"It fell off a cliff," he said.
The "Wings. Beer. Sports." company missed on earnings per share and revenue estimates and reported negative same-store sales growth. Shares are down 13% Wednesday.
Cramer said on CNBC's "Mad Dash" segment that one culprit could be rising chicken wing prices, which is hurting expenses. Takeout orders also hurt sales because customers aren't hanging around to buy more beer, a higher-margin business, Cramer explained.
"Have people gotten tired of watching games, eating wings and having beer?" he asked. "We don't really know what went wrong here. I have got to find out."
If Buffalo Wild Wings is going to become a "normal restaurant chain," you could make the case that shares are worth $100, he said. Shares currently trade at $125.50.