Why Buffalo Wild Wings Stock Dropped Today
Shares of Buffalo Wild Wings (NASDAQ: BWLD) were down 10.5% as of 3:30 p.m. EDT Thursday, after the casual-dining restaurant chain announced weaker-than-expected second-quarter 2017 results.
Quarterly revenue rose 2% year over year to $500 million -- well below the $513.3 million investors were expecting -- hurt by a 1.2% decline in company-owned same-store sales. Meanwhile, adjusted net income declined 50.7% to $0.66 per share, which fell far short of the $1.05 per share predicted by Wall Street. Buffalo Wild Wings CEO Sally Smith noted that historically high traditional wing prices, a shift in mix toward promotional days, weak traffic trends, and higher operating expenses all put pressure on profits during the quarter.
IMAGE SOURCE: BUFFALO WILD WINGS.
Source: Fool.com
