Wingstop Soars to New Heights: Record Sales and Strong Growth Showcase the Company's Resilience
In a remarkable display of resilience, Wingstop has just reported its strongest results yet, exceeding industry expectations and solidifying its position as the fastest-growing brand in the quick-service restaurant space.
According to the company's latest earnings report, Wingstop achieved a record-breaking 19.9% growth in domestic same-store sales for fiscal year 2024, driven primarily by transactions. This achievement marks the 21st consecutive year of same-store sales growth for the brand.
The company's aggressive expansion plans were also on full display, with a net increase of 349 new restaurants opening in 2024, representing a 15.8% unit growth. This expansion has helped fuel a significant increase in system-wide sales, up 36.8% to $4.8 billion.
Adjusted EBITDA also saw a substantial boost, rising by 44.8% to $212 million. In the fourth quarter alone, Wingstop delivered an impressive 10.1% same-store sales growth and opened 105 net new restaurants, further solidifying its market position.
Wingstop's CEO, Michael Skipworth, expressed his pride in the company's achievements during a recent conference call, stating that "the underlying health of the Wingstop business is as strong as it's ever been, yet we feel like we are just getting started."
One notable aspect of Wingstop's growth strategy has been its focus on digital sales, which have increased to 70% in the fourth quarter. This emphasis on technology has allowed the brand to stay ahead of the curve and meet changing consumer preferences.
Wingstop also announced new long-term targets for average unit volumes (AUVs) and global units, aiming to reach $3 million in AUVs and scale its global unit count to over 10,000 restaurants. These ambitious goals demonstrate the company's confidence in its brand and business model.
As Wingstop continues to soar to new heights, it is clear that this industry leader has a winning formula for success, with a loyal customer base, innovative strategies, and a commitment to quality and value driving its growth.
