US chicken chain Wingstop has reported a net income of $18.81m for the fourth quarter (Q4) of 2023, up 7% from $17.59m in the corresponding quarter of the previous year.
For the quarter ended 30 December 2023, total revenue rose 21.2% to $127.1m from $104.9m in Q4 2022.
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Wingstop’s adjusted net income, which excludes certain non-recurring items, also saw an uptick of 4.9% to $18.8m.
Adjusted earnings per diluted share followed suit, evidencing the company’s efficient management and strong operational execution.
The non-generally accepted accounting principles metric, which is adjusted earnings before interest, taxation, depreciation and amortisation, experienced 13.2% growth, reaching $39.1m.
System-wide sales for Wingstop showed an increase of 24.5%, rising to $965.9m from $766m in the previous year.
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By GlobalDataThe fiscal fourth quarter also saw Wingstop’s domestic same-store sales climb by 21.2% and its digital sales surge by 67%.
The company opened 115 net new stores in the latest quarter.
Wingstop president and CEO Michael Skipworth said: “2023 marked the strongest year on record for Wingstop […]. We achieved 18.3% domestic same-store sales growth, driven primarily by transactions, and we delivered an unprecedented 20 consecutive years of domestic same-store sales growth.
“The strength of our unit economics was showcased with 255 net new units in 2023, a 13% unit growth rate and a record level of restaurant development commitments as we enter 2024.
“We have a proven playbook and I couldn’t be more excited by our opportunity to scale Wingstop to more than 7,000 restaurants.”
