Buffalo Wild Wings Inc. has announced financial results for the third quarter ended Sept. 27, 2009.
Company-owned restaurant sales increased 26 percent for the quarter versus the same period in 2008. The growth was driven by a company-owned same-store sales increase of 0.8 percent and 33 additional company-owned restaurants in operation at the end of the 2009 third quarter. Franchise-owned same-store sales increased 1.9 percent for the quarter and 52 additional franchised restaurants were in operation during that time.
Total revenue increased 25.1 percent to $132.7 million in the third quarter, compared to $106.1 million in the third quarter of 2008.
"Buffalo Wild Wings continues to deliver category-leading operational and financial performance as demonstrated by our outstanding third quarter results. Our revenue growth of 25 percent produced impressive net earnings growth of 50 percent over last year, achieving earnings per diluted share of $0.38. Our results demonstrate the compelling 'You Have To Be Here' experience that we provide to our guests. I credit our success to the entire Buffalo Wild Wings Team for their continued dedication to improvement (that) delivered these great results," Sally Smith, president and CEO, said.
For the third quarter, net earnings increased 50.4 percent to $6.9 million versus $4.6 million in the third quarter of 2008. Earnings per diluted share were $0.38, as compared to third quarter 2008 earnings per diluted share of $0.25.
Average weekly sales for company-owned restaurants were $42,602 for the third quarter of 2009 compared to $42,400 for the same quarter last year. Franchised restaurants averaged $48,458 for the period versus $46,889 in the third quarter a year ago.
2009 and 2010 outlook
Smith said the company intends to achieve 13 percent to 15 percent unit growth in 2010, which, along with strong restaurant-level performance and leveraging our infrastructure, should translate into net earnings growth of 20 percent.
The company hosted a conference call Oct. 27 to discuss these results. A replay of the call is available until Nov. 3, 2009. To access this replay, please dial 1.303.590.3030, password 4169893.
There are currently 633 Buffalo Wild Wings locations across 41 states.
