16.8% Domestic Same Store Sales
Growth
Increases Outlook for Fiscal Year 2023
DALLAS, Aug. 2, 2023
/PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced
financial results for the fiscal second quarter ended July 1, 2023.
Highlights for the fiscal second quarter 2023 compared to the
fiscal second quarter 2022:
- System-wide sales increased 27.8% to $809.8 million
- 50 net new openings in the fiscal second quarter 2023
- Domestic same store sales increased 16.8%
- Domestic restaurant AUVs exceeded $1.7
million
- Digital sales increased to 65.2%
- Total revenue increased 27.9% to $107.2
million
- Net income increased 21.6% to $16.2
million, or $0.54 per diluted
share, compared to net income of $13.3
million, or $0.44 per diluted
share in the prior fiscal second quarter
- Adjusted net income and adjusted earnings per diluted share,
both non-GAAP measures, increased 27.4% to $17.0 million, or $0.57 per diluted share, compared to $13.3 million, or $0.45 per diluted share in the prior fiscal
second quarter
- Adjusted EBITDA, a non-GAAP measure, increased 47.1% to
$34.4 million, compared to adjusted
EBITDA of $23.3 million in the prior
fiscal second quarter
Adjusted EBITDA, adjusted net income, and adjusted earnings
per diluted share are non-GAAP measures. Reconciliations of
adjusted EBITDA, adjusted net income, and adjusted earnings per
diluted share 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 demonstrated the continued strength and
staying power of our strategies. We exceeded $1.7 million AUVs fueled by 16.8% growth in
domestic same store sales, which was primarily due to transaction
growth," said Michael Skipworth,
President and Chief Executive Officer. "We opened 50 net new
restaurants for the quarter and surpassed 2,000 restaurants
globally. And yet, we're just getting started as we work toward our
20th consecutive year of same store sales growth and our vision of
becoming a Top 10 Global Restaurant Brand."
Key operating metrics for the fiscal second quarter 2023
compared to the fiscal second quarter 2022:
|
Thirteen Weeks
Ended
|
|
July 1,
2023
|
|
June 25,
2022
|
Number of system-wide
restaurants open at end of period
|
2,046
|
|
1,858
|
Number of domestic
franchise restaurants open at end of period
|
1,749
|
|
1,600
|
Number of international
franchise restaurants open at end of period
|
252
|
|
219
|
System-wide sales (in
millions)
|
$
810
|
|
$
634
|
Domestic AUV (in
thousands)
|
$
1,704
|
|
$
1,581
|
Domestic same store
sales growth
|
16.8 %
|
|
(3.3) %
|
Company-owned domestic
same store sales growth
|
5.7 %
|
|
(4.9) %
|
Net income (in
thousands)
|
$
16,181
|
|
$
13,307
|
Adjusted net income (in
thousands)
|
$
17,005
|
|
$
13,345
|
Adjusted EBITDA (in
thousands)
|
$
34,350
|
|
$
23,344
|
Fiscal second quarter 2023 financial results
Total revenue for the fiscal second quarter 2023 increased to
$107.2 million from $83.8 million in the fiscal second quarter last
year. Royalty revenue, franchise fees and other increased
$11.9 million primarily due to
domestic same store sales growth of 16.8% and 182 net new franchise
restaurants since June 25, 2022. Advertising fees increased
$7.6 million due to a 27.8% increase
in system-wide sales in the fiscal second quarter 2023.
Company-owned restaurant sales increased $3.8 million due to an increase of $2.9 million related to the addition of six net
new company-owned restaurants since the prior fiscal second
quarter, as well as a 5.7% increase in company-owned same store
sales driven by an increase in transactions.
Cost of sales increased to $16.6
million from $14.9 million in
the fiscal second quarter of the prior year. As a percentage of
company-owned restaurant sales, cost of sales decreased to 73.7%
from 79.5% in the prior year comparable period. The decrease was
primarily driven by food, beverage and packaging costs benefiting
from a 39.6% decrease in the cost of bone-in chicken wings as
compared to the prior fiscal second quarter.
Selling, general & administrative ("SG&A") increased
$8.2 million to $22.1 million from $13.9
million in the fiscal second quarter of the prior year. The
prior fiscal second quarter was impacted by the benefit of
$4.1 million of stock awards
forfeited during the quarter. In addition, incentive compensation
and performance-based stock compensation expense increased
$2.2 million related to the Company's
current fiscal year performance, headcount related expenses
increased $1.2 million to support the
growth in our business, and consulting fees increased $1.1 million associated with the Company's
strategic initiatives.
Interest expense, net was $4.2
million, a decrease of $1.7
million compared to $6.0
million of interest expense, net in the comparable period in
2022. The decrease was driven by $1.6
million in interest income earned on our cash balances
during the thirteen weeks ended July 1, 2023.
Financial Outlook
Based on year-to-date results, the Company is providing updated
guidance for 2023, which is a 52-week fiscal year:
- 10% to 12% domestic same store sales growth, previously
high-single digits;
- 240 to 250 global net new units, previously 240 global
net new units;
- SG&A of between $91.0 -
$93.0 million, which includes
$3.9 million in consulting projects
to support the Company's strategic initiatives, previously
$85.5 - $87.5
million; and
- Stock-based compensation expense of approximately $14.0 - $15.0
million, reflecting an increase in incentive based
compensation based on company performance, previously $12.0 - $13.0
million.
Additionally, the Company is reiterating guidance for
depreciation and amortization of between $14.0 - $15.0
million for 2023.
Restaurant Development
As of July 1, 2023, there were 2,046 Wingstop restaurants
system-wide. This included 1,794 restaurants in the United States, of which 1,749 were
franchised restaurants and 45 were company-owned, and 252
franchised restaurants were in international markets. During the
fiscal second quarter 2023, there were 50 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 August 1, 2023, our board of directors approved an
increase in the quarterly dividend payable to Wingstop stockholders
from $0.19 to $0.22 per share of common stock, resulting in a
total dividend of approximately $6.6
million. This dividend will be paid on September 8, 2023 to stockholders of record as of
August 18, 2023.
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 domestic 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 reflects the change in
year-over-year sales for the same store restaurant base. We define
the same store 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. We review same store
sales for domestic company-owned restaurants as well as system-wide
domestic restaurants. Domestic same store sales growth is driven by
increases in transactions and average transaction size. Transaction
size increases are driven by price increases or favorable mix shift
from either an increase in items purchased or shifts into higher
priced items.
System-wide sales represents net sales for all of our
company-owned and franchised restaurants, as reported by
franchisees. This measure allows management to better assess
changes in our royalty revenue, our overall store performance, the
health of our brand and the strength of our market position
relative to competitors. Our system-wide sales growth is driven by
new restaurant openings as well as increases in same store
sales.
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 financing transactions, transaction costs, costs
and fees associated with investments in our strategic initiatives,
and stock-based compensation expense. Beginning in the first
quarter of 2023, gains and losses on disposal of assets are no
longer presented as an adjustment to EBITDA, in our calculation of
Adjusted EBITDA. Prior period amounts have been excluded from
EBITDA adjustments to conform to the current presentation.
Adjusted net income is defined as net income adjusted for
losses on debt extinguishment and financing transactions,
transaction costs, costs and fees associated with investments in
our strategic initiatives, and related tax adjustments that
management believes are not indicative of the Company's core
operating results or business outlook over the long-term.
Adjusted earnings 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 2023 financial results at 10:00 AM Eastern Time. The conference call can be
joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176
(international) and asking for the Wingstop conference call. 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 4190850. The replay
will be available through Wednesday, August
9, 2023.
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 2,000 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, tenders,
and chicken sandwiches, 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 2022, Wingstop's system-wide sales increased
16.8% to approximately $2.7 billion,
marking the 19th consecutive year of same store sales
growth. With a vision of becoming a Top 10 Global Restaurant
Brand, Wingstop's system is comprised of independent franchisees,
or brand partners, who account for approximately 98% of Wingstop's
total restaurant count of 2,046 as of July
1, 2023.
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 guests.
Rounding out a strong year in 2022, the Company made
Technomic 500's "Fastest Growing Franchise" list, was ranked
#16 on Entrepreneur Magazine's "Franchise 500," won Fast
Casual's Excellence in Food Safety award, and was 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 Securities and Exchange
Commission (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," "guidance," "anticipate," "believe," "think,"
"estimate," "seek," "predict," "can," "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 2023 fiscal year outlook for domestic same store sales growth,
SG&A expense, stock-based compensation expense, depreciation
and amortization, and unit 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.
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
Maddie
Lupori
Media@wingstop.com
Investor Contact
Kristen
Thomas
IR@wingstop.com
WINGSTOP INC. AND
SUBSIDIARIES Consolidated Balance
Sheets (amounts in thousands, except share and per share
data)
|
|
|
July 1,
2023
|
|
December 31,
2022
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
188,500
|
|
$
184,496
|
Restricted
cash
|
11,444
|
|
13,296
|
Accounts receivable,
net
|
10,747
|
|
9,461
|
Prepaid expenses and
other current assets
|
5,548
|
|
4,252
|
Advertising fund
assets, restricted
|
21,944
|
|
15,167
|
Total current
assets
|
238,183
|
|
226,672
|
Property and equipment,
net
|
78,570
|
|
66,851
|
Goodwill
|
65,175
|
|
62,514
|
Trademarks
|
32,700
|
|
32,700
|
Customer relationships,
net
|
8,378
|
|
9,015
|
Other non-current
assets
|
28,211
|
|
26,438
|
Total
assets
|
$
451,217
|
|
$
424,190
|
Liabilities and
stockholders' deficit
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
6,112
|
|
$
5,219
|
Other current
liabilities
|
30,732
|
|
34,726
|
Current portion of
debt
|
—
|
|
7,300
|
Advertising fund
liabilities
|
21,944
|
|
15,167
|
Total current
liabilities
|
58,788
|
|
62,412
|
Long-term debt,
net
|
711,411
|
|
706,846
|
Deferred revenues, net
of current
|
28,296
|
|
27,052
|
Deferred income tax
liabilities, net
|
3,150
|
|
4,180
|
Other non-current
liabilities
|
14,923
|
|
14,561
|
Total
liabilities
|
816,568
|
|
815,051
|
Commitments and
contingencies
|
|
|
|
Stockholders'
deficit
|
|
|
|
Common stock, $0.01
par value; 100,000,000 shares authorized;
29,977,614 and 29,932,668 shares issued and outstanding as of
July 1,
2023 and December 31, 2022, respectively
|
300
|
|
300
|
Additional
paid-in-capital
|
2,038
|
|
2,797
|
Retained
deficit
|
(367,327)
|
|
(393,321)
|
Accumulated other
comprehensive loss
|
(362)
|
|
(637)
|
Total stockholders'
deficit
|
(365,351)
|
|
(390,861)
|
Total liabilities
and stockholders' deficit
|
$
451,217
|
|
$
424,190
|
WINGSTOP INC. AND
SUBSIDIARIES Consolidated Statements of
Operations (amounts in thousands, except per share
data)
|
|
|
Thirteen Weeks
Ended
|
|
July 1,
2023
|
|
June 25,
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue:
|
|
|
|
Royalty revenue,
franchise fees and other
|
$
47,984
|
|
$
36,044
|
Advertising
fees
|
36,596
|
|
28,987
|
Company-owned
restaurant sales
|
22,593
|
|
18,746
|
Total
revenue
|
107,173
|
|
83,777
|
Costs and
expenses:
|
|
|
|
Cost of sales
(1)
|
16,642
|
|
14,899
|
Advertising
expenses
|
38,729
|
|
29,685
|
Selling, general and
administrative
|
22,128
|
|
13,949
|
Depreciation and
amortization
|
3,218
|
|
2,547
|
Loss on disposal of
assets
|
—
|
|
323
|
Total costs and
expenses
|
80,717
|
|
61,403
|
Operating
income
|
26,456
|
|
22,374
|
Interest expense,
net
|
4,244
|
|
5,986
|
Other (income)
expense
|
(46)
|
|
26
|
Income before income
tax expense
|
22,258
|
|
16,362
|
Income tax
expense
|
6,077
|
|
3,055
|
Net income
|
$
16,181
|
|
$
13,307
|
|
|
|
|
Earnings per
share
|
|
|
|
Basic
|
$
0.54
|
|
$
0.45
|
Diluted
|
$
0.54
|
|
$
0.44
|
|
|
|
|
Weighted average shares
outstanding
|
|
|
|
Basic
|
29,972
|
|
29,882
|
Diluted
|
30,049
|
|
29,914
|
|
|
|
|
Dividends per
share
|
$
0.19
|
|
$
0.17
|
|
(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
|
|
July 1,
2023
|
|
June 25,
2022
|
|
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
|
$
7,264
|
|
32.2 %
|
|
$
7,376
|
|
39.3 %
|
Labor costs
|
5,520
|
|
24.4 %
|
|
4,328
|
|
23.1 %
|
Other restaurant
operating expenses
|
4,408
|
|
19.5 %
|
|
3,607
|
|
19.2 %
|
Vendor
rebates
|
(550)
|
|
(2.4) %
|
|
(412)
|
|
(2.2) %
|
Total cost of
sales
|
$
16,642
|
|
73.7 %
|
|
$
14,899
|
|
79.5 %
|
WINGSTOP INC. AND
SUBSIDIARIES Unaudited Supplemental
Information Restaurant Count
|
|
|
Thirteen Weeks
Ended
|
|
July 1,
2023
|
|
June 25,
2022
|
Domestic Franchised
Activity:
|
|
|
|
Beginning of
period
|
1,710
|
|
1,551
|
Openings
|
42
|
|
49
|
Closures
|
(1)
|
|
—
|
Acquired by
Company
|
(2)
|
|
—
|
Restaurants end of
period
|
1,749
|
|
1,600
|
|
|
|
|
Domestic
Company-Owned Activity:
|
|
|
|
Beginning of
period
|
43
|
|
37
|
Openings
|
—
|
|
2
|
Closures
|
—
|
|
—
|
Acquired by
Company
|
2
|
|
—
|
Restaurants end of
period
|
45
|
|
39
|
|
|
|
|
Total Domestic
Restaurants
|
1,794
|
|
1,639
|
|
|
|
|
International
Franchised Activity:
|
|
|
|
Beginning of
period
|
243
|
|
203
|
Openings
|
9
|
|
16
|
Closures
|
—
|
|
—
|
Restaurants end of
period
|
252
|
|
219
|
|
|
|
|
Total System-wide
Restaurants
|
2,046
|
|
1,858
|
WINGSTOP INC. AND
SUBSIDIARIES Non-GAAP Financial Measures - EBITDA and
Adjusted EBITDA (Unaudited) (amounts in
thousands)
|
|
|
Thirteen Weeks
Ended
|
|
July 1,
2023
|
|
June 25,
2022
|
Net income
|
$
16,181
|
|
$
13,307
|
Interest expense,
net
|
4,244
|
|
5,986
|
Income tax
expense
|
6,077
|
|
3,055
|
Depreciation and
amortization
|
3,218
|
|
2,547
|
EBITDA
|
$
29,720
|
|
$
24,895
|
Additional
adjustments:
|
|
|
|
Consulting fees
(a)
|
1,084
|
|
50
|
Stock-based
compensation expense (b)
|
3,546
|
|
(1,601)
|
Adjusted
EBITDA
|
$
34,350
|
|
$
23,344
|
|
|
(a)
|
Represents
non-recurring consulting fees that are not part of our ongoing
operations and are incurred to execute discrete, project-based
strategic initiatives, which are included in Selling, general and
administrative on the Consolidated Statements of Operations. The
costs incurred in the thirteen weeks ended June 25, 2022
include third-party consulting fees incurred relating to a
strategic initiative to consider the development of a business plan
and financial model for potential vertical integration of a poultry
complex, which review was completed in fiscal year 2022. The costs
incurred in the thirteen weeks ended July 1, 2023 include
consulting fees relating to a comprehensive review of our long-term
growth strategy for our domestic business to explore potential
future initiatives, and which review is expected to be completed in
fiscal year 2023. Given the magnitude and scope of these two
strategic review initiatives that are not expected to recur in the
foreseeable future, the Company considers the incremental
consulting fees incurred with respect to the initiatives not
reflective of the ongoing costs to operate its business.
|
|
|
(b)
|
Includes non-cash,
stock-based compensation.
|
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
|
|
July 1,
2023
|
|
June 25,
2022
|
Numerator:
|
|
|
|
Net income
|
$
16,181
|
|
$
13,307
|
Adjustments:
|
|
|
|
Consulting fees
(a)
|
1,084
|
|
50
|
Tax effect of
adjustments (b)
|
(260)
|
|
(12)
|
Adjusted net
income
|
$
17,005
|
|
$
13,345
|
|
|
|
|
Denominator:
|
|
|
|
Weighted-average
shares outstanding - diluted
|
30,049
|
|
29,914
|
|
|
|
|
Adjusted earnings per
diluted share
|
$
0.57
|
|
$
0.45
|
|
|
(a)
|
Represents
non-recurring consulting fees that are not part of our ongoing
operations and are incurred to execute discrete, project-based
strategic initiatives, which are included in Selling, general and
administrative on the Consolidated Statements of Operations. The
costs incurred in the thirteen weeks ended June 25, 2022
include third-party consulting fees incurred relating to a
strategic initiative to consider the development of a business plan
and financial model for potential vertical integration of a poultry
complex, which review was completed in fiscal year 2022. The costs
incurred in the thirteen weeks ended July 1, 2023 include
consulting fees relating to a comprehensive review of our long-term
growth strategy for our domestic business to explore potential
future initiatives, and which review is expected to be completed in
fiscal year 2023. Given the magnitude and scope of these two
strategic review initiatives that are not expected to recur in the
foreseeable future, the Company considers the incremental
consulting fees incurred with respect to the initiatives not
reflective of the ongoing costs to operate its business.
|
|
|
(b)
|
Represents the tax
effect of the aforementioned adjustments to reflect corporate
income taxes at an assumed effective tax rate of 24% for the
periods ended July 1, 2023 and 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.