Wingstop CEO Michael Skipworth discussed the chicken wings-focused restaurant chain's growth with CNBC's Jim Cramer, saying much of it comes from existing franchisees reinvesting in the business.
"If we look back over the restaurants we've opened over the last year, over 90% of those came from our existing franchisees reinvesting, which I think just speaks to the strength of the model," Skipworth said.
He added that even though the company has over 2,000 restaurants globally, it is seeking to grow its brand awareness as well as its average unit volume, or AUV, a calculation of sales divided by the number of restaurants.
Skipworth said that many consumers are finding the brand through television advertisements, especially ones during live sports. He added that Wingstop's partnership with companies like DoorDash and Uber Eats is also bringing customers to the business.
According to Skipworth, widespread inflation is not hurting the company's franchisees.
"We expect to open roughly 250 restaurants this year, and, in fact, as you look at our development pipeline, just about any way you measure it, we're on pace for a record year. And it doesn't take a lot of capital to open a Wingstop," he said.
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