Buffalo Wild Wings shares on Wednesday surged nearly 22% in extended trading after the company raised its forecast for full-year earnings.
The restaurant chain forecast adjusted earnings per share of $US4.85-$US5.15, topping analysts’ forecasts that ranged between $US4.13 and $US4.70 according to Bloomberg. Third-quarter adjusted EPS was $US1.36, crushing the estimate for $US0.79.
The earnings release also showed that the company was working to save costs amid rising chicken-wing prices.
“The recent Tuesday promotion shift from traditional to boneless wings at company-owned restaurants will continue to improve cost of sales while traditional wing prices remain elevated,” said Sally Smith, the CEO of Buffalo Wild Wings, in a statement.
Chicken wings cost $US2.16 per pound on average in the third quarter, up from $US1.72 a year ago.
More to come …