Buffalo Wild Wings Misses Q1 Views, Shares Tumble

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Shares of
Buffalo Wild Wings
BWLD
dipped over 9 percent in after-hours trading after the company reported weaker-than-expected results for the first quarter. The Minneapolis, Minnesota-based company posted quarterly earnings of $29.1 million, or $1.52 per share, up from $28.3 million, or $1.49 per share, in the year-earlier period. Its sales climbed 19.8 percent year-over-year to $440.6 million, from $367.9 million. However, analysts were projecting a profit of $1.63 per share on revenue of $452.39 million. The price per pound for traditional chicken wings climbed 41 percent year-over-year. Average weekly sales for company-owned Buffalo Wild Wings restaurants rose 6.4 percent to $64,851 for the first quarter, up from $60,966 in the year-ago quarter. Company-owned restaurant sales gained 20.3 percent to $415.0 million in the quarter. Franchise royalties and fees climbed 11.8 percent year-over-year to $25.6 million, compared to $22.9 million. The average estimate among 46 Estimize users was for earnings of $1.68 per share and revenue of $454.50 million. Sally Smith, President and Chief Executive Officer, commented, "We're pleased with our first quarter same-store sales of 7.0% at company-owned restaurants and 6.0% at franchised locations. Sales were exceptionally strong during the college football bowl games as well as the NFL playoffs. Buffalo Wild Wings really came alive during March Madness(R) and we launched a new advertising campaign with unique commercials for each round of the tournament." Buffalo Wild Wings shares fell 9.64 percent to $166.00 in the after-hours trading session.
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Posted In: EarningsNewsprofit
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