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Buffalo Wild Wings, Inc. Announces Fourth Quarter Earnings Per Share Of $0.89 And Annual Net Earnings Growth Of Over 13% For 2012

Stocks in this article: BWLD

MINNEAPOLIS, Feb. 12, 2013 (GLOBE NEWSWIRE) -- Buffalo Wild Wings, Inc. (Nasdaq:BWLD), announced today financial results for the fourth quarter ended December 30, 2012. Highlights for the fourth quarter versus the same period a year ago were:

  • Total revenue increased 37.8% to $303.8 million
  • Company-owned restaurant sales grew 39.3% to $282.7 million
  • Same-store sales increased 5.8% at company-owned restaurants and 7.4% at franchised restaurants
  • Net earnings increased 22.3% to $16.7 million from $13.6 million, and earnings per diluted share increased 21.9% to $0.89 from $0.73

As a reminder, Buffalo Wild Wings utilizes a 52- or 53-week fiscal year. The fiscal year ended December 30, 2012 was a 53-week year, with the fourth quarter of 2012 having fourteen weeks, while the fourth quarter of 2011 included thirteen weeks.

Sally Smith, President and Chief Executive Officer, commented, "We achieved a 37.8% increase in revenue for the fourth quarter as a result of strong same-store sales of 5.8% at company-owned restaurants and 7.4% at franchised locations, 62 additional company-owned locations in 2012, and incremental revenue from our fourteenth fiscal week. For the year, our total revenue exceeded $1 billion, a new milestone for Buffalo Wild Wings! High cost of sales continued in the fourth quarter, offsetting some of the bottom-line benefit of the fourteenth week, resulting in net earnings growth of 22.3% for the fourth quarter and 13.6% for the year."

Total revenue increased 37.8% to $303.8 million in the fourth quarter compared to $220.5 million in the fourth quarter of 2011. Company-owned restaurant sales for the quarter increased 39.3% over the same period in 2011, to $282.7 million, driven by a company-owned same-store sales increase of 5.8% and 62 additional company-owned restaurants at the end of fourth quarter 2012 relative to the same period in 2011. Same-store sales for the fourth quarter are calculated on a thirteen-week basis. The fourteenth week in the fourth quarter contributed $22.3 million of restaurant sales. Franchise royalties and fees increased 20.6% to $21.1 million for the quarter versus $17.5 million in the fourth quarter of 2011. This increase is attributed to a franchise same-store sales increase of 7.4%, an additional 12 franchised restaurants at the end of the period versus a year ago, and the incremental $1.5 million of franchise royalties and fees in the fourteenth week.

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