'While the shift towards off-premise during the pandemic drove an acceleration in delivery mix to ~25-30% through '21, now settling in the high-20 percents.' In fiscal year 2022, the chain saw its 19th consecutive year of domestic same-store sales growth.ĭelivery is also on Barish's radar. Last November, CEO & President Michael Skipworth told Yahoo Finance, the 'meaningful increase in our investment in advertising' of over 35% allows the company to 'show up in a big way,' while helping to 'close the gap that we have in brand awareness to other national brands that are out there' and drives sales. He said, 'Although difficult to quantify, we suspect the benefit may prove more moderate as compared to the initial launch of national marketing in early 2017, and the step-up in advertising fund contributions in 20 (both +100bps in each instance).' The lap of the 'always-on' national marketing message at the end of the Q1 is another item on Barish's radar. (Courtesy: Wingstop, graphic created by Yahoo Finance) Wingstop launches 12 new chicken sandwiches. ~40% currently), whole bird strategy, and the potential supply chain integration.' The cost of bone-in wings is top of mind too, as they 'remain deflationary' in Q1, down 60% year-over-year, costs are up 20% year-to-date.īarish said 'as wing costs potentially normalize in '24 and beyond, investor focus could once again shift towards the longer-term opportunity as it relates to boneless mix (50%-plus vs. 'We reserve this view pending the lapping of the full launch in 4Q.' While there is 'room to run' in 2024 and beyond, Barish said with more than 160 million chicken sandwich consumers in the U.S., he remains cautious on his expectations. Jefferies expects the menu addition to be a mid- to high single-digit contributor in the first half of 2023 and low single-digit in the second half of 2023.

Barish said, 'Although management has yet to parse out the same-store sale contribution from Chicken Sandwich (now approximately high single-digit percentage mix), it is encouraging that both traffic and check dynamics have been positive (driving guest acquisition & trial, particularly at lunch and seeing strong attach rates, partially offset by negative mix).'

The chicken sandwich debuted at the end of August 2022 with 12 flavors, ranging from lemon pepper to mango habanero.

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