{"id":22534,"date":"2023-09-27T06:50:31","date_gmt":"2023-09-27T06:50:31","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/wingstop-is-becoming-more-boneless-and-more-insulated-from-wing-prices-as-it-expands-analysts-say\/"},"modified":"2023-09-27T06:50:32","modified_gmt":"2023-09-27T06:50:32","slug":"wingstop-is-becoming-more-boneless-and-more-insulated-from-wing-prices-as-it-expands-analysts-say","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=22534","title":{"rendered":"Wingstop is becoming more boneless, and more insulated from wing prices as it expands, analysts say"},"content":{"rendered":"
\n

Like almost everything else, chicken-wing prices have been all over the place over the past three years, following the pandemic\u2019s delivery boom, hang-ups in the supply chain, the ebb-and-flow of the sports season and changes in restaurant menus and production. <\/p>\n

However, some analysts said chicken-wing chain Wingstop Inc. is increasingly insulated from the shocks to the bone-in wing ecosystem. And they said it has room to expand despite tougher year-over-year financial comparisons later this year, thanks to new menu items, broader delivery coverage and more money for ads. <\/p>\n

\n

Those analysts, at Stifel, late Monday upgraded shares of Wingstop
\n WING,
\n +1.88%<\/bg-quote>
\n to buy from hold and raised their price target to $200 from $180. Shares of Wingstop were up 2.1% on Tuesday. <\/p>\n

\u201cThe brand has a long runway to experiment with new flavors, innovate around its bundled value offerings (like the most recent Cajun Meal Deal), and potentially introduce new product platforms without over complicating the operating model for franchisees,\u201d they said. <\/p>\n

\u201cIn addition to menu innovation,\u201d they continued, \u201cthe delivery channel remains a key source of sales growth, particularly given the company has only recently begun to invest marketing dollars to grow awareness on the Uber Eats platform.\u201d<\/p>\n

Wingstop partnered with Uber Eats in July 2022 and launched a chicken sandwich last September. But the analysts said Wingstop still had a chance to make gains as it laps those two moves from last year, arguing that the chain has only begun marketing the Uber Eats partnership and had been fattening its national-advertising spending.<\/p>\n

The analysts also said that as Wingstop gets bigger, the company has been able to gain greater control over its costs, making business more predictable for its franchisees. Selling more boneless chicken \u2014 which amounted to 43% of its sales in the second quarter, the company\u2019s highest ever \u2014 would also help on that front. <\/p>\n

\u201cHistorically, the system has been subject to wide swings in the cost of bone-in wings, requiring franchisees to absorb significant incremental food costs during periods of high wing inflation offset by significant windfalls when prices were abnormally low,\u201d the analysts said. <\/p>\n

\u201cWingstop\u2019s increasing scale has allowed it to enter fixed-price arrangements through early next year, providing better cost visibility to franchisees and decoupling the price the company pays for wings from the spot market,\u201d they continued. \u201cWe believe the company will be able to continue negotiating favorable arrangements as its purchasing volumes continue to climb.\u201d<\/p>\n

Chicken-sandwich sales were drawing new customers to the rest of Wingstop\u2019s menu, the analysts said, adding that those diners tended to gravitate toward other boneless menu items, like tenders and wings. <\/p>\n

In August, Wingstop executives said they were increasingly confident that sales of boneless items could eventually make up more than half of sales. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Like almost everything else, chicken-wing prices have been all over the place over the past three years, following the pandemic\u2019s delivery boom, hang-ups in the supply chain, the ebb-and-flow of the sports season and changes in restaurant menus and production. However, some analysts said chicken-wing chain Wingstop Inc. is increasingly insulated from the shocks to<\/p>\n","protected":false},"author":1,"featured_media":22535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-22534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nWingstop is becoming more boneless, and more insulated from wing prices as it expands, analysts say | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Like almost everything else, chicken-wing prices have been all over the place over the past three years, following the pandemic\u2019s delivery boom, hang-ups\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=22534\" 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