NEW YORK ( TheStreet) -- Shares of Buffalo Wild Wings (BLWD) fell sharply in late trades Tuesday after the Minneapolis-based restaurant operator came in light on both earnings and revenue in its latest quarter.
Buffalo Wild Wings reported a profit of $10.7 million, or 57 cents a share, for the three months ended Sept. 30 on revenue of $246.9 million. Same-store sales rose 6.2% at company-owned locations during the quarter while franchised restaurants posted comparable sales growth of 5.8%.
While revenue rose nearly 25% year-over-year, earnings fell 5% from net income of $11.3 million in the same period a year earlier. The average estimate of analysts polled by Thomson Reuters was for earnings of 60 cents a share on revenue of $253.9 million in the latest quarter. The company said its bottom line was held back by the "high cost of sales and incremental preopening expenses."
The stock was last quoted at $73.73, down 11.6%, on volume of more than 360,000, according to Nasdaq.com."In 2013, we will open more than 60 company-owned and 45 franchised restaurants, and should achieve the 1,000 unit mark by the end of the year," said Sally Smith, the company's president and CEO, in a statement. "We now anticipate we can expand to 1,700 locations in North America, with additional growth abroad. We'll begin to realize the benefit of strategies we've been working on over the past year. We have an enhanced Guest service strategy along with new innovations in food, beverage, and technology that will drive revenue. With this growth and financial diligence, we have a goal for 2013 to achieve 20% net earnings growth on a 52-week basis." Based on Tuesday's regular session close at $83.41, shares of Buffalo Wild Wings were up nearly 24% so far in 2012, although the stock's 52-week high of $94.81 dates back to late March.
Facebook (FB - Get Report) was getting a lift after the close with investors cheering a solid quarter from the social networking giant. The company reported a non-GAAP profit of $311 million, or 12 cents a share, on revenue of $1.26 billion for the third quarter, up from year-ago equivalent earnings of $273 million on revenue of $954 million, and ahead of Wall Street's consensus view for earnings of 11 cents a share on revenue of $1.22 billion. CEO Mark Zuckerberg stressed Facebook's progress in its mobile strategy in commentary accompanying the numbers. "As proud as I am that a billion people use Facebook each month, I'm also really happy that over 600 million people now share and connect on Facebook every month using mobile devices," said Zuckerberg. "People who use our mobile products are more engaged, and we believe we can increase engagement even further as we continue to introduce new products and improve our platform. At the same time, we are deeply integrating monetization into our product teams in order to build a stronger, more valuable company." The stock was rallying nearly 8% to $21.04 in extended trading on volume of more than 10 million, according to Nasdaq.com.
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.