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Buffalo Wild Wings Same-store sales increases of 8.3% at company-owned and 4.5% at franchised restaurants |
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Buffalo Wild Wings, Inc. Announces Second Quarter 2008 Results |
Buffalo Wild Wings, Inc. (Nasdaq: BWLD), announced today financial results for the second quarter ended June 29, 2008. Highlights for the second quarter versus the same period a year ago were:
• Total revenue increased 28.8% to $97.9 million
• Company-owned restaurant sales grew 29.5% to $87.5 million
• Same-store sales increased 8.3% at company-owned restaurants and 4.5% at franchised restaurants
• Net earnings increased 46% to $5.6 million from $3.8 million, and earnings per diluted share increased 41% to $0.31 from $0.22
Sally Smith, President and Chief Executive Officer, commented, 'Buffalo Wild Wings just completed an outstanding quarter. Our same-store sales are industry-leading, with increases at our company-owned restaurants of 8.3% and our franchised locations of 4.5%. Equally impressive is the strength of our new restaurant openings, which have propelled our average weekly sales 10.7% higher at company-owned and 5.4% higher at franchised restaurants for the quarter. Our top-line increase of nearly 29% leveraged to a 46% increase in net earnings.'
Total revenue increased 28.8% to $97.9 million in the second quarter compared to $76.0 million in the second quarter of 2007. Company-owned restaurant sales for the quarter increased 29.5% to $87.5 million driven by a company-owned same-store sales increase of 8.3% and 24 more company-owned restaurants in operation at the end of second quarter 2008 relative to the same period in 2007. Franchise royalties and fees increased 22.9% to $10.4 million versus $8.5 million in the prior year. This increase was due to a franchised same-store sales increase of 4.5% and 45 more franchised restaurants at the end of the period versus a year ago.
Average weekly sales for company-owned restaurants were $40,572 for the second quarter of 2008 compared to $36,655 for the same quarter last year, a 10.7% increase. Franchised restaurants averaged $46,390 for the period versus $43,998 in the second quarter a year ago, a 5.4% increase.
For the second quarter, net earnings increased 46% to $5.6 million versus $3.8 million in the prior year. Earnings per diluted share were $0.31, as compared to second quarter 2007 earnings per diluted share of $0.22.
2008 Outlook
Ms. Smith concluded, 'Same-store sales continue to be strong in July, with increases of over 6% at company-owned and over 2% at franchised restaurants. We are in final preparation for the start of football season, with a redesigned menu rolling throughout the system this week, our HDTV and remodel projects nearing completion, our media and local marketing plans set, and our operations team trained and energized. We expect the purchase of our nine Las Vegas franchised locations to close in late September. With the momentum continuing from the first half of the year, we are confident in our ability to achieve our 15% unit growth, 20% revenue growth, and 25% net earnings growth targets for 2008.'
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| Last: |
21.16 |
| Time: |
12/2/2008
4:00pm |
| Change: |
+1.36 |
| Opened: |
19.96 |
| Day: |
21.56 - 19.62 |
| Volume: | 337490
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