MINNEAPOLIS, April 29, 2013 (GLOBE NEWSWIRE) -- Buffalo Wild Wings, Inc. (Nasdaq:BWLD), announced today financial results for the first quarter ended March 31, 2013. Highlights for the first quarter versus the same period a year ago were:
- Total revenue increased 21.2% to $304.4 million
- Company -owned restaurant sales grew 22.4% to $284.4 million
- Same -store sales increased 1.4% at company -owned restaurants and 2.2% at franchised restaurants
- Net earnings decreased 10.2% to $16.4 million from $18.2 million, and earnings per diluted share decreased 11.2% to $0.87 from $0.98
Sally Smith, President and Chief Executive Officer, commented, "We're pleased with our strong revenue growth in the first quarter of over 21%. For the quarter, same -store sales in company -owned locations increased 1.4%, outpacing the negative same -stores sales in the casual dining category. If you recall, our first quarter includes one less week of the NFL season compared to last year, and our same -store sales at the time of the February earnings call were negative 2.8%, so we're very pleased with the upswing that brought our full quarter same -store sales to a positive 1.4%. This trend continues in April with same -store sales of 5.2%. Our first quarter results are also comping over a substantial same -store sales increase of 9.2% in 2012. Similarly, same -store sales in franchised locations increased 2.2% for the first quarter over strong results of 7.3% last year. We also expanded our presence in North America, with 20 additional restaurants, including our 900 th location."
Ms. Smith continued, "For the first quarter, we achieved earnings per diluted share of $0.87. We continued investing capital and labor for our future success, even though we faced the challenge of high wing costs and fluctuating wing yields. We're excited about our Guest Experience business model as it further enhances our brand and we've seen this strategy build incremental sales. In the first quarter, this model incurred higher labor costs than we had last year when it was not in place. We continue to refine this already strong model for operating our restaurants."
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