HUNTINGTON BEACH, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq: BJRI) ("BJ's" or the "Company") announced today that C. Bradford ("Brad") Richmond, current BJ's Board Director and former Chief Financial Officer of Darden Restaurants, Inc., has been appointed Interim Chief Executive Officer, effective August 28, 2024. Mr. Richmond has served on the Company's Board of Directors since February 2024 and will continue to serve on the Board during his interim appointment. He served as ...

HUNTINGTON BEACH, Calif., Aug. 27, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) today announced the opening of its restaurant in Tracy, California. The new BJ's Restaurant & Brewhouse opened yesterday, August 26, 2024, on Naglee Road next to West Valley Mall. The restaurant is approximately 7,500 square feet, seats approximately 250 guests and features BJ's extensive menu, including BJ's signature deep-dish pizza, award-winning handcrafted beer and famous Pizookie® dessert. BJ's unique, co ...

HUNTINGTON BEACH, Calif., Aug. 27, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) announced today that management will be participating at the Piper Sandler Growth Frontiers Conference on Tuesday, September 10, 2024. Management will participate in one-on-one meetings at the conference, which will be held at the Virgin Hotels Nashville in Nashville, Tennessee. About BJ's Restaurants, Inc. BJ's Restaurants, Inc. is a national brand with brewhouse roots where Craft Matters®. BJ's broad menu has ...

BJ's Restaurants, Inc. (BJRI) is benefiting from its focus on accretive investments to enhance its salesbuilding and remodeling initiatives, accompanied by various technological and digital advancements. Through an effective cost-savings plan, the company has been able to efficiently manage its financial position, ensure business productivity and maintain shareholder value. However, the downward trending comps performance and high-cost structure are restricting the prospects of the company. What Makes the S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended July 2, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ______ Commission file number 0-21423 BJ'S RESTAURANTS, INC. (Exact name of registrant as specified in its charter) California 33-0485615 (St ...

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Core Viewpoint - BJ's Restaurants, Inc. reported Q2 results that exceeded Wall Street expectations, showcasing improved profitability despite a challenging industry backdrop and cost inflation [5][10][15]. Financial Performance - Revenues for Q2 2024 were reported at $349.9 million, slightly above the previous year's $349.7 million, with comparable restaurant sales declining by 0.6% [20]. - Income from operations increased to $13.2 million from $10.2 million in the prior year's Q2, reflecting effective cost management [8][10]. - Total costs and expenses were $336.7 million, down from $339.5 million year-on-year, indicating improved cost control [4]. Cost Management Initiatives - The company has implemented significant cost management initiatives, aiming for $50 million in savings from general and administrative expenses, labor, and purchasing [9]. - Occupancy and operating costs were effectively managed, showing a 0.7 percentage point decrease year-on-year [8]. Growth Strategy - BJ's has grown its total units from 29 in 2000 to 216 by Q2 2024, with a long-term goal of reaching 425 units [7]. - The company plans to focus on restaurant-level improvements and has remodeled several locations based on customer feedback [7][19]. Future Outlook - Long-term targets include annual sales growth of 7-10% and EPS growth of 12-15%, with expectations for an acceleration in new unit openings from 2025 [19]. - The stock is estimated to be slightly undervalued, with a fair value estimate of $39.71, 8% above the current stock price [12][23].

In the quarter under review, the company reported adjusted earnings per share (EPS) of 72 cents, beating the Zacks Consensus Estimate of 49 cents. In the year-ago quarter, it recorded an adjusted EPS of 50 cents. BJRI opened one new restaurant have opened one new restaurant in Brookfield, Wisconsin and is set to open two more in August and September 2024. The new locations will feature a new prototype, costing approximately $1 million less than the previous design, offering greater operational efficiency an ...

Financial Data and Key Metrics Changes - The company reported total sales of $349.9 million for Q2 2024, with comparable sales slightly negative at 0.6% [19][53] - Adjusted EBITDA increased to $36.1 million, a 13% rise year-over-year, with a margin of 10.3% [20][54] - Restaurant-level cash flow margin improved to 15.5%, up 100 basis points from the previous year [29][44] - Net income for the quarter was $17.2 million, with diluted net income per share of $0.72, both up over 40% from a year ago [54] Business Line Data and Key Metrics Changes - The company initiated an enhanced service model in April, aimed at improving pace and throughput in restaurants [21][24] - Food costs increased by more than 2% quarter-over-quarter, driven by inflation on key items such as chicken wings and avocados [32][135] - Labor and benefits expenses were 36.1% of sales, which was 10 basis points favorable compared to the same quarter last year [32] Market Data and Key Metrics Changes - The company experienced month-over-month improvement in comparable sales throughout Q2, driven by consumer affinity for the BJ's concept [19] - The average weekly sales per restaurant exceeded $124,000, with a record of over $141,000 during the week including Mother's Day [30][53] - The company expects Q3 comparable sales to be in the 1% to 2% range, considering recent trends and seasonal patterns [84] Company Strategy and Development Direction - The long-term model aims for 8% to 10% top-line sales growth through a combination of over 5% unit growth and low to mid-single-digit comparable restaurant sales [27] - The company is focused on enhancing brand awareness and operational excellence through various initiatives, including remodels and new restaurant prototypes [18][25] - The company plans to continue investing in marketing to drive traffic and brand awareness, with an expected increase in marketing costs for Q3 [58][172] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer demand remains stable, with adjustments needed due to external factors like minimum wage increases [2][19] - The company is optimistic about closing the gap to 2019 margin levels by year-end, despite challenges in the operating environment [34][167] - Management highlighted the importance of maintaining quality while pursuing growth, indicating a cautious approach to unit expansion [71][100] Other Important Information - The company completed 19 remodels year-to-date and plans to complete approximately five more by the end of the year [49] - The new restaurant prototype is expected to cost about $1 million less to build, enhancing operating efficiencies [26] - The company repurchased approximately 255,000 shares at a cost of $8.8 million during the quarter [57] Q&A Session Summary Question: Can you elaborate on the restaurant-level margin levels compared to 2019? - Management indicated that they aim to close the gap to 2019 levels, with a focus on improving operational efficiencies [4][167] Question: What are the dynamics affecting labor costs and training investments? - Management acknowledged that the new service model introduced one-time training costs, impacting margins slightly [32][62] Question: How do you view the sales outlook for Q3, considering the calendar shifts? - Management expects Q3 comparable sales to be modestly positive, with some challenges due to the holiday calendar [64][84] Question: What is the company's strategy for unit growth moving forward? - Management emphasized a cautious approach to unit growth, aiming for quality over quantity, with a goal of gradually increasing to 5% growth [71][100] Question: How is the company addressing food cost inflation? - Management noted that food costs have increased, particularly for chicken wings and avocados, and they are monitoring these trends closely [32][135]

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. View all Key Company Metrics for BJ's Restaurants here>>> The reported revenue compares to the Zacks Consensus Estimate of $350.18 million, representing a surprise of -0.07%. The company delivered an EPS surprise of +46.94%, with the consensus EPS estimate being $0.49. Comparable restau ...