Wingstop Inc. Reports Fiscal First Quarter 2017 Financial Results
System-wide net unit growth of 18.1%
Diluted EPS of $0.22, an increase of 46.7% over prior year
Dallas, May 4, 2017 - (GLOBE NEWSWIRE) - Wingstop Inc. (NASDAQ: WING) today announced fiscal first quarter financial results for the period ended April 1, 2017 and also updated annual guidance for fiscal year 2017.
Highlights for the Fiscal First Quarter 2017 compared to the Fiscal First Quarter 2016
Total revenue increased 20.4% to $26.6 million
System-wide restaurant count increased 18.1% to 1,031 worldwide locations
Domestic same store sales declined 1.1%
Net income increased to $6.5 million, or $0.22 per diluted share*, compared to $4.3 million, or $0.15 per diluted share
Adjusted EBITDA**, a non-GAAP measure, increased 11.7% to $10.0 million
Adjusted net income**, a non-GAAP measure, increased 42.8% to $6.5 million
* In the first quarter of 2017, the Company adopted Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), which required the Company to record excess tax benefits from equity-based compensation as a reduction to income tax expense in the income statement, whereas they were previously recognized in equity. See the “Adoption of New Accounting Guidance” section below for additional information.
** Adjusted EBITDA and adjusted net income are non-GAAP measures. Reconciliations of adjusted EBITDA and adjusted net income to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”
Chairman, President and Chief Executive Officer Charlie Morrison stated, “We are pleased with the productivity of our development pipeline and improved trends in sales. We opened 33 net new restaurants during the first quarter, including seven international restaurants, and recently signed a development agreement for 30 franchise restaurants in Malaysia, as we continue to build on our long-term vision of being a top 10 global restaurant brand. The improved sales trends during the back half of the quarter can be attributed to our recent launch of national advertising, as awareness for our unique brand continues to grow.”
The following information was filed by Wingstop Inc. (WING) on Thursday, May 4, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Wingstop Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Wingstop Inc..
Ticker: WING CIK: 1636222 Form Type:10-Q Quarterly Report Accession Number: 0001636222-17-000018 Submitted to the SEC: Thu May 04 2017 6:04:42 PM EST Accepted by the SEC: Fri May 05 2017 Period: Saturday, April 1, 2017 Industry: Retail Eating Places