7/6/2023 0 Comments Half wing tuesdaysFor NFL game days in September and October, same-store sales have trended in line with non-NFL days. For each month in the third quarter, we experienced improvement in same-store sales. Same-store sales decreased 1.8% at company-owned restaurants and 1.6% at franchise locations. We saw continued pressure on same-store sales this quarter, reflecting the current challenging restaurant environment. Now turning to the third quarter, our total revenue increased by 8.5% from new restaurant openings and franchise acquisitions over the last year. We thank Warren and Dale for their many years of service that oversaw more than a 1,500% total shareholder return since our initial public offering. We look forward to working with them as we continue to deliver long-term shareholder value creation.Īs part of the refreshment process, existing Directors, Warren Mack and Dale Applequist accelerated their planned retirements. These board members bring significant financial, media and technology expertise to our board, including experience at retail, restaurant and hospitality companies. We also recently announced the appointments of Andre Fernandez, Hal Lawton and Harmit Singh to our Board of Directors, the latest step in our continual process of proactive board refreshment. We look forward to introducing Alex to you in person at investor meetings over the next year. Alex joins Buffalo Wild Wings next week and you'll hear from him on our fourth quarter earnings conference call in February, when we expect to provide financial guidance for 2017. This is a pivotal time in Buffalo Wild Wings' history, and Alex will play an important role in achieving our goal of driving sustained value for all of our shareholders. His experience is an ideal fit to help Buffalo Wild Wings prioritize our capital allocation strategies, execute ongoing cost efficiency plans and contribute perspective to our strategic initiatives. I'm thrilled with Alex's appointment, and his background as a large public company CFO in the food and beverage industry is complemented by his experience in growth management, M&A strategy and strategic planning. Thank you, Heather, and good afternoon, everyone.Īs I'm sure you've all read, Alex Ware will be joining Buffalo Wild Wings as Executive Vice President and Chief Financial Officer. So with that, I'll turn things over to Sally. Sally will then provide some final thoughts and then we will answer questions. After that, Jim will provide further detail on the third quarter and comment on trends to-date in the fourth quarter. On today's call, Sally will provide insight on our recent announcement and overview of our performance for the third quarter along with our near-term priorities. Copies are available on our Investor website at ir.īefore we get started, I remind you that today's call will contain forward-looking statements and actual results may vary materially from those discussed in forward-looking statements due to many factors including the risks and uncertainties identified in today's earnings release, which we filed in a Form 8-K concurrent with this release, and in our other filings with the Securities and Exchange Commission. By now everyone should have access to our third quarter earnings release. Joining me today is Sally Smith, President and Chief Executive Officer Jim Schmidt, Chief Operating Officer and Jeff Sorum, Senior Vice President and Corporate Controller. I'm Heather Pribyl, Director of Investor Relations for Buffalo Wild Wings. Good afternoon, and thank you for joining us as we review our third quarter 2016 results. I would like to remind everyone that this conference is being recorded.Īnd I will now turn the call over to Heather Pribyl, Director of Investor Relations for Buffalo Wild Wings. Instructions will be provided at that time for you to queue up for questions. At this time, all participants are in a listen-only mode and following the presentation, we will conduct a question-and-answer session. Welcome to today's Buffalo Wild Wings Third Quarter 2016 Conference Call. Jeffrey Bernstein - Barclays Capital, Inc. Jason West - Credit Suisse Securities ( USA) LLC (Broker) Matthew DiFrisco - Guggenheim Securities LLC (Broker)īrett Levy - Deutsche Bank Securities, Inc. Sorum - Buffalo Wild Wings, Inc.īrian Bittner - Oppenheimer & Co., Inc. Heather Pribyl - Buffalo Wild Wings, Inc. ( BWLD) Q3 2016 Earnings Call Octo5:00 PM ET
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