Last Update: 30-Apr-13 07:54 ET
Buffalo Wild Wings shares fall 2% following miss on earnings
Buffalo Wild Wings (BWLD $92.00 -2.33) reported first quarter earnings of $0.87 per share, $0.12 worse than the Capital IQ Consensus Estimate of $0.99, while revenues rose 21.2% year/year to $304.4 million versus the $304.5 mln consensus. Same-store sales increased 1.4% at company-owned restaurants and 2.2% at franchised restaurants. "our same-store sales at the time of the February earnings call were negative 2.8%, so we're very pleased with the upswing that brought our full quarter same-store sales to a positive 1.4%. This trend continues in April with same-store sales of 5.2%. Our first quarter results are also comping over a substantial same-store sales increase of 9.2% in 2012." "...we faced the challenge of high wing costs and fluctuating wing yields." "We're excited about our Guest Experience business model...this model incurred higher labor costs than we had last year when it was not in place." 2013 Outlook: "We're pleased with our strong same-store sales trend to date in the second quarter of 5.2% at our company-owned restaurants and 5.8% at franchised locations, and we continue to outpace the casual dining industry. We'll have increased advertising in the second quarter with more TV spots in NBA games and our NCAA sponsorship provides new marketing opportunities throughout the year." "Wing costs are trending down, easing pressure on our margins, and when we transition to selling wings in consistent portions in July, it will lessen the impact of yield variances." "With continued same-store sales momentum and moderating wing costs, and our disciplined management of labor, we are confident we will achieve 17% net earnings growth for 2013, equating to 25% on a 52-week basis."
Buffalo Wild Wings (BWLD $92.00 -2.33) reported first quarter earnings of $0.87 per share, $0.12 worse than the Capital IQ Consensus Estimate of