Sales at Wingstop Inc., the chicken-wing chain, got off to a “strong start” for the year with first-quarter same-store sales up 9.5 percent at domestic restaurants, the company reported Thursday.
The Dallas-based quick-service company also said its systemwide sales increased 20.4 percent, to $313 million, in the first quarter ended March 31.
“This strong start gives us confidence in our ability to deliver 2018 results that are above our long-term targets,” said Charlie Morrison, Wingstop CEO and chairman, in a statement.
Wingstop reiterated its guidance for the year, saying domestic same-store sales would be up in the low single digits and the company would see systemwide unit growth of more than 10 percent
“We remain focused on executing against our four growth strategies,” Morrison said, which include: “building awareness of the Wingstop brand; innovating across our technological platforms; optimizing delivery in our three test markets as we build a foundation for a national delivery rollout; and developing Wingstop internationally.”
For the first quarter, Wingstop reported net income was down 1.4 percent to $6.2 million, or 21 cents a share, from $6.3 million, also at 21 cents a share, in the prior-year period. Revenues rose 11.9 percent to $37.4 million from $33.4 million in the same quarter last year.
The company opened 24 net new restaurants in the quarter, including six abroad.
As of March 31, Wingstop, founded in 1994, had more than 1,157 locations, with 1,133 of those franchised domestically and abroad. The company has 1,045 restaurants in the United States.
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