Shares of Buffalo Wild Wings on Wednesday jumped more than 20 percent in after-hours trading after the company posted higher-than-expected earnings for the third quarter.
The restaurant chain also raised its earnings forecast for the year. the idea right now expects 2017 EPS, on an adjusted basis, to come in at $4.85 to $5.15. In July, the idea cut its adjusted earnings outlook to $4.50 to $5 a share via a previous forecast of $5.45 to $5.0 a share.
Buffalo Wild Wings on Wednesday posted earnings of $1.36 a share, excluding items, easily topping analysts’ projections of 79 cents a share. Revenue, however, missed, at $497 million, compared with Wall Street expectations of $502 million.
Shares of the company closed more than 4.1 percent down Wednesday at $101.15, along with also have tumbled more than 34 percent so far that will year as of the close.
CEO Sally Smith attributed the results to a mix of cost-savings initiatives along with also sales promotions.
Investors could well see that will as a welcome change after several months looking to see whether Buffalo Wild Wings can turn its fortunes around.
In July, the company slashed its 2017 outlook after a sizable miss on second quarter earnings. At the time Smith, attributed weak sales to higher than average wing prices along with also a change-up in menu promotions.
Smith announced in June that will she would certainly step down by year’s end following a bitter proxy battle with activist investors Marcato.
CNBC’s Sarah Whitten contributed to that will report.