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Wingstop cuts 2026 sales and unit-growth outlook, flags Q4 EBITDA below prior expectations
The chicken-wing chain said extra marketing spending will weigh on fourth-quarter profit as it works to return same-store sales to growth.
Wingstop Inc. lowered its 2026 outlook on its third-quarter earnings call, now expecting domestic same-store sales to fall between 6.5% and 7% for the full year and 440 to 450 net new restaurants globally. Chief Financial Officer Alex Kaleida said additional marketing investment will raise fourth-quarter selling, general and administrative costs, which "would translate to adjusted ebitda below our prior expectations."
Third-quarter results
Domestic same-store sales declined 5.4% in the quarter, Kaleida said, while the chain opened 76 net new restaurants, contributing to 6% system-wide sales growth of about $1.4 billion. Royalty revenue, franchise fees and other rose 6.3% to $86.3 million. Net income was $29.1 million, or $1.07 per diluted share, compared with $28.5 million, or $1.02, a year earlier. Adjusted EBITDA, a non-GAAP measure, rose 0.5% to $64 million. Kaleida said new technology investments, including Club Wingstop and AI capabilities, carried an impact of about 7 cents per diluted share through added depreciation and amortization.
Guidance changes
The company set full-year SG&A at $138 million to $140 million, including marketing spending that was not in its prior outlook, partly offset by lower stock-based compensation of about $21 million. Kaleida said the guidance "implies a more elevated spend in sg and a during q4." Asked whether fourth-quarter adjusted EBITDA would be roughly flat with the third quarter, he said, "you'd be pretty close modeling that way." The unit-growth range equates to 14.4% to 14.7% growth, which Kaleida attributed mainly to ground-up shopping-center locations facing longer construction timelines. He said the 2026 same-store sales outlook reflects "trends in the current consumer environment and the pace with which our actions are flowing into the top line."
Corporate restaurants and capital returns
Company-owned restaurant sales rose 6.9% to $34.8 million, even as company-owned same-store sales fell 2.7%. Cost of sales rose 340 basis points to 78.2% of company-owned restaurant sales, driven largely by sales deleverage on labor and other operating expenses. Wingstop completed the roughly $32 million purchase of 13 restaurants in the Tampa market and said it spent more on labor, training and deferred maintenance to integrate them, with some of those costs flowing into the fourth quarter. It repurchased about 191,000 shares for $25 million in the quarter, bringing 2026 buybacks to $102.9 million, and declared a quarterly dividend of $0.33 per share.
Strategy and analyst questions
Management pointed to early signs from its marketing changes, including strong engagement with its watch party bundle and Thursday-night football promotion, fewer lapsed guests and more organic search traffic. The company said guests in its loyalty program who completed 90 days made purchases almost 20% more often. It also said it activated an AI-driven personalization engine in September and that complaints about food quality and preparation fell about 30% this year. Asked about 2027, CEO Michael Skipworth did not provide guidance but said the delayed ground-up sites should translate into 2027 openings. He said the more than 2,300 committed restaurants point to a strong pipeline while U.S. development pace may "moderate a little bit," with international markets contributing more.
Bulletins
WINGSTOP: Q3 DOMESTIC SAME STORE SALES DECLINED 5.4%, BELOW EXPECTATIONS
WINGSTOP: CUTS FY DOMESTIC SAME STORE SALES OUTLOOK TO DECLINE OF ~6.5% TO 7%
WINGSTOP: NEW CLUB WINGSTOP MEMBERS RETURN WITHIN 30 DAYS AT 13 POINTS HIGHER THAN NONMEMBERS
WINGSTOP: CLUB WINGSTOP MEMBER PURCHASE FREQUENCY UP ALMOST 20% AFTER FULL 90 DAYS IN PROGRAM
WINGSTOP: WING PASS OFFER FOR CLUB WINGSTOP MEMBERS SOLD OUT IN LESS THAN ONE MINUTE
WINGSTOP: GUEST COMPLAINTS ON FOOD QUALITY AND PREPARATION DECLINED ~30% THROUGH 2026
WINGSTOP: OPENED 76 NET NEW RESTAURANTS IN Q3, SYSTEM AT 3,331 RESTAURANTS GLOBALLY
WINGSTOP: 98% OF RESTAURANT OPENINGS IN FIRST NINE MONTHS CAME FROM EXISTING BRAND PARTNERS
WINGSTOP: OPENED 21 INTERNATIONAL RESTAURANTS IN Q3, INTERNATIONAL FOOTPRINT AT 544
WINGSTOP: Q3 SYSTEM-WIDE SALES GROWTH 6%, TOTALING ~$1.4 BILLION
WINGSTOP: Q3 ROYALTY REVENUE, FRANCHISE FEES AND OTHER UP 6.3% TO $86.3 MILLION
WINGSTOP: Q3 DOMESTIC SAME STORE SALES DECLINED 5.4%; COMPANY-OWNED SAME STORE SALES DOWN 2.7%
WINGSTOP: Q3 NET INCOME $29.1 MILLION, OR $1.07 PER DILUTED SHARE VS $28.5 MILLION, $1.02
WINGSTOP: Q3 ADJUSTED EBITDA UP 0.5% TO $64 MILLION; SG&A $30.5 MILLION
WINGSTOP: DECLARES QUARTERLY DIVIDEND OF $0.33/SHARE, ~$9 MILLION, PAYABLE DEC 4
WINGSTOP: Q3 BOUGHT BACK ~191,000 SHARES FOR $25 MILLION; $288.4 MILLION LEFT ON AUTHORIZATION
WINGSTOP: CUTS FY26 DOMESTIC SAME STORE SALES OUTLOOK TO DECLINE OF 6.5%-7%
WINGSTOP: LOWERS FY26 NET NEW UNIT GROWTH OUTLOOK TO 440-450, 14.4%-14.7% UNIT GROWTH
WINGSTOP: UPDATES FY26 SG&A OUTLOOK TO $138-$140 MILLION; SEES Q4 ADJ EBITDA BELOW PRIOR VIEW
WINGSTOP: FY26 STOCK-BASED COMP EXPENSE SEEN AT ~$21 MILLION
WINGSTOP: PIPELINE OF SOLD COMMITMENTS OVER 2,300; SLIPPED FY26 UNITS TO OPEN IN 2027
WINGSTOP: SEES US DEVELOPMENT PACE MODERATING A LITTLE; LONG-TERM ALGORITHM 10%+ UNIT GROWTH
WINGSTOP CFO: HAS HIGH DEGREE OF CONFIDENCE IN Q4 GUIDANCE; NOT GUIDING TO 2027 COMPS YET
WINGSTOP CFO: Q4 ADJ EBITDA SEEN PRETTY CLOSE TO FLATTISH YOY, ON HIGHER MARKETING SPEND
WINGSTOP: CANNIBALIZATION/DEMAND IMPACT FROM NEW UNITS RUNNING WELL BELOW HISTORICAL LEVELS
WINGSTOP CFO: SEES 2027 FOOD COST AT OR SLIGHTLY BELOW 2026 FULL-YEAR LEVEL
WINGSTOP: CORPORATE RESTAURANT MARGINS HIT BY 13-UNIT FRANCHISE ACQUISITION, LARGEST TO DATE
WINGSTOP: WATCH PARTY BUNDLE SERVES UP TO FOUR, MESSAGED AT $7 PER PERSON; STRONG PERFORMANCE
WINGSTOP: WILL EVALUATE WALMART'S NEW DELIVERY LAUNCH; SEES DELIVERY AS STRATEGIC CHANNEL
Posts (30)
Transcript
Well
done to
core
welcome to chorus call
Call.
Please
hold
for
the
wings
to
top
covering a
specialist would be with
you
please hold for the wingstop conference a conference specialist will be with you shortly
me
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without.
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specialist will be
with you
your.
a conference specialist will be with you shortly
shortly
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not
welcome to chorus call please hold for the wingstop conference
specialist would
a conference specialist will be with you
chorus call what conference would you like
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And
And
good morning ladies and gentlemen
and thank you for standing by
The morning, general, and the capacity.
too
I
name
it
welcome to wingstop inc fiscal third quarter twenty twenty six earnings conference call
extraordinary
and
all participants will be in listen only mode
Up and
and
be
I don't know.
of starty foul
please note
Is that you know it?
one day, October
this conference call is being recorded today wednesday
280
october twenty eight twenty twenty six
need
and it
on the call today are michael skipworth
A chief executive office.
anybody's
president and chief executive officer alex kalaida
and the
I
senior vice president and chief financial officer and sarah nehos director
Any director of
senior director of investor relations
Another.
And now I returned average.
retire.
would now like to turn the conference over to sarah please go ahead
if it's a fine.
Another
thank you and welcome to the fiscal third quarter twenty twenty
the other 2026 earnings
have a
earnings conference call for wingstop
our results were published earlier this morning
And
and are available on our investor relations website at ir wingstop dot com
our discussion today includes forward looking statements
I especially include whatever, but in the
night
of
these statements are not guarantees of future performance
perfect, and
subject to.
other
actual
and are subject to numerous risks and uncertainties that could cause our actual results
to differ materially from what we currently expect
our sec filings describe various risks
that could affect our future operating results and financial condition
future updated
don't know.
the
use an immediate
that we believe can be
the
used for an
we use certain non gaap financial measures that we believe can be useful in evaluating
performance
and I mean,
for me.
you know,
have
presentation of such information
should not be considered in isolation
of saturation should not be considered
nineteen, or at
In
or as a substitute for results prepared in accordance with gaap
And
Right,
and there.
of natural
I can take an
reconciliations to comparable gaap measures are contained in our earnings release
lastly for the q and a session
None of the unique
Yeah, it is.
we ask that each of you please keep to one question and a follow-up
to allow as many participants as possible to ask a question
And
with that i would like to turn the call over to michael
I would like to train a
them might.
Thank you everyone, and thank you joining
thank you sarah good morning everyone and thank you for joining us
Any
i would like to start by taking a moment to recognize our brand partners
Brandon, I
teammates
restaurant team members and global support center team members
not
and the main
a
lot
for their continued commitment to wingstop we've asked a lot
in this
the
year as we
same.
important
from our team this year as we've advanced several important strategic initiatives
can as a
our
and
genuinely
appreciative
across our business and i genuinely appreciate their focus
the fact that
hard work
and
an
hard work and dedication
Need you,
we
significant
this year we've made significant investments in our talent
in our
application
nationality
program and
continued the
our operations launched our first loyalty program
not in
capabilities
that
we
believe was
support
our
next
phase
of
and continued building capabilities that we believe will support our next
and
front and not priority in
phase of growth our top priority is improving
and
the
the pretty
and
redundantly
of
the
sales performance and rebuilding transaction growth
the
urgency on the
action, we can
I
we are moving with urgency on the actions we can control in this
in
current operating environment
their
you know five
or
during the third quarter domestic same store sales declined five point
percent
exception, never
four percent below our expectations
part of it
signals from the
changes we'd
we've
made
the
while we're beginning to see positive signals from the changes we've made
in
and
it.
perform it is
taking
longer than
the
me initially
the improvement in sales performance is taking longer than we initially anticipated
inanipated, and the
your
thing in
a
have
intensified
idea.
and the macro trends we are seeing among customers have intensified over the last
over.
free
few
and
I've
affiliate
few months with that in mind we've updated our full year domestic same store
announce
ourselves
out to the
decline of
a
traffic
six
6.5%.
to
sales outlook to a decline of approximately six point five percent
the
not change
our
focus
on
returning to
the same
to seven percent this does not change our
since
yourself
grow
and we are
confident, the
on returning to sustained same store sales growth
actions
we
are
taking will
would do just
it
and we are confident the actions we are taking will do just that
so or
not
waiting
for
the
consumer
environment to
we also are not waiting for the consumer environment to improve
and proof
you're taking
deliberate
action with our
we are taking deliberate action across our business
army.
strength and
the former.
greater
yet
to strengthen performance drive greater guest
frequency and acquire new guests
and
fine, and I
yeah.
the time
seen the other.
environment.
over the past several quarters as the operating environment has continued to evolve
continued to
envy
intended, deep,
but
in our
in
of our death
we've continued to deepen our understanding of our guest behaviors
each
drivers.
for us.
and
me.
means that any
and
key choice drivers for restaurant occasions and what wingstop can do better
do better to
make
more
consistently
and
the
to more consistently win those occasions
We
outline
action to sharpen our
creative
last quarter we outlined actions to sharpen our creative
in
me clearly
connecting
the
the
messaging and media mix more clearly
in both
free
they
can
the quality and bold flavor our guests
hally.
you now you need
of the
kind
and
you hear
expect with the compelling value wingstop can deliver
today, we
yeah, encourage
as you will hear today we are encouraged by the early response to those actions
early with my
to those actions, you are
recognising there
is
no work to
do in a
while recognizing there is more work to do
we also
in a
our
focused
and
in addition to marketing we are also intensified our focus
on
apparitive
bringing
in
a
new
town in
and
to
on operations bringing in new talent and capabilities to
strengthen our
execution
of course
the
bank.
strengthen our execution across the business
One of the teeth and we learned that I'm a
in
campaign
over
one of the key things we've learned is that our marketing campaigns
index
on
building
a lot of the
opportunity
in
front
of
us
over indexed on building awareness
the run
driving
city.
the opportunity in front of us is around driving consideration
and marketing
consistently connecting
we recognize that our marketing wasn't
our differentiated
food
flavor
and
money
consistently connecting our differentiated food flavor and value
in a
read
it
the shoes means
and
in
into a compelling reason to choose wingstop
where we had
the
greatest
opportunity to
particularly around occasions where we have the greatest opportunity to win
you
second
order
earnings,
we need to do a
as we discussed in our second quarter earnings call
better.
job,
but
imagining
manually
we needed to do a better job of clearly communicating the value we offer
we have.
the
unprice
alone,
to
you know,
beyond price alone while giving guests more reasons to return
and
I think it's a very good
put those insights into action money.
approach to
we have put those insights into action by sharpening our marketing approach
face
leverage in the main
to drive greater consideration and acquisition
and personation attached
to
and learn how we
leveraging club wingstop and personalization to test and learn
can
even
get and
your
a
and
you
greater
frequency,
how we can deepen guest relationships and drive greater free
and
shared
restrict
you
make
that
and strengthen restaurant execution
not
I mean, I
a very
through wingstop's smart kitchen ultimately
if they get into much more than I
even
institution.
our objective is to give consumers more compelling reasons to choose wingstop
be set
more
doing
more often we are doing this by concentrating our
it.
I mean
and that.
an accident.
in me
that
investment on occasions where guest interest
relative.
and wingstop's relevance are the highest
to
and
and you remote.
we are layering in menu value and promotional levers
fried by
not to tell
in
pain
me.
that are being amplified by more compelling creative and paid media
age
in our
marketing
in came to
life, and
a
second.
we could
have september with
the
most of the changes in our marketing came to life in the second week of september with the
kickoff
of
the
in
regular
seat,
impact on our third
quarter.
kickoff of the nfl regular season with limited impact on our third quarter results
and initial
readout
suggest me,
you
on the
right
track
the initial readout suggests we are on the right track
and reference
for
tree,
and
and reinforce our conviction in this strategy
think.
and I
messaging
approach
it
i'm excited to lay out more detail on our messaging approach
may be.
is beginning
to
gain
interaction
with
the
which we believe is beginning to gain traction with our guests
an
I might not even
in
a
video
our marketing strategy is to build reach by front loading our video investment
investment with
in
leveraging 30% of the
32
with more premium placements and leveraging thirty second spots
by
and from there
and
there.
anti
an efficient
reach
infringement
we plan to sustain efficient reach and frequency
in
meeting
transmitted
a
15
second
spot
in an
alley
through a weekly presence of fifteen second spots
man
social
strategy, the
keep
make
know, that type
of
and an always on social strategy to keep wingstop top of mind
me.
you're not
out and training and best
high
relevant
we are concentrating investments around high relevance occasions
hearing it
city that
more
clearly
communicated
means
that
pairing it with creative that more clearly communicates wingstop's
quietly
very flavour,
and
time
in
quality bold flavor and compelling value
And the fit and
unchannel
between
other
and sustaining engagement through paid and owned channels
between those moments
our
brain
shot.
bone and neighbor,
and
are leaning into our brand strengths bone in wings
family.
sure, and the
flavor and quality while ensuring we are
be
and
that
clearly communicating value the response
party bundle
and I
turned the
night
my
animation
to the watch party bundle and our thursday night football activation
suggests me
on the
like
but you
just
and I
short
suggest we are on the right path but the objective is not a short term promotion
should
champion,
an
this is just the first
year to
establishment
repeat them,
group
this is just the first step to establish
repreciation,
with guests repeatable group occasions that build transactions
nine.
frequently, and
nine
nonchalant brain
relevant support in
of
frequency and long term brand relevance
a strategy
in
from
RG and A
we are supporting this strategy with incremental investment from our g and a dollars
dollar.
if we
made
intended,
to
effect
applying,
you will
as we continue to execute our plan
initially measure
result
in
and sharp in our
marketing
and
we will continuously measure results and sharpen our marketing investment
message
based on the
and fancy
and
are
based on the data flavor innovation has always been core to wing
primary
a very important
of
our greatest
points
of
different
identity and remains one of our greatest points of differentiation alongside
alongside
our
range
season
fries
and bullion
our ranch seasoned fries and bone in wings
now,
and
product
of
new is
and we know continued innovation and product
keeping in
the
in a
news is key to driving consideration
approach to flavor
in the
including
we're taking a more integrated approach to flavor innovation
and
creative
be.
including dedicated creative support for flavor ltos
Feeling like you're
Like, I mean,
a chi
like our recent lemon pepper trio part of this
down and we
know
our customers
already
is doubling down on what we know our customers already love
and pepper
giving them?
You reenged the
our lemon pepper and giving them reasons to reengage through ltos
LTO,
are both
new
and
for
at the same
which are both new and familiar at the same time
it kind
to
to the
this brings me to club wingstop
first ever
loyalty
program, have
I
wingstop's first ever loyalty program
that is another
way
we
can
deliver
now
club wingstop is another way we can deliver
and keep in
them
coming back
to
from
for.
additional value to our guests and keep them coming back for more
and
priority
file
a
national
margin
name
with the bill
our initial priority following the national launch in may
of
a
in
driving
one
into
the
we
was to build awareness and drive enrollment into the club
great
progress
and one
have a great
ahead of
and we've made great progress enrollment
our
middle
giving
as a
the solid
continues to pace ahead of our plan giving us a
foundation to where
we
are
not.
focused on
and you
solid foundation to where we are now focused on
that
most effectively
in age
and
strategies and tactics that most effectively engage our members
drive
and drive frequency
few
we see an
shut
and
among
we're seeing evidence of stronger retention among club wingstop members
and
of money
one, the
I
channel.
within 30
days
new guests who enroll in the program are returning within thirty days
at
13
point
higher
the
another
numbers.
at
at thirteen points higher than nonmembers
remaining sites across the
main
a
a trend that has remained consistent across enrollment cohorts
there
as
behaviour
the
with purchase,
there were also positive signs of behavioral changes
frequency
increasing
OF
almost
20
with purchase frequency increasing almost twenty percent
another
you
who have
of the
90
names
and the
among members who have completed a full ninety days in the program
program.
building
on
early
learning with initial
of
the entire.
we are building on these early learnings with initiative designed to give
must
members more reasons to return
to
middle of
past
several
weeks, we introduced
exclusive
apparines
like
over the past several weeks we've introduced
wing pass.
exclusive offerings like wing pass which sold out in less
which showed out and left in one
than one minute
minute we
much party
banded and
and
the wingstop watch party bundle punch card
night
early
and the
merchandise drops early access to new flavors and unique
slipped into behind
at
and
And
experiences that leverage our partnerships across sports and entertainment
the
as we
progress beyond
the
the same
as we progress beyond the initial launch of club wingstop
be now,
and testing and
learning
exactly
our focus is now on testing and learning exactly which tactics
increase.
purchase
frequency
the
line
name
value of
increase purchase frequency and maximize the lifetime
our
value of our members
considered the
maturity of the
and when we consider the typical maturity curve for loyalty programs
be
programme and
the
name
end
we're happy with the direction of this initiative including the
the
innovative
gesture.
the
early response from our most loyal guests
we activated
our AI.
the
had
driven.
and
in september we activated our ai driven
personation
energy initially
probably.
but
and
testing
more
an
personalization engine initially focusing on
average
images.
trying to
gets
testing more relevant offers and messages with targeted guest segments
the
eighth.
in those initial tests
say
night
high to
guests receiving personalized offers generated higher total sales
not
reach.
the
this demonstrative
the value
compared to those who did not receive offers this
you
Mm-hmm.
the value of more relevant messages in the
a unique
and give us
a
foundation to
kill
this
offers at the individual guest level and give us a foundation to
and
with
the
gain.
scale this capability
of
money
strategy
dried a
as our marketing strategy drives guests to our restaurants it is
it is an
every
each
like
has a
great
paramount that every guest who chooses wingstop has a great experience
experience the
means that
money
is
an
of the
back.
an
the wingstop smart kitchen is an enabler
the
and now it actually
for our back of house operations and now it's
retain
and
the gas
guess,
up to our restaurant team members to deliver that guest experience consistently
19.
along with
their
our
brand
partners and
restructure
along with our brand partners and restaurant team members
later focused
under
living, great
taste
we are laser focused on delivering great tasting
and
cooked to order wings hot seasoned fries
Might even find
and an accurate order every time
And an annoying
time.
is a very good
see
to deliver on that consistently we've retrained the entire
I
last three
months.
in a
new
operating
system in the last three months and established
and jet
niche the
in
new operating standards we have just
yeah,
to
restraint.
scorecard,
and
an
launched a new more comprehensive restaurant scorecard
operating
choice
it
that
brings
together
yesterday and
that
in an operating toolkit that brings together guest feedback
that's not
permitting.
data with
the
focus
on
food
quality
and restaurant performance data with a focus on food quality
in
accuracy, and
bit of
service, we
also
launched
an AI.
assisted
order accuracy and speed of service we
for
to
create quicker
in
site
also launched an ai assistant for our field team
greater
plairity
in
issues
than
can it
to create quicker insights greater clarity
that
layers for the
rational
of the
say.
on
and focus on performance outliers for the restaurants they support
shrinked
in
insights for a
built
in
providing
a
murder
consistent
this strengthens insights for our field teams providing a more
way, you might not
native by
coach
in
way to identify opportunities
and
measure
coach restaurant teams and measure improvement
machine
and
recognition that the
it is.
make it more liberty.
we recognize that consumers are making more deliberate
same
the sister.
where they spend their
mind, and when
one
they
choose
to
fill
that
decisions about where they spend their money and when they
money
and makes
we have
to do
choose to spend that money on wingstop we have to deliver
expected.
that any
flame
experience.
they expect the quality flavor and experience that make
and
that.
the
same
the
wingstop special and it's our responsibility to deliver on that expectation
to deliver an exertion
every
family
every time that's how we earn their trust and keep them coming back
In the
to making
good
and we are making good progress
a rain.
2023.
a
throughout twenty twenty six the rate of guest complaints related to
free
a
kind of
appraise me
30%.
food quality and preparation declined approximately thirty percent
and
in
the same
sign
anti-air last
year.
there is
compared to the same period last year however
more work in this something
that
is entirely
we know there is more work to do and this is something
you
that is entirely within our control
Take an idea, always bit of business
and even
technology has always been at the forefront of our business
in that
Fe
and we've invested significant time and resources in our proprietary platform
in our proprietary
and data
capability to be
other
even
if they
can
competed
platforms and data capabilities to build what we believe
and
managed for
is a competitive advantage for wingstop
in
the
come into
to the
to
reinforce
today those investments are coming together through the wingstop smart kitchen
Yeah, match it.
and
person
at
greater
Babylonian
club wingstop and personalization giving us greater visibility into
anywhere
than it
went to
I
idea.
death
business and more effective ways to serve and engage with our guests
with a
dedicated
helping
me the
next
with a dedicated chief ai officer helping lead the next
native
and
fated
phase of our ai and data strategy we're
it about the
even
you
any opportunity in
you need to
excited about the foundation we've built and the opportunity to continue to
shrink and are
better
another.
in the
as we
you were in
strengthen our competitive advantage as we scale
to
be
channel,
for a
are between
technology will continue to be a long term compounder for our business
of a
we infer
as we improve our execution
have to do it,
I broke in remain.
strong, supported by telling
our growth engine remains strong supported by
like
an
another it
continued
a
compelling restaurant level economics and continued brand partner confidence
In the
main
that
in the wingstop opportunity
opportunity.
I know
me.
during the third quarter we opened seventy six net new restaurants globally
open 76 new restrictions
bring
into
three
now you
1
bringing our system to three thousand three hundred and thirty one restaurants
restaurant
and
increase of
nearly
30
you
year over
an increase of nearly fourteen percent year over year
3.
90% of the
into the
in
the
first
importantly ninety eight percent of the restaurant
nine
and
in this year
came
from
middle
openings through the first nine months of this year came from existing brand partners
in brand,
reinforce
a continued
in the Winter
manner.
reinforcing their continued confidence in the wingstop model
in the
it you
in
the
and commitment to reinvesting in the brand
And
meantime,
And if other mastery
as we scale domestically our enhanced marketing
marked planning
I
our line, and the
effectively
market planning capabilities are allowing us to more effectively evaluate
nine
much.
methods.
and you live
over,
we're
seeing a
trade areas restaurant spacing and delivery overlap
benefits of
that
eye in it.
what are we
made
we're seeing the benefits of that approach during the
restaurant level investment.
in
third quarter we made restaurant level investments to support our strategies and protect
inner
and
of our business remain
our core consumer occasion the underlying economics of our business remain
average, you know,
by
the
approximately
compelling with domestic average unit volumes of
989
dollar
to
approximately one point eight million dollars our
me
current restaurant level model supports unlevered cash on cash returns of
and every
60%
and attractive
return,
continue to
support
approximately sixty percent these attractive returns continue to support
partner
in the
brand
in
our
pipeline
brand partner investment in the brand and our development pipeline
remained
robot,
but
over
I need
remains robust with over two thousand three hundred
committed restaurants globally
And
Need a number.
At the US open
everyone.
outside of the u s we opened twenty one restaurants during the quarter
restraint in the court and international
food,
and
under
restaurant
bringing our international footprint to five forty four restaurants
and in
more
than
27
you
an increase of more than twenty seven percent year over year
year
can see
We have it in my
name
we've opened eight new markets in the last year and a half
and
excited, by the
response
and
engagement
we're
was seen from
yes, in
i'm excited by the response and engagement we're seeing from guests
our
brand
and
are operating in
a
and
further opportunity,
and how our brand partners are operating and importantly
in front
of
us to
scale these
matter.
matters
We
much
the opportunity in front of us to scale these markets
have to
of high and
and
we've launched flagship restaurants in thailand
and
it
you
be
celebrated
our
100
spain and italy and in august we celebrated our
in the
new
hundredth restaurant opening in the uk
out
restricted next
india which is a thousand restaurant opportunity
in
and it
intercept.
early
my early
is our next market and is anticipated to open by early twenty twenty
2020.
an opportunity, it
supported
our development opportunity is supported by a
tracked brand of a
time
difficult
marked planning,
and if
attractive brand partner returns disciplined market
rights
made.
both
domestically
in
planning and significant white space
the fan
both domestically and internationally those fundamentals
the middle, in our bill, you grow the
know
footprint, in fail
give us the confidence in our ability to grow the global footprint
the
no.
and scale towards our long term goal of ten thousand plus restaurants
and
other one,
uh.
rapidly
as i wrap up i want to reiterate that returning to
your name
himself remained
priority forte were taking the
sustained sales growth remains a top priority for our team
a little reaction across the
business.
and
we're taking deliberate actions across the business
we deliver
the
seen.
that we believe will deliver sustained sales growth
radially
differentiated
brain, and how we
united.
we have an incredibly differentiated brand compelling unit economics
and
pipeline
in
a strong development pipeline and significant white space ahead of us
the United States, and that's.
internally our
app and is
branded in
both domestically and internationally our optimism is grounded in the early
and your chain.
and the
works done front
of
us,
you can see
what
look
evidence we are seeing and the work still in front of us
were
continue to
actually with the
different one
in a
we will continue to execute with the discipline speed and determination
determination
required to know
limited
reasoning,
yourselves
a
building
required to deliver sustaining same store sales growth
it is
something
incredibly
special at
you
and
I didn't be
we are building something incredibly special at wingstop
built, in a capture the
termination.
and i couldn't be more confident in our ability to capture the tremendous
opportunity out
of
and if
not
into
attack
growth opportunity ahead of us as we scale wingstop into a top ten
of the
global restaurant brand
retrieval, in with
an
I try to call a little
thank you and with that i'll turn the call over to alex
your
thank you michael and good morning everyone
Many
we are making good progress in the strategies we're
Return and the other.
executing to return same store sales to growth
but we recognize we're not where we need to be
And
our focus remains on sharpening our marketing execution
leveraging our new loyalty program to drive acquisition and frequency
and delivering a great guest experience while
experience
I was
continuing to invest in the capabilities that will support wingstop's
long term value creation
Support me.
to make it.
I think
I
this includes measuring results optimizing returns
And
and holding our restaurants accountable for executing our standards
In our
during the third quarter domestic same store sales declined five point four percent
Name for the four
and we opened seventy six net new restaurants
contributing to six percent system wide sales growth
totaling approximately one point four billion dollars
Another
royalty revenue franchise fees and other increased six point three
to eighty six point three million dollars
The free
the quarterly pacing of openings reflects the
You know.
Russian
Transmission Apely
the
timing of restaurants moving through the construction pipeline
as we mentioned at the start of the year
we rolled out a new restaurant design which is gradually working
its way into the construction plans and will lead to a more outsized open rate
Any
in quarter four
And
company owned restaurant sales increased six point nine percent to
Feet
like that, and I
thirty four point eight million dollars during the third quarter driven by additional corporate restaurants
Over
Open it up and
opened or acquired since the prior year and partially offset by a
two point seven percent decline in company owned same store sales
Number 9.
the other thing is that we have to be able to find a way to get a little bit of an
other
during the third quarter we completed the acquisition of thirteen restaurants in
tampa market for approximately thirty two million dollars
as previously disclosed on our second quarter earning call
As previously
this
feel like
When
Any
this acquisition provides an opportunity to drive shareholder value
and expand our company owned restaurant footprint in a new market
Much of the
one that has the potential to deliver approximately
Another
twenty five additional restaurants over time
turning to restaurant level margins
company owned cost of sales increased three forty basis points
Fighter
to seventy eight point two percent of company owned restaurant sales
the increase was primarily driven by sales deleverage
Another
on labor and other restaurant operating expenses
And up in excess.
partially offset by lower bone in wing costs
About an
coinciding with our thirteen restaurant acquisition
we invested in additional labor
And
Any
training and deferred maintenance expenses as we integrated the restaurants
Mini
into our portfolio
Front into
Internet
somebody, I don't
knows the fourth
we anticipate some of these incremental expenses to flow into the fourth quarter
sg and a expense decreased two hundred thousand dollars
to thirty point five million dollars versus the prior year
primarily driven by a decrease of two million dollars in stock based compensation expense
And
You know, I made up
and seeing
but
I said,
which was associated with the forfeiture and
offset by one point five million dollars in headcount related investments
Right and
third quarter net income was twenty nine point one million dollars
or one point zero seven dollars per diluted share
compared to twenty eight point five million dollars or one point zero two dollars per diluted
share in the prior year there is an approximately
zero seven dollars per diluted share impact associated with
As a
additional depreciation and amortization expense
Modernization.
And new
inner and
from new technology investments in the quarter which included club wingstop
and ai capabilities
adjusted ebitda a non gaap measure increase
zero point five percent to sixty four million dollars
our capital allocation priorities remain unchanged
Any
our first priority is investing behind our strategies
which we believe generate the highest long term returns
an example of that is our recent acquisition of thirteen franchise restaurants
Any
and the opportunity to expand our corporate restaurant footprint
And any other.
Anyway.
we also continue to return capital to shareholders
through a balanced approach that includes both our quarterly dividend
That it would
But early
and share repurchase program on october twenty seven
And
our board of directors authorized and declared a quarterly dividend of zero three three dollars per share of
And
common stock totaling nine million dollars
and to be paid on december four twenty twenty six
Emma,
96.
The satire
to stockholders of record as of november thirteenth twenty twenty six
And I think
additionally during the quarter
mean
we repurchased approximately one hundred and ninety one thousand shares of common stock
Many
the kind of
fact,
twenty five million dollars bringing our twenty twenty six
year to date repurchases to one hundred and two point nine million dollars
as of quarter end approximately two hundred and eighty eight point four million
And
dollars remained available under our share repurchase authorization
turning to our outlook for twenty twenty six
Output.
we updated our domestic same store sales guidance to decline of between six
The define of the
65
point five percent and seven percent for the full year
And
given trends in the current consumer environment
and the pace with which our actions are flowing into the top line
we also updated our global unit growth outlook
to a range of four forty to four fifty net new
And
Ninety nine.
Twenty
Or 14 by 4
for twenty twenty six or fourteen point four percent
and
to fourteen point seven percent unit growth versus prior year
14
And
the updated outlook reflects the timing change in restaurant openings
I would like to.
with the largest factor attributed to ground up shopping center locations
that are experiencing more extensive time lines to complete
we remain incredibly proud of the
The average mass of
efforts from our support center team regional teams and brand partners
to open new restaurants at this scale
I think it's a very important
our development pipeline with more than two
three hundred restaurant commitments remains healthy
To provide strong visibility in the
continues to provide strong visibility into future restaurant growth
additionally we are updating our sg and a guidance
to a range of one hundred and thirty eight million dollars to one hundred and forty million dollars
Of an
Any
Know
this includes additional marketing investment to support the strategy
Internet
Like
michael discussed that was not part of our prior outlook
That would be more
along with lower full year stock based compensation
expense of approximately twenty one million dollars
as you saw in our q3 results
Treasure and
in the
we've been disciplined in sg and a to manage profitability
however in light of the marketing investment we anticipate making
the guidance implies a more elevated spend in sg and a during q4
And
which would translate to adjusted ebitda below our prior expectations
And
as we look ahead
our focus is on executing the strategies we put in place
And
I need put in a
building on the progress we made throughout the year
And
and
and translating those investments into stronger financial performance over time
Ronner
Former time.
our highly franchised model attractive unit level economics
Factory.
Sinic
and significant global restaurant opportunity provides
strong foundation for future growth
Reminded me.
And
Continuing.
experience.
as we continue to strengthen the guest experience and give consumers more reasons to
Yet
Simmer
Meanwhile, and a branded
choose wingstop we believe we're positioning the brand to deliver
and
literally
sustainable growth and create long term value for shareholders
i'd like to close by thanking our restaurant team members
global support center team members
Both members
Supply,
supplier partners and brand partners for their efforts
Any
and dedication to wingstop
And
An
Twenty-five years.
with that operator please open the line for questions
that, operator, please open the line for questions. Thank
thank you
If you might have to find.
for the first
and I think it's
have a
able
be
bit of a
to remember yourself and
keep
that
starting
two
and
once again
we
I
do
ask if it's
in my
I shouldn't have to
press star then two and once again we do ask you please limit yourself
of a lot of
I
to one question and a single follow-up
I'll be able to do it.
to bring
and
out with my
family this
our first question today comes from brian harvore with morgan stanley
please go ahead
fish are.
thing.
I guess, you
yeah thank thank you guys good morning i guess you know
know,
when you
talk
about
when you talk about
um
response is another
reason
advertising
chains i
mean,
it's
really
any modification you can
response to some of the recent advertising changes i mean
give to
is there any quantification you can give to that
that, you
know,
might like to
you talk
about
on your
and eight,
but if you sort
of
don't usually like to talk about quarter to date but have you sort of seen
seen a
real
time
which
parts, and some of
that
how
should
a real time response to some of that how should we
we,
you
know, sort
of
interpret
those kinds of
how it's
about
the
change and
sort of interpret those comments about responses to the change in marketing
magnet.
hey brian good morning and thank you
Abraham and
thankfully,
you know, as we said, in
I.
for the question as we said in our prepared remarks
An Iranian
our top priority right now is to improve our
you in prayer.
and return his
yourself in.
you know, at
as we
mention of the
sales performance and return to same store sales growth
if the
live in
action
and
acting.
as we mentioned we're taking some deliberate actions
in
think
think that's a good
and executing on strategies we believe will help us return to growth
know
we had
reference
some proof
if
you
but they're taking time and so we did reference some proof points
if you will or some kind of signals that we're seeing in the business that we're encouraged by
you know i think it can relate to what we're seeing around engagement with
some of the promotions we're running like watch party bundle or even
And
like
Even
activation.
our thursday night activation
Or a 39 football with 30.
um in a factor
of signals that
we're
for thursday night football with thirty for thirty
seeing
in
a
translation, you
know,
and those types of signals that we're seeing are translating to
after
improvements in first party average weekly sales
was like
itself
you
know
improvement and
mean, you
of
the
and
we're seeing improvement and reactivation of guests
defining mass within
know,
an
a decline in lapsed guests and we're seeing an uptick in organic search traffic
search traffic
and so
another smart
of the
signals that
were
we're seeing
in that
a
so there's some positive signals that we're seeing that tell us we're on the right track
right
Any
the strategy we're working is showing up the way we want it to and so we're
is showing up in a unique.
we're continuing to remain focused on executing against that
New money
And
After the city,
okay thank you
what's
Thank you, but um
where is that
I guess, and
you
growth
or
is made by the same
I don't
are your thoughts at this point on unit growth for twenty twenty seven
and I
guess you
know, some
of
the
this
left in
year, you
what
when
the
expect those in this
and i guess some of the slippage this year would you expect those to just
kind
of
movement and
the
first
one or
you know, you know, you know,
kind of move into the first quarter of next year
a lot of the money,
a half,
I mean,
yes brian we're really encouraged
my name
the same
by the pace of development and the position we're in to deliver such
and
deliver
such a long number for 2026
you
know the
right
like we call
all
out
a strong number for twenty twenty six and the sites we called out that are so
and
associated
round
which would admit that they were
associated with ground up leases which were the biggest driver to the revision and what we
big
Yes, and
I don't know
notable
opening in
and
2027,
expect this year clearly those will translate to openings in twenty
but when
not up
united
necessarily
of
twenty seven but we're not obviously here today to necessarily guide
27.
'twenty seven but what i would
back.
and
how
we
refer back to are some of the prior remarks we've made about
development
over our
plan
kind of how we see development overall playing out
Man,
I mean, you
I
for our brand over the long term obviously we sit here today with a
with the
pipeline
of
solar
little bit.
of a true and
pipeline of sold commitments of over two thousand three hundred so a really robust and
and strong outline, and
really
strong
my brand
to
grow
strong pipeline and really strong demand from our brand partners to grow but
but you
know, if nothing about
before you
know we
expected to be a very good
of
the
as we've talked about before we expect the
Mountain
the U.
and
to kind
with
countries at the
pace of development in the u s to kind of
another.
we've been comfortable at the level we've seen over the last couple of years and my
You know,
last
After
couple years and might expect that in my little bit
but at the same
time we're
seem
really
expect that to even moderate a little bit but at the same time we're seeing really
strong
momentum
other.
international business
as we
continue to
strong momentum build in our international business
new
as we continue to launch new markets and in those markets that we've launched
matter and that we might
to feel
out
up their basic development so
you're
international
business can
continue
start to scale up their pace of development so you'll see our international business continue to
to
contribute to the
other
you
contribute to the overall unit growth rate that we're able to deliver which
lines up really well with our long term
Terminal.
target our long term algorithm of ten percent plus unit growth
Turn out with a 10%, you know.
can see the other one.
be able to do it.
can see.
and
our next question today
expressing the precious.
a
comes from chris o'cull at baird
basically,
of a bit of a bit of a bit of a
my
guys.
I like the camp
guidance
seemed
to
apply
what I was
can
done
alex the comp guidance seems to imply fourth quarter
to be four and
a half
percent
is that the
current
train is the
a current
train within
comps down between four point five percent six point five percent is that the current
that
rained
and you
believe you build
in
and
maybe some
trend is the current trend within that range and you believe you've built in maybe some conservatism
separate
and a follow
and then i had a follow-up
other
you know
chris yes thanks
I want to say,
think you need to.
one of the things we did mention was just the backdrop we're operating in with
this volatile consumer environment and
And it is also
the same environment, and so
we
did kind of
you know,
don't
about.
as
and so we did contemplate how we thought about current trends there as well as
the confidence we have and the strategies we're executing that
Actually,
United
lead us down that path to return to growth so i think
Yeah, and
returning you know
return to the
deliver another.
we certainly want to deliver and have a high degree of confidence
in our guidance for the quarter we know how trends are progressing through
Know
And
like that.
like that.
the quarter and some of the proof points michael mentioned that give us
the confidence to hit that guidance
You see
Be able to
I think.
I know, you know, I
you're not getting the same
27
okay thanks and then
and
day.
but how should
be
think about
the
next
year's
I
set
i know you're not guiding to twenty seven today but how should we think about next year's
up
i
any
mean, comparisons
get a
but they
the
understand.
turning
doesn't
necessarily
comp setup i mean comparisons get easier but the calendar turning doesn't
change
the
underlying
trend,
especially as
up and
necessarily change the underlying trend especially as you mentioned your
families done or
as some
a
pressure.
so as
should
we
balance
those
find
core consumer is still under some pressure so how should we
as
we're
thinking
about
building our
miles next
balance those factors as we're thinking about building our models for next year
Nature, and I
my back
yeah chris this is michael
to
the time that we
made
around, you
you know i would just tie back to the comments we made around
No, I
we are taking deliberate actions
to help position us to return to growth and we acknowledge
Turn it now, it's
it takes some time.
but
that those are going to take some time but we're sharpening
creative and machine
meaning
in any
brand
creative and messaging we're leaning into our brand strengths
strike and
bone in wings flavor quality and the value
and a value and a
that wingstop can deliver and we're supporting that by a stronger media mix
astronomy.
medium.
and we're
see in our
investment around a
the
and we're focusing our investments around occasions where wingstop is
Me
highly relevant and we're layering in menu value and promotional
Another
And
Any
Many.
no, no, no, no, no, no, no, no, no, no, no,
levers amplified by creative and paid media
It's
really, you
and so we think all of that is really supporting the
know,
that was the
a
after.
in the main
turn
yourself
signals that we're seeing and putting us on a path we believe to return to
and it's
not.
primation, it's not a
great
fix,
thing, but
it is
something
we
same store sales growth and it's not a promotion it's not a quick
main
think
kind
it's
you
do
must have.
fix but this is something we think will set us up to deliver
you have to be able to do
sustained same store sales growth over time
time.
any
thank you our next question today comes from andy barish at jefferies
better.
relatively
please go ahead
quick one alex just on the
Yeah, um we
dinner.
the adjusted ebitda comments at the end of your
Prepared, you know,
prepared remarks should we kind of think about that
sort of like the third quarter flattish on a year over year basis
Over the year
Annihilate
yeah i think it is you can see how what it implies based on that
step up in g and a investment which includes the additional marketing that we're going to infuse
And you have.
so I think
if you have a lot of things that we have to
into the plan for the fourth quarter so i think you'd be
it was a very good
same
that
pretty close modeling that way
favourite circle was
okay and then just
And the
I know
you mean
doing
know
work on
all
year and
in
on the delivery channel i know you've been doing work all year and
a brighty
ways
with
rebidding.
kind
of give
us
in a variety of ways with three pd can you just kind of give us
a
sense
of
how
that
channels
behavior obviously, you know, moving
into more
important you
a sense of how that channel is behaving and obviously moving into a more important
know
see.
seasonal period with football and weather and stuff like that
Fundamental.
I
I think it's a very good
yes andy this is michael i think
is another
thing that I think is a very important thing to do is that I think that's a very good
kind
i think the delivery channel is another great example of kind of
And
Every
where we talked about some of the things we've learned and we've analyzed
But
From the name and line
Ninety
earlier in the year and then the actions that we're taking
None
Yeah, one of the things that was pretty
in the first afternoon, level of
one of the things that was pretty clear in the first half of the year was just a level of
Handy
I mean, very
intensity around offers on these platforms but we've taken a very intense
national
night
and approach we think is effective around
Any
Outlining
the frequency of our average redundancy
while we're increasing the frequency of our offers we're doing it in a very
I mean,
I mean
I think it's a very good thing.
targeted way that's driving consideration and
I know that
randomity proven to be a
of
and really what we're seeing is that strategy has proven to be effective for us
four.
it,
our next question
We
Me and
serious,
it's a really
bank of America.
comes from sarah senatore with bank of america
one.
to do with anything,
I
guess
I'm
I think it's a little bit
guess,
maybe it would
questions
wanted
hi yes i i guess maybe two quick questions one is
is
on
another.
on a
growth that you could
just talk
a bit
about
the
um you
your
on unit growth if you could just talk a bit about the franchise
franchisee
it
sound
like you
is
just
time
but
returns
for
so
very,
it sounds like some of this is just timing
high come
a
bit you
see
any kind
of
change
but returns while still very very high have come down a bit are you seeing any kind of
in
you
and
in sort
change in sort of
the
ID
approach to
and
development, anything
that's
franchisee approach to development anything that suggests that they're
out
things or
other, you
know
how
your
I don't
sites
maybe the
sites that
of their
pushing things out or how they're you know how you're identifying
the
bring
you what
you're
proving
to
any dots
that
sites maybe the sites that they're bringing to you what you're approving just any thoughts on on the
the change
if there
is
one
in
the
double tragedy
and
then
mention
change and if there is one in the development strategy and then
money, you
know,
focusing
on
um,
guess
interest and
wings.
you mentioned marketing focusing on
their
highest
you in the past, you've
talked
about
guest interest and wingstop relevance were their highest
maybe
brand
you
customer, but same as
i know in the past you've talked about maybe bringing in new customers like with sandwiches
you get the same
said something maybe
you
were
evolving
away
from, you
really going
back.
to
the
is that something maybe you're evolving away
four.
you
know
the
from really going back to the core or is this something where you can kind
you can kind of
a new
do
just it's not a very good
in
like
the the
language of
is a
bit
different
from
maybe
you
of do both just it seems like the language is a bit different from maybe
what we
were in the
what we've heard in the past
past. Thank
thank you
you,
I
think if
you have a fifth
the
question
good morning sarah thank you for the question
fashion.
an amount
one
let me hit on the development one first
fish, you
and
many.
mean, we're pretty
not going to be able to do
of me on
and it
as i mentioned earlier obviously we're pretty proud to be on
a page.
of
opening.
I
roughly
up to the
on a pace of opening call it roughly four fifty restaurants this year
Fine,
My share.
and I.
the
there are few things that
have
i think there's a few things that
to kind
of
how many
year
have played
a chain
of
openings
play that have impacted kind of how the year has played out
up
earlier.
cadence of openings we talked earlier this year
Ninety
about 1999.
that we might have
about a new restaurant design that we launched that we're really excited about and
I don't know that
excitement
a little
bit
with
gain
think our brand partners share that excitement and so that's influenced a little bit of the cadence
around the
year
as
anything.
in
my
pipe
mine or
of the night for
many
throughout the year as anything that was in the pipeline or new sites
Yeah,
increment new restaurant design into
we're making sure we're incorporating that new restaurant design into those
the
um, the other
I was
with
point
to
you
know,
my
the other thing i would point to is our market level playbook
I mean, I'm not sure if I can do it.
are
area
that you've heard us reference before that are trade area specific
specific
in
a
addition to
identifying
kind
in addition to that identifying kind of the
of the
schedule of
time
in
know.
when we
open
the schedule or timing of when when restaurants are
Market underneath that lab
back and that's proven
to
be working
opened in each market underneath that playbook and that's proven to be
out really
well
working out really well we're obviously as we said in our
Many
And I prefer much for me.
you
know any
prepared remarks we're measuring any levels or
kind of
any
impact, you
another
around kind of demand in that area as well as any associated impact
those are running at levels well below what we've seen historically
and so the playbooks are working out really well we just came off of our annual
you know really
any
brand partner and
you know, a couple.
weeks ago.
and you know, I
brand partner convention just a couple weeks ago
your
question
I guess I'm not
think it's a very good
and on your question about brand partner sentiment i guess i
and
I
maybe
and
an
I would share with
an example or maybe an example that i
I think that's a very important
would share with you is the fact you know
in fact,
you know, it was pretty much
from
Brand
the
partners
and I
the
you
the sentiment was pretty positive from brand partners
mention of
obviously as you mentioned the returns are still really strong
and
the demon
group even
had, you
know, a handful of
and the demand for growth is still really strong and i even had
brand new
handmade
me
pretty
if you
will,
that
one
were
a handful of brand partners hand me presentations if
pitch around
you will that were pitches around
asking
my
I think you.
asking for more development and more growth and so i think
show up in the
pipeline.
not going to be able to do
we were
a
you see that show up in the pipeline of sold commitments that we were able to reference
And
In a pretty
market 2300 as we said here
in our prepared remarks of over two thousand three hundred as we sit here today
say
result,
And you might
as it relates to our marketing strategy
energy in
know?
it's not about our poor
dance, you
know a
primary
obviously we've talked about our core guests and how a priority of ours is
of
instant
focus on
a
to focus on and protect our core guests
the idea.
and it's
also
it's
about
making
that.
and it's also it's about making sure that
remaining and you
we're leaning into our brand strengths
Um
and showing that show
up in a
and showing up in a big way because
And I
what we acknowledged earlier in the year was our marketing was
Anyway,
Was it you
were a little overly focused on brand awareness
and
was if you will a little bit overly focused on brand awareness and
not.
was
the
opportunity
that we
really
was around driving
in
not focused enough for the opportunity that we really saw was around driving
insideration and
high back.
of
to
not
just the
occasions that
consideration and so that ties back to
were leaning
any
to
not just those occasions that we're leaning into where wingstop is highly relevant
but it's
also you
making
sharp
you
know,
I think that's a good
and
but it's also you know making sure that we're connecting our
now
you
and you
reason
food flavor and value
for a
continuing.
forget it
choose
wing
stuff.
into a compelling reason for consumers or for guests to choose wingstop
you
we're
obviously
taking
a
bounce approach and
we still
see a
we're not we're obviously taking a balanced approach and we still see
huge
opportunity
around
you
other side and
a huge opportunity around new guest acquisition and that's part of how we're
that are
nothing of
money
deploying and investing those media dollars that i referenced earlier
Reference, I
the kind
other one is a little bit more difficult.
of those
two
things
in our prepared remarks but i think the combination of those two things
and
it
those
early
signals that
we're
really, really, really, really,
and it's those early signals that we're seeing really tell us that we're on the right track
right track here and the
results
and
if it
where we
here and we're just going to continue to focus on measure the results
need to but
continue
to
executive as
we
match towards
returning
pivot where we need to but continue to execute as we march towards returning to sales growth
itself.
to.
And
and generous air
as to
and
thank you our next question today comes from jim salera at stephens inc
ink to go
please go ahead
I didn't mind.
I might
need to talk a
little bit of
about
the
emotion
you
i wanted to talk a little bit about the franchisee margins
know,
have to
you sort of
stuff
up a little
and you guys had mentioned you started to step up a little bit
in the
marketing
on
bit of
gonna find.
you
side.
I'm
you
in the marketing on the value side
know, you
the
on one hand you know i'm assuming that the traffic
traffic, you
mines,
and
with the
at same
time we
see
chicken.
prices come
from down
declines or headwind but then at the same time we've seen chicken prices come down significantly
significantly.
so you see it was
must an
update
or you
know,
go with
the printing
margin relative
to many
could you just give us an update on kind of where the franchisee margin sit
another matchable
couple of
years.
i
mean, how
that
interplays
with
the
relative to maybe where we've been over the past couple of years and how that interplays with
shut up
I
step up in in the value messaging
manual
the same
jim this is alex
Money.
i would say we're optimistic about where margins will lead us into in twenty
Minute amount of
and I
twenty seven we're actually going through the mechanics now on
On.
projecting out and negotiating our pricing arrangements
negotiating
Praying
you know our
able to get a little bit of a message.
don't
for our poultry purchases and are very encouraged by the
Market and
front.
really.
the
the
market dynamics that we see in front of us we kind of believe that we'll either be at or
side
I think that's a good
or
the year
a little bit of a family.
slightly below what our full year food cost could be for this year
and
in my
I would
you
one of
so i think margins are an opportunity for us and
know,
see some of this in our
one of the steps we took and you can kind of see some of
Some modern
and necessary.
this in our corporate restaurant margins is some investments we made on value
we made a
have.
I
whether it's a heightened focus on our classic wing
Me and
our bundles with thirty for thirty or watch party bundle that we have out there
Early much
for another.
and
and then strengthen our value proposition through our club wingstop platform which
And I see
your
a
we see as a making we made great progress on driving enrollment
but you're gonna see us start to shift into
Driving around.
Only
And you
no free and
more frequency centric drivers and strategies that will
deploy through that platform to help again strengthen the value proposition for both our
But
Oh, yeah, yeah, yeah.
like.
core guests and new guests alike separately i do want to address
our corporate restaurant margins during the quarter we did have some
You know,
Did have
Some uh
acquisition related impacts related to the
kind of our largest acquisition to date of thirteen franchise restaurants so we made some investments
They
Frances
Russian.
We need an announcement.
eight.
I mean.
expenses I
in labor training and maintenance expenses that we
Nothing.
believe will carry in but that's unique to our corporate footprint
She needs.
upper.
not something that you'd see translate the same way in the franchise restaurants
Fetti,
great i appreciate all the detail
I was on a deal, not
get
composition, as you have
changed
some of the
marketing
one follow-up just on the guest composition as you have changed
and
you
notice
if
you
were
to
identify
some of the marketing messaging have you noticed if you're able to identify
you
that are
coming
in
after.
you
focus
new guests that are coming in based off
massive
you
of the
I
guess you
a
the bracket new to
the
the the value focused messaging that are either lapsed guests or or perhaps
new to the brand
middle,
the family.
yeah i think there's
there's a couple elements to
Yeah, another.
Many
I mean, I refreshment.
I think it's a very good
to answer that question obviously i referenced we're seeing
know,
really encouraging results around reactivation of guests
Around reaction.
and then I think that's the same
see.
and I
and then i would say we're also seeing
as alex mentioned earlier some really positive signals within club wingstop
Million.
positive thing within the main thing.
you
yes
sign up for
a lot of mixed
we're seeing new guests who sign up for club wingstop
Not returning with the brand, and
I.
don't.
much
I
returning and engaging with the brand in the next thirty days at a much
rate.
and
I would say
in a
balance of kind
higher rate and so i would say we're seeing a balance
of kind of both of those new guests as well as reactivation of guests
And I don't know, they know that you have.
sure.
that are really encouraging and again point to some of those signals that we referenced that
That
animal
tell us we're on the right track here and we're continuing
continuing to a five
an
exit
get
to focus and execute against the right strategy
Thank
you and
is a mortar.
business that you have to
thank you our next question today comes from margaret
with all the
if you
with wolfe research
a double channel,
I
think it's a very interesting
forget
might
have
my
question.
I
just
want
good morning guys thanks for taking my question
and
a little bit
on
the
integrity
approach
to
flavor
that
you
i just wanted to ask a little bit on the integrated approach
guys talked
out
another
to flavor that you guys talked about with some of the creative support for ltos like lemon pepper trio
one of
you give us
another colour and
lot
looks
like
and
how
and a
half.
can you give us some more color on what that support looks
of the
with
and
then
you
how we
should
think
about flavor
like and how lemon pepper trio performed with it and then
and
going forward
and
I mean, in my
make
just how we should think about flavor cadence going forward and that integration with club wingstop
thank you
the middle
you
colour
good morning and thank you for the question
Maybe in a fashion,
you know
further
is
something
that i
think
I
flavor is something that i think wingstop has definitely
And
right to run it
with the
and you
earned the right to play in and to win in with consumers and
know
what we
mean,
one and a
I
think if it
was in
that's the only thing that I
of fact fact money is a
what we did with lemon pepper trio i think is a great example of
of evolving
action out
would
you
how we're evolving our approach and the actions that we're taking and so
differently
with one in pepper
trio is one of the
thing is we
need
what we've done differently with lemon pepper trio is one thing is we leaned in
into.
an
the
brand
are
lemon
Paper.
to an equity of the brand our lemon pepper
I
mean, was like, I'm not sure
our
I can show
know
made a play on that that was something that
I think it's a very good
AI.
obviously our consumers know and love but then we were able to
able to.
I
main
around
that
and
we
supported
introduce innovation around that in
had a
we supported that with dedicated
Anything in the middle of the
immediate
creative around lemon pepper trio and included that in our media strategy
strategy and so
that would
a bit of
different
approach for
us and then
obviously in a
strategy and so that's a bit of a different approach for us and then obviously
the
way and I
integrating that through the right level of support through paid and social
Much supporting social, and so I do
think
you'll
see
us.
were able to do
and so i do think you'll see us continue to lean into
to
that
labor
you
to that playbook which again those early results and signals are encouraging and
Anyway,
we
lemon pepper trio performed really well for us and so
additional
labour in a
amid
the
we do have additional flavor innovation coming down the pipeline
pipe
but
about
this year, and
I
I'll be
um
into
only 27
as
the balance of this year and then obviously into twenty twenty seven as well and
well, you know,
just
as
we
um
and you have
an
opportunity
to
just this weekend and this week you have an opportunity to
to
try
really
unique
flavor that
may
is
and a
little on its
based now
to try a really unique flavor that may sound a little odd at face
yeah.
value sour patch kids wings flavor
winged flavour, but actually incredibly
innovation, I
but it's actually incredibly delicious and so i would encourage you all to go out and try it
And shire
it, but it took life
and
night
with
flavor.
creates
a
new
but it's a way for us to innovate with flavor create some new news
or
mention
in
for our guests and as we mentioned in our remarks
of
think
mean another
things that
really
right in generation, and
another
newness innovation those are things that really drive consideration and that's that opportunity
opportunity we have in front
we have in front of us
another.
of
the current colour of the city.
thing.
been doing is that it's a very good
the week.
you
thank you
University and expression.
extraordinary frame for added.
the
really
thank you and our next question today comes from gregory frankfurt at guggenheim securities
please go ahead
of the other
my
friends.
hey my question is on the value marketing
on the value market.
and
And
i i just pulled up the app and you guys kind of have two buckets of what you're marketing which is
You
Bucket
In a
individual
eight to ten dollar kind of individual bundles
you
Usually our
and twenty two dollars to twenty eight dollars group bundles
and I would be your
competitors
and i look at your competitors and
and a
lot of
up with their new
individual
of the
a lot of what they're doing are either individual offerings where maybe the price points are lower
face much another, and
you need to
Any
or when they do groups maybe there's more side options or more attached than kind of just fries
Didn't use
How much as
it
and i guess how much has kind of the twenty two dollars to twenty eight dollars
what
ton
an
a protein, but maybe
is
with
five
made with
bundles where it's a ton of protein but maybe just with fries
consumers
resonated with consumers and
and you think you need
to go
after
maybe
any
more
hit the market
you think you need to go after maybe more or shift the marketing towards more individual focus
individual.
and I
actually.
think it's.
understand
I was
my
have from
or add more side options i'm just trying to figure how this might evolve from here
you have to do,
have
and what options you have thanks
had
think
get
it's a good
great question, and I think you're in
that's a very good
yeah greg it's great question and i
some of those
things are.
out
think you're hitting on exactly some of those things we called out from
from my
from our last call that were some of the learnings that we gathered and
and the afternoon.
to.
know, you
the actions we said we were going to take and those are the deliberate actions that we
and so we
saw nothing and really
communicated.
took and so we saw messaging and
value
as
an
another
for
and
you
clearly communicating value as an opportunity for us and
under
I
you're seeing that come life in the creative that we have out there
And we have
I reference that much money, but.
bundle and the shrine of
not
performance we've
any
today i referenced that watch party bundle and the strong performance we've seen with that
see with
that
but in
nine
but we were very intentional while it is a group pack and serves
and four
people.
we
around
the
you
four people up to four people we were we were intentional around the
on
know,
you know,
on that value that we can deliver on a per person basis and so the messaging
an
National
and that
seven dollars
per
person,
if you're
messaging includes that seven dollars per person but
if you're logged into our app
you have
need
you're probably seeing things that are very targeted and that's
things that are very radiant in that one
to make it.
what
not weak and
in the
mean
we
a little bit of what we can do with the database that we have
but then army everything
about
how we've enriched that data but then obviously as we think about club wingstop and the
an
opportunity we
have
there.
in me
I
opportunity we have there where we can be very targeted with
Unlike
with value messaging and deliver value i think in a very personalized way and so
And
I think.
in a very personalized way and so insurance
it could
be another
an
immigration.
and
another
group but I think
it
certain instances could be an individual occasion and in others it is a group pack but i think
I think it was a very good
on
other.
guest and kind of
their
profile.
really depends on the guests and kind of their profile and how they typically engage with our brand
and how they typically engage with our brand.
measure.
things like a
continue
to
sharpen
but we're going to measure all of these things and continue to
strategy as
we
continue to
executive
in the
to sharpen our strategy as we continue to execute through the balance of the year
an
year.
and
rated out just to
You bring it
not.
and greg this is alex just to add too you're bringing up a great example of what we can
you.
Personally
the machine
accomplish with personalization because i on my web page i have
it has a different I know feature in a few feature because of what
we
a different item featured and flavor feature because of what we
know
I mean
know about our guests and we can also enable that capability
of the United States,
with our our crm campaigns and it could be centered around flavor it could be an individual
Yeah, and
Any
centralized it could
be.
occasion it could be targeting a a dinner group occasion
I mean in a river, we
for that guest based on what we know and
know,
and you know.
I
even
understand about this and we've really deepened the knowledge of
another
now,
Actually,
Again,
how to execute against this and it's a component of an an action we took
Yes, I have an article.
alongside club wingstop to really unlock this personalization engine we've been able to comp
to build
Another
up to.
thank you
Think you and I.
and today
I
about
would
say,
for the
our next question today comes or our final question today i apologize comes from daniel gargill
new
idea with
my
with bernstein
name is Mr. McClure.
I don't
love
know if I
about the same
city of
same
great michael i wanted to ask you about the state of operations
you
imprinting
you think
that um
it's very encouraging that you're saying that some complaints have gone
an
down.
I
the
I was wondering if you
down across the the c
Your protunier, in other
words,
when you see
fit
the
i was wondering the opportunities that you had ahead in other words
where do you see the complaints from
it in blank from Maddie.
even if you were.
near.
customers actually going up and therefore they represent an opportunity for you to be deploying some actions to address
those
matches.
for that.
of the material.
hey danilo thank you for the question
you know, for the fashion and the money, you know,
and
mean
a
I
and good morning i'd maybe start answering your question with just calling out
now.
We saw my
main
an excellent
wingstop smart kitchen and just how much of a game changer that's
was necessary.
really.
really
elevated the level
That
been for us this has really elevated the level of visibility
we
have in
your operation.
identified.
that we have into our operations and it's identified
you know,
with incremental
apprentices.
for
us to continue
to
sharpen
our
if you will incremental opportunities for us to continue to sharpen our
execution within a
the four
hours and the rest
restraint
and.
we've
execution within the four walls of the restaurant and
and forget on
and we do the fact
that's what we've been focused on and we did allude to the fact that
that.
we
in the middle of the middle of the field,
I
we're seeing and measuring some really encouraging improvements a reduction in
showing
and
around
food
quality
and
preparation.
incidences around food quality and preparation over recent months
and overration much in
we also
had
the
fact
that you know
we've
and we also shared the fact that you know we've launched
and
And I
a new scorecard and this scorecard that we've launched it's really about
I mean,
lightning.
I
another thing
measuring the right things and those are the things that really
I directly
to the
tie directly to that guest experience which we talked about how important that is
Night about
how
And
And I
and in this environment in particular how every guest experience has to be
Amen.
Ninety
at a high
mean, you
to delivered at a high level so that we can win over and retain those guests
retain.
yeah, and
you
know
the other
saying, and
that
we
see in
the
what
and so you know i would say the other opportunities that we see and this
we
focused
on
is
just
really
around
accuracy
and
that's
nothing
an
a lot of
is really what we're focused on is just really around accuracy
time but
I
mean
was
and that's something we spend a lot of time with our brand partners talking about at our convention center
about an
imaginary
we just
had.
the
new sport.
a lot of different things.
convention that we just had this new scorecard is focused
nine.
make progress there, but
the results
we
fitted any
in the
around ensuring we make progress there but the results we see today and the
afternoon
that in front
of
I
the
opportunity that's in front of us we're really encouraged by that and feel like we're on a really strong foot
and
the right
and headed in the right direction
the
you.
and then my feet
be a very good
thank you and then michael if you don't mind i would love to hear
you're more teaching how the
length
data.
uh,
your thoughts more strategically on how the landscape
return.
even
the each
changing,
with
One
market.
of the restaurant delivery business is changing with walmart making an enter
And I
had
if you
can
you
in a
know share
your
mouth
under
what you
and perhaps if you can share your thoughts on under what's your
made the
in the
you will be considering partnering with walmart whether this is going to be expanding your tam on the delivery side
Move any.
referred, you may
discontinue to
be
a
able
person
but thank
given that this continues to be a big opportunity for you thank you
you.
the great
way.
yes daniel that's a great question
I think
delivery.
other thing is, yeah, yeah,
to
have a
a
i think delivery continues to have a long
a long runway for growth for wingstop in particular
Long runway.
from
family.
I mean, you know, you know, I think it's a very important
many
it's a very good
you
and those
i think we've demonstrated this over the year we're better positioned than most brands
brands
and
read in
a
the city.
there's
an
to win off premise occasions and so
opportunity
for
us
as
a
it
relates
to
you
know
any
if there's an opportunity for us as it relates
notion.
and
moment, you
to winning more share and optimizing our economics
economic
an
on the delivery channel with something like what walmart's launched i think
Nanny, not that one.
but we continue to see
the
channel
clearly something that we'll evaluate but we continue to see this channel as a
for
us
an
opportunity
for
us
to
attain you
to
strategic channel for us and an opportunity for us to
ensure and
and so I
think
I
continue to win share and drive growth and so i think
not a
mean
I mean
be better in the
end
obviously more competition should be better in the end for
middle of the middle of the year.
branding I think I
brands and i think for consumers as well
I think that's a good idea.
thing is that we have to do it.
me.
That I don't
thank you that does conclude our question and answer session
mean intercession and a
our audience for
today.
we think
you
are.
fortending today,
the foundation.
and our conference for today we thank you all for attending today's presentation
you may
and I
remain and have a
one
for
you may now disconnect your lines and have a wonderful day
day
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Make
come
to
Torres
welcome to chorus call
Call.
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please hold for the wingstop conference a conference specialist will be with you shortly
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you
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chorus call what conference would you like
what's she doing
pardon me this is the operator i did just wanna let you know that the call is already concluded it started at ten am eastern
so i'm gonna disconnect your line if you wanna check their website they i assume they'll have a replay up within an
hour or two
Everybody
thank you
Well,
Welcome
to
Poris
welcome to chorus call
Call.
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chorus call this is mike may i have your name please
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their machine
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may i have your first and last name please
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welcome to chorus call please hold for the wingstop conference
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at least
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Call.
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hello course call
Welcome
come
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Call.
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welcome to chorus call
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Course
welcome to chorus call
Paul.
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call.
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welcome to chorus call
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hello chorus call which conference are you looking for
Overchant
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ten twenty eight ten am
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to
Tourist
welcome to chorus call
call.
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⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇
I can help
chorus call how can i help you
you?
Well
done
to
tourist
welcome to chorus call
Call.
Please
hold for
the
wings
to
up
confirmed
specialists would
will be
with you
please hold for the wingstop conference a conference specialist will be with you shortly
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pour his
Call.
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up for
franchise, affran
welcome to chorus call please hold for the wingstop conference
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Call.
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Welcome
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welcome to chorus call
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welcome to chorus call please hold for the wingstop conference
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Welcome
to
Korea's
welcome to chorus call
Paul.
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welcome to chorus call please hold for the wingstop conference
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a conference specialist will be with you shortly
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Torres
welcome to chorus call
Call.
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hold
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specialist would
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please hold for the wingstop conference a conference specialist will be with you shortly
⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇
Welcome
to
Koreas
Call.
Please
hold
for
the
wings
stop
have kind
welcome to chorus call please hold for the wingstop conference
a kind of specialist
would
will be
a conference specialist will be with you shortly
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specialist would be
a conference specialist will be with you shortly
Well come
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tourist
Call.
Please
hold
for the
wings
to
out
welcome to chorus call please hold for the wingstop conference
specialists
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be with
us.
a conference specialist will be with you shortly
Well come
to
Korea's
Call.
Please
hold
for the
wings
to have
card,
welcome to chorus call please hold for the wingstop conference
remember, I can't remember and specialists would
be with
each
a conference specialist will be with you shortly
The same
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