BUFFALO WILD WINGS, INC.

>
SAFE HARBOR STATEMENT

2
USE OF NON-GAAP INFORMATION

3
BWLD TODAY

*Sales, revenue, and net earnings for year ended December 25, 2016
*Restaurant count as of September 15, 2017
DIFFERENTIATED STRATEGY
Refine the
BWLD experience
to address changing
consumer behavior Maximize
Optimize our
capital restaurant-level

structure and return performance and

of capital approach profitability

Continuously
Disciplined
evaluate our unit
unit growth
footprint and
domestically and
optimize our
internationally 5
ownership mix
 BEST-IN-CLASS SPORTS RESTAURANT
EXPERIENCE
FUELING THE SPORTS FAN
Craveable core menu featuring freshly
spun, best-in-class wings,
21 signature sauces and seasonings,
shareable appetizers and a broad lineup
of domestic, imported and craft beers
Attractive food and beverage
promotions
Dedicated focus on high food quality
and safety
CATALYST FOR INNOVATIVE FAN EXPERIENCE
SPORTS FANDOM
Leading third venue for immersive
sports viewing, combining the best
elements of watching the game in the
stadium and at home
Provides an affordable alternative to
the stadium
6
Offers a family-friendly environment
RESTAURANT GROWTH

7
REVENUE GROWTH

8
SAME-STORE SALES

9
EPS AND CASH FLOW

10
2017 YTD
For H1 ended June 25, 2017:

$2.13 -31.7%

+3.6% -0.4%

$312.3M $64.2M 11
 2017 YTD
For H1 ended June 25, 2017:

REVENUE AND COMP SALES

1
EBITDA AND MARGIN

12
GROWTH DRIVERS
BROADER PATH TO VALUE CREATION

14
MAXIMIZE RESTAURANT-LEVEL PROFITABILITY

SALES-DRIVING COST CONTROL

INITIATIVES INITIATIVES
Initiatives designed to further improve the Initiatives designed to improve efficiency
fan experience, respond to changing and reduce overhead costs
consumer needs, increase traffic and grow Labor usage planning
average check Menu optimization
Blazin Rewards Waste reduction
Takeout optimization Sourcing and supply chain
3rd party delivery rollout Facilities contract negotiations
Tuesdays/Thursdays/Happy Hour Home office and field operation
support model
Fast Break Lunch
Third party support services
Single day events Marketing promotion and media
spend optimization
15
 EVOLVING TO MEET THE CHANGING INDUSTRY AND
CONSUMER LANDSCAPE
SMALL FORMAT OVERVIEW AND RATIONALE TAKEOUT AND DELIVERY
Piloting small format BWLD locations with company-owned and Focus on optimizing execution, including
franchise development refreshed training, quality checks and
technology solutions to drive customer
Natural extension of BWLD brand
satisfaction and upsell
Initial stores expected to open in Q3 2017
Deploying hot boxes for takeout program in
2,000 2,500 square foot average footprint
applicable company-owned locations by Q3 2017
Estimated AUV of $1.0$1.5 million per store, leading to higher revenue per square foot
than traditional BWLD locations 3rd party delivery deployed to 220 restaurants
Opportunity for 200+ locations with a target of 250 company-owned locations by
Store design addresses growing consumer need for speed and end of 2017
- Formalized partnerships with GrubHub and DoorDash, and
convenience by focusing heavily on takeout and delivery
pursuing additional partners to maximize coverage
- Takeout and delivery estimated to be approximately 40% of sales
Partnering with franchisees to develop system-
- Targeting high population trade areas
wide scaling of solutions
Potential for larger-scale rollout in 2018 pending evaluation of pilot
Piloting proprietary delivery model by end of
program
2017

16
INTERNATIONAL EXPANSION
Through September 15, 2017

32 INTERNATIONAL B-
DUBS:







UNDER DEVELOPMENT:
17
Q3 UPDATES
IMPACT OF HURRICANES

Harvey / Irma
All Team Members safe and
Sales Lost ~$3.0 million accounted for
EBITDA Impact ~$2.2 million In restaurant and Team Member
fundraising efforts for Red Cross
Estimated EPS* ~$0.10 EPS
and Team Member assistance fund
If closed for 3 days in a month,
excluded from same-store sales
If closed for one day in a week,
excluded from average weekly
sales
*Pre insurance adjustment
19
TUESDAY PROMOTION CHANGE
SSS impact better than forecasted
Majority of traffic loss from takeout
Average check improving with BOGO offer
Mix shift to boneless wings sequentially
improving COGS from Q217, offsetting Q3 YoY
increase in traditional wing prices
As of September 19th all company locations
on new offer (80%+ as of August 25th)
39 franchise locations converted
Q417 traditional wing inflation anticipated to be
10%-12% higher YoY 20
DELIGHT FANS-SERVICE EXCELLENCE

SPEED OF SERVICE
FOOD & BEVERAGE Putting Fans center stage
QUALITY
Simplify steps of service
Empower Team Members
SERVICE Streamline processes and
EXCELLENCE procedures
Elevate speed of service
measurement
FRIENDLINESS CLEANLINESS Measurement and incentives
tied to performance 21
COST SAVINGS

Identified $40M - $50M in net cost savings

Labor savings primary component COGS
15%
$5M net savings achieved in Q217
OpEX
Expected: 10%

Labor
$7M Q317 G&A
60%
15%
$8M Q417
~$25M 2018

22
APPENDIX
FISCAL CALENDAR ALIGNMENT

24
NON-GAAP RECONCILIATION

25
NON-GAAP RECONCILIATION

26
NON-GAAP RECONCILIATION

27
NON-GAAP RECONCILIATION

28