Cramer: This worries me about Buffalo Wild Wings

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CNBC's Jim Cramer said Thursday the rising cost of chicken could hurt Buffalo Wild Wings moving forward, especially after its latest earnings release.

"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.

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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.