Fast food chain Wingstop has reported a 45.2 per cent rise in system-wide revenues to US$1.2 billion, compared to the fiscal second quarter of 2023.
According to the brand, total revenue for the fiscal second quarter of 2024 climbed to US$155.7 million from US$107.2 million the previous year. Royalty revenue, franchise fees, and other increases by US$23.2 million, with US$12.1 million owing to 28.7 per cent growth in domestic same-store sales and US$8.1 million related to net new franchise development.
“The second quarter marked another industry-leading quarter for Wingstop, further solidifying our category-of-one position,” said Michael Skipworth, president and CEO.
“This growth in AUVs has further enhanced our best-in-class unit economics, and as we continue to open new restaurants at a record pace, we believe there is an opportunity to more than triple our current US footprint.”
Wingstop currently has 2352 restaurants system-wide, which comprises 2040 restaurants in the US, and 312 franchised restaurants in international markets and US territories.
There were also 73 net system-wide Wingstop restaurant openings during the fiscal second quarter of 2024.
Founded in 1994 and headquartered in Dallas, Wingstop offers boneless wings, tenders and chicken sandwiches. Earlier this year, Wingstop revealed that its annual income had increased due to higher royalty and franchise fees, with the majority of the increase coming from domestic same-store sales growth and net new franchise development.
This article was first published on sibling website Inside Retail.
