Buffalo Wild Wings Inc. has announced financial results for the second quarter ended June 27, 2010, beating Wall Street forecasts for the quarter.
Same-store sales decreased 0.1 percent at company-owned restaurants and 0.7 percent at franchised restaurants for the second quarter.
Total revenue increased 12.4 percent to $145.7 million in the second quarter compared to $129.6 million in the second quarter of 2009.
Meanwhile, company-owned restaurant sales for the quarter increased 11.7 percent over the same period in 2009, to $131.5 million, mainly the result of operating 19 additional company-owned restaurants at the end of second quarter 2010 relative to the same period in 2009.
Net earnings increased 31.4 percent to $9.2 million from $7.0 million, and earnings per diluted share increased 28.2 percent to 50 cents from 39 cents.
“The recent strengthening of our sales is encouraging, and our focused efforts brought company-owned and franchised restaurants to nearly flat same-store sales in the second quarter,” said Sally Smith, president and CEO. “We continue our steady expansion, opening sixteen additional restaurants during the quarter, and revenue grew by 12 percent. Coupled with increased restaurant-level cash flow, we provided our shareholders with a substantial increase in net earnings of 31 percent, achieving earnings per share of 50 cents.”
Average weekly sales for company-owned restaurants were $43,021 for the second quarter of 2010 compared to $42,938 for the same quarter last year, a 0.2 percent increase. Franchised restaurants averaged $49,051 for the period versus $48,619 in the second quarter a year ago, a 0.9 percent increase.
2010 outlook
Smith said company-owned locations are posting positive same-store sales of 2.2 percent in July. Franchised locations are also positive with same-store sales increases of 0.2 percent.
“Our restaurant teams are well-prepared and excited as we head into the football season, and our marketing and media plans are stronger than ever,” she said.
The company’s 2010 growth goals are 13 to 15 percent unit growth and 20 percent net earnings growth.
