Buffalo Wild Wings, Inc. Announces Third Quarter Earnings Per Share Of $0.57

MINNEAPOLIS, Oct. 23, 2012 (GLOBE NEWSWIRE) -- Buffalo Wild Wings, Inc. (Nasdaq:BWLD), announced today financial results for the third quarter ended September 23, 2012. Highlights for the third quarter versus the same period a year ago were:
  • Total revenue increased 24.8% to $246.9 million
  • Company-owned restaurant sales grew 26.2% to $228.4 million
  • Same-store sales increased 6.2% at company-owned restaurants and 5.8% at franchised restaurants
  • Net earnings decreased 5.0% to $10.7 million from $11.3 million, and earnings per diluted share decreased 6.6% to $0.57 from $0.61

Sally Smith, President and Chief Executive Officer, commented, "We're pleased with our strong top-line growth of nearly 25% in the third quarter. We focused on operational excellence at the restaurant level and our teams delivered strong same-store sales. In addition, we leveraged on labor, operating, and occupancy expenses. High cost of sales and incremental preopening expenses moderated our bottom-line expansion, producing earnings per diluted share of $0.57 compared to $0.61 in 2011."

Total revenue increased 24.8% to $246.9 million in the third quarter compared to $197.8 million in the third quarter of 2011. Company-owned restaurant sales for the quarter increased 26.2% over the same period in 2011, to $228.4 million, driven by a company-owned same-store sales increase of 6.2% and 55 additional company-owned restaurants at the end of third quarter 2012 relative to the same period in 2011. Franchise royalties and fees increased 10.2% to $18.4 million for the quarter versus $16.7 million in the third quarter of 2011. This increase is attributed to a franchise same-store sales increase of 5.8% and 13 additional franchised restaurants at the end of the period versus a year ago.

Average weekly sales for company-owned restaurants were $52,561 for the third quarter of 2012 compared to $49,461 for the same quarter last year, a 6.3% increase. Franchised restaurants averaged $55,608 for the period versus $51,350 in the third quarter a year ago, an 8.3% increase.

If you liked this article you might like

Buffalo Wild Wings Sees Exploding Chicken Wing Prices Just in Time for Football

Eating McDonald's Stock Might Make You Sick

Investors in Restaurant Stocks Still Need Strong Stomachs

Activist Seeks UGG-Boots Maker Total Board Takeover After No Sale Emerges

Dave & Buster's Cooks Up Disappointing Sales Number in the Second Quarter