Wingstop CEO touts falling chicken wing prices, company benefitting from deflation

Costs for bone-in chicken wings plummeted nearly 19%

 

By Daniella Genovese, FOXBusiness

Jul 29, 2022

 

Chicken wing fanatics may have something to rejoice about.

 

Wingstop CEO Michael Skipworth told analysts during an earnings call Thursday that the company is experiencing deflation as bone-in chicken wings costs normalize from unusually high levels in 2021.

 

In fact, the multinational chain of aviation-themed restaurants reported that the cost of bone-in chicken wings plummeted 18.8% last quarter compared to the same period a year ago.

 

Skipworth claims the company is one of the only brands benefiting from "meaningful commodity deflation" while the rest of the industry battles record high inflation, which rose to 9.1% in June.

 

Wingstop reported that its total revenue climbed 13.2% to $83.8 million during the three-month period ending on June 25. System-wide sales increased 7.5% to $633.6 million during the same period. Profit rose 17.6% to $13.3 million, or 44 cents per diluted share, from $11.3 million, or 38 cents, in the prior year quarter...

 

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