Buffalo Wild Wings Lowers Full-Year Earnings View
October 28 2015 - 5:40PM
Dow Jones News
Buffalo Wild Wings Inc. said labor costs and the timing of
sports events hurt third-quarter results, driving quarterly profit
down, and the restaurant company lowered its full-year earnings
guidance.
Shares fell 11.6% to $163.01 in after-hours trading.
Buffalo Wild Wings said the sports calendar resulted in one less
week of football and fewer pay-per-view events, hurting same-store
sales by about 0.80 percentage point.
Buffalo Wild Wings now projects single-digit earnings growth for
the year, down from a prior goal of 13%. For next year, it expects
earnings will rise by more than 20%.
Same-store sales increased 3.9% at company-owned restaurants and
1.2% at franchised locations for the quarter.
Net income fell to $19.2 million, or $1 a share, from $21.8
million, or $1.14 a share, a year earlier. Revenue increased to
$455.5 million from $373.5 million.
Analysts polled by Thomson Reuters expected earnings of $1.29 a
share on revenue of $465 million.
For the first four weeks of the fourth quarter, same-store sales
were up 2.8% at company-owned restaurants and 0.8% at franchised
sites.
Raymond James downgraded Buffalo Wild Wings and three other
restaurant chains on Oct. 12, saying "momentum could slow in coming
quarters."
Buffalo Wild Wings has more than 1,140 locations.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 28, 2015 17:25 ET (21:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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