Wingstop Inc. reported significant financial growth in its latest 10-Q filing for the thirteen weeks and thirty-nine weeks ended September 28, 2024. Total revenue for the third quarter reached $162.5 million, marking a 38.8% increase from $117.1 million in the same period of 2023. This growth was driven by a 39.4% rise in system-wide sales, totaling $1.2 billion, and a 20.9% increase in domestic same-store sales. Year-to-date, total revenue was $464.0 million, up 39.3% from $333.0 million in the prior year.
Net income for the third quarter was $25.7 million, or $0.88 per diluted share, compared to $19.5 million, or $0.65 per diluted share, in the previous year, reflecting a 31.9% increase. For the thirty-nine weeks ended September 28, 2024, net income was $82.0 million, a 59.6% increase from $51.4 million in the same period of 2023. Adjusted EBITDA for the third quarter was $53.7 million, up 39.5% from $38.5 million in the prior year.
The company’s total assets increased to $484.8 million as of September 28, 2024, from $377.8 million at the end of 2023. Total liabilities rose to $932.2 million, up from $835.2 million, while total stockholders' deficit improved to $(447.5 million) from $(457.4 million). Cash and cash equivalents were reported at $84.0 million, with total cash, cash equivalents, and restricted cash amounting to $131.1 million.
Wingstop's operational expansion included 106 net new restaurant openings in the third quarter, bringing the total to 2,458 locations, with approximately 98% being franchised. The company acquired four existing restaurants from franchisees for $14.0 million during the thirty-nine weeks ended September 28, 2024.
Costs and expenses for the third quarter totaled $122.7 million, an increase of 41.9% from $86.5 million in the prior year, primarily due to rising food costs, particularly a 42.9% increase in the cost of bone-in chicken wings. Advertising expenses also rose significantly, totaling $61.0 million for the quarter, up from $42.4 million in the previous year.
The company declared a quarterly dividend of $0.27 per share for the third quarter, totaling approximately $7.9 million, and has $61.1 million remaining under its share repurchase program authorized for up to $250 million. The effective tax rate for the third quarter was 27.5%, compared to 25.4% in the prior year.
About Wingstop Inc.
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