There were some bold tidings to spice up Buffalo Wild Wings' (NASDAQ:BWLD) first-quarter results, but apparently investors weren't too terribly impressed, judging by the stock's fall today.

First-quarter net income surged 30.1% to $8.5 million, or $0.47 per share. Total sales jumped 35.3% to $131.6 million. Even more impressive, same-store sales surged 6.4%. The company reiterated its 2009 goals for 25% revenue growth and 20% to 25% earnings growth.

If investors are choking a bit on the spicy tidings, part of that might be fears about the company's aggressive expansion plans. In the press release, CEO Sally Smith said that the company's on track to open more restaurants before the end of the third quarter this year than it did in all of 2008. Meanwhile, the second quarter will include additional expenses related to the "accelerated opening schedule."

With many retailers and restaurants cutting back on growth (or closing stores altogether, such as Starbucks (NASDAQ:SBUX), for example), Buffalo Wild Wings' plans certainly don't sound conservative in light of the economic climate. In fact, you might call those plans a little wild and crazy.

For the last several quarters, I've wondered about Buffalo Wild Wings' plan to so aggressively open stores, but I've also had to ponder the opposing thought that, when all is said and done, it might turn out that the company was "crazy like a fox." It's a daring move, but it may turn out to be darn smart to expand and grab market share from rivals when most companies are pulling back (or suffering -- look at the difficulties that have charred restaurant companies like Ruth's Hospitality (NASDAQ:RUTH) and its high-end steaks).

Still, Buffalo Wild Wings' stock, which has surged by about 70% over the last three months, looks awfully pricey, even though the company continues to show impressive growth. The stock's trading at about 28 times trailing earnings, and while I can see the argument for paying a premium price for such stellar growth, at the same time, other solid performers are trading at far cheaper multiples. Take, for example, McDonald's (NYSE:MCD), which is trading at just 14 times trailing earnings (and pays a dividend to boot).

I thought Chipotle Mexican Grill (NYSE:CMG) (NYSE:CMG-B) shares looked a little too pricy last week, too; although it does sometimes make sense to pay a premium for good growth prospects, there is a risk -- especially in this climate -- that investors may get heartburn from bold and spicy stocks.

Grab some related Foolishness:

Buffalo Wild Wings and Chipotle Mexican Grill are Motley Fool Hidden Gems selections. Chipotle Mexican Grill is also a Rule Breakers selection. Starbucks is a Stock Advisor recommendation and an Inside Value pick. The Fool owns shares of Chipotle Mexican Grill, Buffalo Wild Wings, and Starbucks. Try any of our Foolish newsletters today, free for 30 days.

Alyce Lomax owns shares of Starbucks. The Fool has a disclosure policy, but it will never disclose how it felt after trying the Blazin' sauce from Buffalo Wild Wings.