MINNEAPOLIS — Buffalo Wild Wings Inc. has announced financial results for the first quarter ended March 29.
For the quarter, same-store sales increased 6.4 percent at company-owned restaurants and 6.0 percent at franchised restaurants. Company-owned restaurant sales grew 37.4 percent to $119.4 million compared to the same period last year, driven by company-owned same-store sales increases and 41 additional company-owned restaurants in operation at the end of first quarter 2009.
Total revenue increased 35.3 percent to $131.6 million in the first quarter compared to $97.3 million in the first quarter of 2008. Franchise royalties and fees increased 17 percent to $12.1 million versus $10.4 million in the prior year. This increase was the result of franchised same-store sales increases and 33 additional franchised restaurants at the end of the period versus a year ago.
For the first quarter, net earnings increased 30.1 percent to $8.5 million versus $6.5 million in the prior year. Earnings per diluted share were 47 cents, as compared to first quarter 2008 earnings per diluted share of 36 cents.
"We're very pleased to share the continued strength and momentum of our first quarter results. Our outstanding revenue growth of 35.3 percent and net earnings growth of 30.1 percent demonstrate the stability and strength of the Buffalo Wild Wings brand and the ongoing commitment to exceptional execution by our franchisees and team members," said Sally Smith, Buffalo Wild Wings president and CEO.
2009 Outlook
Smith said the company is reiterating its 2009 annual goals of 15 percent unit growth, 25 percent revenue growth, and 20 percent to 25 percent net earnings growth.
To date, the company's second quarter same-store sales are up about 1.8 percent at company-owned restaurants and 3.6 percent at franchised locations.
"These percentages include the effect of Easter occurring in April this year, which we estimate adversely impacted same-store sales by about 2.5 percent," Smith said. "We are on track to open more restaurants before the end of the third quarter this year than we opened during all of 2008. We will, however, have additional expense in the second quarter as a result of this accelerated opening schedule and a shift in stock-based compensation."
