Buffalo Wild Wings Inc. has announced financial results for its first quarter ended March 27, 2011.
For company-owned restaurants, same-store sales increased 3.9 percent while comps at franchised locations grew 1.6 percent.
Meanwhile, company-owned restaurant sales for the quarter increased 20 percent over the same period in 2010, to $165.5 million, driven by the comps increases and 28 additional company-owned restaurants at the end of first quarter.
Revenue increased 19.6 percent to $182.2 million, compared to $152.3 million in the first quarter of 2010.
Net earnings increased 40.7 percent to $14.9 million, up from $10.6 million, and earnings per diluted share increased 39.7 percent to $0.81 from $0.58.
Average weekly sales for company-owned restaurants were $48,845 for the first quarter of 2011, compared to $45,327 for the same quarter last year. Franchised restaurants averaged $52,744 for the period versus $51,532 in the first quarter a year ago, a 2.4 percent increase.
“2011 is off to a strong start. Our dedication to a great guest experience and operational excellence during all dayparts is providing sales momentum as we roll into the summer months,” said Sally Smith, president and CEO. “In April, our same-store sales increased 5.3 percent at company-owned restaurants and 1.6 percent at franchised locations. We are confident we’ll achieve our annual unit goal of 13 percent growth, with 16 new company-owned and 9 new franchised locations planned to open in the second quarter, and over 100 total new restaurants expected to open in the year.”
Moving forward in 2011, the company intends to launch new marketing plans and promotions for the upcoming football season.
“A disruption to the regular NFL season has the potential to present a temporary challenge for our business and many others. Assuming continued strong same-store sales and low wing costs, we believe we can achieve our annual net earnings goal of more than 18 percent growth even if there is an abbreviated NFL season,” Smith said.
