"Raw costs for chicken are not going down," Cramer said on "Squawk on the Street."
The restaurant chain reported earnings per share of $1 on revenue of $456 million for its fiscal third quarter Wednesday, while analysts expected it to post profit per share of $1.29 on revenue of $465 million.
Buffalo Wild Wings' guidance also came in weaker than expected, citing a shift in the calendar that has led to one week less of football and fewer pay-per-view events.
It also reported same-store sales growth of 3.9 percent at company-owned restaurants and 1.2 percent at franchised locations.
"The same-store sales show a remarkable deceleration. They missed on everything I'm looking at. CLSA went from a 'buy' to 'sell'; you don't usually see that."
CLSA downgraded the stock earlier Thursday.
Shares of Buffalo Wild Wings were down nearly 17 percent midmorning Thursday.
Disclosure: Cramer's trust did not own shares of Buffalo Wild Wings when this article was published.