DALLAS, Aug. 17,
2023 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING)
today announced that its board of directors approved a new share
repurchase program with authorization to purchase up to
$250.0 million of its outstanding
shares of common stock, effective immediately.
"Since our IPO, total shareholder returns have exceeded 850%,
demonstrating our commitment to returning capital to shareholders,"
commented Alex Kaleida, Chief
Financial Officer. "We believe Wingstop is in a category of
one, whether it's the strength of our sustaining sales growth or
the best-in-class returns for our brand partners and shareholders.
Our new share repurchase program together with our regular dividend
program underscore the strength of our highly franchised,
asset-lite model and our ability to enhance shareholder returns
while preserving financial flexibility to support our strategic
growth initiatives."
Repurchases under the program may be made in the open market, in
privately negotiated transactions or by other means, including
through trading plans intended to qualify under Rule 10b5-1 of the
Securities and Exchange Act of 1934 and accelerated share
repurchase agreements, with the amount and timing of repurchases to
be determined at Wingstop's discretion, depending on market
and business conditions, and prevailing stock prices among other
factors. Open market repurchases will be structured to occur in
accordance with applicable federal securities laws. This program
does not obligate Wingstop to acquire any particular amount of
common stock, and may be modified, suspended or terminated at any
time at Wingstop's discretion.
Wingstop expects to fund repurchases with a combination of
existing cash and cash equivalents and cash flows from operations.
As of July 1, 2023, Wingstop had cash
and cash equivalents of $188.5
million.
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.
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 expectations concerning the implementation and execution of our
share repurchase program and our strategic growth initiatives.
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. 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
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SOURCE Wingstop Restaurants Inc.