Buffalo Wild Wings beats earnings expectations, shares jump
(Flickr / Ginny)
Buffalo Wild Wings on Tuesday reported second-quarter results that topped analysts' forecasts for profits, but missed on revenue.
Lowered costs and expenses in "a challenging sales environment," combined with revenue growth, helped boost the company's earnings per diluted share by 13% year-on-year to $1.27, said CEO Sally Smith in the earnings statement.
The fast-food restaurant chain reported revenue of $490.2 million.
Analysts had estimated that it reported adjusted EPS of $1.25 and sales totaling $498 million according to Bloomberg.
Sales at company-owned stores open for at least one year fell 2.1% during the quarter, and fell 2.6% at franchised restaurants.
Earlier on Tuesday, the company's shares rose 6% after activist investor Marcato Capital Management reported a 5.1% stake in it.
The shares rose by about 3% in after-hours trading.
More to come ...
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