UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 3, 2016
BUFFALO WILD WINGS, INC.
(Exact name of registrant as specified in its charter)
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Minnesota | 000-24743 | 31-1455915 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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5500 Wayzata Boulevard, Suite 1600 Minneapolis, Minnesota | | 55416 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code 952-593-9943
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. | Results of Operations and Financial Condition. |
On February 3, 2016, Buffalo Wild Wings, Inc. issued a press release announcing its 2015 fourth quarter and fiscal year financial results. A copy of the press release is furnished as Exhibit 99.1 hereto.
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Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit | Description |
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99.1 | Press Release dated February 3, 2016 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| BUFFALO WILD WINGS, INC. |
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Date: February 3, 2016 | By | /s/ Emily C. Decker |
| | Emily C. Decker |
| | Senior Vice President, General Counsel and Secretary |
EXHIBIT INDEX
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Exhibit No. | Description | Manner of Filing |
99.1 | Press Release dated February 3, 2016 | Furnished Electronically |
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Investor Relations Contact: Heather Pribyl 952.540.2095 | |
Buffalo Wild Wings, Inc. Announces
Fourth Quarter Earnings per Share of $1.32
- 2016 Earnings Per Diluted Share Outlook of $5.95 to $6.20 -
Minneapolis, Minnesota, February 3, 2016 – Buffalo Wild Wings, Inc. (NASDAQ: BWLD) announced today financial results for the fourth quarter and fiscal year ended December 27, 2015. Highlights for the fourth quarter, versus the same period a year ago, were:
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◦ | Total revenue increased 19.9% to $490.2 million |
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◦ | Company-owned restaurant sales increased 21.3% to $466.4 million |
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◦ | Same-store sales grew 1.9% at company-owned restaurants and 0.1% at franchised restaurants |
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◦ | Net earnings increased 24.4% to $25.3 million from $20.3 million, and earnings per diluted share increased 23.4% to $1.32 from $1.07 |
Sally Smith, President and Chief Executive Officer, commented, “Our 2015 same-store sales increased 4.2% at company-owned restaurants and 2.5% at franchised locations. Same-store sales growth in the fourth quarter of 1.9% at company-owned restaurants and 0.1% at franchised locations did not meet our expectations, although they continued to outpace the casual dining industry. We estimate the holiday shifts for Halloween and Christmas negatively impacted fourth quarter same-store sales by 30 basis points. Our restaurant sales increase of 21.3% in the fourth quarter was driven by 105 additional company-owned restaurants this year.”
Ms. Smith continued, "Net earnings increased 24.4% during the fourth quarter primarily from increased revenue and leveraging food and labor costs as a percentage of restaurant sales. Depreciation and amortization as a percentage of total revenue increased compared to the prior year as a result of our new restaurant development and franchise acquisitions. We also recorded $3.3 million in pre-tax loss on asset
disposals and impairments during the quarter. These non-cash charges tempered our net earnings growth for the year."
Total revenue increased 19.9% to $490.2 million in the fourth quarter, compared to $408.9 million in the fourth quarter of 2014. Company-owned restaurant sales for the quarter increased 21.3% over the same period in 2014, to $466.4 million, driven by a same-store sales increase at company-owned Buffalo Wild Wings restaurants of 1.9% and 103 additional company-owned Buffalo Wild Wings restaurants at the end of the fourth quarter of 2015 relative to the same period in 2014.
Franchise royalties and fees decreased (2.9)% to $23.8 million for the quarter, versus $24.5 million in the fourth quarter of 2014, driven by a decrease of 11 franchised locations at the end of the fourth quarter of 2015 relative to the same period in 2014.
Average weekly sales for company-owned Buffalo Wild Wings restaurants were $61,971 for the fourth quarter of 2015 compared to $62,119 for the same quarter last year, a 0.2% decrease. Franchised Buffalo Wild Wings locations in the United States averaged $64,032 for the period versus $63,949 in the fourth quarter a year ago, a 0.1% increase.
We recorded a $3.3 million loss on asset disposal and impairments in the quarter which included the impairment for one company-owned Buffalo Wild Wings and two company-owned PizzaRev restaurants, and writedowns for experimental technology.
Under the $200 million share repurchase authorization, announced in November 2015, 155,623 shares were repurchased during the fourth quarter of 2015 for a total of $25 million.
For the fourth quarter, net earnings increased 24.4% to $25.3 million, versus $20.3 million in the fourth quarter of 2014. Earnings per diluted share were $1.32, compared to fourth quarter 2014 earnings per diluted share of $1.07.
For the fiscal year 2015, net earnings increased 1.0% to $95.1 million, versus $94.1 million in the fiscal year of 2014. Earnings per diluted share were $4.97, compared to fiscal year 2014 earnings per diluted share of $4.95.
2016 Outlook
Ms. Smith remarked, “Same-store sales increased 0.3% at company-owned restaurants and decreased 1.5% at franchised locations for the first four weeks of the first quarter of 2016, compared to increases of 12.7% and 12.4%, respectively, for the same period last year. We're currently running a new national TV commercial and are looking forward to a fully-integrated campaign for college basketball. Our restaurants continue their commitment to operational excellence and are focused on the beer experience, lunch, and takeout as sales-driving initiatives for 2016.”
Ms. Smith concluded, "The Buffalo Wild Wings brand is strong and vibrant and we continue to invest to drive sales and deliver earnings growth for our shareholders. With our ongoing unit growth and operational diligence, our earnings per share goal for 2016 is $5.95 to $6.20, representing 20% to 25% growth over fiscal 2015.”
For 2016, the company expects the following new unit development:
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• | 45 to 50 company-owned Buffalo Wild Wings restaurants |
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• | 30 to 35 franchised Buffalo Wild Wings locations in the United States |
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• | 12 to 15 franchised Buffalo Wild Wing locations internationally |
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• | 6 company-owned and 4 franchised R Taco restaurants |
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• | Continued unit expansion by PizzaRev |
For 2016, the company expects the following:
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• | Single-digit same-store sales growth, including modestly positive traffic |
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• | Deflationary food costs, excluding traditional chicken wings |
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• | Depreciation and amortization expense of $155 to $160 million |
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• | Share repurchases of approximately $100 million |
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• | Earnings per diluted share of $5.95 to $6.20 |
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• | Capital expenditures of approximately $200 million, excluding franchise acquisitions and emerging brand investments |
We will discontinue disclosing quarter-to-date same-store sales trends after this quarter as a four-week trend is not predictive of quarterly same-store sales.
Buffalo Wild Wings will be hosting a conference call today, February 3, 2016 at 4:00 p.m. Central Standard Time to discuss these results. There will be a simultaneous webcast conducted at our investor website IR.BuffaloWildWings.com.
A replay of the call will be available until February 10, 2016. To access this replay, please dial 1.858.384.5517 password 2094542.
About the Company
Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, is a growing owner, operator and franchisor of Buffalo Wild Wings® restaurants featuring a variety of boldly-flavored, made-to-order menu items including its namesake Buffalo, New York-style chicken wings. The Buffalo Wild Wings menu specializes in 21 mouth-watering signature sauces and seasonings with flavor sensations ranging from Sweet BBQ™ to Blazin’®. Guests enjoy a welcoming neighborhood atmosphere that includes an extensive multi-media system for watching their favorite sporting events. Buffalo Wild Wings is the
recipient of hundreds of "Best Wings" and "Best Sports Bar" awards from across the country. There are currently 1,170 Buffalo Wild Wings locations around the world.
To stay up-to-date on all the latest events and offers for sports fans and wing lovers, like Buffalo Wild Wings on Facebook, follow @BWWings on Twitter and visit www.BuffaloWildWings.com.
Forward-looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations or beliefs and can be identified by the use of terminology such as ”continue,” “could,” “estimate,” “expect,” “goal,” “may,” “ongoing,” “plan,” “predict,” “project,” “should,” “will,” and similar words or expressions. Forward-looking statements in this press release include those relating to our future financial and restaurant performance measures, including but not limited to those relating to sales trends and projected unit and earnings growth, our growth strategy, planned sales efforts, unit development and expansion, share repurchase activity and cash requirements. Actual results may vary materially from those contained in forward-looking statements based on a number of factors, including, but not limited to, our ability to achieve and manage our planned expansion, the ability of our franchisees to open and manage new restaurants, market acceptance in the new geographic regions we enter (particularly non-U.S. locations), success of acquired restaurants, success of investments in new or emerging concepts, unforeseen obstacles in developing nontraditional sites or non-U.S. locations, our ability to obtain and maintain licenses and permits necessary to operate our existing and new restaurants, our franchisees’ adherence to our system standards, the cost of commodities such as traditional chicken wings and supply chain consistency, the success of our key initiatives and our advertising and marketing campaigns, our ability to control restaurant labor and other restaurant operating costs, the continued service of key management personnel, our ability to protect our name and logo and other proprietary information, economic conditions (including changes in consumer preferences or consumer discretionary spending), the impact of federal, state or local government regulations relating to our employees, the sale of food and alcoholic beverages, the effect of competition in the restaurant industry, our capital allocation plans, and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission, including the factors described under “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended
December 28, 2014, as updated by subsequent reports filed with the SEC. Investors should take such risks into account when making investment decisions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statement.
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BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollar and share amounts in thousands except per share data)
(unaudited)
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| Three months ended | | Twelve months ended |
| December 27,
2015 | | December 28,
2014 | | December 27,
2015 | | December 28,
2014 |
Revenue: | | | | | | | |
Restaurant sales | 466,405 |
| | 384,380 |
| | 1,715,000 |
| | 1,422,990 |
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Franchise royalties and fees | 23,818 |
| | 24,536 |
| | 97,722 |
| | 93,233 |
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Total revenue | 490,223 |
| | 408,916 |
| | 1,812,722 |
| | 1,516,223 |
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Costs and expenses: | | | | | | | |
Restaurant operating costs: | | | | | | | |
Cost of sales | 137,414 |
| | 117,680 |
| | 507,812 |
| | 413,890 |
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Labor | 144,262 |
| | 119,569 |
| | 542,847 |
| | 444,232 |
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Operating | 72,039 |
| | 58,164 |
| | 250,755 |
| | 209,583 |
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Occupancy | 26,015 |
| | 20,883 |
| | 94,569 |
| | 78,931 |
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Depreciation and amortization | 36,616 |
| | 27,100 |
| | 127,503 |
| | 98,454 |
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General and administrative | 31,196 |
| | 31,875 |
| | 129,133 |
| | 118,038 |
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Preopening | 4,903 |
| | 5,175 |
| | 14,154 |
| | 13,544 |
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Loss on asset disposals and impairment | 3,282 |
| | 458 |
| | 7,462 |
| | 3,827 |
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Total costs and expenses | 455,727 |
| | 380,904 |
| | 1,674,235 |
| | 1,380,499 |
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Income from operations | 34,496 |
| | 28,012 |
| | 138,487 |
| | 135,724 |
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Interest and other income (expense) | (912 | ) | | (189 | ) | | (2,346 | ) | | (317 | ) |
Earnings before income taxes | 33,584 |
| | 27,823 |
| | 136,141 |
| | 135,407 |
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Income tax expense | 8,292 |
| | 7,540 |
| | 41,265 |
| | 41,352 |
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Net earnings including noncontrolling interests | 25,292 |
| | 20,283 |
| | 94,876 |
| | 94,055 |
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Net income (loss) attributable to noncontrolling interests | 21 |
| | (39 | ) | | (193 | ) | | (39 | ) |
Net earnings attributable to Buffalo Wild Wings | 25,271 |
| | 20,322 |
| | 95,069 |
| | 94,094 |
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Earnings per common share – basic | $ | 1.33 |
| | 1.07 |
| | 5.00 |
| | 4.98 |
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Earnings per common share – diluted | $ | 1.32 |
| | 1.07 |
| | 4.97 |
| | 4.95 |
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Weighted average shares outstanding – basic | 19,036 |
| | 18,931 |
| | 19,013 |
| | 18,908 |
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Weighted average shares outstanding – diluted | 19,173 |
| | 19,051 |
| | 19,131 |
| | 19,002 |
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The following table expresses results of operations as a percentage of total revenue for the periods presented, except for restaurant operating costs which are expressed as a percentage of restaurant sales:
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| Three months ended | | Twelve months ended |
| December 27, 2015 | | December 28, 2014 | | December 27, 2015 | | December 28, 2014 |
Revenue: | | | | | | | |
Restaurant sales | 95.1 | % | | 94.0 | % | | 94.6 | % | | 93.9 | % |
Franchise royalties and fees | 4.9 |
| | 6.0 |
| | 5.4 |
| | 6.1 |
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Total revenue | 100.0 |
| | 100.0 |
| | 100.0 |
| | 100.0 |
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Costs and expenses: | | | | | | | |
Restaurant operating costs: | | | | | | | |
Cost of sales | 29.5 |
| | 30.6 |
| | 29.6 |
| | 29.1 |
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Labor | 30.9 |
| | 31.1 |
| | 31.7 |
| | 31.2 |
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Operating | 15.4 |
| | 15.1 |
| | 14.6 |
| | 14.7 |
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Occupancy | 5.6 |
| | 5.4 |
| | 5.5 |
| | 5.5 |
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Depreciation and amortization | 7.5 |
| | 6.6 |
| | 7.0 |
| | 6.5 |
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General and administrative | 6.4 |
| | 7.8 |
| | 7.1 |
| | 7.8 |
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Preopening | 1.0 |
| | 1.3 |
| | 0.8 |
| | 0.9 |
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Loss on asset disposals and impairment | 0.7 |
| | 0.1 |
| | 0.4 |
| | 0.3 |
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Total costs and expenses | 93.0 |
| | 93.1 |
| | 92.4 |
| | 91.0 |
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Income from operations | 7.0 |
| | 6.9 |
| | 7.6 |
| | 9.0 |
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Interest and other income (expense) | (0.2 | ) | | (0.0 | ) | | (0.1 | ) | | (0.0 | ) |
Earnings before income taxes | 6.9 |
| | 6.8 |
| | 7.5 |
| | 8.9 |
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Income tax expense | 1.7 |
| | 1.8 |
| | 2.3 |
| | 2.7 |
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Net earnings including noncontrolling interests | 5.2 |
| | 5.0 |
| | 5.2 |
| | 6.2 |
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Net income (loss) attributable to noncontrolling interests | 0.0 |
| | (0.0 | ) | | (0.0 | ) | | (0.0 | ) |
Net earnings attributable to Buffalo Wild Wings | 5.2 | % | | 5.0 | % | | 5.2 | % | | 6.2 | % |
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Dollar amounts in thousands) (unaudited)
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| December 27, 2015 | | December 28, 2014 |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 11,220 |
| | 93,329 |
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Marketable securities | 9,043 |
| | 19,547 |
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Accounts receivable, net of allowance of $25 and $25 | 34,087 |
| | 28,322 |
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Inventory | 15,351 |
| | 11,893 |
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Prepaid expenses | 6,386 |
| | 4,215 |
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Refundable income taxes | 21,591 |
| | 9,779 |
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Deferred income taxes | — |
| | 15,807 |
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Restricted assets | 100,073 |
| | 81,037 |
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Total current assets | 197,751 |
| | 263,929 |
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Property and equipment, net | 604,712 |
| | 494,401 |
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Reacquired franchise rights, net | 129,282 |
| | 37,631 |
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Other assets | 26,536 |
| | 19,399 |
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Goodwill | 114,101 |
| | 38,106 |
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Total assets | $ | 1,072,382 |
| | 853,466 |
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Liabilities and Stockholders’ Equity | | | |
Current liabilities: | | | |
Unearned franchise fees | $ | 2,144 |
| | 2,099 |
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Accounts payable | 44,760 |
| | 37,241 |
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Accrued compensation and benefits | 55,578 |
| | 59,161 |
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Accrued expenses | 21,678 |
| | 16,573 |
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Current portion of long-term debt and capital lease obligations | 2,147 |
| | — |
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Current portion of deferred lease credits | 59 |
| | 743 |
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Due to related party | 36,179 |
| | — |
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System-wide payables | 101,078 |
| | 79,668 |
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Total current liabilities | 263,623 |
| | 195,485 |
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Long-term liabilities: | | | |
Other liabilities | 16,473 |
| | 6,388 |
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Deferred income taxes | 23,351 |
| | 39,815 |
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Long-term debt and capital lease obligations, net of current portion | 70,954 |
| | — |
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Deferred lease credits, net of current | 41,869 |
| | 37,479 |
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Total liabilities | 416,270 |
| | 279,167 |
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Commitments and contingencies | | | |
Stockholders’ equity: | | | |
Undesignated stock, 1,000,000 shares authorized, none issued | — |
| | — |
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Common stock, no par value. Authorized 44,000,000 shares; issued and outstanding 18,917,776 and 18,937,131, respectively | 160,353 |
| | 148,114 |
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Retained earnings | 499,085 |
| | 427,695 |
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Accumulated other comprehensive loss | (3,719 | ) | | (2,096 | ) |
Total stockholders’ equity | 655,719 |
| | 573,713 |
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Noncontrolling interest | 393 |
| | 586 |
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Total equity | 656,112 |
| | 574,299 |
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Total liabilities and equity | $ | 1,072,382 |
| | 853,466 |
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BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
(unaudited)
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| Twelve months ended |
| December 27, 2015 | | December 28, 2014 |
Cash flows from operating activities: | | | |
Net earnings including noncontrolling interests | $ | 94,876 |
| | 94,055 |
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Adjustments to reconcile net earnings to net cash provided by operations: | | | |
Depreciation | 120,060 |
| | 93,773 |
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Amortization | 7,443 |
| | 4,681 |
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Loss on asset disposals and impairment | 7,462 |
| | 3,827 |
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Deferred lease credits | 4,052 |
| | 4,331 |
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Deferred income taxes | 155 |
| | (3,946 | ) |
Stock-based compensation | 13,647 |
| | 14,253 |
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Excess tax benefit from stock issuance | (5,455 | ) | | (2,500 | ) |
Loss on investments in affiliates | 687 |
| | — |
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Change in operating assets and liabilities, net of effect of acquisitions: | | | |
Trading securities | (495 | ) | | (972 | ) |
Accounts receivable | (4,313 | ) | | (3,443 | ) |
Inventory | (2,407 | ) | | (2,178 | ) |
Prepaid expenses | (691 | ) | | 383 |
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Other assets | (6,381 | ) | | (139 | ) |
Unearned franchise fees | 100 |
| | 191 |
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Accounts payable | 4,445 |
| | 5,343 |
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Income taxes | (6,356 | ) | | (2,948 | ) |
Accrued expenses | 10,867 |
| | 13,155 |
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Net cash provided by operating activities | 237,696 |
| | 217,866 |
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Cash flows from investing activities: | | | |
Acquisition of property and equipment | (172,548 | ) | | (137,466 | ) |
Acquisition of businesses/investments in affiliates | (203,642 | ) | | (30,572 | ) |
Purchase of marketable securities | (12,301 | ) | | (22,991 | ) |
Proceeds from marketable securities | 23,300 |
| | 12,000 |
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Net cash used in investing activities | (365,191 | ) | | (179,029 | ) |
Cash flows from financing activities: | | | |
Proceeds from line of credit | 352,678 |
| | — |
|
Repayments of line of credit | (318,148 | ) | | — |
|
Proceeds from related party borrowing | 36,179 |
| | — |
|
Repurchases of common stock | (25,000 | ) | | — |
|
Other financing activities | (3,173 | ) | | — |
|
Issuance of common stock | 5,355 |
| | 3,032 |
|
Excess tax benefit from stock issuance | 5,455 |
| | 2,500 |
|
Tax payments for restricted stock units | (7,847 | ) | | (7,474 | ) |
Net cash provided by (used in) financing activities | 45,499 |
| | (1,942 | ) |
Effect of exchange rate changes on cash and cash equivalents | (113 | ) | | (1,068 | ) |
Net increase (decrease) in cash and cash equivalents | (82,109 | ) | | 35,827 |
|
Cash and cash equivalents at beginning of year | 93,329 |
| | 57,502 |
|
Cash and cash equivalents at end of year | $ | 11,220 |
| | 93,329 |
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BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Restaurant Count
Company-owned Restaurants (includes Buffalo Wild Wings, R Taco, and Buffalo Wild Wings-owned PizzaRev locations):
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| Q1 | Q2 | Q3 | Q4 |
2015 | 501 | 517 | 573 | 596 |
2014 | 443 | 449 | 463 | 491 |
2013 | 397 | 407 | 415 | 434 |
2012 | 327 | 330 | 343 | 381 |
2011 | 263 | 277 | 288 | 319 |
Franchised Restaurants (includes Buffalo Wild Wings and R Taco locations):
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| Q1 | Q2 | Q3 | Q4 |
2015 | 593 | 593 | 569 | 579 |
2014 | 569 | 579 | 588 | 591 |
2013 | 514 | 525 | 534 | 559 |
2012 | 505 | 505 | 511 | 510 |
2011 | 488 | 492 | 498 | 498 |
Restaurant Count Rollforward:
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| | | | | | | | | | | | | | | | | |
| Twelve months ended |
| December 27, 2015 | | December 28, 2014 |
| Corporate | | Franchise | | Total | | Corporate | | Franchise | | Total |
Buffalo Wild Wings | | | | | | | | | | | |
Beginning of period | 487 |
| | 584 |
| | 1,071 |
| | 434 |
| | 559 |
| | 993 |
|
Opened | 51 |
| | 50 |
| | 101 |
| | 46 |
| | 47 |
| | 93 |
|
Acquired | 54 |
| | (54 | ) | | — |
| | 13 |
| | (13 | ) | | — |
|
Closed/Relocated | (2 | ) | | (7 | ) | | (9 | ) | | (6 | ) | | (9 | ) | | (15 | ) |
End of period | 590 |
| | 573 |
| | 1,163 |
| | 487 |
| | 584 |
| | 1,071 |
|
R Taco | | | | | | | | | | | |
Beginning of period | 2 |
| | 7 |
| | 9 |
| | — |
| | — |
| | — |
|
Opened | 1 |
| | — |
| | 1 |
| | — |
| | — |
| | — |
|
Acquired | 1 |
| | (1 | ) | | — |
| | 2 |
| | 7 |
| | 9 |
|
Closed/Relocated | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
End of period | 4 |
| | 6 |
| | 10 |
| | 2 |
| | 7 |
| | 9 |
|
PizzaRev | | | | | | | | | | | |
Beginning of period | 2 |
| | n/a |
| | 2 |
| | — |
| | n/a |
| | — |
|
Opened | — |
| | n/a |
| | — |
| | 2 |
| | n/a |
| | 2 |
|
Acquired | — |
| | n/a |
| | — |
| | — |
| | n/a |
| | — |
|
Closed/Relocated | — |
| | n/a |
| | — |
| | — |
| | n/a |
| | — |
|
End of period | 2 |
| | n/a |
| | 2 |
| | 2 |
| | n/a |
| | 2 |
|
Consolidated | | | | | | | | | | | |
End of the period | 596 |
| | 579 |
| | 1,175 |
| | 491 |
| | 591 |
| | 1,082 |
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BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
Same-Store Sales at Buffalo Wild Wings locations in United States and Canada
Company-owned Restaurants:
|
| | | | | |
| Q1 | Q2 | Q3 | Q4 | Year |
2015 | 7.0% | 4.2% | 3.9% | 1.9% | 4.2% |
2014 | 6.6% | 7.7% | 6.0% | 5.9% | 6.5% |
2013 | 1.4% | 3.8% | 4.8% | 5.2% | 3.9% |
2012 | 9.2% | 5.3% | 6.2% | 5.8% | 6.6% |
2011 | 3.9% | 5.9% | 5.7% | 8.9% | 6.1% |
Franchised Restaurants:
|
| | | | | |
| Q1 | Q2 | Q3 | Q4 | Year |
2015 | 6.0% | 2.5% | 1.2% | 0.1% | 2.5% |
2014 | 5.0% | 6.5% | 5.7% | 5.1% | 5.6% |
2013 | 2.2% | 4.1% | 3.9% | 3.1% | 3.3% |
2012 | 7.3% | 5.5% | 5.8% | 7.4% | 6.5% |
2011 | 1.6% | 2.7% | 4.2% | 5.9% | 3.6% |
Average Weekly Sales Volumes at Buffalo Wild Wings locations in United States and Canada
Company-owned Restaurants:
|
| | | | | | |
| | Q1 | Q2 | Q3 | Q4 | Year |
2015 | $ | 64,851 | 61,960 | 61,831 | 61,971 | 62,529 |
2014 | | 60,966 | 59,403 | 59,643 | 62,119 | 60,470 |
2013 | | 56,953 | 54,759 | 55,592 | 58,204 | 56,392 |
2012 | | 55,131 | 51,524 | 52,561 | 55,595 | 53,783 |
2011 | | 48,845 | 47,970 | 49,461 | 51,983 | 49,627 |
Franchised Restaurants:
|
| | | | | | |
| | Q1 | Q2 | Q3 | Q4 | Year |
2015 | $ | 67,075 | 63,904 | 62,819 | 64,032 | 64,474 |
2014 | | 63,852 | 61,845 | 61,586 | 63,949 | 62,595 |
2013 | | 60,050 | 58,186 | 58,926 | 61,167 | 59,594 |
2012 | | 57,282 | 54,766 | 55,608 | 58,490 | 56,570 |
2011 | | 52,744 | 50,995 | 51,350 | 53,385 | 52,081 |
Buffalo Wild Wings, Inc. (delisted) (NASDAQ:BWLD)
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Buffalo Wild Wings, Inc. (delisted) (NASDAQ:BWLD)
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