| |
| |
One moment, please... we are searching the news archive.
|
Free Hospitality Publications
|
| Phuket last minute hotels |
|
|
|
Restaurant Industry News
|
Thursday May 1st, 2008 |
 |
Buffalo Wild Wings, Inc. Announces First Quarter 2008 Results
|
 |
Same-store sales increases of 4.1% at company-owned and 2.1% at franchised restaurants |
Buffalo Wild Wings, Inc. (Nasdaq: BWLD), announced financial results for the first quarter ended March 30, 2008. Highlights for the first quarter versus the same period a year ago were:
• Total revenue increased 21.7% to $97.3 million
• Company-owned restaurant sales grew 22.3% to $86.9 million
• Same-store sales increased 4.1% at company-owned restaurants and 2.1% at franchised restaurants
• Earnings per diluted share, which includes charges related to restaurant relocations of $0.02, increased 16% to $0.36 from $0.31
Sally Smith, President and Chief Executive Officer, commented, '2008 is off to a great start. We are very proud of our results, especially given the current economic environment. Our 15% unit growth and 22% revenue growth are in line with our annual goals. Earnings per diluted share increased 16% to $0.36 per share. As expected, with more company-owned restaurants opening earlier in the year, and the ongoing rent associated with the purchase and conversion of the eight Don Pablo's locations, our first quarter preopening expenses increased by $867,000, and the accelerated depreciation and impairment for the upcoming relocations of three restaurants was $510,000 for the quarter. Without these year-over-year incremental costs, our net income would have increased by over 30%.'
Total revenue increased 21.7% to $97.3 million in the first quarter compared to $79.9 million in the first quarter of 2007. Company-owned restaurant sales for the quarter increased 22.3% to $86.9 million driven by a company-owned same-store sales increase of 4.1% and 25 more company-owned restaurants in operation at the end of first quarter 2008 relative to the same period in 2007. Franchise royalties and fees increased 17.2% to $10.4 million versus $8.8 million in the prior year. This increase was due to a franchised same-store sales increase of 2.1% and 41 more franchised restaurants at the end of the period versus a year ago.
Average weekly sales for company-owned restaurants were $41,438 for the first quarter of 2008 compared to $39,254 for the same quarter last year, a 5.6% increase. Franchised restaurants averaged $47,812 for the period versus $46,439 in the first quarter a year ago, a 3.0% increase.
For the first quarter, earnings per diluted share were $0.36, as compared to first quarter 2007 earnings per diluted share of $0.31.
2008 Outlook
Ms. Smith concluded, 'We are very pleased with the sustained strength of our same-store sales, and we are intensely focused on driving guests to Buffalo Wild Wings and delivering a great experience. Five new company-owned and 10 franchised locations are expected to open in the second quarter, ahead of our development pace of 2007 and on track to achieve our annual 15% unit growth target. As a result of the additional units in construction, preopening expenses are expected to be about $1.2 million in the second quarter. The purchase of the nine Las Vegas franchised locations is now anticipated to close in the third quarter. We are confident that these units, combined with our unit growth and strong unit-level performance, will enable us to achieve our annual goal of increasing net income by 25%.'
|
|
|
 |
|
 |
|
|
|
|
Mail Me 
Print Me 
PDF Me 
Save Me
