Wingstop falls after restaurant chain forecasts higher FY24 expenses

Wingstop

21/02/2024 17:10

(Updates)
    ** Shares of restaurant chain Wingstop  WING.O  down as much
as 7.2% at $301.01 in afternoon trading
    ** WING forecasts SG&A expenses to come in at ~$108 mln,
compared to $96.9 mln in FY23
    ** Expects expenses to increase due to rise in labor costs,
advertising fees, professional and consulting fees, among others
    ** If losses hold, stock set for worst day since Oct. 6
    ** Co also projects mid-single digit growth in FY24 domestic
same-store sales vs. 18.3% growth in FY23
    ** However, WING 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))