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BJ’s(BJRI) - 2023 Q1 - Quarterly Report
2022-05-01 16:00
Financial Performance - Total revenues increased by $75.4 million, or 33.8%, to $298.7 million for the thirteen weeks ended March 29, 2022, compared to $223.3 million for the same period in 2021[57]. - Comparable restaurant sales rose by 33.9%, or $74.0 million, driven by a 26.4% increase in guest traffic and a 7.5% increase in average check[57]. - Net income for the thirteen weeks ended March 29, 2022, was 0.5%, compared to a net loss of (1.4)% for the same period in 2021[56]. - Total costs and expenses decreased to 102.6% of revenues from 103.7% in the prior year[56]. Cost Management - Cost of sales increased by $25.3 million, or 45.1%, to $81.5 million, with cost of sales as a percentage of revenues rising to 27.3% from 25.1%[57]. - Labor and benefit costs increased by $34.6 million, or 42.4%, to $116.3 million during the same period[57]. - Labor and benefit costs increased to 38.9% of revenues for the thirteen weeks ended March 29, 2022, up from 36.6% in the prior year[59]. - Occupancy and operating expenses rose by $11.9 million, or 19.8%, to $71.7 million, while as a percentage of revenues, these expenses decreased to 24.0% from 26.8%[59]. - General and administrative expenses increased by $3.0 million, or 19.6%, to $18.3 million, with a decrease in percentage of revenues to 6.1% from 6.8%[59]. - Depreciation and amortization expenses decreased to 6.0% of total revenues from 8.2%[56]. Cash Flow and Investments - Net cash provided by operating activities was $0.6 million, a decrease of $13.6 million from $14.2 million in the prior year[63]. - Net cash used in investing activities increased by $4.7 million to $11.5 million, primarily due to new restaurant openings and remodels[64]. - Total capital expenditures for fiscal 2022 are anticipated to be approximately $90 million to $95 million, including costs for opening up to eight new restaurants[66]. - The company plans to open as many as eight new restaurants in fiscal 2022, with signed leases and agreements for all new locations[66]. Debt and Taxation - Interest expense, net, decreased by $0.8 million to $0.6 million due to a lower average debt balance[59]. - The effective income tax rate for the thirteen weeks ended March 29, 2022, reflected a 116.8% tax benefit compared to a 66.3% tax benefit in the prior year[59]. - The current ratio decreased to 0.4:1.0 from 0.5:1.0, indicating a decline in liquidity[61]. - The company has a $215 million Credit Facility, with $50 million currently outstanding, exposing it to interest rate risk; a hypothetical 1% change in interest rates would impact net income by approximately $0.4 million annually[75]. Operational Challenges - The company is experiencing distribution disruptions and commodity cost inflation due to the COVID-19 pandemic, which has led to food and supply shortages[76]. - The company attempts to manage commodity price risks by entering into fixed-price purchase commitments, typically up to one year, for some of its commodity requirements[76]. - The company is exposed to risks from shortages, delays, or interruptions in the supply chain due to various operational disruptions beyond its control[76]. - Many leases for the company's restaurants include contingent rent obligations based on a percentage of sales, meaning rent expenses will absorb a share of any menu price increases[71]. - The company's financial results are significantly impacted by seasonal factors and the timing of new restaurant openings, which may not be indicative of full fiscal year results[72]. - The company believes it has flexibility to increase certain menu prices in response to food commodity price increases[76]. Corporate Governance - The company has suspended its share repurchase program, which was funded through its Credit Facility[75]. - The company acknowledges that actual results may differ materially from forward-looking statements regarding market risks[74]. - The company has no significant changes in its critical accounting policies during the thirteen weeks ended March 29, 2022[73]. - The company operates 213 restaurants across 29 states as of May 2, 2022[52]. - The company’s proprietary craft beer is produced at several locations and by independent third-party brewers using proprietary recipes[52].
BJ’s(BJRI) - 2022 Q1 - Earnings Call Transcript
2022-04-22 00:45
BJ’s Restaurants, Inc. (NASDAQ:BJRI) Q1 2022 Results Conference Call April 21, 2022 5:00 PM ET Company Participants Greg Levin - CEO Tom Houdek - CFO Greg Lynds - Chief Development Officer Rana Schirmer - Director of SEC Reporting Conference Call Participants Alex Slagle - Jefferies David Tarantino - Baird Joshua Long - Piper Sandler Brian Mullan - Deutsche Bank Jeffrey Bernstein - Barclays Todd Brooks - The Benchmark Company Jon Tower - Citi Nick Setyan - Wedbush Securities Operator Good day, ladies and ge ...
BJ’s(BJRI) - 2021 Q4 - Annual Report
2022-02-24 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2021 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 (State or other jurisdiction ...
BJ’s(BJRI) - 2021 Q4 - Earnings Call Transcript
2022-02-18 04:10
BJ's Restaurants, Inc. (NASDAQ:BJRI) Q4 2021 Earnings Conference Call February 17, 2022 5:00 PM ET Company Participants Gregory Levin - Chief Executive Officer, President and Director Rana Schirmer - Director of Securities and Exchange Commission Reporting Tom Houdek - Senior Vice President and Chief Financial Officer Gregory Lynds - Executive Vice President and Chief Development Officer Kevin Mayer - Executive Vice President, Chief Growth and Brand Officer Conference Call Participants Brian Bittner - Oppen ...
BJ’s(BJRI) - 2022 Q3 - Quarterly Report
2021-10-31 16:00
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 September 28, 2021 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 33-04856 ...
BJ’s(BJRI) - 2021 Q3 - Earnings Call Transcript
2021-10-22 00:41
BJ's Restaurants, Inc. (NASDAQ:BJRI) Q3 2021 Earnings Conference Call October 21, 2021 5:00 PM ET Company Participants Rana Schirmer - Director, SEC Reporting Greg Levin - President and Chief Executive Officer Tom Houdek - Chief Financial Officer Kevin Mayer - Chief Growth and Brand Officer Greg Lynds - Chief Development Officer Conference Call Participants Alex Slagle - Jefferies Drew North - Baird Nick Setyan - Wedbush Securities Todd Brooks - CL King & Associates Nicole Miller - Piper Sandler Alex Vasti ...
BJ’s(BJRI) - 2022 Q2 - Quarterly Report
2021-08-01 16:00
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 June 29, 2021 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 (S ...
BJ’s(BJRI) - 2021 Q2 - Earnings Call Transcript
2021-07-30 03:45
BJ's Restaurants, Inc. (NASDAQ:BJRI) Q2 2021 Earnings Conference Call July 29, 2021 5:00 PM ET Corporate Participants Rana Schirmer - Director, SEC Reporting Greg Trojan - Chief Executive Officer Greg Levin - President and Chief Financial Officer Kevin Mayer - Chief Marketing Officer Tom Houdek - VP of Strategy and Financial Planning and Analysis Conference Call Participants Alex Slagle - Jefferies Drew North - Baird Nicole Miller - Piper Sandler Sharon Zackfia - William Blair Todd Brooks - CL King & Associ ...
BJ’s(BJRI) - 2022 Q1 - Quarterly Report
2021-05-03 16:00
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 March 30, 2021 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 ( ...
BJ’s(BJRI) - 2021 Q1 - Earnings Call Transcript
2021-04-23 04:14
BJ's Restaurants, Inc. (NASDAQ:BJRI) Q1 2021 Earnings Conference Call April 22, 2021 5:00 PM ET Company Participants Greg Trojan - CEO Rana Schirmer - Director, SEC Reporting Greg Levin - President and CFO Kevin Mayer - CMO Greg Lynds - CDO Conference Call Participants Brian Bittner - Oppenheimer Jeffrey Bernstein - Barclays Alex Slagle - Jefferies David Tarantino - Baird Nicole Miller - Piper Sandler John Glass - Morgan Stanley James Rutherford - Stephens Inc. Brian Mullan - Deutsche Bank Sharon Zackfia - ...