Why Wingstop Stock Fell Nearly 15% Last Month
Shares of Wingstop (NASDAQ: WING) fell 14.9% in October, according to data provided by S&P Global Market Intelligence. This follows a 16% decline in September, and the stock is now down around 28% from all-time highs achieved back in August. As bad as that sounds, Wingstop stock is still up over 40% year to date and beating the market.
Wingstop has been a rare restaurant winner during the coronavirus pandemic, boosted by its strong takeout operations. Sales have soared because it's a good dining option for observing physical distancing. In the recently reported third quarter, systemwide sales went up almost 33% year over year. A full 62% of sales came through digital channels, which primarily result in to-go orders. So this is a case where a restaurant is becoming more relevant without its dining room.
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Source Fool.com
