Wingstop reported its fourth-quarter earnings Wednesday morning. The Dallas-based, aviation-themed restaurant chain easily beat analyst expectations. Wingstop stock leapt Wednesday following the results.
WING stock is on IBD Leaderboard and the IBD 50 list of top-performing growth stocks.
WING Earnings
Expectations: Analysts expected Wingstop earnings to jump 71% to 41 cents per share on 41% revenue growth to $100.8 million.
Results: Earnings catapulted 155% to 59 cents per share and revenue jumped 46% to $104.9 million, marking three quarters of accelerating earnings and revenue growth.
Wingstop added 61 new locations in the fourth quarter, bringing Wingstop's total footprint to 1,959 restaurants worldwide. Systemwide sales increased 28.9% to $775.7 million. Digital sales edged up 1.9% in Q4, representing 63.2% of the company total. And domestic same store sales grew 8.9% for the period.
Outlook: For fiscal 2023, Wingstop expects to open 240 new global locations and projects selling, general and administrative costs to range from $82 million to $84 million. The company reaffirmed its three- to five-year outlook of mid-single digit domestic same store sales growth.
Wingstop Stock
Wingstop stock shot up 7.7% to 179 on Wednesday after jumping to all-time high of 193.74 intraday. Shares gapped above a 169.04 buy point from a cup with handle base.
WING stock initially surpassed the buy point on Feb. 14, but fell back below that level on Tuesday.
Wingstop stock is up 19.15% over the past month and up 30% so far year-to-date.
WING stock is on IBD Leaderboard and the IBD 50.
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