Wingstop Inc. Reports Fiscal Second Quarter 2018 Financial Results;
Increases Regular Quarterly Dividend
Dallas, August 2, 2018 - (GLOBE NEWSWIRE) - Wingstop Inc. (NASDAQ: WING) today announced fiscal second quarter financial results for the period ended June 30, 2018.
Highlights for the Fiscal Second Quarter 2018 compared to the Fiscal Second Quarter 2017*:
System-wide sales increased 13.5% to $304.9 million
System-wide restaurant count increased 12.5% to 1,188 global locations
System-wide domestic same store sales increased 4.3%
Total revenue increased 17.3% to $37.0 million
Net income increased 39.4% to $6.8 million, or $0.23 per diluted share, compared to $4.9 million, or $0.17 per diluted share
Adjusted EBITDA**, a non-GAAP measure, increased 27.1% to $11.7 million
* In the first quarter of 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which changed the timing of recognition of initial franchise fees, development fees, territory fees for our international business and renewal and transfer fees, as well as the reporting of advertising fund contributions and related expenditures. See the “Adoption of New Accounting Guidance” section below for additional information. Amounts presented for the thirteen weeks ended July 1, 2017 have been adjusted to reflect the adoption of ASU 2014-09.
** Adjusted EBITDA is a non-GAAP measure. A reconciliation of adjusted EBITDA to the most directly comparable financial measure presented in accordance with GAAP is set forth in a schedule accompanying this release. See “Non-GAAP Financial Measures.”
Chairman and Chief Executive Officer Charlie Morrison stated, “Wingstop completed another strong quarter of growth on both the top and bottom lines as we continue positioning ourselves to become a top 10 global restaurant brand. We are effectively executing against our four growth strategies: building greater awareness through national advertising, innovating through technology to enhance the guest experience, optimizing delivery in test markets ahead of a national roll out in 2019, and expanding our international presence.”
Morrison continued, “We believe that raising our quarterly dividend demonstrates the strength of our overall business, our commitment to shareholder value and our confidence in future performance.”
The following information was filed by Wingstop Inc. (WING) on Thursday, August 2, 2018 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: 0001636222-18-000025 Submitted to the SEC: Thu Aug 02 2018 5:56:39 PM EST Accepted by the SEC: Fri Aug 03 2018 Period: Saturday, June 30, 2018 Industry: Retail Eating Places