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Buffalo Wild Wings ‘fell off a cliff’ last quarter, Jim Cramer says

Buffalo Wild Wings' stock fell almost 11 percent Wednesday after the company posted quarterly results that left CNBC's Jim Cramer baffled.

"Sellers are coming out of the woodwork. Why? Because same-store sales declined," Cramer said on "Squawk on the Street" Wednesday. "I couldn't believe it. [They have] wing prices going the wrong way."

"It fell off a cliff," he said.

First-quarter earnings for the restaurant chain came in at $1.73 per share on revenue of $508.3 million. Analysts polled by Reuters expected the firm to post earnings per share of $1.78 on revenue of $530.3 million.

The company also reported a 2.4 percent decline in same-store sales among franchised restaurants.

"I honestly think this is a company that has to be valued at $100 per share, if you're just going to become another restaurant chain."

Buffalo Wild Wings shares closed at $129 Wednesday.

BWLD in the last year

— Reuters contributed to this report.

Disclosure: Cramer's trust did not own Buffalo Wild Wings stock when this article was published.

Programming note: Buffalo Wild Wings CEO Sally Smith will be on Mad Money tonight, at 6 p.m. ET.