Buffalo Wild Wings Inc. reduced its annual earnings guidance Tuesday following a 1.7-percent same-store sales decline in the first quarter ended March 27, and investors didn’t react kindly.

The company’s stock plunged more than 11 percent in after-hours trading Tuesday, promising to open trading on Wednesday at a new 52-week low.

“We are dissatisfied to report a same-store sales decline, and we’re undertaking several sales-driving initiatives to regain momentum,” Buffalo Wild Wings president and CEO Sally Smith said in a statement.

Same-store sales fell 2.4 percent at franchised restaurants. Revenue in the quarter increased 15.4 percent, to $508.3 million, from $440.6 million the previous year. Net earnings increased 12.8 percent, to $32.8 million, or $1.73 per share, from $29 million, or $1.52 per share the previous year.

Given the company’s recent sales trends, however, Smith said that earnings per share should range from $5.65 to $5.85 per share. That marks a decline from the company’s previous expectations of $5.95 to $6.20 per share.

Smith said Buffalo Wild Wings is working to strengthen its FastBreak lunch program, including a speed of service guarantee, and plans to promote Wing Tuesdays while evaluating different pricing and bundling options for the day.

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