Why Wingstop Stock Jumped 20% on Thursday
Shares of Wingstop (NASDAQ: WING) were up 20.9% as of 1:53 p.m. ET on Thursday after the company reported better-than-expected earnings results. Heading into the latest round of earnings updates, investors have been nervous for many consumer goods companies, given the inflation and other challenges in the economy right now.
While Wingstop's domestic same-store sales declined 3% year over year, investors were pleased with solid revenue and profit growth. Moreover, Wingstop expects lower food costs to continue benefiting the company's profitability next quarter.
Wingstop opened 67 new stores in the quarter, which fueled a healthy revenue increase of 13% year over year. Digital sales comprised 60% of total revenue.
Source Fool.com
