MINNEAPOLIS Buffalo Wild Wings Inc. is flying high despite the many headwinds hurting restaurant operations throughout the industry.
The company, which is operator or franchisor of 567 casual-dining restaurants, reported Wednesday an earnings increase of 29 percent, a revenue increase of 33 percent and a corporate same-store sales jump of 4.5 percent for the fourth quarter. The numbers contrast sharply with competitors in the casual-dining sector, which has been hit hard by reduced guest traffic as consumers cut spending and forgo eating out.
Buffalo Wild Wings also said 2009 already has gotten off to a good start, with same-store sales at corporate restaurants up 8 percent so far this first quarter. The company reiterated its annual goals of 15-percent unit growth, 25-percent revenue growth and between 20-percent and 25-percent earnings growth.
“Our brand offers a unique and appealing experience that is more than just going out to eat,” said Sally Smith, the company’s president and chief executive. “Buffalo Wild Wings is a haven where people go to relax and connect with friends and family.”
For the quarter ended Dec. 28, Buffalo Wild Wings earned $7.7 million, or 43 cents per share, compared with $6.0 million, or 34 cents per share, in the same quarter a year earlier. Revenues in the latest quarter totaled $121.2 million.
For the full year, the company earned $24.4 million, or $1.36 per share, versus $19.6 million, or $1.10 per share. Fiscal 2008 revenues rose 28 percent to $422.4 million.
Contact Sarah E. Lockyer at [email protected].