Restaurant News Hubb
Advertisement
  • Home
  • News
  • Restaurants & Services
  • Contact us
No Result
View All Result
  • Home
  • News
  • Restaurants & Services
  • Contact us
No Result
View All Result
Restaurant News Hubb
No Result
View All Result
Home News

Digital sales soaring at Wingstop

admin by admin
July 28, 2022
in News


Texas-based Wingstop, which has nearly 2,000 locations, said digital sales were up 60% in Q2, which also revealed a net income increase of 17.6% to $13.3 million, or 44 cents per diluted share, missing the analyst consensus estimate of $86.15 million.

“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,” Michael Skipworth, president and CEO, said in a company press release. “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.”

Wingstop, which opened 67 units during Q2 —including its first Canadian location — will add about 150 by year’s end and signed a development agreement for the rights to South Korea with the first restaurant coming in 2023.

What’s next?

Skipworth, who took the CEO title in March 2022, said the chain was executing growth levers in the second half of 2022 as it continues its path to $2 million average unit volume, including:

  • Added a delivery service provider with the launch of Uber Eats across the domestic system.
  • Will increase advertising spend by over 35% during the second half of the year.
  • Leaned in on value launching the Boneless Meal Deal bundle, consisting of 20 boneless wings, four flavors, two dips and a large fry for only $15.99. This is the highest mixing
    bundle the brand has launched with approximately 7% sales mix.
  • Will enhance media spend enabled by a 1% shift from local to national advertising.
  • Was investing in proprietary technology to protect its digital business, now at $1.5 billion.
  • Will expand first-party database.
  • Was taking greater control of the poultry supply chain in an effort to minimize the volatility in food costs.



Source link

Tags: Operations
Previous Post

200th Starbucks unit votes to unionize

Next Post

White Castle sells 3B Chicken Rings

Next Post

White Castle sells 3B Chicken Rings

Recommended

Chad Gretzema named Del Taco brand president

August 5, 2022

Salad and Go adding 3 Arizona locations

July 30, 2022

Wicked Lick has cheeky concept, begins franchising

July 28, 2022

Angry Crab Shack Set to Open First Franchise Location in Atlanta

August 4, 2022

Don't miss it

Restaurants & Services

California-based Epic Wings to open first Florida location

August 12, 2022
News

Fast Casual Hall of Fame inductees include Fazoli’s, Panera Bread, Native Brand leaders| Fast Casual Executive Summit

August 11, 2022
Restaurants & Services

Fat Brands will pay $2.5M to settle shareholder lawsuit

August 11, 2022
News

Krystal Excites the Night With Ray J

August 11, 2022
News

NYC Hotels Roll Out Great New Breakfasts

August 11, 2022

restaurant-20

© 2022 Restaurant News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy.

Navigate Site

  • Home
  • News
  • Restaurants & Services
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Restaurants & Services
  • Contact us

© 2022 Restaurent News Hubb All rights reserved.