Wingstop falls after restaurant chain forecasts higher FY24 expenses

Wingstop

21/02/2024 14:13

** Shares of restaurant chain Wingstop  WING.O  down ~3% at
$314.75 premarket
    ** Co forecasts SG&A expenses to come in at about $108 mln
compared to $96.9 mln reported in FY23
    ** Co expects expenses to increase due to rise in labor
costs, advertising fees, professional and consulting fees among
others
    ** Co also projects mid-single digit growth in FY24 domestic
same-store sales vs. 18.3% growth reported in FY23
    ** However, co beat Q4 sales and profit estimates driven by
increased traffic resulting in 18.3% growth in domestic
same-store sales
    ** In 2023, stock rose nearly 86%
    

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))