Wingstop (NASDAQ: WING) reported Q1 EPS of $0.44, $0.13 better than the analyst estimate of $0.31. Revenue for the quarter came in at $70.7 million versus the consensus estimate of $68.88 million.

Highlights for the fiscal first quarter 2021 compared to the fiscal first quarter 2020:

• System-wide sales increased 30.0% to $558.9 million
• 41 net new openings in the fiscal first quarter 2021, an increase of 11.7%
• Domestic same-store sales increased 20.7%
• Domestic restaurant AUV increased to approximately $1.55 million, compared to $1.27 million in the prior fiscal first quarter
• Digital sales increased to 63.6% of sales, compared to 43.3% in the prior fiscal first quarter
• Total revenue increased 27.5% to $70.7 million
• Net income increased 62.5% to $13.2 million, or $0.44 per diluted share, compared to net income of $8.1 million, or $0.27 per diluted share, in the prior fiscal first quarter
• Adjusted EBITDA*, a non-GAAP measure, increased 46.2% to $23.9 million

"We are pleased with our performance as we start 2021 and continue delivering industry-leading results. Our system is stronger than ever, with restaurant AUVs exceeding $1.5 million, which translates into best in-class unit economics and our largest development pipeline to date. Our domestic development is poised to continue its momentum after a record quarter and we're excited to also accelerate growth in our international markets with our entry into Canada," commented Charlie Morrison, Chairman and Chief Executive Officer of Wingstop. "We are thrilled about where we stand as a brand and our ability to drive shareholder value as we execute our goal of becoming a top 10 global restaurant brand."

Consistent with our three- to five-year outlook, the Company reiterates mid-single digit domestic same store sales growth. The Company is providing unit growth guidance of 11%+ for fiscal year 2021.

Additionally, the Company updated its outlook for SG&A for the following reclassifications, which do not impact operating income:

• Reclassification of headcount related expenses for our national advertising fund to Advertising expense on the consolidated statement of operations totaling $9.2 to 9.7 million; and
• Reclassification of convention costs to offset convention contributions totaling $2.0 million.

As a result of these changes, the Company now anticipates fiscal year 2021 SG&A of $64.8 to $66.8 million, and Adjusted SG&A, a non-GAAP measure, of between $55.1 - $56.6 million, which is unchanged from prior outlook.

For earnings history and earnings-related data on Wingstop (WING) click here.