Emphasizes Casual Dining Peers as Most Relevant Performance
Buffalo Wild Wings, Inc. (NASDAQ:BWLD) today issued the following
statement underscoring its record of total shareholder return
outperformance, as compared to its casual dining peer group1
on a one-, three- and five-year basis, as demonstrated in the following
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(Graphic: Business Wire)
The company issued the following statement:
Marcato Capital Management, L.P. ("Marcato") continues to make
misleading claims regarding Buffalo Wild Wings' performance based on
flawed analysis, in particular that the company has not generated
superior returns for shareholders. To do so, Marcato compares Buffalo
Wild Wings' shareholder returns to those of much larger companies in the
S&P 500, to broad market indices like the Nasdaq Composite Index, and to
retailers and restaurants that are meaningfully different than Buffalo
Wild Wings. These companies operate in very different macro environments.
Buffalo Wild Wings should instead be compared to its casual dining peers
- companies that are similar in service delivery and business model and
that compete for similar consumers. The casual dining peer group
utilized by Buffalo Wild Wings properly excludes companies that are
quick-serve, fast-food or delivery restaurants as well as companies
outside the restaurant industry. Buffalo Wild Wings believes the right
peers for this purpose include BJ's Restaurants, Inc., Bloomin' Brands,
Inc., Bravo Brio Restaurant Group, Brinker International, Inc.,
Cheesecake Factory, Inc., Chuy's Holdings Inc., Cracker Barrel Old
Country Store, Inc., Darden Restaurants, Inc., Denny's Corporation,
DineEquity, Inc., Ignite Restaurant Group, Inc., Red Robin Gourmet
Burgers, Inc., Ruby Tuesday, Inc. and Texas Roadhouse, Inc.
Compared with the median returns generated by this set of our casual
dining peers, Buffalo Wild Wings has generated significantly better
returns for its shareholders, as shown above. Buffalo Wild Wings also
notes that it has generated compounded annual returns of more than 24%
per year since its IPO.
The Buffalo Wild Wings Board and management team continue to take action
and are committed to generating superior long-term shareholder value in
the future through the company's innovative approach to casual dining.
Buffalo Wild Wings urges shareholders to vote the YELLOW proxy
card "FOR" each of Buffalo Wild Wings' nine nominees: Cynthia L.
Davis, Andre J. Fernandez, Janice L. Fields, Harry A. Lawton, J. Oliver
Maggard, Jerry R. Rose, Sam B. Rovit, Harmit J. Singh and Sally J.
Smith. Shareholders can vote today by telephone, by Internet or by
signing, dating and returning the YELLOW proxy card. The company
encourages shareholders to discard any proxy materials sent by Marcato.
If you have any questions or require any assistance with voting
please contact the company's proxy solicitor listed below:
MACKENZIE PARTNERS, INC.
105 Madison Avenue
New York, New York 10016
Call Collect: (212) 929-5500
Toll-Free (800) 322-2885
Lazard Ltd is serving as financial advisor and Faegre Baker Daniels is
serving as legal advisor to the company.
About the Company
Buffalo Wild Wings, Inc., founded in 1982 and headquartered in
Minneapolis, is a growing owner, operator and franchisor of Buffalo Wild
Wings(R) 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 21
mouth-watering signature sauces and seasonings with flavor sensations
ranging from Sweet BBQ(TM) to Blazin'(R). 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 more than 1,220 Buffalo Wild
Wings locations around the world.
To stay up-to-date on all the latest events and offers for sports fans
and wing lovers, like Buffalo Wild Wings on Facebook, follow @BWWings
on Twitter and visit www.BuffaloWildWings.com.
Cautionary Statement Regarding Certain Information
This communication contains "forward-looking statements" within the
meaning of the federal securities laws. Such statements include
statements concerning anticipated future events and expectations that
are not historical facts. All statements other than statements of
historical fact are statement that could be deemed forward-looking
statements. Actual results may vary materially from those expressed or
implied by forward-looking statements based on a number of factors,
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,
2016, as updated or supplemented by subsequent reports we file with the
SEC. We do not assume any obligation to publicly update any
forward-looking statement after they are made, whether as a result of
new information, future events or otherwise.
Buffalo Wild Wings, Inc., its directors and certain of its executive
officers and employees are participants in the solicitation of proxies
from Buffalo Wild Wings shareholders in connection with its 2017 annual
meeting of shareholders to be held on June 2, 2017. Information
concerning the identity and interests of these persons is available in
the definitive proxy statement Buffalo Wild Wings filed with the SEC on
April 21, 2017.
Buffalo Wild Wings has filed a definitive proxy statement in connection
with its 2017 annual meeting. The definitive proxy statement, any
amendments thereto and any other relevant documents, and other materials
filed with the SEC concerning Buffalo Wild Wings are (or will be, when
filed) available free of charge at http://www.sec.gov
Shareholders should read carefully the definitive proxy statement and
any other relevant documents that Buffalo Wild Wings files with the SEC
when they become available before making any voting decision because
they contain important information.
1 Casual dining peer group includes BBRG, BJRI, BLMN,
CAKE, CBRL, CHUY, DENN, DIN, DRI, EAT, IRGT, RRGB, RT and TXRH.
2 Source: FactSet. Note: Market data as of April 28,
2017. Casual dining index calculated as the median of the peers.
Median of casual dining peers include BBRG, BJRI, BLMN, CAKE, CBRL,
CHUY, DENN, DIN, DRI, EAT, IRGT, RRGB, RT and TXRH. BLMN, CHUY and
IRGT calculated since end of first trading day closing price post
IPO for five-year TSR comparison.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170504005488/en/
Buffalo Wild Wings, Inc.
Investor Relations Contact:
Additional Investor Contact
Bob Marese/Paul Schulman
Frank, Wilkinson Brimmer Katcher
Meaghan Repko / Nick Lamplough
Source: Buffalo Wild Wings, Inc.
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