Q2 2024 Wingstop Inc Earnings Call Transcript
Key Points
- Wingstop Inc (WING) reported a remarkable 28.7% same-store sales growth, primarily driven by transaction growth.
- The company opened 73 net new restaurants in Q2, setting a record for the quarter.
- Adjusted EBITDA grew by 50.7% year-over-year to $51.8 million.
- Digital sales represented 68.3% of total sales, with a database of over 45 million users.
- Wingstop Inc (WING) raised its AUV target to $3 million and increased its development outlook to 285-300 net new restaurants for 2024.
- Despite strong performance, brand awareness has only increased by a few percentage points year-over-year.
- The company faces significant competition in the chicken sandwich market, which could impact future growth.
- SG&A expenses increased by $6 million year-over-year, driven by investments and performance-based compensation.
- The recent market movement in bone-in wing prices could pose a challenge to maintaining food cost targets.
- There is no specific timeline provided for achieving the new $3 million AUV target, which may create uncertainty among investors.
Please stand by for streaming text.
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Wingstop same Fiscal Second Quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, July 31, 2024. On the call today are Michael Kasbar, President and Chief Executive Officer, and Alex Kelly, data, Senior Vice President and Chief Financial Officer. I would now like to turn the conference over to Alex. Please go ahead.
Food, and welcome to the Fiscal Second Quarter 2024 earnings conference call for Wingstop. Our results were published earlier this morning and are available on our Investor Relations website at ir dot wingstop.com. Our discussion today includes forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties that could cause our actual results to differ materially from
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