The following is a summary of the Wingstop Inc. (WING) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Wingstop reported Q1 same-store sales growth of 21.6%, primarily driven by transaction growth.

• The company opened 65 new restaurants, marking a 14% growth rate.

• Adjusted EBITDA amounted to $50.3 million, a 45% growth rate over the prior year.

• Company-owned restaurant sales totaled $28.5 million in Q1, an increase of $5.5 million, mainly due to a 6.2% increase in company-owned same-store sales.

• Total revenue increased by 34.1% to $145.8 million from the prior year.

• The company's 2024 comp guidance has been increased from mid-single-digits to low-double-digit same-store sales growth due to the strong start of the year.

Business Progress:

• Wingstop plans the rollout of its proprietary tech stack, 'My Wingstop', by the end of Q2.

• Using their growing customer database for targeted personalisation to increase customer conversion, retention rates, and interaction frequency.

• A global expansion strategy anticipates 275 to 295 net new restaurant openings.

• The advertising strategy diversified in live sports and creative media brought in new guests and increased the digital database to over 40 million users.

• With the successful launch of the $0.70 boneless promotion contributing to high quality and value scores, they aim to improve service speed through tech investments.

• The launch of 'My Wingstop' showed promising results in conversion rates.

• Future ad fund surplus will be used to expand AUVs and enhance brand partner unit economics.

• International expansion success with new deals anticipated in upcoming quarters.

More details: Wingstop IR

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