MINNEAPOLIS — Same-store sales at Buffalo Wild Wings restaurants increased 6.8 percent at company-owned locations and 2.1 percent at franchised locations for the third quarter ended Sept. 28.
Revenues for the quarter were $106.1 million, up 29 percent compared with revenues of $82.4 million for the 2007 third quarter. Year-to-date revenues were $301.2 million, up 26 percent compared with revenues of $238.3 million for the same period last year.
Net income for the quarter was $4.6 million, up 7 percent compared with net income of $4.3 million for the 2007 third quarter. For the year to date, net income was $16.7 million, up 23 percent compared with net income of $13.6 million for the first nine months of last year.
Operating gains were offset by year-over-year increases in preopening costs and loss on asset disposals and impairment charges.
"Throughout 2008, we have had great same-store sales as well as improved restaurant-level cash flows and leveraging of general and administrative expenses," said Buffalo Wild Wings president and CEO Sally Smith. "We have also invested time, energy and dollars to remodel, relocate, and update our existing units, which we feel is critical to the long-term success of the Buffalo Wild Wings brand, but which impacts our near-term results. For the full year of 2008, we expect about 15 percent unit growth, over 25 percent revenue growth and 20 to 25 percent net earnings growth."
