MINNEAPOLIS Buffalo Wild Wings Inc. reported late Tuesday a 30-percent increase in first-quarter net income as same-store sales gains and new unit openings helped drive a 35-percent increase in corporate revenue.
For the quarter ended March 29, earnings rose to $8.5 million, or 47 cents per share, from earnings of $6.5 million, or 36 cents per share, in the same quarter a year ago.
Latest-quarter revenue totaled $131.6 million, and was helped by a same-store sales increase of 6.4 percent at corporate locations and the opening of 41 new restaurants. Same-store sales at franchised locations increased 6.0 percent.
The chain, which includes 588 sports-focused grill and bars, has fared better than most in the U.S. recession and has attributed its success to its operational execution and fun atmosphere.
The company noted, however, that same-store sales have declined a bit in the current second quarter, mostly because of the fiscal period’s inclusion of the Easter holiday. Through Tuesday, second-quarter same-store sales are up about 1.8 percent at corporate restaurants and 3.6 percent at franchised locations. The Easter holiday adversely impacted same-store sales by about 2.5 percent, the company noted.
Still, Buffalo Wild Wings reiterated its full-year targets of 15 percent unit growth, 20 percent revenue growth and between 20 percent and 25 percent growth in net earnings. The company also noted that it has accelerated its opening schedule so that it can take full advantage of the fall and winter football season.
Contact Sarah E. Lockyer at [email protected].
