=Buffalo Wild Wings (BWLD) to be acquired by Roark Capital for $157/share

Arby's Restaurant Group

• Founded: July 23, 1964, Youngstown, OH
• Parent organizations: Roark Capital Group

Buffalo Wild Wings agrees to be acquired by Arby's Restaurant Group for $157/share in cash, or approx. $2.9 bln

• The agreement, which has been unanimously approved by both companies' Boards of Directors, represents a premium of approximately 38% to BWW's 30-day volume-weighted average stock price as of November 13, 2017, the latest trading day prior to news reports speculating about a potential transaction.
• The transaction is not subject to a financing condition and is expected to close during the first quarter of 2018, subject to the approval of BWW shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

=Buffalo Wild Wings (BWLD) : takeover offer from Roark Capital

• Roark Capital has made an offer to buy Buffalo Wild Wings.
• Roark made an offer of more than $150 per share.  The Wall Street Journal initially reported the offer.
• Shares of the restaurant chain have shed 24 percent this year.

Last month, the company surprised the Street and beat its third quarter earnings expectations while raising full-year guidance. The company had slashed its forecast for the year in July after a sizable second-quarter miss.

=Buffalo Wild Wings (BWLD) reported earnings on Wed 25 Oct 2017 (a/h)

Buffalo Wild Wings beats by $0.57, reports revs in-line; raises FY17 EPS above consensus 

• Reports Q3 (Sep) earnings of $1.36 per share, excluding non-recurring items, $0.57 better thanthe Capital IQ Consensus of $0.79; revenues rose 0.5% year/year to $496.7 mln vs the $500.97 mln Capital IQ Consensus.
  • Same-store sales decreased 2.3% at company-owned restaurants and 3.2% at franchise locations.
  • Cost of labor for the third quarter was 31.4% of restaurant sales, 70 basis points lower than third quarter last year, driven primarily by 40 basis points of favorable hourly labor, 50 basis points from an out-of-period benefits adjustment, partially offset by wage inflation.
• Co issues upside guidance for FY17, sees adj. EPS guidance of $4.85-5.15 (prior:$4.50-5.00) vs. $4.39 Capital IQ Consensus Estimate.
  • 14 company-owned Buffalo Wild Wings restaurants in the United States, with 5 in the fourth quarter
  • 15 franchised Buffalo Wild Wings locations in the United States, with 3 in the fourth quarter
  • 20 franchised Buffalo Wild Wing locations internationally, with 10 in the fourthquarter
  • 2 company-owned and 10 franchised R Taco restaurants
  • Same-store sales growth of approximately -1.5% (prior: -1 to -2%)
  • Traditional chicken wing inflation of 10% to 11%
• Sally Smith, President and Chief Executive Officer, commented, "Our teams are executing on the cost initiatives of our fiscal fitness program and we exceeded our goal in the third quarter. These savings helped deliver adjusted income from operations above our expectations. 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. Combined with our cost savings initiatives and service excellence focus, we are optimistic these actions will deliver an improving bottom line."

=Buffalo Wild Wings (BWLD) reported earnings on Wed 26 July 2017 (a/h)

Buffalo Wild Wings misses by $0.39, misses on revs; lowers FY17 EPS below consensus; Q2 comps -1.2% (shares halted will resume 16:35 ET) :

• Reports Q2 (Jun) earnings of $0.66 per share, excluding non-recurring items, $0.39 worse than the Capital IQ Consensus of $1.05; revenues rose 2.0% year/year to $500 mln vs the $512.68 mln Capital IQ Consensus. Company-owned restaurant sales for the second quarter increased 1.9% over the same period in 2016 to $475.7 million, driven by 26 additional company-owned restaurants. Same-store sales decreased 1.2% at company-owned restaurants.
• Co issues lowered guidance for FY17, sees EPS of $4.50-5.00 from $5.45-5.90, excluding non-recurring items, vs. $5.28 Capital IQ Consensus Estimate. Co sees FY17 Same-store sales growth of approximately -1% to -2%
•  "As traditional chicken wing costs remain at historically high levels, we're adapting our value day on Tuesday to feature our boneless wings at company-owned restaurants. In addition, we continue to implement our cost savings plan to improve margins and profitability in areas we can control. Due to our disappointing second quarter earnings and an outlook for slowing traffic as we manage through the Tuesday promotional change, we are lowering our 2017 earnings outlook. We are optimistic about the transition to boneless wings which provides a more stable promotional platform for the future."

Buffalo Wild Wings (BWLD) reported Q1 earnings on Tue 26 Apr 16 (a/h)

** charts before earnings **

** charts after earnings **

Buffalo Wild Wings misses by $0.04, misses on revs; guides FY16 EPS below consensus :

• Reports Q1 (Mar) earnings of $1.73 per share, $0.04 worse than the Capital IQ Consensus of $1.77; revenues rose 15.4% year/year to $508.26 mln vs the $529.53 mln Capital IQ Consensus.
• Co issues downside guidance for FY16, sees EPS of $5.65-5.85 vs. $6.10 Capital IQ Consensus Estimate and vs prior guidance of $5.95-6.20.
• Same-store sales decreased -1.7% at company-owned restaurants and -2.4% at franchised restaurants.
• "We are dissatisfied to report a same-store sales decline and we're undertaking several sales-driving initiatives to regain momentum. We were able to manage costs and improve our restaurant-level margin, and earnings per diluted share increased 13.5% year-over-year to $1.73."
• Co says its brand remains strong and poised to deliver long-term earnings growth. In 2016, co is continuing its development of new company-owned and franchised Buffalo Wild Wings restaurants in the US and it's aggressively remodeling locations.
• For 2016, co expects the following: improving same-store sales and deflationary food costs, excluding traditional chicken wings.

Buffalo Wild Wings (BWLD) reported earnings on Wed 28 Oct 2015 (after close)

** charts before earnings **

** charts 9 days after earnings **
-17% nine days after earnings