Actionable news
0
All posts from Actionable news
Actionable news in BWLD: Buffalo Wild Wings, Inc.,

Buffalo Wild Wings, Inc. Announces

The following excerpt is from the company's SEC filing.

Quarter Earnings per Share of

Minneapolis, Minnesota,

Buffalo Wild Wings, Inc.

(NASDAQ: BWLD) announced today financial results for the

quarter ended

September 27, 2015

. Highlights for the

quarter versus the same period a year ago were:

Total revenue

increased

$455.5 million

Company

owned restaurant sales

$431.8 million

store sales increased

at company

owned restaurants and

at franchised restaurants

Net earnings

decreased

$19.2 million

$21.8 million

, and earnings per diluted share

Sally Smith, President and Chief Executive Officer, commented, “During the third quarter we acquired 41 franchised locations in Texas, New Mexico, and Hawaii, which includes two restaurants under development. We sincerely thank the hundreds of Team Members across the country that were part of the successful transition to company ownership. Combined with our ongoing company-owned development and other franchise acquisitions during the last 12 months, we've increased our company-owned Buffalo Wild Wings locations by 24% compared to a year ago.”

Ms. Smith continued, “Our same-store sales in the third quarter increased

at franchised locations, despite a shift in the sports calendar resulting in one less week of football and fewer pay-per-view events than last year. We estimate this negatively impacted our same-store sales by 80 basis points. Cost of sales and labor as a percentage of restaurant sales were higher compared to the prior year, and, with the additional depreciation, amortization, and other expenses related to the recently completed franchise acquisition, our earnings per diluted share decreased year-over-year to

quarter, compared to

$373.5 million

quarter of

. Company

owned restaurant sales for the quarter

over the same period in

, driven by a same

store sales increase at company-owned Buffalo Wild Wings restaurants of

additional Buffalo Wild Wings restaurants at the end of the

. Franchise royalties and fees

$23.8 million

for the quarter versus

$22.9 million

. This increase is attributed to increased international franchise fees and increased same-store sales of

for the franchised Buffalo Wild Wings restaurants in operation at the end of the period compared to the same period in

Average weekly sales for company-owned Buffalo Wild Wings restaurants were

$61,831

$59,643

for the same quarter last year, a

. Franchised Buffalo Wild Wings restaurants in the United States averaged

$62,819

for the period versus

$61,586

quarter a year ago, a

For the

quarter, net earnings

. Earnings per diluted share were

earnings per diluted share of

2015 and 2016 Outlook

Ms. Smith remarked, “Same-store sales increased 2.8% at company-owned restaurants and 0.8% at franchised locations for the first four weeks of the

fourth

compared to 5.4% and 5.1%

respectively

for the same period last year. As we approach year end, we know our Guests will be rooting for their favorite NFL teams to reach the Super Bowl and their favorite college teams to reach a bowl game. We're excited to be the title sponsor of the Buffalo Wild Wings Citrus Bowl again this year."

Ms. Smith continued, "In anticipation of our purchase of the 41 franchised locations, we previously revised our 2015 net earnings growth goal to 13% to account for the incremental expense and transition costs we expected to incur in the third and fourth quarters. Based on our year-to-date results and updated outlook for the fourth quarter, we are now anticipating single-digit net earnings growth for the year."

Ms. Smith concluded, "We remain confident the Buffalo Wild Wings brand is strong and we're continually investing in our Guest Experience to increase sales. We're looking forward to 2016 and plan to open 50 company-owned Buffalo Wild Wings. Buffalo Wild Wings franchisees in the United States anticipate opening 30 restaurants and international franchisees should open approximately 15 locations. R Taco and PizzaRev will continue their growth plans through both company-owned and franchise development next year. As a result of this unit expansion combined with our ongoing sales-driving and operational initiatives, we believe net earnings growth in 2016 should exceed 20%.”

will be hosting a conference call today,

at 4:00 p.m. Central Daylight Time to discuss these results. There will be a simultaneous webcast conducted at our investor website

IR.BuffaloWildWings.com

A replay of the call...


More