Wingstop (NASDAQ:WING) shares popped in premarket trading Wednesday after the restaurant chain posted Q2 earnings and revenue ahead of analyst expectations.
The company reported earnings per share (EPS) of $0.93 for the quarter, beating the consensus estimate of $0.82.
Revenue came in at $155.7 million, also above the consensus projection of $145.11 million.
WING stock jumped more than 4%.
Wingstop reported an adjusted EBITDA of $51.8 million, marking a 51% year-over-year increase, compared to the estimated $46.7 million.
Total domestic same-store sales growth was 28.7%, well above the estimated 19.6%.
Based on year-to-date results, Wingstop has updated its guidance for 2024.
WING expects domestic same-store sales growth of approximately 20%, previously projected to be in the low double digits.
The forecast for global net new units has been revised to between 285 and 300, up from the previous estimate of 275 to 295.
SG&A expenses are anticipated to be between $114 million and $116 million, compared to an earlier estimate of $111 million.
Additionally, Wingstop is reiterating its guidance for 2024 with depreciation and amortization expenses projected to be between $18 million and $19 million, and stock-based compensation expenses expected to be approximately $20 million.
"Due to the strength and staying power of our multi-year strategies, we believe we have line of sight to a new AUV target of $3.0 million," said Michael Skipworth, President and Chief Executive Officer.