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Restaurant Operator Buffalo Wild Wings (NASDAQ: BWLD) posted worse than expected first-quarter results recently causing its shares to fall more than 10 percent on Wednesday. EPS for the quarter came at $1.52 on revenue of $40.6 million, compared with EPS of $1.49 on revenue of $367.9 million it reported for same quarter last year.
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Sally Smith, Buffalo Wild Wings CEO, was on CNBC Thursday to discuss the company’s earnings miss and how higher cost of food products is impacting margins of the company.
Street Didn’t Factored In Same Store Sales
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“We had a greatly phenomenal January,” Smith said. “I think, our same store sales were up 11 plus percent, the Street consensus had us a little bit higher…but we felt we were, I mean from our internal projections we were right where we thought we would be. So that would have been where the sales miss was.”
On how the Street didn’t factor this in, Smith said, “I think the whole industry had really strong February sales and I think they extrapolated that. You had a number of companies missing consensus on same store sales for the quarter.”
Wings Prices Don’t Follow Normal Markets
On the higher costs of wings the company had to bear in the quarter Smith said, “We had guided actually on cost of sales for wings costs, We knew they were going to be high and we expect them to moderate throughout the year. They don’t follow the normal market, so they typically rise throughout Football season madness and in the March madness then they start levelling off.”
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.