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Is Buffalo Wild Wings still a growth stock?

"For ages, this beer and wings chain has been the ultimate growth restaurant stock," Jim Cramer said. But then the company reported earnings.

The Street did not like what the company had to say. Shares tumbled 14 percent in the wake of the quarter.

The company is Buffallo Wild Wings, and ironically, it reported profit that increased by 44 percent in its second quarter and topped analysts' expectations.

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Looking at the numbers specifically, earnings rose to $23.7 million, or $1.25 per share, from $16.5 million, or 88 cents per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.20 per share.

The restaurant chain said revenue rose 20 percent to $366 million from $305 million in the same quarter a year earlier and beat Wall Street forecasts. Analysts expected $361.1 million, according to Zacks.

"We had a great quarter," said Sally Smith on "Mad Money."

The issue, Cramer said, is that "the guidance left some investors worried that the growth here could be slowing."

"But we actually upped our guidance," Smith added. "It's simply that expectations were just a little higher."

Buffalo Wild Wings forecast earnings growth of 25 to 30 percent, short of the 34 percent growth analysts were expecting.

However, looking at future growth, Smith said she sees significant opportunity. But she quickly added her focus was on sustained long-term growth, not necessarily short-term pops.

"I'd rather make the right decision today for three to five years out than make the wrong decision. I'm all about sustained long-term growth. We've been doubling the number of units every three years," she added. That hasn't changed.

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Jim Cramer thinks the strategy is sound. "As far as I'm concerned what matters is the longer-term projections," he said. "Investors should recognize that. Buffalo Wild Wings is thinking long-term."

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