Wingstop Inc. Reports Fiscal Third Quarter 2016 Financial Results

DALLAS, Nov. 01, 2016 (GLOBE NEWSWIRE) -- Wingstop Inc. (NASDAQ:WING) today announced fiscal third quarter 2016 financial results for the period ended September 24, 2016 and raised annual guidance for fiscal year 2016.

Highlights for the Fiscal Third Quarter 2016 compared to the Fiscal Third Quarter 2015
  • Total revenue increased 14.0% to $21.8 million
  • System-wide restaurant count increased 17.6% to 949 worldwide locations
  • Domestic same store sales increased 4.1%
  • Net income decreased to $2.8 million, or $0.09 per diluted share, compared to $3.2 million, or $0.11 per diluted share
  • Adjusted EBITDA*, a non-GAAP measure, increased 27.1% to $8.3 million
  • Adjusted net income*, a non-GAAP measure, increased 17.6% to $3.7 million
  • Adjusted earnings per diluted share*, a non-GAAP measure, increased 18.2% to $0.13 from the prior year period

* Adjusted EBITDA, adjusted net income and adjusted earnings per diluted share are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income and adjusted earnings per diluted share 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."

President and Chief Executive Officer Charlie Morrison stated, "Our 'category of one' brand positioning and focus on unit development, revenue growth, and profitability are enabling us to deliver consistently strong quarterly performances, including a very solid third quarter. Based upon our results to date and expectations for a strong finish to the fiscal year, we are pleased to be raising our annual guidance."

Morrison concluded, "We opened 104 net new locations so far in 2016, and ended the fiscal third quarter with 949 restaurants worldwide, representing nearly 18% unit growth over the prior-year period. We now expect 145 to 155 system-wide openings in 2016, as we close in on the 1,000 unit milestone worldwide by year-end. As we march towards our 2,500 unit goal domestically, we will also continue to grow our international presence in markets that have Western brand appeal and high per capita chicken consumption. Recently, we signed a new development agreement for Colombia and Panama for 30 restaurant openings over the next five years, which like the Saudi Arabia deal announced in August, reflects the strength of our international potential."

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