After completing 2023 with hundreds more outlets than it began the year with, Wingstop has no intentions to curb its rapid expansion in 2024.
According to a new earnings report, the chef-approved restaurant chain, which specializes in bone-in and boneless wings, as well as chicken sandwiches in a variety of flavors, will open 255 net new locations in 2023.
This year, it expects to outperform itself by opening 270 net new restaurants around the world.These anticipated openings will bring Wingstop even closer to its long-term target of 7,000 units.
By the end of 2023, the chain had 2,214 global locations, with 1,926 of them in the US. While Wingstop still has a long way to go before meeting its ambitious 7,000-unit target, its most recent profitability statistics show that it is well-positioned to continue growing.
Wingstop's president and CEO, Michael Skipworth, stated in the new earnings report that 2023 was the company's "strongest year on record.
In 2023, the chain's same-store sales in the United States increased by a remarkable 18.3%, marking its 20th straight year of growth.
Its total sales climbed by 28.7% in 2023 compared to the previous year, while last year's 255 net new openings helped the chain increase its entire store footprint by 13%.
"We have a proven playbook, and I could not be more excited about the opportunity to expand Wingstop to over 7,000 restaurants," Skipworth said in the release.
So, if you don't already have a Wingstop near you, don't be surprised if that changes soon.Wingstop is one of numerous food chains planning substantial expansions in 2024 and beyond.
For example, the iconic steakhouse company Texas Roadhouse and its two sibling brands, Bubba's 33 and Jaggers, are set to add approximately 44 new restaurants this year.
That's nearly as much as the 45 facilities the three companies opened in 2023, which Texas Roadhouse CEO Jerry Morgan described as a "record" year for new openings.
Chip City, a dessert business that offers a rotating selection of enormous cookies, recently announced intentions to build 70 new stores in 2024 and 2025.
Given that the chain now has more than 30 locations, the new additions should help it achieve the 100-store mark.Shipley Do-Nuts, a donut and coffee business with over 350 locations in 12 states, plans to double its size over the next five years.