Buffalo Wild Wings, Inc. Announces Fourth Quarter Earnings Per Share of $0.89 and Annual Net Earnings Growth of Over 13% for

Buffalo Wild Wings, Inc. Announces Fourth Quarter Earnings Per Share of $0.89
and Annual Net Earnings Growth of Over 13% for 2012

MINNEAPOLIS, Feb. 12, 2013 (GLOBE NEWSWIRE) -- Buffalo Wild Wings, Inc.
(Nasdaq:BWLD), announced today financial results for the fourth quarter ended
December 30, 2012. Highlights for the fourth quarter versus the same period a
year ago were:

  *Total revenue increased 37.8% to $303.8 million
  *Company-owned restaurant sales grew 39.3% to $282.7 million
  *Same-store sales increased 5.8% at company-owned restaurants and 7.4% at
    franchised restaurants
  *Net earnings increased 22.3% to $16.7 million from $13.6 million, and
    earnings per diluted share increased 21.9% to $0.89 from $0.73

As a reminder, Buffalo Wild Wings utilizes a 52- or 53-week fiscal year. The
fiscal year ended December 30, 2012 was a 53-week year, with the fourth
quarter of 2012 having fourteen weeks, while the fourth quarter of 2011
included thirteen weeks.

Sally Smith, President and Chief Executive Officer, commented, "We achieved a
37.8% increase in revenue for the fourth quarter as a result of strong
same-store sales of 5.8% at company-owned restaurants and 7.4% at franchised
locations, 62 additional company-owned locations in 2012, and incremental
revenue from our fourteenth fiscal week. For the year, our total revenue
exceeded $1 billion, a new milestone for Buffalo Wild Wings! High cost of
sales continued in the fourth quarter, offsetting some of the bottom-line
benefit of the fourteenth week, resulting in net earnings growth of 22.3% for
the fourth quarter and 13.6% for the year."

Total revenue increased 37.8% to $303.8 million in the fourth quarter compared
to $220.5 million in the fourth quarter of 2011. Company-owned restaurant
sales for the quarter increased 39.3% over the same period in 2011, to $282.7
million, driven by a company-owned same-store sales increase of 5.8% and 62
additional company-owned restaurants at the end of fourth quarter 2012
relative to the same period in 2011. Same-store sales for the fourth quarter
are calculated on a thirteen-week basis. The fourteenth week in the fourth
quarter contributed $22.3 million of restaurant sales. Franchise royalties and
fees increased 20.6% to $21.1 million for the quarter versus $17.5 million in
the fourth quarter of 2011. This increase is attributed to a franchise
same-store sales increase of 7.4%, an additional 12 franchised restaurants at
the end of the period versus a year ago, and the incremental $1.5 million of
franchise royalties and fees in the fourteenth week.

Average weekly sales for company-owned restaurants were $55,595 for the fourth
quarter of 2012 compared to $51,983 for the same quarter last year, a 6.9%
increase. Franchised restaurants averaged $58,490 for the period versus
$53,385 in the fourth quarter a year ago, a 9.6% increase.

For the fourth quarter, net earnings increased 22.3% to $16.7 million versus
$13.6 million in the fourth quarter of 2011. For the year, net earnings
increased 13.6% to $57.3 million versus $50.4 million in 2011. Earnings per
diluted share were $0.89, as compared to fourth quarter 2011 earnings per
diluted share of $0.73. For the year, earnings per diluted share for 2012 were
$3.06, a 12.1% increase over earnings per diluted share of $2.73 in 2011. The
benefit from the additional week of operations in 2012 is estimated at $0.19
earnings per diluted share.

2013 Outlook

Ms. Smith remarked, "We are energized and determined to achieve net earnings
growth of 25% for 2013 when compared on a 52-week basis to last year, which
equates to 17% over full-year 2012. We are creating the ultimate
sports-viewing experience for our Guests, innovating around our products and
technology, and rolling out our new restaurant design. Our recently announced
multi-year partnership with the NCAA gives us exclusive marketing and
promotional opportunities, and makes Buffalo Wild Wings the 'Official Hangout'
of NCAA March Madness^®. We'll increase the presence and popularity of the
Buffalo Wild Wings brand and look forward to achieving a successful year of
unit and net earnings growth."

Ms. Smith continued, "As we begin 2013, our same-store sales are challenging
to interpret, as sporting events do not align due to the 53^rd week in 2012.
Through the first six weeks of the first quarter of 2013, same-store sales are
(2.8%) at company-owned restaurants and (1.7%) at franchised locations.
However, if we calculate our same-store sales to align the timing of the
college and NFL football seasons for both years, we estimate our same-store
sales would be 2.6% at our company-owned restaurants and 1.6% at franchised
locations. We also note that same-store sales increases in the first six weeks
of 2012 were particularly high at 12.9% at company-owned restaurants and 10.8%
at franchised locations."

Ms. Smith concluded, "Our development efforts continue to be a key driver of
our success and we expect to open 60 company-owned and 45 franchised Buffalo
Wild Wings restaurants during the year. We recently put a three-year $100
million unsecured line of credit in place that allows us to remain nimble for
future investment in franchised acquisitions and emerging brands as we build
the foundation for continued growth of this dynamic company."

Buffalo Wild Wings will be hosting a conference call today, February 12, 2013
at 4:00 p.m. Central Standard Time to discuss these results. There will be a
simultaneous webcast conducted at our website www.buffalowildwings.com.

A replay of the call will be available until February 19, 2013. To access this
replay, please dial 1.858.384.5517 password 4589813.

About the Company

Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis,
Minnesota, is a growing owner, operator and franchisor of Buffalo Wild Wings
Grill & Bar^™ restaurants featuring a variety of boldly-flavored,
made-to-order menu items including its namesake Buffalo, New York-style
chicken wings. The Buffalo Wild Wings' menu specializes in 20 mouth-watering
signature sauces and seasonings with flavor sensations ranging from Sweet
BBQ^™ to Blazin'^®. Guests enjoy a welcoming neighborhood atmosphere that
includes an extensive multi-media system for watching their favorite sporting
events. Buffalo Wild Wings is the recipient of hundreds of "Best Wings" and
"Best Sports Bar" awards from across the country. There are currently nearly
900 Buffalo Wild Wings locations across 49 states in the United States, as
well as in Canada.

Forward-looking Statements

Various remarks we make about future expectations, plans, and prospects for
the company constitute forward-looking statements for purposes of the Safe
Harbor provisions under the Private Securities Litigation Reform Act of 1995.
These statements relate to our future financial and store performance measures
and growth goals for 2013 and beyond, including but not limited to those
relating to our first quarter sales trends and projected unit and net earnings
growth rates for 2013 and beyond. All statements other than statements of
historical fact are statements that could be deemed forward-looking statements
and are based upon the current beliefs and expectations of our management. We
have attempted to identify forward-looking statements by terminology,
including "anticipates," "believes," "can," "continue," "could," "estimates,"
"expects," "intends," "may," "plans," "potential," "predicts," "should" or
"will" or the negative of these terms or other comparable terminology. Actual
results may vary materially from those contained in forward-looking statements
based on a number of factors, including, but not limited to, our ability to
achieve and manage our planned expansion, the ability of our franchisees to
open and manage new restaurants, market acceptance in the new geographic
regions we enter (particularly non-U.S. locations), success of acquired
restaurants, unforeseen obstacles in developing nontraditional sites or
non-U.S. locations, our ability to obtain and maintain licenses and permits
necessary to operate our existing and new restaurants, our franchisees'
adherence to our practices, policies and procedures, the cost of commodities
such as traditional chicken wings, the success of our key initiatives and our
advertising and marketing campaigns, our ability to control restaurant labor
and other restaurant operating costs, the continued service of key management
personnel, our ability to protect our name and logo and other proprietary
information, economic conditions (including changes in consumer preferences or
consumer discretionary spending), the impact of federal, state or local
government regulations relating to our employees, the sale of food and
alcoholic beverages, the effect of competition in the restaurant industry, and
other factors disclosed from time to time in our filings with the U.S.
Securities and Exchange Commission, including the factors described under
"Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the
fiscal year ended December 25, 2011, as updated in subsequent reports filed
with the SEC. Investors should take such risks into account when making
investment decisions. Shareholders and other readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as
of the date on which they are made. We undertake no obligation to update any
forward-looking statements.


BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollar and share amounts in thousands except per share data)
(unaudited)
                                                              
                          Three months ended       Fiscal years ended
                          December30, December25, December30, December25,
                          2012         2011         2012         2011
                                                              
Revenue:                                                      
Restaurant sales          $282,679     202,936      963,963      717,395
Franchise royalties and    21,147       17,528       76,567       67,083
fees
Total revenue             303,826      220,464      1,040,530    784,478
                                                              
Costs and expenses:                                           
Restaurant operating                                           
costs:
Cost of sales             90,440       59,637       303,653      203,291
Labor                     85,457       60,679       289,167      215,649
Operating                 41,645       31,520       141,417      109,654
Occupancy                 14,798       11,924       54,147       44,005
Depreciation and           19,023       14,212       67,462       49,913
amortization
General and                21,936       19,295       84,149       72,689
administrative
Preopening                5,968        4,197        14,630       14,564
Loss on asset disposals    1,169        414          3,291        1,929
and store closures
Total costs and expenses  280,436      201,878      957,916      711,694
Income from operations    23,390       18,586       82,614       72,784
Investment income         41           288          754          118
Earnings before income     23,431       18,874       83,368       72,902
taxes
Income tax expense        6,771        5,248        26,093       22,476
Net earnings              $16,660      13,626       57,275       50,426
Earnings per common share  $0.90        0.74         3.08         2.75
– basic
Earnings per common share  0.89         0.73         3.06         2.73
– diluted
Weighted average shares    18,608       18,361       18,582       18,337
outstanding – basic
Weighted average shares    18,789       18,633       18,705       18,483
outstanding – diluted
                                                              

The following table expresses results of operations as a percentage of total
revenue for the periods presented, except for restaurant operating costs which
are expressed as a percentage of restaurant sales:

                                                   
                          Three months ended       Fiscal years ended
                          December 30, December 25, December 30, December 25,
                           2012         2011         2012         2011
                                                              
Revenue:                                                       
Restaurant sales           93.0%        92.0%        92.6%        91.4%
Franchising royalties and  7.0          8.0          7.4          8.6
fees
Total revenue              100.0        100.0        100.0        100.0
                                                              
Costs and expenses:                                            
Restaurant operating                                           
costs:
Cost of sales              32.0         29.4         31.5         28.3
Labor                      30.2         29.9         30.0         30.1
Operating                  14.7         15.5         14.7         15.3
Occupancy                  5.2          5.9          5.6          6.1
Depreciation and           6.3          6.4          6.5          6.4
amortization
General and administrative 7.2          8.8          8.1          9.3
Preopening                 2.0          1.9          1.4          1.9
Loss on asset disposals    0.4          0.2          0.3          0.2
and store closures
Total costs and expenses   92.3         91.6         92.1         90.7
                                                              
Income from operations     7.7          8.4          7.9          9.3
Investment income          0.0          0.1          0.1          —
Earnings before income     7.7          8.6          8.0          9.3
taxes
Income tax expense         2.2          2.4          2.5          2.9
Net earnings               5.5%         6.2%         5.5%         6.4%


BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands)
(unaudited)
                                                    December30, December25,
                                                    2012         2011
                                                                
Assets                                                           
Current assets:                                                  
Cash and cash equivalents                            $21,340      $20,530
Marketable securities                                9,579        39,956
Accounts receivable, net of allowance of $25         20,203       12,165
Inventory                                            7,820        6,311
Prepaid expenses                                     3,869        3,707
Refundable income taxes                              4,122        7,561
Deferred income taxes                                5,774        6,323
Restricted assets                                    52,829       42,692
Total current assets                                 125,536      139,245
Property and equipment, net                          386,570      310,170
Other assets                                         46,616       28,174
Goodwill                                             32,365       17,770
Total assets                                         $591,087     $495,359
Liabilities and Stockholders' Equity                             
Current liabilities:                                             
Unearned franchise fees                              $1,763       $1,852
Accounts payable                                     36,418       30,089
Accrued compensation and benefits                    39,637       30,499
Accrued expenses                                     11,461       7,580
System-wide payables                                 51,564       44,250
Total current liabilities                            140,843      114,270
Long-term liabilities:                                           
Other liabilities                                    1,752        1,544
Deferred income taxes                                37,128       38,512
Deferred lease credits                               27,992       23,047
Total liabilities                                    207,715      177,373
Commitments and contingencies                                   
Stockholders' equity:                                            
Undesignated stock, 1,000,000 shares authorized,     —          —
none issued
Common stock, no par value. Authorized 44,000,000
shares; issued and outstanding 18,623,370 and        121,450      113,509
18,377,920, respectively
Retained earnings                                    262,047      204,772
Accumulated other comprehensive loss                 (125)        (295)
Total stockholders' equity                           383,372      317,986
Total liabilities and stockholders' equity           $591,087     $495,359


BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
(unaudited)
                                                                
                                                    Fiscal years ended
                                                    December30, December25,
                                                    2012         2011
                                                                
Cash flows from operating activities:                            
Net earnings                                         $57,275    $50,426
Adjustments to reconcile net earnings to cash                    
provided by operations:
Depreciation                                         64,154       49,003
Amortization                                         3,308        910
Loss on asset disposals and store closures          2,883        1,680
Deferred lease credits                               4,322        3,632
Deferred income taxes                                (835)        12,816
Stock-based compensation                             8,119        11,383
Excess tax benefit from stock issuance               (4,151)      (4,462)
Change in operating assets and liabilities, net of               
effect of acquisition:
Trading securities                                   (992)        (317)
Accounts receivable                                  (11,797)     (1,222)
Inventory                                            (1,088)      (1,840)
Prepaid expenses                                     (46)         20
Other assets                                         (2,071)      (2,550)
Unearned franchise fees                              (89)         (257)
Accounts payable                                     3,172        17,676
Income taxes                                         7,590        3,267
Accrued expenses                                     15,434       8,095
Net cash provided by operating activities            145,188      148,260
                                                                
Cash flows from investing activities:                            
Acquisition of property and equipment                (130,542)    (130,127)
Purchase of marketable securities                    (132,140)    (97,148)
Proceeds of marketable securities                    163,509      114,337
Acquisition of franchised restaurants                (43,580)     (33,744)
Net cash used in investing activities                (142,753)    (146,682)
                                                                
Cash flows from financing activities:                            
Issuance of common stock                             2,783        1,709
Excess tax benefit from stock issuance               4,151        4,462
Tax payments for restricted stock units              (8,522)      (2,481)
Net cash provided by (used in) financing activities  (1,588)      3,690
Effect of exchange rate changes on cash and cash     (37)         (47)
equivalents
Net increase in cash and cash equivalents            810          5,221
Cash and cash equivalents at beginning of year       20,530       15,309
Cash and cash equivalents at end of year             $21,340      20,530


BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
                             
          Restaurant Count                
Company-owned Restaurants:        
     Q1    Q2      Q3    Q4      
2012  327   330     343   381     
2011  263   277     288   319     
2010  235   234     244   259     
2009  206   215     220   232     
2008  165   169     187   197     
                             
Franchised Restaurants:           
     Q1    Q2      Q3    Q4      
2012  505   505     511   510     
2011  488   492     498   498     
2010  430   447     457   473     
2009  373   383     400   420     
2008  340   346     348   363     
                             
          Same-Store Sales                
Company-owned Restaurants:
     Q1    Q2      Q3    Q4      Year
2012  9.2%  5.3%    6.2%  5.8%    6.6%
2011  3.9%  5.9%    5.7%  8.9%    6.1%
2010  0.1%  (0.1%)  2.6%  (0.3%)  0.6%
2009  6.4%  2.8%    0.8%  2.6%    3.1%
2008  4.1%  8.3%    6.8%  4.5%    5.9%
                             
Franchised Restaurants:
     Q1    Q2      Q3    Q4      Year
2012  7.3%  5.5%    5.8%  7.4%    6.5%
2011  1.6%  2.7%    4.2%  5.9%    3.6%
2010  0.7%  (0.7%)  0.3%  (1.1%)  (0.2%)
2009  6.0%  3.7%    1.9%  2.0%    3.4%
2008  2.1%  4.5%    2.1%  2.5%    2.8%


BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
Supplemental Information
                              
Average Weekly Sales Volumes
                              
Company-owned Restaurants:                 
     Q1      Q2     Q3     Q4     Year
2012  $55,131 51,524 52,561 55,595 53,783
2011  48,845  47,970 49,461 51,983 49,627
2010  45,327  43,021 44,394 45,595 44,601
2009  45,593  42,938 42,602 44,583 43,912
2008  41,438  40,572 42,400 43,864 42,141
                              
Franchised Restaurants:                     
     Q1      Q2     Q3     Q4     Year
2012  $57,282 54,766 55,608 58,490 56,570
2011  52,744  50,995 51,350 53,385 52,081
2010  51,532  49,051 49,005 49,837 49,835
2009  50,729  48,619 48,458 50,115 49,479
2008  47,812  46,390 46,889 48,424 47,382

CONTACT: Investor Relations Contact:
         Mary Twinem
         952.253.0731
 
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