News

Buffalo Wild Wings reports strong Q1 results

April 26, 2012

Buffalo Wild Wings Inc. has announced its financial results for the first quarter ended March 25, 2012.

Highlights for the first quarter were:

Total revenue increased 37.9 percent to $251.1 million
Company-owned restaurant sales grew 40.3 percent to $232.3 million
Same-store sales increased 9.2 percent at company-owned restaurants and 7.3 percent at franchised restaurants
Net earnings increased 22.8 percent to $18.2 million, and earnings per diluted share increased 21.0 percent to $0.98 from $0.81

“We are pleased with our solid start in 2012 … The combination of strong same-store sales, new restaurant performance, and sales from franchised restaurants acquired in 2011 fueled our substantial revenue increase of 37.9 percent," said Sally Smith, president and CEO. "We continued to invest in the infrastructure necessary to support our expansion in North America and internationally."

Total revenue increased 37.9 percent to $251.1 million in the first quarter compared to $182.2 million in the first quarter of 2011. Company-owned restaurant sales for the quarter increased 40.3 percent over the same period in 2011, to $232.3 million, driven by a company-owned same-store sales increase of 9.2 percent and 64 additional company-owned restaurants at the end of first quarter 2012 relative to the same period in 2011.

For the first quarter, net earnings increased 22.8 percent to $18.2 million versus $14.9 million in the first quarter of 2011. Earnings per diluted share were $0.98, as compared to first quarter 2011 earnings per diluted share of $0.81.

2012 outlook

For the first four weeks of the second quarter, same-store sales are up 6.7 percent at company-owned restaurants and 6.6 percent at franchised locations.

"We’re increasing our advertising over last year with national radio to cover all of our markets and we’re airing a new TV spot. Our operations excellence team remains keenly focused on the fundamentals of providing great service to our guests and driving restaurant-level profitability," Smith said.

Moving forward, the company intends to continue its development pace to achieve 1,500 locations in North America in the next five to seven years in addition to its pursuit of opening international locations.

"We are innovating around the critical aspects of the Buffalo Wild Wings brand, including our facilities, food and beverage, sports and entertainment, technology, and our service strategy. We believe that with a dedicated focus on our guest experience and unit-level profitability, we will prudently expand our presence across the globe and generate industry-leading net earnings growth well into the future,” Smith said.