DALLAS, Nov. 23, 2021 /PRNewswire/ -- Wingstop (NASDAQ:
WING) announced plans in July to develop the Manhattan, NY area in a company-owned strategy
that includes an asset mix of traditional locations and ghost
kitchens, with more than 20 upcoming openings over the course of
three years. The brand believes its entrance into Manhattan presents an opportunity to invest
capital and deliver great returns for shareholders by participating
in Wingstop's best-in-class unit economics.
"The opening of Manhattan
builds upon our strong development pipeline that has delivered
record setting development each quarter in 2021," said Wingstop CEO
and chairman Charlie Morrison. "With
the combination of ghost kitchens and traditional locations in
Manhattan, we're following a
proven playbook similar to our UK market, which now has AUVs at
more than two million dollars,
surpassing our domestic average."
With the launch of Wingstop's first ghost kitchen in the UK in
June 2020, the brand has seen
promising results throughout its ghost kitchen portfolio. Ghost
kitchens create an opportunity to penetrate areas with high real
estate costs or lower inventory of retail space.
The success experienced in the UK serves as fuel as the brand
looks to replicate the archetype strategy in markets outside of
Manhattan, including San Francisco, where Wingstop has an existing,
small high street presence and one ghost kitchen.
Wingstop's entry into Manhattan
follows four record quarters for development –with 49 net new
restaurants in Q3 2021 – as well as an all-time high development
year in 2020 with 153 net new restaurants and more than 700
restaurants commitments from brand partners.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING)
operates and franchises over 1,500 locations worldwide. The Wing
Experts are dedicated to Serving the World Flavor through an
unparalleled guest experience and offering of classic wings,
boneless wings and tenders, always cooked to order and
hand-sauced-and-tossed in fans' choice of 11 bold, distinctive
flavors. Wingstop's menu also features signature sides including
fresh-cut, seasoned fries and freshly-made ranch and bleu cheese
dips.
In fiscal year 2020, Wingstop's system-wide sales increased
28.8% year-over-year to approximately $2.0 billion, marking
the 17th consecutive year of same store sales growth, and Wingstop
achieved over 700% stockholder return since its 2015 initial public
offering. With a vision of becoming a Top 10 Global Restaurant
Brand, its system is comprised of independent franchisees, or brand
partners, who account for approximately 98% of Wingstop's total
restaurant count of 1,673 as of September 25, 2021. During the
fiscal quarter ended September 25, 2021, Wingstop opened 49
net new restaurants, an increase of 13.1%, and announced domestic
same-store sales increased 3.9%. During the fiscal quarter ended
September 25, 2021, Wingstop generated 61.6% of sales via
digital channels including Wingstop.com and the Wingstop
app.
A key to Wingstop's success is The Wingstop Way, which includes
a core value system of being Authentic, Entrepreneurial,
Service-minded, and Fun. This value system extends to its
environmental, social, governance platform as Wingstop seeks to
provide value to all stakeholders.
The Company has been ranked on Entrepreneur
Magazine's "150 Strongest-Growing Franchises" and "The
World's Best Franchises" (2020), Franchise Business
Review's "Top Food Franchises" (2020), Nation's
Restaurant News' "Top 200 Restaurant Chains"
(2020), Fast Casual's "Top 100 Movers &
Shakers" (2020), and named to The Stevie Awards for Great Employers
(2020).
For more information visit www.wingstop.com or
www.wingstop.com/own-a-wingstop and follow @Wingstop on Twitter and
Instagram and at Facebook.com/Wingstop. Learn more about Wingstop's
involvement in its local communities at www.wingstopcharities.org.
Media Contact
Megan
Sprague
Media@wingstop.com
Click here for media assets
Investor Contact
Susana
Arevalo
972-331-8484
IR@wingstop.com
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SOURCE Wingstop Restaurants Inc.