Wingstop (WING) Tops Q3 EPS by 1c
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Wingstop (NASDAQ: WING) reported Q3 EPS of $0.13, $0.01 better than the analyst estimate of $0.12. Revenue for the quarter came in at $21.8 million versus the consensus estimate of $21.78 million.
President and Chief Executive Officer Charlie Morrison stated, “Our ‘category of one’ brand positioning and focus on unit development, revenue growth, and profitability are enabling us to deliver consistently strong quarterly performances, including a very solid third quarter. Based upon our results to date and expectations for a strong finish to the fiscal year, we are pleased to be raising our annual guidance.”
Morrison concluded, “We opened 104 net new locations so far in 2016, and ended the fiscal third quarter with 949 restaurants worldwide, representing nearly 18% unit growth over the prior-year period. We now expect 145 to 155 system-wide openings in 2016, as we close in on the 1,000 unit milestone worldwide by year-end. As we march towards our 2,500 unit goal domestically, we will also continue to grow our international presence in markets that have Western brand appeal and high per capita chicken consumption. Recently, we signed a new development agreement for Colombia and Panama for 30 restaurant openings over the next five years, which like the Saudi Arabia deal announced in August, reflects the strength of our international potential.”
For earnings history and earnings-related data on Wingstop (WING) click here.
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