Image source: Buffalo Wild Wings.

What: Shares of Buffalo Wild Wings (NASDAQ:BWLD) jumped as much as 13.9% early Wednesday, and traded up 9.8% as of 1:00 p.m. EDT after the wings, beer, and sports-centric restaurant chain released better-than-expected second-quarter 2016 earnings.

So what: Quarterly revenue grew 15% year over year, to $490.2 million, as contributions from new restaurant openings and franchise acquisitions more than offset same-store sales declines of 2.1% and 2.6% at company-owned and franchised locations, respectively. That resulted in 10.2% growth in net income, to $23.7 million, and a 13.1% increase in earnings per diluted share, to $1.27. Buffalo Wild Wings repurchased 548,402 shares for $75 million during the quarter.

By comparison, analysts' consensus estimates called for higher revenue of $498.3 million, and lower earnings per share of $1.26.

During the subsequent conference call, Buffalo Wild Wings CEO Sally Smith noted they're working hard to control costs in today's "challenging sales environment," but also insisted they're "pleased" with the early results of a recently launched 15-minute guarantee for its FastBreak lunch program. In addition, Smith revealed takeout sales climbed 25% year over year thanks in part to traction for B-Dubs' new digital ordering platform. The company has also begun testing delivery in select locations as a way to capture even more incremental revenue.

Now what: Buffalo Wild Wings also reiterated its guidance for full-year earnings per diluted share of $5.65 to $5.85, good for growth of 13.7% to 17.7% over 2015. But a few assumptions behind that range have changed; the company's previous location expansion plans remain intact, but it no longer lists "improving same-store sales" as a driving factor. B-Dubs also reduced its expected capital expenditures for the year by $20 million, to $170 million, and anticipates spending a total of $150 million on share repurchases this year (up from $100 million previously). Finally, Smith told investors that Buffalo Wild Wings is in the process of revising its capital strategy, and it will offer more details on its plans for leverage and returning capital to shareholders at its Analyst Day on August 16, 2016. 

In the end, as long as Buffalo Wild Wings responsibly implements that capital strategy revision, its resolve to reward shareholders regardless of today's revenue headwinds should be cause for celebration. For investors willing to hold on as its long-term growth plans come to fruition, I think Buffalo Wild Wings remains poised to continue generating market-beating returns for years to come.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.