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Prices of bone-in wings nearly half of last year’s record highs, CEO Michael Skipworth says
While many restaurant brands wrestled with commodity inflation in the first quarter, Wingstop Inc. benefited from lower chicken wing price in the period, executives said Wednesday.
The Dallas-based fast-casual brand, which released earnings for the first quarter ended March 26, saw prices for bone-in wings at nearly half the level of last year, said Michael Skipworth, who assumed the Wingstop CEO and president positions in March.
“We find ourselves in a unique position in 2022,” Skipworth told analysts on an earnings call. “While most in our industry are facing inflationary headwinds and margin pressures, we anticipate significant deflation in our core commodity – bone-in wings.”
The spot market for bone-in wings is now at $1.64 a pound, he...
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