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» Buffalo Wild Wings, Inc. F4Q09 (Qtr End 12/27/09) Earnings Call Transcript
» Buffalo Wild Wings Q3 2009 Earnings Call Transcript
» Buffalo Wild Wings Q2 2009 Earnings Call Transcript
On today's call, Sally will provide an overview of our performance for the second quarter. After that, I will provide further detail on the quarter and comment on trends to date in the third quarter. Finally, Sally will share some additional thoughts about the third quarter and remainder of this year. We will then answer questions.So with that, I'll turn things over to Sally. Sally J. Smith Good afternoon, everyone. We're very pleased with our strong sales and our ongoing ability to drive revenue increases. We continue to outpace the casual dining category with second quarter same-store sales increases of 5.3% at company-owned restaurants. Our franchisees also outpaced the industry with a same-store sales increase of 5.5% for the quarter. The combination of strong same-store sales, new restaurant performance and franchised restaurants acquired in 2011 fueled our substantial revenue increase of nearly 30%. For the second quarter, we managed controllable costs, but the combination of higher price per pound wing cost and the sharply lower wing per pound yield in the second quarter moderated our net earnings to a 9.3% increase over last year, providing earnings per diluted share of $0.62 compared to $0.58 in 2011. The championship runs for college and pro basketball provided a strong foundation at the start of the quarter, and sports fans continue to gather in our restaurants to enjoy their favorite sporting events throughout the spring. Our new TV spot, called Best Friends, reminded viewers that Buffalo Wild Wings is a fun and social place where you can meet fellow sports fans and share the excitement of any game. It aired through the second quarter, including the NBA playoffs. In the second quarter, we had 2 menu inserts to highlight the variety of our food and beverage offerings. The first insert featured Sharables, including our burger and pork slammers. Later in the quarter, a second insert showcased our flavorful signature sauces to create a custom burger experience. Both were successful, and same-store sales in our Sharables and burger categories each had double-digit sales increases for the quarter.
Our expanded gift card program continued to generate revenues throughout the second quarter and produced nearly 60 basis points of additional same-store sales. We believe these programs will generate incremental top line growth throughout the remainder of the year. Our operations excellence team remained keenly focused on the fundamentals of providing great service, driving sales and managing controllable costs. Our ongoing commitment to creating a great dining and sports viewing experience for our guests produced another successful quarter for Buffalo Wild Wings.Mary will now provide additional details on the second quarter as well as third quarter to date. Then I'll talk about the rest of the year when I return. Mary J. Twinem Thank you, Sally. Our revenue in the second quarter grew by 29.7%, increasing to $238.7 million. Systemwide, sales at our company-owned and franchised restaurants were $580 million for the quarter, more than 18% higher than the prior year. Company-owned restaurant sales for the second quarter increased to $220.6 million, a 31.4% increase over the same period in the prior year. Same-store sales was 5.3% for the quarter compared to 5.9% last year. Menu price increases taken during the past 12 months at company-owned restaurants contributed about 1.8%. Read the rest of this transcript for free on seekingalpha.com