Buffalo Wild Wings (BWLD) reported fiscal 2014 first-quarter earnings that topped analyst estimates after the market closed today. For the quarter ending March 30, the fast-casual chain posted a profit of $1.49 per share, up more than 71% from $0.87 per share during the same period a year ago. That was also significantly better than analysts' estimates for earnings-per-share of $1.34 in the quarter. Revenue also came in stronger than expected -- up nearly 21% to $367.9 million in the period. For comparison, Wall Street was looking for quarterly revenue of just $362.9 million.
These results were driven by same-store sales growth of 6.6% at company-owned restaurants and 5% comps growth at franchised locations during the period. "Strong net earnings growth is primarily attributable to 46 additional company-owned restaurants compared to the prior year, the strength of same-store sales, and a 440-basis point improvement in cost of sales that was the result of significantly lower traditional chicken wing prices and our July 2013 transition to selling wings by portion," said Sally Smith, Buffalo Wild Wings chief executive.
Management expects results for the current quarter to remain strong as more customers visit its restaurants for key sporting events including the NBA and NHL playoffs. Shares of Buffalo Wild Wings were higher by more than 4% in after hours trading on the news, with the stock priced at around $139 as of 4:30 p.m. on Monday.
