Wingstop Inc. reported significant financial growth for the fiscal year ending December 28, 2024, with total revenue reaching $625.8 million, a 36% increase from $460.1 million in the previous year. The company's net income also saw a substantial rise, increasing by 54.9% to $108.7 million, or $3.70 per diluted share, compared to $70.2 million, or $2.35 per diluted share, in fiscal 2023. System-wide sales surged by 36.8% to $4.8 billion, driven by a 19.9% increase in domestic same-store sales and a 15.8% growth in the total number of restaurants, which reached 2,563 locations globally.
The company's operational metrics reflected strong performance, with domestic average unit volume (AUV) increasing to approximately $2.1 million. Digital sales accounted for 70.3% of system-wide sales, highlighting the effectiveness of Wingstop's digital engagement strategies. The company opened 349 net new restaurants during the year, including 71 international locations, bringing the total to 359 international restaurants across 11 countries and U.S. territories. The franchise model remains a cornerstone of Wingstop's strategy, with approximately 98% of its restaurants operated by franchisees.
In terms of strategic developments, Wingstop completed a securitized financing transaction in December 2024, issuing $500 million in fixed-rate senior secured notes to enhance liquidity and support growth initiatives, including share repurchases. The company also increased its national advertising fund contribution rate from 5% to 5.3%, effective in the second quarter of 2024, to bolster marketing efforts. Additionally, Wingstop's board authorized a new share repurchase program, allowing for the repurchase of up to $500 million of its common stock, reflecting confidence in the company's long-term growth prospects.
The filing also noted that Wingstop's employee headcount stood at 1,335 as of December 28, 2024, with a focus on attracting and retaining talent to support its growth. The company emphasized its commitment to diversity, equity, and inclusion, with 90% of its team members identifying as diverse. Looking ahead, Wingstop aims to continue expanding its footprint both domestically and internationally, with a goal of reaching over 6,000 restaurants in the U.S. and more than 4,000 internationally, supported by its asset-light, highly-franchised business model. The company remains optimistic about sustaining long-term same-store sales growth and maintaining best-in-class returns for its franchisees.
About Wingstop Inc.
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