Fat chicks were reportedly the reason behind the Buffalo Wild Wings (BWLD) third-quarter earnings disappointment. Literally.

The sports bar operator blamed its lower-than-expected third-quarter earnings on heavier chickens, stating that BWLD servings are based on number of wings, not weight. Not only were this quarter's chickens obese, they were also a bit more pricey than usual; BWLD reported wings cost $1.24 a pound, 10 cents more than a year ago.

Buffalo Wild Wings reported third-quarter earnings of $4.3 million, or 24 cents a share, down from $3.5 million, or 20 cents a share, a year earlier. Analysts predicted per-share earnings of 26 cents. Disappointing October sales also contributed to the restaurant's loss.

From late-October 2006 to mid-June, shares of BWLD soared more than 141% higher to hit an all-time high of $47.75. Since then, the stock has been rather volatile, but for the most part has seen support at the 32 level and resistance around 42.

As a result of the earnings disappointment, the BWLD Schaeffer's put/ call open interest ratio (SOIR) stands at 0.89, higher than any other reading in the past year. The high ratio, combined with 11 of the 12 Zacks analysts ranking it a hold or worse, is indicative of a rather bearish take on BWLD from the Street; from a contrarian standpoint, this leaves room for plenty of upgrades in the near future.

Currently, shares of BWLD have surrendered nearly 20% to trade at $31.37, approximately 6 points below its 80-day and 160-day moving averages.

As far as BWLD's future goes, if the restaurant plans to meet its 2007 and 2008 annual growth targets (as BWLD has recently reiterated), somebody better put these chicks on a diet.