Image source: Buffalo Wild Wings.

What: Shares of Buffalo Wild Wings (NASDAQ:BWLD) fell as much as 15.5% early Wednesday, but were down 12.4% as of 11:00 a.m EST after the restaurant chain announced disappointing first-quarter 2016 results.

So what: Quarterly revenue rose 15.4% year over year, to $508.3 million, driven entirely by new units and franchise acquisitions. That doesn't sound so bad, but these results were held back by same-store sales declines of 1.7% and 2.4% at company-owned and franchised locations, respectively. On the bottom line, that resulted in a 12.8% increase in net income, to $32.8 million, and a 13.5% increase in earnings per diluted share, to $1.73. Buffalo Wild Wings also spent $25 million to repurchase 173,892 shares during the quarter. 

Buffalo Wild Wings CEO Sally Smith stated the company is "dissatisifed" with its same-store sales declines, but also noted they are "undertaking several sales-driving initiatives to regain momentum."

As I outlined in my full earnings take earlier today, these sales-driving initiatives include enhancing its takeout business with special takeout packages leading up to UFC 200, driving incremental revenue with a "speed-of-service" guarantee for its FastBreak lunch program, improving and promoting its value proposition through targeted media campaigns and the impending launch of a new Happy Hour menu, and honing its focus to win traffic related to the year-round soccer market.

Now what: In the meantime, however, Buffalo Wild Wings also reduced guidance for the full year. The company now anticipates 2016 earnings per diluted share of $5.65 to $5.85 -- or growth of 13.7% to 17.7% over 2015 -- assuming "improving" same-store sales. Previously, Buffalo Wild Wings' outlook called for 2016 EPS of $5.95 to $6.20, and same-store sales growth in the mid-single-digit percentage range.

Buffalo Wild Wings is still growing its top and bottom lines at a healthy pace, and I still think its long-term growth story remains firmly intact. But this is also its second-consecutive quarter of posting disappointing comps. When you combine that with its reduced earnings guidance, it's hard to blame the market for taking a step back as B-Dubs works to return all facets of its business to sustained, profitable growth.

Steve Symington owns shares of Buffalo Wild Wings. The Motley Fool owns shares of and recommends Buffalo Wild Wings. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.