Buffalo Wild Wings, Inc. (Nasdaq:BWLD), announced today financial results for the second quarter ended July 1, 2007. Highlights for the second quarter versus the same period a year ago were:
• Total revenue increased 22.1% to $76.0 million
• Company-owned restaurant sales grew 22.7% to $67.5 million
• Same-store sales increased 8.1% at company-owned restaurants and 4.0% at franchised restaurants
• Earnings per diluted share increased 57% to $0.22 from $0.14
Sally Smith, President and Chief Executive Officer, commented, 'Our second quarter same-store sales were again industry-leading, with an 8.1% increase at company-owned restaurants and a 4.0% increase at franchised restaurants, demonstrating that Buffalo Wild Wings is executing on its brand promise YOU HAVE TO BE HERE(TM). Nearly every line of our statement of earnings for the second quarter showed margin improvement over last year, delivering earnings per diluted share of $0.22, an impressive 57% increase.'
Total revenue, which includes company-owned restaurant sales and franchise royalties and fees, increased 22.1% to $76.0 million in the second quarter compared to $62.3 million in the second quarter of 2006. Company-owned restaurant sales for the quarter increased 22.7% to $67.5 million driven by a company-owned same-store sales increase of 8.1% and 16 more company-owned restaurants in operation at the end of second quarter 2007 relative to the same period in 2006. Franchise royalties and fees increased 17.2% to $8.5 million versus $7.2 million in the prior year. This increase was due to a franchised same-store sales increase of 4.0% and 31 more franchised restaurants at the end of the period versus a year ago.
Average weekly sales for company-owned restaurants were $36,655 for the second quarter of 2007 compared to $33,660 for the same quarter last year, an 8.9% increase. Franchised restaurants averaged $43,998 for the period versus $42,338 in the second quarter a year ago, a 3.9% increase.
For the second quarter, earnings per diluted share were $0.22, as compared to second quarter 2006 earnings per diluted share of $0.14.
2007 Outlook
Ms. Smith concluded, 'We are on track to meet our growth goals for 2007. We enthusiastically look forward to the kick-off of football season. With our guest-focused operations plan, enhanced media program, and the anticipated purchase of our Las Vegas franchised restaurants, along with a busy restaurant opening schedule, the remainder of the year will be exciting.'
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