Delivers Unit Growth of 14.4% and Reiterates
Full Year Financial Outlook
DALLAS, July 28,
2022 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the
"Company") (NASDAQ: WING) today announced financial results for the
fiscal second quarter ended June 25, 2022.
Highlights for the fiscal second quarter 2022 compared to the
fiscal second quarter 2021:
- System-wide sales increased 7.5% to $633.6 million
- 67 net new openings in the fiscal second quarter 2022
- Domestic same-store sales decreased 3.3%
- Three-year domestic same-store sales increased 30.7%
- Domestic restaurant AUV of $1.6
million
- Digital sales of 60.5% of sales
- Total revenue increased 13.2% to $83.8
million
- Net income increased 17.6% to $13.3
million, or $0.44 per diluted
share, compared to net income of $11.3
million, or $0.38 per diluted
share in the prior fiscal second quarter. Adjusted net income and
adjusted earnings per diluted share, both non-GAAP measures,
increased 20.1% to $13.6 million, or
$0.45 per diluted share, compared to
$11.3 million, or $0.38 per diluted share in the prior fiscal
second quarter
- Adjusted EBITDA, a non-GAAP measure, increased 3.4% to
$23.7 million, compared to adjusted
EBITDA of $22.9 million in the prior
fiscal second quarter.
Adjusted EBITDA, adjusted net income, adjusted earnings per
diluted share, and cost of sales excluding pre-opening expenses are
non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net
income, adjusted earnings per diluted share, and cost of sales
excluding pre-opening expenses to the most directly comparable
financial measure presented in accordance with accounting
principles generally accepted in the
United States ("GAAP") are set forth in the schedule
accompanying this release. See "Non-GAAP Financial
Measures."
"Our second quarter results demonstrate the resiliency and
underlying strength of the Wingstop brand as the unit economics
have continued to strengthen throughout 2022, fueling another
record number of net new openings this quarter," commented
Michael Skipworth, President &
Chief Executive Officer. "We are in a unique position for the back
half of 2022 where we are benefiting from meaningful deflation in
bone-in wings, have a proven playbook, along with sales-driving
levers that give us confidence in our ability to deliver on our
outlook for 2022."
Key operating metrics for the fiscal second quarter 2022
compared to the fiscal second quarter 2021:
|
Thirteen Weeks
Ended
|
|
June 25,
2022
|
|
June 26,
2021
|
Number of system-wide
restaurants open at end of period
|
1,858
|
|
1,624
|
Number of domestic
franchise restaurants open at end of period
|
1,600
|
|
1,415
|
Number of international
franchise restaurants open at end of period
|
219
|
|
175
|
System-wide sales (in
thousands)
|
$
633,620
|
|
$
589,665
|
Domestic restaurant AUV
(in thousands)
|
$
1,581
|
|
$
1,556
|
Domestic same-store
sales growth
|
(3.3) %
|
|
2.1 %
|
Company-owned domestic
same store sales growth
|
(4.9) %
|
|
(3.1) %
|
Net income (in
thousands)
|
$
13,307
|
|
$
11,312
|
Adjusted net income (in
thousands)
|
$
13,590
|
|
$
11,312
|
Adjusted EBITDA (in
thousands)
|
$
23,667
|
|
$
22,882
|
Fiscal second quarter 2022 financial results
Total revenue for the fiscal second quarter 2022 increased to
$83.8 million from $74.0 million in the fiscal second quarter last
year. Royalty revenue, franchise fees and other increased
$2.9 million primarily due to 229 net
franchise restaurant openings since June 26, 2021, partially
offset by a domestic same-store sales decline of 3.3%. Advertising
fees increased $6.4 million due to an increase in the national
advertising fund contribution rate to 5% from 4% effective the
first day of the fiscal second quarter 2022, as well as a 7.5%
increase in system-wide sales in the fiscal quarter ended
June 25, 2022 compared to the fiscal quarter ended
June 26, 2021. Company-owned restaurant sales increased
$0.5 million related to the addition
of six net new company-owned restaurants compared to the prior year
comparable period, partially offset by a 4.9% decline in
company-owned same store sales, which was driven by a decline in
transactions.
Cost of sales increased to $14.9
million from $14.2 million in
the fiscal second quarter of the prior year, and included
$0.2 million in pre-opening expenses
in the fiscal quarter ended June 25, 2022. As a percentage of
company-owned restaurant sales, cost of sales (excluding
pre-opening expenses) increased to 78.5% from 77.6% in the prior
year comparable period. Since the prior year period, we have opened
six restaurants in the New York
City market, which have higher labor costs, rent and other
operating costs. Additionally, labor costs increased due to
increases in company-owned restaurant wages and hiring and training
costs as a result of the competitive labor market during the fiscal
quarter ended June 25, 2022. These increases were partially
offset by a decrease in food, beverage and packaging costs
primarily driven by an 18.8% decrease in the cost of bone-in
chicken wings as compared to the prior year period.
Selling, general & administrative expense ("SG&A")
decreased $2.1 million to
$13.9 million from $16.1 million in the fiscal second quarter of the
prior year. The decrease of SG&A expense was primarily due
to a decrease of $4.1 million in
stock based compensation expense related to stock awards forfeited
during the fiscal second quarter 2022. This was partially offset by
an increase of $0.9 million in
professional fees to support the Company's strategic initiatives
and an increase of $0.5 million in
travel expense as compared to the prior year period.
Interest expense, net was $6.0
million in the fiscal second quarter of 2022, an increase of
$2.3 million compared to $3.7 million in the prior fiscal period. The
increase was due to the securitized financing transaction completed
on March 9, 2022, which increased our
outstanding debt by $250 million.
Income tax expense was $3.1
million in the fiscal second quarter of 2022, yielding an
effective tax rate of 18.7%, compared to an effective tax rate of
25.5% in the prior year period. The decrease in the effective tax
rate was primarily due to the impact of stock awards forfeited
during the fiscal second quarter of 2022.
Financial Outlook
The Company is reiterating guidance for 2022, which is a 53-week
fiscal year:
- Low-single digit domestic same store sales growth;
- SG&A of between $70.0 -
$72.0 million;
- Stock-based compensation expense of between $7.5 - $8.5
million;
- Depreciation and amortization of between $10.5 - $11.5
million;
- Interest expense of approximately $23.5
million; and
- Diluted earnings per share of between $1.55 to $1.57.
Additionally, the Company is updating its guidance for net
system-wide restaurant openings from 220+ to between 220 and
235.
Restaurant Development
As of June 25, 2022, there were 1,858 Wingstop restaurants
system-wide. This included 1,639 restaurants in the United States, of which 1,600 were
franchised restaurants and 39 were company-owned, and 219
franchised restaurants in international markets. During the fiscal
second quarter 2022, there were 67 net system-wide Wingstop
restaurant openings.
Quarterly Dividend
In recognition of the Company's strong cash flow generation and
our commitment to returning value to stockholders, on July 27, 2022, our board of directors approved an
increase in the quarterly dividend payable to Wingstop stockholders
from $0.17 to $0.19 per share of common stock, resulting in a
total dividend of approximately $5.7
million. This dividend will be paid on September 2,
2022 to stockholders of record as of August 12, 2022.
The following definitions apply to these terms as used in
this release:
Domestic average unit volume ("AUV") consists of the
average annual sales of all restaurants that have been open for a
trailing 52-week period or longer. This measure is calculated by
dividing sales during the applicable period for all restaurants
being measured by the number of restaurants being measured.
Domestic AUV includes revenue from both company-owned and
franchised restaurants. Domestic AUV allows management to assess
our company-owned and franchised restaurant economics. Changes in
domestic AUV are primarily driven by increases in same-store sales
and are also influenced by opening new restaurants.
Domestic same-store sales reflect the change in
year-over-year sales for the comparable restaurant base. We define
the comparable restaurant base to include those restaurants open
for at least 52 full weeks. This measure highlights the performance
of existing restaurants, while excluding the impact of new
restaurant openings and permanent closures.
System-wide sales represents net sales for all of
our company-owned and franchised restaurants, as reported by
franchisees.
Adjusted EBITDA is defined as net income before
interest expense, net, income tax expense (benefit), and
depreciation and amortization (EBITDA) further adjusted for losses
on debt extinguishment and refinancing transactions, transaction
costs, costs and fees associated with investments in our strategic
initiatives, gains and losses on the disposal of assets, and
stock-based compensation expense.
Adjusted net income is defined as net income
adjusted for losses on debt extinguishment and refinancing
transactions, transaction costs, costs and fees associated with
investments in our strategic initiatives, gains and losses on the
disposal of assets, and related tax adjustments.
Adjusted net income per diluted share is defined as
adjusted net income divided by weighted average diluted share
count.
We caution investors that amounts presented in accordance with
our definitions above may not be comparable to similar measures
disclosed by our competitors because not all companies and analysts
calculate certain non-GAAP measurements in the same manner.
Conference Call and Webcast
The Company will host a conference call today to discuss the
fiscal second quarter 2022 financial results at 10:00 AM Eastern Time. The conference call can be
accessed live by dialing 1-877-259-5243 or 1-412-317-5176
(international). A replay will be available two hours after the
call and can be accessed by dialing 1-877-344-7529 or
1-412-317-0088 (international), then entering the replay code
5140987. The replay will be available through Thursday, August 4, 2022.
The conference call will also be webcast live and later archived
on the investor relations section of Wingstop's corporate website
at ir.wingstop.com under the 'News & Events' section.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING)
operates and franchises more than 1,850 locations worldwide. The
Wing Experts are dedicated to Serving the World Flavor through an
unparalleled guest experience and use of a best-in-class technology
platform, all while offering classic and 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 2021, Wingstop's system-wide sales increased
20.2% year-over-year to approximately $2.3
billion, marking the 18th consecutive year of same store
sales growth. With a vision of becoming a Top 10 Global Restaurant
Brand, our system is comprised of independent franchisees, or brand
partners, who account for approximately 98% of Wingstop's total
restaurant count of 1,858 as of June 25, 2022.
A key to this business success and consumer fandom stems from
The Wingstop Way, which includes a core value system of being
Authentic, Entrepreneurial, Service-minded, and Fun. The Wingstop
Way extends to the brand's environmental, social and governance
platform as Wingstop seeks to provide value to all
stakeholders.
Rounding out a strong year in 2021, the Company was ranked #1 on
Technomic 500's "Fastest Growing Franchise" and #22 on Entrepreneur
Magazine's "Franchise 500," maintained its certification as a Great
Place to Work, was named as a finalist for The Innovation SABRE
Award's Best New Product/Brand Launch category for its Thighstop
campaign, and named to Fast Company's "The World's Most Innovative
Companies" list ranking #4 in the dining category.
For more information visit www.wingstop.com or
www.wingstop.com/own-a-wingstop and follow @Wingstop on Twitter,
Instagram, Facebook, and TikTok. Learn more about Wingstop's
involvement in its local communities at
www.wingstopcharities.org.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use non-GAAP
financial measures, including those indicated above. By providing
non-GAAP financial measures, together with a reconciliation to the
most comparable GAAP measure, we believe we are enhancing
investors' understanding of our business and our results of
operations, as well as assisting investors in evaluating how well
we are executing our strategic initiatives. These measures are not
intended to be considered in isolation or as substitutes for, or
superior to, financial measures prepared and presented in
accordance with GAAP. The non-GAAP measures used in this press
release may be different from the measures used by other companies.
A reconciliation of each measure to the most directly comparable
GAAP measure is available in this news release. In addition, the
Current Report on Form 8-K furnished to the SEC concurrent with the
issuance of this press release includes a more detailed description
of each of these non-GAAP financial measures, together with a
discussion of the usefulness and purpose of such measures.
Forward-looking Statements
This news release includes statements of our expectations,
intentions, plans and beliefs that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and are intended to come within the safe
harbor protection provided by those sections. These statements,
which involve risks and uncertainties, relate to the discussion of
our business strategies and our expectations concerning future
operations, margins, profitability, trends, liquidity and capital
resources and to analyses and other information that are based on
forecasts of future results and estimates of amounts not yet
determinable. These forward-looking statements can generally be
identified by the use of forward-looking terminology, including the
terms "may," "will," "should," "expect," "intend," "plan,"
"outlook," "anticipate," "believe," "think," "estimate," "seek,"
"predict," "could," "project," "potential" or, in each case, their
negative or other variations or comparable terminology, although
not all forward-looking statements are accompanied by such terms.
Examples of forward-looking statements in this news release
include, but are not limited to, our 2022 fiscal year outlook for
domestic same store sales growth, the cost of chicken, SG&A
expenses, stock-based compensation expense, depreciation and
amortization, interest expense, diluted earnings per share, and
unit growth, as well as statements regarding growth levers we are
expecting to drive top-line growth. These forward-looking
statements are made based on expectations and beliefs concerning
future events affecting us and are subject to uncertainties, risks,
and factors relating to our operations and business environments,
all of which are difficult to predict and many of which are beyond
our control, that could cause our actual results to differ
materially from those matters expressed or implied by these
forward-looking statements.
Our ability to achieve or maintain sales and earnings may be
affected by COVID-19 and inflationary pressures, including, among
others: competitive labor market, supply chain challenges, and
inflationary pressures on the consumer. Please refer to the risk
factors discussed in our Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, which can be found at the SEC's website
www.sec.gov. The discussion of these risks is specifically
incorporated by reference into this news release.
When considering forward-looking statements in this news release
or that we make in other reports or statements, you should keep in
mind the cautionary statements in this news release and future
reports we file with the SEC. New risks and uncertainties arise
from time to time, and we cannot predict when they may arise or how
they may affect us. Any forward-looking statement in this news
release speaks only as of the date on which it was made. Except as
required by law, we assume no obligation to update or revise any
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
any forward-looking statements, even if new information becomes
available in the future.
Media Contact
Megan
Sprague
972-331-9155
Media@wingstop.com
Investor Contact
Susana
Arevalo and Skyler Ray
972-331-8484
IR@wingstop.com
WINGSTOP INC. AND
SUBSIDIARIES
|
Consolidated
Balance Sheets
|
(amounts in
thousands, except share and per share data)
|
|
|
June 25,
2022
|
|
December 25,
2021
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
165,824
|
|
$
48,583
|
Restricted
cash
|
17,112
|
|
3,448
|
Accounts receivable,
net
|
7,234
|
|
6,993
|
Prepaid expenses and
other current assets
|
5,628
|
|
4,928
|
Advertising fund
assets, restricted
|
13,681
|
|
6,197
|
Total current
assets
|
209,479
|
|
70,149
|
Property and equipment,
net
|
60,854
|
|
54,503
|
Goodwill
|
56,877
|
|
56,877
|
Trademarks
|
32,700
|
|
32,700
|
Customer relationships,
net
|
9,660
|
|
10,302
|
Other non-current
assets
|
25,791
|
|
24,672
|
Total
assets
|
$
395,361
|
|
$
249,203
|
Liabilities and
stockholders' deficit
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
3,121
|
|
$
5,414
|
Other current
liabilities
|
29,188
|
|
28,070
|
Current portion of
debt
|
6,675
|
|
—
|
Advertising fund
liabilities
|
13,681
|
|
6,197
|
Total current
liabilities
|
52,665
|
|
39,681
|
Long-term debt,
net
|
709,546
|
|
469,394
|
Deferred revenues, net
of current
|
27,056
|
|
28,024
|
Deferred income tax
liabilities, net
|
5,898
|
|
7,432
|
Other non-current
liabilities
|
15,666
|
|
14,197
|
Total
liabilities
|
810,831
|
|
558,728
|
Commitments and
contingencies
|
|
|
|
Stockholders'
deficit
|
|
|
|
Common stock, $0.01
par value; 100,000,000 shares authorized;
29,914,368 and 29,837,454 shares issued and outstanding as of
June 25,
2022 and December 25, 2021, respectively
|
299
|
|
299
|
Additional
paid-in-capital
|
646
|
|
463
|
Retained
deficit
|
(415,822)
|
|
(310,031)
|
Accumulated other
comprehensive loss
|
(593)
|
|
(256)
|
Total stockholders'
deficit
|
(415,470)
|
|
(309,525)
|
Total liabilities
and stockholders' deficit
|
$
395,361
|
|
$
249,203
|
WINGSTOP INC. AND
SUBSIDIARIES
|
Consolidated
Statements of Operations
|
(amounts in
thousands, except per share data)
|
|
|
Thirteen Weeks
Ended
|
|
June 25,
2022
|
|
June 26,
2021
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue:
|
|
|
|
Royalty revenue,
franchise fees and other
|
$
36,044
|
|
$
33,135
|
Advertising
fees
|
28,987
|
|
22,577
|
Company-owned
restaurant sales
|
18,746
|
|
18,288
|
Total
revenue
|
83,777
|
|
74,000
|
Costs and
expenses:
|
|
|
|
Cost of sales
(1)
|
14,899
|
|
14,207
|
Advertising
expenses
|
29,685
|
|
23,301
|
Selling, general and
administrative
|
13,949
|
|
16,066
|
Depreciation and
amortization
|
2,547
|
|
1,523
|
Loss on disposal of
assets
|
323
|
|
—
|
Total costs and
expenses
|
61,403
|
|
55,097
|
Operating
income
|
22,374
|
|
18,903
|
Interest expense,
net
|
5,986
|
|
3,724
|
Other
expense
|
26
|
|
—
|
Income before income
tax expense
|
16,362
|
|
15,179
|
Income tax
expense
|
3,055
|
|
3,867
|
Net income
|
$
13,307
|
|
$
11,312
|
|
|
|
|
Earnings per
share
|
|
|
|
Basic
|
$
0.45
|
|
$
0.38
|
Diluted
|
$
0.44
|
|
$
0.38
|
|
|
|
|
Weighted average shares
outstanding
|
|
|
|
Basic
|
29,882
|
|
29,739
|
Diluted
|
29,914
|
|
29,873
|
|
|
|
|
Dividends per
share
|
$
0.17
|
|
$
0.14
|
(1) Cost of sales includes all
operating expenses of company-owned restaurants, including
advertising expenses,
and excludes depreciation and amortization, which are presented
separately.
|
WINGSTOP INC. AND
SUBSIDIARIES
|
Unaudited
Supplemental Information
|
Cost of Sales Margin
Analysis
|
(amounts in
thousands)
|
|
|
Thirteen Weeks
Ended
|
|
June 25,
2022
|
|
June 26,
2021
|
|
In
dollars
|
|
As a % of
company-
owned
restaurant
sales
|
|
In
dollars
|
|
As a % of
company-
owned
restaurant
sales
|
Cost of
sales:
|
|
|
|
|
|
|
|
Food, beverage and
packaging costs
|
7,376
|
|
39.3 %
|
|
8,023
|
|
43.9 %
|
Labor costs
|
4,328
|
|
23.1 %
|
|
3,774
|
|
20.6 %
|
Other restaurant
operating expenses
|
3,419
|
|
18.2 %
|
|
2,809
|
|
15.4 %
|
Vendor
rebates
|
(412)
|
|
(2.2) %
|
|
(410)
|
|
(2.2) %
|
Cost of sales
(excluding pre-opening expenses)
|
14,711
|
|
78.5 %
|
|
14,196
|
|
77.6 %
|
Pre-opening
expenses
|
188
|
|
1.0 %
|
|
11
|
|
0.1 %
|
Total cost of
sales
|
14,899
|
|
79.5 %
|
|
14,207
|
|
77.7 %
|
WINGSTOP INC. AND
SUBSIDIARIES
|
Unaudited
Supplemental Information
|
Restaurant
Count
|
|
|
Thirteen Weeks
Ended
|
|
June 25,
2022
|
|
June 26,
2021
|
Domestic Franchised
Activity:
|
|
|
|
Beginning of
period
|
1,551
|
|
1,371
|
Openings
|
49
|
|
44
|
Closures
|
—
|
|
—
|
Restaurants end of
period
|
1,600
|
|
1,415
|
|
|
|
|
Domestic
Company-Owned Activity:
|
|
|
|
Beginning of
period
|
37
|
|
33
|
Openings
|
2
|
|
1
|
Closures
|
—
|
|
—
|
Restaurants end of
period
|
39
|
|
34
|
|
|
|
|
Total Domestic
Restaurants
|
1,639
|
|
1,449
|
|
|
|
|
International
Franchised Activity:
|
|
|
|
Beginning of
period
|
203
|
|
175
|
Openings
|
16
|
|
4
|
Closures
|
—
|
|
(4)
|
Restaurants end of
period
|
219
|
|
175
|
|
|
|
|
Total System-wide
Restaurants
|
1,858
|
|
1,624
|
WINGSTOP INC. AND
SUBSIDIARIES
|
Non-GAAP Financial
Measures - EBITDA and Adjusted EBITDA
|
(Unaudited)
|
(amounts in
thousands)
|
|
|
Thirteen Weeks
Ended
|
|
June 25,
2022
|
|
June 26,
2021
|
Net income
|
$
13,307
|
|
$
11,312
|
Interest expense,
net
|
5,986
|
|
3,724
|
Income tax expense
(benefit)
|
3,055
|
|
3,867
|
Depreciation and
amortization
|
2,547
|
|
1,523
|
EBITDA
|
$
24,895
|
|
$
20,426
|
Additional
adjustments:
|
|
|
|
Loss on disposal of
assets (a)
|
323
|
|
—
|
Consulting fees
(b)
|
50
|
|
—
|
Stock-based
compensation expense, net of forfeitures (c)
|
(1,601)
|
|
2,456
|
Adjusted
EBITDA
|
$
23,667
|
|
$
22,882
|
|
|
(a)
|
Represents a loss
resulting from the sale of assets to a franchisee pursuant to a
multi-unit development agreement executed
in the prior fiscal year. This loss is included in Loss on disposal
of assets in the Consolidated Statements of Operations.
|
(b)
|
Represents costs and
expenses related to a consulting project to support the Company's
strategic initiatives, which are
included in Selling, general and administrative on the Consolidated
Statements of Operations.
|
(c)
|
Includes non-cash,
stock-based compensation, net of forfeitures.
|
WINGSTOP INC. AND
SUBSIDIARIES
|
Non-GAAP Financial
Measures - Adjusted Net Income and Adjusted EPS
|
(Unaudited)
|
(amounts in
thousands, except per share data)
|
|
|
Thirteen Weeks
Ended
|
|
June 25,
2022
|
|
June 26,
2021
|
Numerator:
|
|
|
|
Net income
|
$
13,307
|
|
$
11,312
|
Adjustments:
|
|
|
|
Loss on disposal of
assets (a)
|
323
|
|
—
|
Consulting fees
(b)
|
50
|
|
—
|
Tax effect of
adjustments (c)
|
(90)
|
|
—
|
Adjusted net
income
|
$
13,590
|
|
$
11,312
|
|
|
|
|
Denominator:
|
|
|
|
Weighted-average
shares outstanding - diluted
|
29,914
|
|
29,873
|
|
|
|
|
Adjusted earnings per
diluted share
|
$
0.45
|
|
$
0.38
|
|
|
(a)
|
Represents a loss
resulting from the sale of assets to a franchisee pursuant to a
multi-unit development agreement executed
in the prior fiscal year. This loss is included in Loss on disposal
of assets in the Consolidated Statements of Operations.
|
(b)
|
Represents costs and
expenses related to a consulting project to support the Company's
strategic initiatives, which are
included in Selling, general and administrative on the Consolidated
Statements of Operations.
|
(c)
|
Represents the tax
effect of the aforementioned adjustments to reflect corporate
income taxes at an assumed effective tax
rate of 24% for the thirteen and twenty-six weeks ended
June 25, 2022, which includes provisions for U.S. federal
income
taxes, and assumes the respective statutory rates for applicable
state and local jurisdictions.
|
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SOURCE Wingstop Restaurants Inc.