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Buffalo Wild Wings Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 1, 2012 09:34PM
Buffalo Wild Wings Inc. (BWLD) filed Quarterly Report for the period ended 2012-09-23. Buffalo Wild Wings, Inc. has a market cap of $1.41 billion; its shares were traded at around $74.91 with a P/E ratio of 26.2 and P/S ratio of 1.8. Buffalo Wild Wings, Inc. had an annual average earning growth of 26.5% over the past 10 years.
Highlight of Business Operations:Sales at our company-owned restaurants, which represented 93% of total revenue in the third quarter of 2012. Food and nonalcoholic beverages accounted for 79% of restaurant sales. The remaining 21% of restaurant sales was from alcoholic beverages. The menu items with the highest sales volume are traditional and boneless wings at 21% and 19%, respectively, of total restaurant sales.
Restaurant sales increased by $47.4 million, or 26.2%, to $228.4 million in 2012 from $181.0 million in 2011. The increase in restaurant sales was due to a $37.5 million increase associated with 29 new company-owned restaurants that opened in 2012 and 68 company-owned restaurants that opened or were acquired before 2012 that did not meet the criteria for same-store sales for all or part of the three-month period, and $9.9 million related to a 6.2% increase in same-store sales.
Restaurant sales increased by $166.8 million, or 32.4%, to $681.3 million in 2012 from $514.5 million in 2011. The increase in restaurant sales was due to a $135.3 million increase associated with 29 new company-owned restaurants that opened in 2012 and 109 company-owned restaurants that opened or acquired before 2012 that did not meet the criteria for same-store sales for all or part of the nine-month period, and $31.5 million related to a 6.9% increase in same-store sales.
Franchise royalties and fees increased by $5.9 million, or 11.8%, to $55.4 million in 2012 from $49.6 million in 2011. The increase was primarily due to royalties related to additional sales at 13 more franchised restaurants in operation at the end of the period compared to prior year, and an increase in same-store sales at franchised restaurants of 6.2% in the first nine months of 2012.
Cost of sales increased by $69.6 million, or 48.4%, to $213.2 million in 2012 from $143.7 million in 2011 due primarily to more restaurants being operated in 2012. Cost of sales as a percentage of restaurant sales increased to 31.3% in 2012 from 27.9% in 2011. Cost of sales as a percentage of restaurant sales increased primarily due to higher chicken wing prices and a lower wing-per-pound yield. For the first nine months of 2012, the cost of chicken wings averaged $1.93 per pound which was a 70.8% increase over the same period in 2011.
Stocks Discussed: BWLD,