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Wingstop upgrades guidance for year after strong 3Q

Wingstop upgrades guidance for year after strong 3Q

Net income grows nearly 60 percent

Wingstop Inc. upgraded its guidance for fiscal 2015 after reporting a 6.3-percent increase in same-store sales for the third quarter that lapped a 12.4-percent increase a year ago, the company said Thursday.

The Dallas-based chain, which held an initial public offering in June, said same-store sales for the year are expected to increase between 7.25 percent and 7.50 percent. Earlier projections had estimated an increase between 6.5 percent to 7 percent.

Net income for the Sept. 26-ended quarter climbed nearly 60 percent to $3.2 million, or 11 cents per share, compared with $2 million, or 8 cents per share, a year ago.

Adjusting for costs associated with preparing for the initial public offering last year, net income was up 25 percent.

Revenues increased 16.5 percent to $19.1 million.

Charlie Morrison, Wingstop’s president and CEO, said in a statement, “We delivered another solid quarter driven by robust top- and bottom-line growth attributable to effective execution of our growth strategy.”

The chain added 95 net new franchised restaurants and is on track to reach the projected addition of 125 to 130 new restaurants this year, he added.

The mostly-franchised Wingstop ended the quarter with 807 restaurants and company officials say the chain has potential for 2,500 across the U.S.

Contact Lisa Jennings at [email protected].
Follow her on Twitter @livetodineout

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