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 April 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) Indicate by check mark w ...

helen89 Introduction Before we start breaking down BJ's (NASDAQ:BJRI) first quarter 2024 results, I would like to highlight that this is an analysis intended to place greater emphasis on short-term operational patterns. Therefore, if you are interested in a more complete analysis, which aims to closely investigate both profitability, capital structure and other factors, I recommend reading my latest analysis of BJ's. For those who remember, I recommended "Buy" in my last review of BJ's Restaurants, mainly e ...

Financial Data and Key Metrics Changes - For Q1 2024, the company reported sales of $337 million, a decrease of 1.2% compared to the previous year, with comparable restaurant sales down 1.7% due to adverse weather conditions in January [36][16][18] - Adjusted EBITDA rose to $29.4 million, which is approximately 25% higher than the prior year, representing 9.2% of sales [18][47] - Restaurant-level cash flow margin improved to 15%, an increase of 240 basis points from the previous year [17][46] Business Line Data and Key Metrics Changes - The on-premise business remains the strongest and most profitable channel, with comparable sales slightly negative for the quarter but positive when excluding January's weather impact [50] - The late-night business continues to outperform other dayparts, contributing positively to overall sales [48][103] Market Data and Key Metrics Changes - Comparable restaurant traffic declined approximately 9% in January but improved to negative mid-single digits in February and March, indicating a recovery trend [24][49] - Guest value scores improved by 300 basis points from Q4 levels, reflecting enhanced brand health [43] Company Strategy and Development Direction - The company aims to expand its restaurant count to 425 or more, nearly doubling its current count, with a focus on new prototypes that reduce build costs and enhance operational efficiency [32][33] - Strategic initiatives include a culinary strategy focused on value offerings and enhancing guest experience through remodels and improved service models [27][30][88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming January's weather challenges and expects continued margin growth through productivity and cost-saving initiatives [54][57] - The company anticipates slightly negative comparable sales in Q2 but remains optimistic about driving traffic during peak celebration periods [55][146] Other Important Information - The company completed 13 remodels year-to-date and plans to complete approximately 10 more by the end of the year, enhancing the dining experience [31] - G&A expenses for Q1 were $23 million, including one-time charges, but are expected to normalize around $21 million in Q2 [40][60] Q&A Session All Questions and Answers Question: What are the assumptions for slightly negative same-store sales in Q2? - Management indicated that the guidance incorporates expectations for the strength of the celebration season, including Mother's Day and graduations, which are critical for driving sales [146][148] Question: How does the company maintain brand equity amid cautious consumer spending? - The company focuses on affordability and value through promotions and a loyalty program, while also enhancing the dining experience to attract guests [84][88] Question: What is the outlook for commodity inflation? - Management expects commodity inflation to remain flat to low single digits for the full year, despite some recent increases in produce and meat costs [127][145]

Revenue and Sales Performance - Total revenues decreased by 1.2% to $337.3 million in Q1 2024 compared to Q1 2023[24] - Comparable restaurant sales declined by 1.7% in Q1 2024[18] Profitability and Margins - Net income increased to $7.7 million in Q1 2024, up from $3.5 million in Q1 2023[24] - Adjusted EBITDA rose to $29.4 million in Q1 2024, compared to $25.0 million in Q1 2023[22] - Restaurant level operating margin improved to 15.0% in Q1 2024, a 240 basis point increase from Q1 2023[27] Expansion and Development - The company opened its 217th restaurant in Brookfield, Wisconsin, marking its first location in the state[14] - The company plans to open two additional restaurants in the second half of 2024 and is building a development pipeline for 2025 and beyond[14] - By the end of 2024, approximately half of the company's restaurants are expected to feature a newer prototype or recent remodel[14] Debt and Cash Position - Total debt decreased to $58.0 million in Q1 2024 from $68.0 million in Q1 2023[6] - Cash and cash equivalents stood at $18.8 million as of April 2, 2024, down from $29.1 million at the start of the year[6] Non-GAAP Financial Measures - The company reports non-GAAP financial results, including restaurant level operating margin, which excludes certain operating costs and is used as a supplemental measure of restaurant performance[30] - Restaurant level operating margin is calculated as revenues less direct operating costs (cost of sales, labor and benefits, and occupancy and operating costs)[30] - Adjusted EBITDA is another non-GAAP financial measure used by the company[32] - A reconciliation of income from operations to restaurant level operating margin for Q1 2024 and Q1 2023 is provided[37] - A reconciliation of net income to Adjusted EBITDA for Q1 2024 and Q1 2023 is provided[38] - Non-GAAP measures are not a substitute for GAAP measures and may differ from those used by other companies[28] - Management believes non-GAAP measures like restaurant level operating margin highlight core business trends not apparent in GAAP measures[30] Operational and Financial Reporting Details - The company operates through dine-in, take-out, delivery, and large party catering services[33] - Financial data is presented in thousands of dollars[35] - Percentages in the financial data represent percent of total revenues and may not reconcile due to rounding[34]

HUNTINGTON BEACH, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ:BJRI) today reported financial results for its fiscal 2024 first quarter ended Tuesday, April 2, 2024. Fiscal First Quarter 2024 Compared to First Quarter 2023 Total revenues decreased 1.2% to $337.3 millionComparable restaurant sales declined 1.7%Total restaurant operating weeks increased by one weekNet income of $7.7 million, compared to $3.5 million; diluted net income per share of $0.32, compared to $0.15Adjusted E ...

BJ's Innovative New Beverage Program Elevates the Beverage Category for Multi-Unit ChainsHUNTINGTON BEACH, Calif., April 18, 2024 /PRNewswire/ -- BJ's Restaurant & Brewhouse® (NASDAQ: BJRI) is feeling the good vibrations after receiving the Vibe Vista Award for Best Multi-Chain Restaurant Group at Questex's 2024 Vibe Conference, the premier conference for on-premise beverage industry executives. Recognizing the top performers in the beverage industry, the Vibe Vista Awards honored BJ's achievements in the c ...

HUNTINGTON BEACH, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ:BJRI) today announced that it will release its first quarter 2024 results after the market closes on Thursday, May 2, 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 minu ...

HUNTINGTON BEACH, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today announced that it will release its first quarter 2024 results after the market closes on Thursday, May 2, 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 min ...

SAN FRANCISCO, April 16, 2024 (GLOBE NEWSWIRE) -- Ferry, a financial technology platform facilitating automated instant tip payouts and tax compliance for hospitality businesses, today announces the nationwide launch of an advanced payroll card and instant tip payment solution for BJ's Restaurants, Inc. (NASDAQ:BJRI), a leader in the casual dining industry. The new card program will leverage Highnote, the embedded finance company setting the new standard in modern card platform management, as its issuer pr ...

BJ's Restaurants, Inc. (BJRI) expands its footprint with its debut restaurant location in Brookfield, WI. This marks the company’s first restaurant opening in fiscal 2024.This 7,500 square feet property houses about 250 guests, showcasing the company’s exclusive and contemporary designs for all dining occasions. Furthermore, the diversified menu offerings, ranging from BJ’s signature deep-dish pizza to its handcrafted Pizookie dessert, add to the charm of this debut opening.BJRI remains optimistic about thi ...