Shares of BJ's Restaurants, Inc. (BJRI) have gained 28.9% in the past three months compared with the industry’s 10% growth. The company has been benefitting from solid Pizookie Meal Deal performance and loyalty program membership expansion. Also, the focus on cost-saving and margin expansion plans bodes well. However, increased food cost inflation and uncertainty regarding discretionary spending are concerning.BJRI's Growth CatalystsBJ’s Restaurants has implemented several sales-building initiatives to driv ...

HUNTINGTON BEACH, Calif., Nov. 13, 2024 /PRNewswire/ -- This holiday season, BJ's Restaurants, Inc. (NASDAQ: BJRI) raises a glass to a milestone: 25 years of brewing its iconic Grand Cru beer. Originally created in 1999 to mark the dawn of the new millennium, Grand Cru has since become a symbol of BJ's dedication to quality and innovation. Known for its complex flavors and festive appeal, it has garnered widespread acclaim as a seasonal favorite, capturing the spirit of celebration and the excitement of ent ...

Revenue and Sales Performance - Total revenues increased by $7.1 million, or 2.2%, to $325.7 million for the thirteen weeks ended October 1, 2024, compared to $318.6 million for the same period in 2023[45] - Comparable restaurant sales rose by 1.7%, or $5.2 million, driven by a 1.3% increase in guest traffic and a 0.4% increase in average check[45] - Total revenues increased by $3.4 million, or 0.3%, to $1.0 billion during the thirty-nine weeks ended October 1, 2024, driven by an $18.5 million increase from new restaurants, despite a 0.2% decline in comparable restaurant sales[47] Cost and Expense Analysis - Cost of sales increased by $4.0 million, or 4.9%, to $86.7 million, with cost of sales as a percentage of revenues rising to 26.6% from 25.9%[45] - Labor and benefit costs increased by $2.5 million, or 2.1%, to $120.7 million, maintaining a consistent percentage of revenues at 37.1%[45] - Occupancy and operating expenses increased by $0.3 million, or 0.4%, to $80.3 million, with the percentage of revenues decreasing to 24.7% from 25.1%[46] - General and administrative expenses rose by $1.5 million, or 7.6%, to $21.0 million, increasing as a percentage of revenues to 6.4% from 6.1%[46] - Cost of sales decreased by $2.7 million, or 1.0%, to $261.5 million, with cost of sales as a percentage of revenues decreasing to 25.8% from 26.2% due to cost savings initiatives[47] - Labor and benefit costs decreased by $1.0 million, or 0.3%, to $372.0 million, with labor costs as a percentage of revenues decreasing to 36.7% from 37.0%[49] - Occupancy and operating expenses decreased by $4.3 million, or 1.8%, to $236.7 million, with expenses as a percentage of revenues decreasing to 23.4% from 23.9%[49] - General and administrative expenses increased by $4.2 million, or 6.9%, to $64.6 million, with expenses as a percentage of revenues increasing to 6.4% from 6.0%[49] Cash Flow and Financial Position - Net cash provided by operating activities was $69.8 million, a decrease of $3.8 million from the prior year[54] - Net cash used in investing activities was $61.0 million, a decrease of $20.9 million from the prior year, primarily due to fewer new restaurant openings[56] - Net cash used in financing activities increased by $14.9 million to $19.5 million, primarily due to an increase in shares repurchased[58] - As of October 1, 2024, the company had cash and cash equivalents of $18.4 million and a current ratio of 0.4:1.0[52] - The company anticipates total capital expenditures for fiscal 2024 to be approximately $75 million, funded by current cash balance, cash flows from operations, and line of credit[57] Market and Economic Factors - Inflation has impacted operations, new restaurant construction, and return on invested capital, with menu price increases partially offsetting these effects[60] - The company has a $215 million Credit Facility, with $66.5 million currently outstanding, and a 1% change in interest rates would affect net income by approximately $0.5 million annually[64] - The business is exposed to food, supplies, and commodity price risks, with costs fluctuating due to market conditions and government regulations[65] - The company attempts to enter into fixed-price purchase commitments for commodities, but may not always be able to do so[65] - Seasonal factors and adverse weather significantly impact restaurant sales volumes, with quarterly results affected by new restaurant openings[61] - The company is exposed to market risks that could lead to material differences in actual results compared to forward-looking statements[63] - The ability to offset inflation effects through menu price increases or cost savings will determine future restaurant profitability[60] - The company believes it has flexibility to adjust menu prices in response to commodity price increases[65] - Macroeconomic conditions affecting consumer discretionary spending may limit the ability to increase menu prices further[60] Taxation - The effective income tax rate for the thirteen weeks ended October 1, 2024, was a benefit of 8.2%, compared to an expense of 11.8% for the same period in 2023[46] Depreciation and Amortization - Depreciation and amortization increased by $0.3 million, or 1.8%, to $18.2 million, remaining consistent at 5.6% of revenues[46] Restaurant Opening Expenses - Restaurant opening expenses decreased by $0.3 million, or 19.1%, to $1.1 million due to the timing of openings[46] Interest Expense - Interest expense, net, increased by $0.3 million to $1.3 million, attributed to a higher average interest rate and outstanding debt balance[46] Accounting Policies - Critical accounting policies require estimates and assumptions that may differ materially from actual results, with no significant changes reported in the last thirty-nine weeks[62]

BJ's Restaurants, Inc. (BJRI) reported third-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top and bottom lines increased on a year-over-year basis.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Following the results, the company shares fell 5% during the post-market trading session on Oct. 31. Negative investor sentiments were witnessed as the company reported that it had not fully leveraged its traffic growth du ...

BJ's Restaurants, Inc. (NASDAQ:BJRI) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET Company Participants Rana Schirmer - Director, SEC External Reporting Brad Richmond - Interim Chief Executive Officer Lyle Tick - President and Chief Concept Officer Tom Houdek - Chief Financial Officer Conference Call Participants Brian Bittner - Oppenheimer Alex Slagle - Jefferies Jeffrey Bernstein - Barclays Brian Mullan - Piper Sandler Nick Setyan - Wedbush Securities Sharon Zackfia - William Blair Jon Towe ...

BJ's Restaurants (BJRI) reported $325.7 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 2.2%. EPS of -$0.13 for the same period compares to -$0.16 a year ago.The reported revenue represents a surprise of +0.04% over the Zacks Consensus Estimate of $325.59 million. With the consensus EPS estimate being $0.03, the EPS surprise was -533.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

BJ's Restaurants (BJRI) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of $0.03. This compares to loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -533.33%. A quarter ago, it was expected that this restaurant chain would post earnings of $0.49 per share when it actually produced earnings of $0.72, delivering a surprise of 46.94%.Over the last four quarters, the company has su ...

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) This section summarizes BJ's Restaurants' Q3 2024 financial results, strategic initiatives, and capital allocation [Fiscal Third Quarter 2024 Highlights](index=1&type=section&id=1.1%20Fiscal%20Third%20Quarter%202024%20Highlights) BJ's Restaurants reported 2.2% revenue growth and 1.7% comparable sales increase in Q3 2024, recording a $2.9 million net loss Fiscal Third Quarter 2024 vs. Fiscal Third Quarter 2023 Key Financials (in millions) | Metric | Q3 2024 | Q3 2023 | Change | | :--------------------------- | :------------------ | :------------------ | :---------- | | Total revenues | $325.7 million | $318.6 million | +2.2% | | Comparable restaurant sales | +1.7% | N/A | +1.7% | | Total restaurant operating weeks | +0.2% | N/A | +0.2% | | Net loss | $(2.9) million | $(3.8) million | Improved | | Diluted net loss per share | $(0.13) | $(0.16) | Improved | | Adjusted EBITDA | $18.5 million | $19.6 million | -5.6% | - Third quarter 2024 net loss includes a **$0.4 million** pretax, or **$0.02 per share**, net leadership transition benefit[2](index=2&type=chunk) [CEO Commentary & Strategic Outlook](index=1&type=section&id=1.2%20CEO%20Commentary%20%26%20Strategic%20Outlook) CEO Brad Richmond highlighted positive sales and guest traffic, acknowledged cost impacts, and emphasized new leadership's focus on profitability and growth - Sales momentum is building behind the Pizookie Meal Deal, successful product launches, and a large party initiative for the holiday season[2](index=2&type=chunk) - Guest traffic exceeded the industry by approximately **570 basis points** in Q3 2024[2](index=2&type=chunk) - New President and Chief Concept Officer, Lyle Tick, and the CEO are conducting a comprehensive assessment of BJ's strengths and opportunities to usher in renewed growth, focusing on brand awareness, operational/financial discipline, and accelerated new unit openings[3](index=3&type=chunk) [Restaurant Development & Capital Allocation](index=1&type=section&id=1.3%20Restaurant%20Development%20%26%20Capital%20Allocation) The company opened two new restaurants in Q3 2024, bringing the year-to-date total to three, prioritizing high-return investments and shareholder returns - Opened **two new restaurants** in Q3 2024, totaling **three new restaurants** for the year[4](index=4&type=chunk) - Capital allocation strategy prioritizes high-return investments: new restaurant growth, remodels, and share repurchases[4](index=4&type=chunk) - Pace of capital programs will be shaped by evaluation of unit productivity, financial return performance, and future concept refinement[4](index=4&type=chunk) [Share Repurchase Program](index=1&type=section&id=1.4%20Share%20Repurchase%20Program) During Q3 2024, BJ's Restaurants repurchased approximately 268,000 shares for $8.2 million, with $44 million remaining under its $550 million program - Repurchased approximately **268,000 shares** of common stock at a cost of approximately **$8.2 million** during Q3 2024[5](index=5&type=chunk) - Approximately **$44 million** remains available under the authorized **$550 million** share repurchase program[5](index=5&type=chunk) [Company Information](index=1&type=section&id=Company%20Information) This section provides company background, investor communication details, and a forward-looking statements disclaimer [About BJ's Restaurants, Inc.](index=2&type=section&id=2.1%20About%20BJ's%20Restaurants,%20Inc.) BJ's Restaurants, a national casual dining brand founded in 1978, operates over **200 restaurants** in **31 states** offering a diverse menu - BJ's is a national brand with brewhouse roots, known for its broad menu, including slow-roasted entrees, EnLIGHTened Entrees, deep-dish pizza, and the Pizookie dessert[7](index=7&type=chunk) - Winner of the 2024 Vibe Vista Award for Best Overall Beverage Program and the most decorated restaurant-brewery in the country, pioneering craft brewing since 1996[7](index=7&type=chunk) - Founded in 1978, BJ's owns and operates **over 200 restaurants** in **31 states**, offering dine-in, take-out, delivery, and large party catering[7](index=7&type=chunk) [Investor Conference Call & Webcast](index=1&type=section&id=2.2%20Investor%20Conference%20Call%20%26%20Webcast) BJ's Restaurants, Inc. held a conference call and live audio webcast on October 31, 2024, to discuss its fiscal third quarter 2024 earnings - Conference call and live audio webcast for Q3 2024 earnings held on October 31, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)[6](index=6&type=chunk) - Accessible on the 'Investors' page of http://www.bjsrestaurants.com, with a recording archived for 30 days[6](index=6&type=chunk) [Forward-Looking Statements Disclaimer](index=2&type=section&id=2.3%20Forward-Looking%20Statements%20Disclaimer) This section disclaims forward-looking statements, highlighting risks and uncertainties that may cause actual results to differ from projections - Statements not purely historical are 'forward-looking' and covered by safe harbors, involving known and unknown risks, uncertainties, and other factors[8](index=8&type=chunk) - Factors causing differences include inability to raise menu prices, manage new openings, construction delays, wage inflation, competitive labor markets, minimum wage increases, credit market disruptions, food quality concerns, regional impacts (CA, TX, FL), industry competition, commodity costs, government regulations, and loss of key personnel[8](index=8&type=chunk) - The company undertakes no obligation to update or alter its forward-looking statements[8](index=8&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents unaudited consolidated statements of operations, selected balance sheet information, and key operating data [Unaudited Consolidated Statements of Operations](index=2&type=section&id=3.1%20Unaudited%20Consolidated%20Statements%20of%20Operations) The unaudited consolidated statements of operations present the financial performance for the fiscal third quarter and nine months ended October 1, 2024, and October 3, 2023 Unaudited Consolidated Statements of Operations (Dollars in thousands) | Metric (Dollars in thousands) | Q3 2024 | % of Rev | Q3 2023 | % of Rev | 9 Months 2024 | % of Rev | 9 Months 2023 | % of Rev | | :---------------------------- | :---------- | :------- | :---------- | :------- | :------------ | :------- | :------------ | :------- | | Revenues | $325,702 | 100.0% | $318,644 | 100.0% | $1,012,963 | 100.0% | $1,009,594 | 100.0% | | Cost of sales | 86,673 | 26.6% | 82,652 | 25.9% | 261,462 | 25.8% | 264,143 | 26.2% | | Labor and benefits | 120,718 | 37.1% | 118,198 | 37.1% | 372,048 | 36.7% | 373,053 | 37.0% | | Occupancy and operating | 80,322 | 24.7% | 80,020 | 25.1% | 236,746 | 23.4% | 241,078 | 23.9% | | General and administrative | 20,960 | 6.4% | 19,473 | 6.1% | 64,561 | 6.4% | 60,373 | 6.0% | | Depreciation and amortization | 18,193 | 5.6% | 17,879 | 5.6% | 54,229 | 5.4% | 53,199 | 5.3% | | (Loss) income from operations | (2,608) | (0.8)% | (2,387) | (0.7)% | 18,871 | 1.9% | 10,441 | 1.0% | | Net (loss) income | $(2,927) | (0.9)% | $(3,804) | (1.2)% | $21,953 | 2.2% | $11,609 | 1.1% | | Diluted Net (loss) income per share | $(0.13) | N/A | $(0.16) | N/A | $0.92 | N/A | $0.48 | N/A | [Selected Consolidated Balance Sheet Information](index=3&type=section&id=3.2%20Selected%20Consolidated%20Balance%20Sheet%20Information) This section provides key balance sheet figures, including cash and cash equivalents, total assets, total debt, and shareholders' equity, as of October 1, 2024, and January 2, 2024 Selected Consolidated Balance Sheet Information (Dollars in thousands) | Metric (Dollars in thousands) | October 1, 2024 | January 2, 2024 | | :---------------------------- | :-------------- | :-------------- | | Cash and cash equivalents | $18,422 | $29,070 | | Total assets | $1,041,784 | $1,058,454 | | Total debt | $66,500 | $68,000 | | Shareholders' equity | $376,175 | $365,761 | [Operating Data](index=3&type=section&id=3.3%20Operating%20Data) The operating data provides key performance indicators such as comparable restaurant sales, new restaurant openings, and total restaurant operating weeks for the fiscal third quarter and nine months ended October 1, 2024, and October 3, 2023 Operating Data | Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :-------------------------- | :------ | :------ | :------------ | :------------ | | Comparable restaurant sales % change | 1.7% | 0.4% | (0.2)% | 4.7% | | Restaurants opened during period | 2 | 3 | 3 | 5 | | Restaurants open at period end | 218 | 217 | 218 | 217 | | Restaurant operating weeks | 2,811 | 2,805 | 8,440 | 8,421 | [Supplemental Financial Information & Non-GAAP Measures](index=4&type=section&id=Supplemental%20Financial%20Information%20%26%20Non-GAAP%20Measures) This section details stock-based compensation and reconciles non-GAAP measures like Restaurant Level Operating Margin and Adjusted EBITDA [Stock-Based Compensation](index=4&type=section&id=4.1%20Stock-Based%20Compensation) This section details the stock-based compensation expenses allocated to labor and benefits, and general and administrative costs for the third quarter and nine months ended October 1, 2024, and October 3, 2023 Stock-based Compensation (Dollars in thousands) | Category (Dollars in thousands) | Q3 2024 | % of Rev | Q3 2023 | % of Rev | 9 Months 2024 | % of Rev | 9 Months 2023 | % of Rev | | :------------------------------ | :------ | :------- | :------ | :------- | :------------ | :------- | :------------ | :------- | | Labor and benefits | $727 | 0.2% | $577 | 0.2% | $1,764 | 0.2% | $1,853 | 0.2% | | General and administrative | 185 | 0.1% | 2,092 | 0.7% | 4,392 | 0.4% | 6,236 | 0.6% | | Total stock-based compensation | $912 | 0.3% | $2,669 | 0.8% | $6,156 | 0.6% | $8,089 | 0.8% | [Restaurant Level Operating Margin](index=4&type=section&id=4.2%20Restaurant%20Level%20Operating%20Margin) [Definition and Use](index=4&type=section&id=4.2.1%20Definition%20and%20Use) Restaurant Level Operating Margin is a non-GAAP measure, calculated as revenues less direct operating costs, used by management to highlight core business trends - Restaurant level operating margin is a non-GAAP measure equal to revenues less direct operating costs (cost of sales, labor and benefits, occupancy and operating costs)[14](index=14&type=chunk) - It primarily includes costs that restaurant level managers can directly control and excludes other essential operating costs[14](index=14&type=chunk) - Management uses this measure as a supplemental indicator of restaurant performance to highlight core business trends not apparent from GAAP measures, noting it may not be comparable to similarly titled measures from other companies[13](index=13&type=chunk)[14](index=14&type=chunk) [Reconciliation](index=5&type=section&id=4.2.2%20Reconciliation) This table provides the reconciliation of (Loss) income from operations to Restaurant Level Operating Margin for the third quarter and nine months ended October 1, 2024, and October 3, 2023 Reconciliation of (Loss) income from operations to Restaurant Level Operating Margin (Dollars in thousands) | Metric (Dollars in thousands) | Q3 2024 | % of Rev | Q3 2023 | % of Rev | 9 Months 2024 | % of Rev | 9 Months 2023 | % of Rev | | :---------------------------- | :---------- | :------- | :---------- | :------- | :------------ | :------- | :------------ | :------- | | (Loss) income from operations | $(2,608) | (0.8)% | $(2,387) | (0.7)% | $18,871 | 1.9% | $10,441 | 1.0% | | General and administrative | 20,960 | 6.4% | 19,473 | 6.1% | 64,561 | 6.4% | 60,373 | 6.0% | | Depreciation and amortization | 18,193 | 5.6% | 17,879 | 5.6% | 54,229 | 5.4% | 53,199 | 5.3% | | Restaurant opening | 1,115 | 0.3% | 1,379 | 0.4% | 2,005 | 0.2% | 2,601 | 0.3% | | Loss on disposal and impairment of assets, net | 329 | 0.1% | 1,430 | 0.4% | 3,041 | 0.3% | 4,706 | 0.5% | | Restaurant level operating margin | $37,989 | 11.7% | $37,774 | 11.9% | $142,707 | 14.1% | $131,320 | 13.0% | [Adjusted EBITDA](index=5&type=section&id=4.3%20Adjusted%20EBITDA) [Definition and Use](index=5&type=section&id=4.3.1%20Definition%20and%20Use) Adjusted EBITDA is a non-GAAP measure, adjusting net (loss) income for specific items, used by management to highlight cash flow and core business trends - Adjusted EBITDA is a non-GAAP financial measure representing net (loss) income adjusted for interest expense, income tax (benefit) expense, depreciation and amortization, leadership transition expenses, stock-based compensation, other (income) expenses, and loss on disposal and impairment of assets[16](index=16&type=chunk)[17](index=17&type=chunk) - Management uses Adjusted EBITDA as a supplemental measure to highlight cash flow and core business trends not otherwise apparent from GAAP financial measures[16](index=16&type=chunk) - The company notes that Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies[13](index=13&type=chunk)[16](index=16&type=chunk) [Reconciliation](index=5&type=section&id=4.3.2%20Reconciliation) This table provides the reconciliation of Net (Loss) Income to Adjusted EBITDA for the third quarter and nine months ended October 1, 2024, and October 3, 2023 Reconciliation of Net (Loss) Income to Adjusted EBITDA (Dollars in thousands) | Metric (Dollars in thousands) | Q3 2024 | % of Rev | Q3 2023 | % of Rev | 9 Months 2024 | % of Rev | 9 Months 2023 | % of Rev | | :---------------------------- | :---------- | :------- | :---------- | :------- | :------------ | :------- | :------------ | :------- | | Net (loss) income | $(2,927) | (0.9)% | $(3,804) | (1.2)% | $21,953 | 2.2% | $11,609 | 1.1% | | Interest expense, net | 1,342 | 0.4% | 1,013 | 0.3% | 4,012 | 0.4% | 3,242 | 0.3% | | Income tax (benefit) expense | (260) | (0.1)% | 401 | 0.1% | (2,863) | (0.3)% | (3,595) | (0.4)% | | Depreciation and amortization | 18,193 | 5.6% | 17,879 | 5.6% | 54,229 | 5.4% | 53,199 | 5.3% | | Leadership transition expenses, net | 1,688 | 0.5% | - | - | 1,688 | 0.2% | - | - | | Stock-based compensation expense | 3,005 | 0.9% | 2,669 | 0.8% | 8,249 | 0.8% | 8,089 | 0.8% | | Stock-based compensation credit (1) | (2,093) | (0.6)% | - | - | (2,093) | (0.2)% | - | - | | Other (income) expenses, net | (763) | (0.2)% | 3 | - | (4,231) | (0.4)% | (815) | (0.1)% | | Loss on disposal and impairment of assets, net | 329 | 0.1% | 1,430 | 0.4% | 3,041 | 0.3% | 4,706 | 0.5% | | **Adjusted EBITDA** | **$18,514** | **5.7%** | **$19,591** | **6.1%** | **$83,985** | **8.3%** | **$76,435** | **7.6%** |

HUNTINGTON BEACH, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2024 third quarter ended Tuesday, October 1, 2024. Fiscal Third Quarter 2024 Compared to Fiscal Third Quarter 2023 Total revenues increased 2.2% to $325.7 millionComparable restaurant sales increased 1.7%Total restaurant operating weeks increased 0.2%Net loss of $2.9 million, compared to $3.8 million; diluted net loss per share of $0.13, compared to $0.16 Third qu ...

HUNTINGTON BEACH, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) today announced that it will release its third quarter 2024 results after the market closes on Thursday, October 31, 2024. The Company will host an investor conference call at 2:00 p.m. (Pacific) that same day. The conference call will be broadcast live over the Internet. To listen to the conference call, please visit the "Investors" page of the Company's website located at http://www.bjsrestaurants.com several ...