Buffalo Wild Wings down after missing estimates
Buffalo Wild Wings (Nasdaq: BWLD) shares are down after the casual restaurant operator’s announced after the close that its third-quarter earnings totaled $4.27 million, or $0.24 per share, below analyst estimates of $0.26 per share and compared with $3.53 million, or $0.20 per share, a year earlier.
The Minneapolis, Minn.-based firm’s revenue grew 21% to $82.4 million, slightly above Wall Street projections of $81.37 million and compared with $68.3 million during the same period of 2006.
"Same-store sales remained strong, at 8.3% for company-owned and 5.9% for franchised restaurants, critical in delivering a 20.5% increase in total revenue,” CEO Sally Smith said in a statement. “Average weekly sales for company-owned restaurants grew by 8.8% and for franchised locations by 6.8%, demonstrating the strength of our new restaurant openings.”
Smith said the company is committed to achieving its growth targets for 2007 and 2008 of 15% unit growth, 20% revenue growth and 25% earnings growth.
In after-hours trading, BWLD shares are down 10.07%, or $3.92, at $34.99. Over the last 52 weeks, shares have ranged from $22.88 to $47.75.
