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Wingstop Inc. (WING - Free Report) reported preliminary comparable restaurant sales results for the third quarter of fiscal 2020 (ended Sep 26, 2020).
Preliminary Comparable Sales
During the fiscal third quarter, domestic same store sales grew 25.4% year over year, compared with 31.9% growth reported in the second quarter of fiscal 2020. However, the metric has improved 22.5% year to date. Company-owned restaurant same-store sales grew 15.2% year over year, compared with 24.7% reported in the last-reported quarter.
During the quarter, system-wide sales rose 32.8% year over year (to approximately $509.2 million) compared with 37% growth (or $509 million) in the fiscal second quarter.
Meanwhile, digital sales accounted for 62% of sales during the fiscal third quarter compared with 63.7% in the fiscal second quarter.
In this regard, chairman & CEO of Wingstop, Charlie Morrison stated, “I am thankful for the support of our team members and brand partners in achieving these extraordinary results during these difficult times. We remain focused on executing against our growth strategies and our vision of becoming a top 10 global restaurant brand.”
Unit Developments
As of Sep 26, 2020, the company comprised 1,479 system-wide restaurants consisting of 1,308 restaurants in the United States (out of which 1,277 were franchised and 31 were company-owned) and 171 international franchised restaurants across nine countries.
Although the coronavirus pandemic has triggered a catastrophe in terms of lives lost and financial impact, the company appears resilient enough to navigate through these uncertain times. Notably, the company witnessed 43 net new openings during the fiscal third quarter.
So far this year, shares of Wingstop have gained 54%, compared with the industry’s 6% growth. Notably, the company has been benefitting from dining room reopenings along with solid off-premise business. Moreover, earnings estimates for 2020 have moved up 0.8% over the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
Some better-ranked stocks in the same space include BJ's Restaurants, Inc. (BJRI - Free Report) , Chuy's Holdings, Inc. (CHUY - Free Report) and Brinker International, Inc. (EAT - Free Report) , each sporting a Zacks Rank #1.
BJ's Restaurants has a three-five year earnings per share growth rate of 15%.
Chuy's Holdings has a trailing four-quarter earnings surprise of 87.3%, on average.
Brinker’s 2021 earnings are expected to surge 19.9%.
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Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Wingstop (WING) Posts Preliminary Q3 Results, Comps Rise 25.4%
Wingstop Inc. (WING - Free Report) reported preliminary comparable restaurant sales results for the third quarter of fiscal 2020 (ended Sep 26, 2020).
Preliminary Comparable Sales
During the fiscal third quarter, domestic same store sales grew 25.4% year over year, compared with 31.9% growth reported in the second quarter of fiscal 2020. However, the metric has improved 22.5% year to date. Company-owned restaurant same-store sales grew 15.2% year over year, compared with 24.7% reported in the last-reported quarter.
During the quarter, system-wide sales rose 32.8% year over year (to approximately $509.2 million) compared with 37% growth (or $509 million) in the fiscal second quarter.
Meanwhile, digital sales accounted for 62% of sales during the fiscal third quarter compared with 63.7% in the fiscal second quarter.
In this regard, chairman & CEO of Wingstop, Charlie Morrison stated, “I am thankful for the support of our team members and brand partners in achieving these extraordinary results during these difficult times. We remain focused on executing against our growth strategies and our vision of becoming a top 10 global restaurant brand.”
Unit Developments
As of Sep 26, 2020, the company comprised 1,479 system-wide restaurants consisting of 1,308 restaurants in the United States (out of which 1,277 were franchised and 31 were company-owned) and 171 international franchised restaurants across nine countries.
Although the coronavirus pandemic has triggered a catastrophe in terms of lives lost and financial impact, the company appears resilient enough to navigate through these uncertain times. Notably, the company witnessed 43 net new openings during the fiscal third quarter.
So far this year, shares of Wingstop have gained 54%, compared with the industry’s 6% growth. Notably, the company has been benefitting from dining room reopenings along with solid off-premise business. Moreover, earnings estimates for 2020 have moved up 0.8% over the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
Zacks Rank & Key Picks
Wingstop currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same space include BJ's Restaurants, Inc. (BJRI - Free Report) , Chuy's Holdings, Inc. (CHUY - Free Report) and Brinker International, Inc. (EAT - Free Report) , each sporting a Zacks Rank #1.
BJ's Restaurants has a three-five year earnings per share growth rate of 15%.
Chuy's Holdings has a trailing four-quarter earnings surprise of 87.3%, on average.
Brinker’s 2021 earnings are expected to surge 19.9%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>