This post was originally published on this site
Total revenue nudged up 2.8% to $65.8 million, the company said Wednesday in a statement. That fell short of the $74.8 million average of analyst estimates compiled by Bloomberg. Adjusted earnings of 29 cents a share were also below expectations.
The performance underscores the wide-ranging challenges facing the restaurant industry, including rising food costs, worker turnover and restrictions related to Covid-19. As Wingstop Chief Executive Officer Charlie Morrison noted in the statement, “chicken prices remain high due to macro inflationary factors including a labor shortage.”
Wingstop shares plunged 9.7% as of 8:10 a.m. before regular trading in New York. The stock had climbed 27% this year through Tuesday’s close.
©2021 Bloomberg L.P.
