rate of about 15 percent. Wingstop said it expected domestic same-store sales growth in the low single digits.

Revenue this fiscal year is expected to increase 13 to 14 percent from the 2015 level, the company said, reaching between $88 million and $89 million.

“Our outlook reflects the attractive characteristics of a growth-oriented concept with appealing franchisor cash flow attributes,” Morrison said.

Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless

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