Courtesy of Benzinga.
Buffalo Wild Wings (NASDAQ: BWLD) is down more than nine percent, despite the restaurant chain beating second-quarter expectations and boosting its 2014 outlook.
Same-store sales at company-owned restaurants grew 7.7 percent in the second quarter and by 6.5 percent at franchise restaurants.
In the first four weeks of the third quarter, comparable sales grew 8.2 percent at company-owned restaurants and 7.4 percent at franchises, including a 330 basis-point gain from the World Cup.
Net 2014 earnings growth will exceed 25 percent and could reach 30 percent according to the company, which cited year-to-date performance, same-store sales trends and expected food and labor costs.
Previously the company forecast 2014 earnings growth of 25 percent.
Second-quarter net income grew to $23.7 million, or $1.25 per share, from year-earlier profit of $16.5 million, or $0.88 per share. Revenue increased to $366 million, from $305 million a year earlier.
Wall Street expected earnings of $1.20 per share, on revenue of $359.5 million.
Shares of the company changed hands in the pre-market at $151.00, down 9.66 percent.
