The CEO of Wingstop, a popular chicken wing fast-food restaurant, has blamed rising gas prices caused by the war in Iran on a drop in its sales.
Michael Skipworth, the company's CEO, made the comments during the chain's first-quarter earnings call on Wednesday. He said that a drop in visits from lower-income customers paired with some temporary store closures due to winter weather contributed to an 8.7 percent decline in same-restaurant sales during its first quarter.
He noted that the company experienced a similar pull-back amongst its lower-income customer base in 2022 after Russia invaded Ukraine, Restaurant Dive reports. The invasion triggered a spike in gas prices .
Gas prices since the outbreak of the Iran war have hit a new record high, with the average price per gallon in the U.S. costing consumers nearly $4.30, according to AAA.
It's not all bad news for Wingstop.…