Buffalo Wild Wings, Inc (fka BWLD)

[MCArmel1]

Buffalo Wild Wings misses by $0.14, misses on revenue

Jul 28 2015, 16:10 ET | About: Buffalo Wild Wings, Inc. (BWLD) | By: Niloofer Shaikh, SA News Editor

Buffalo Wild Wings (NASDAQ:BWLD): Q2 EPS of $1.12 misses by $0.14.
Revenue of $426.39M (+16.5% Y/Y) misses by $3.4M.
Shares +3.53%.
Press Release

http://seekingalpha.com/news/2664285-buffalo-wild-wings-misses-by-0_14-misses-on-revenue?uprof=45#email_link


Buffalo Wild Wings, Inc. Announces Second Quarter Earnings Per Share of $1.12
Tue July 28, 2015 4:01 PM|GlobeNewswire | About: BWLD

- 41-Unit Franchise Acquisition Expected to Close in August 2015 -

- 2015 Net Earnings Growth Goal Revised to 13% -

MINNEAPOLIS, July 28, 2015 (GLOBE NEWSWIRE) -- Buffalo Wild Wings, Inc. (BWLD) (NASDAQ:BWLD) announced today financial results for the second quarter ended June 28, 2015. Highlights for the second quarter versus the same period a year ago were:
•Total revenue increased 16.5% to $426.4 million

•Company-owned restaurant sales increased 17.1% to $401.9 million

•Same-store sales increased 4.2% at company-owned restaurants and 2.5% at franchised restaurants

•Net earnings decreased 9.3% to $21.5 million from $23.7 million, and earnings per diluted share decreased 9.9% to $1.12 from $1.25


Sally Smith, President and Chief Executive Officer, commented, Solid sales performance in the second quarter was offset by a challenging cost environment. Our second quarter same-store sales were 4.2% at company-owned restaurants and 2.5% at franchised locations. This spring we created World of Sports, which highlighted the playoffs, women's World Cup, and unique sports from around the globe to help drive sales over our strong same-store sales last year. We also launched B-Dubs® Fast Break, a system-wide lunch program, and supported the campaign with national and local advertising.

Ms. Smith continued, We earned $1.12 per diluted share in the second quarter, a decline from 2014 primarily from increased food and labor costs. The price per pound for traditional chicken wings was 26% higher than the prior year. Labor as a percentage of sales increased due to higher wage rates and benefits costs and the addition of Guest Experience Captains at all company-owned restaurants that was completed in fourth quarter last year.

Total revenue increased 16.5% to $426.4 million in the second quarter compared to $366.0 million in the second quarter of 2014. Company-owned restaurant sales for the quarter increased 17.1% over the same period in 2014, to $401.9 million, driven by a same-store sales increase at company-owned Buffalo Wild Wings restaurants of 4.2% and 64 additional Buffalo Wild Wings restaurants at the end of the second quarter of 2015. Franchise royalties and fees increased 7.3% to $24.5 million for the quarter versus $22.9 million in the second quarter of 2014. This increase is attributed to a same-store sales increase at franchised Buffalo Wild Wings locations of 2.5% and 8 additional franchised Buffalo Wild Wings restaurants at the end of the period versus a year ago.

Average weekly sales for company-owned Buffalo Wild Wings restaurants were $61,960 for the second quarter of 2015 compared to $59,403 for the same quarter last year, a 4.3% increase. Franchised Buffalo Wild Wings restaurants in the United States averaged $63,904 for the period versus $61,845 in the second quarter a year ago, a 3.3% increase.

For the second quarter, net earnings decreased 9.3% to $21.5 million versus $23.7 million in the second quarter of 2014. Earnings per diluted share were $1.12, as compared to second quarter 2014 earnings per diluted share of $1.25.

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