Buffalo Wild Wings 2009 Annual Report Download - page 47

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The number of company-owned and franchised restaurants open are as follows:
As of
Dec. 27,
2009
Dec. 28,
2008
Dec. 30,
2007
Company-owned restaurants 232 197 161
Franchised restaurants 420 363 332
The restaurant sales for company-owned and franchised restaurants are as follows (in thousands of dollars):
Fiscal Years Ended
Dec. 27,
2009
Dec. 28,
2008
Dec. 30,
2007
Company-owned restaurant sales $ 488,702 379,686 292,824
Franchised restaurant sales 992,043 849,753 724,486
Increases in comparable same-store sales are as follows (based on restaurants operating at least fifteen months):
Fiscal Years Ended
Dec. 27,
2009
Dec. 28,
2008
Dec. 30,
2007
Company-owned same-store sales 3.1% 5.9% 6.9%
Franchised same-store sales 3.4 2.8 3.9
The annual average price paid per pound for chicken wings for company-owned restaurants is as follows:
Fiscal Years Ended
Dec. 27,
2009
Dec. 28,
2008
Dec. 30,
2007
Annual average price per pound $ 1.70 1.22 1.28
Fiscal Year 2009 Compared to Fiscal Year 2008
Restaurant sales increased by $109.0 million, or 28.7%, to $488.7 million in 2009 from $379.7 million in 2008. The increase
in restaurant sales was due to a $97.9 million increase associated with the opening of 36 new company-owned restaurants in 2009,
nine restaurants acquired from our franchisee in Nevada in 2008, and the 52 company-owned restaurants opened before 2009 that did
not meet the criteria for same-store sales for all, or part, of the year and $11.1 million related to a 3.1% increase in same-store sales.
Franchise royalties and fees increased by $7.5 million, or 17.5%, to $50.2 million in 2009 from $42.7 million in 2008. The
increase was due primarily to additional royalties collected from the 59 new franchised restaurants that opened in 2009 and a full year
of operations for the 46 franchised restaurants that opened in 2008. Same-store sales for franchised restaurants increased 3.4%.
Cost of sales increased by $34.4 million, or 30.4%, to $147.7 million in 2009 from $113.3 million in 2008 due primarily to
more restaurants being operated in 2009. Cost of sales as a percentage of restaurant sales increased to 30.2% in 2009 from 29.8% in
2008. The increase in cost of sales as a percentage of restaurant sales was primarily due to the increase in chicken wing prices partially
offset by the leverage of food and alcohol costs as a result of menu price increases. Chicken wing costs rose to $1.70 per pound in
2009 from $1.22 per pound in 2008.
Labor expenses increased by $31.9 million, or 27.9%, to $146.6 million in 2009 from $114.6 million in 2008 due primarily to
more restaurants being operated in 2009. Labor expenses as a percentage of restaurant sales decreased to 30.0% in 2009 compared to
30.2% in 2008. Labor costs in our restaurants were lower than prior year due to restaurants having lower hourly labor costs which
were partially offset by higher medical costs.
Source: BUFFALO WILD WINGS INC, 10-K, February 26, 2010 Powered by Morningstar® Document Research℠