Financial Data and Key Metrics Changes - The company reported impressive average unit volumes (AUVs) nearing $6.5 million, with five consecutive quarters of positive traffic growth, indicating strong operational performance [1][11] - Restaurant margins are anticipated to increase by nearly 100 basis points this year, contributing to raised EBITDA guidance for 2025 [22][36] Business Line Data and Key Metrics Changes - The Pizookie Meal Deal has been a significant driver of traffic, providing both existing and new customers with an entry point into the brand, which has positively impacted frequency and sales [13][20] - The company has focused on foundational operations and product innovation, including a pizza category refresh and seasonal Pizookies, which have contributed to improved customer experience and operational efficiency [15][26] Market Data and Key Metrics Changes - The company has experienced a 3.5% increase in traffic, which is a strong performance in the casual dining industry, driven by improved operational execution and customer satisfaction [11][12] - The late-night segment has shown outsized growth, contributing to overall traffic increases despite a smaller average check size [20] Company Strategy and Development Direction - The company is focused on foundational strategies that enhance operational efficiency and customer experience, with an emphasis on team member experience and accountability [4][17] - There is a strategic plan to resume unit growth, with two new units expected to open in the second half of the year, aiming for a long-term target of 425 units, nearly double the current count [28][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, emphasizing the importance of consistency and long-term growth strategies rather than short-term gains [38] - The leadership team is committed to building a more sustainable and durable business model, which includes leveraging cash flow for strategic initiatives and potential unit growth [34][36] Other Important Information - The company has implemented a structured share buyback program, which has been more aggressive than in previous years, reflecting confidence in the stock's undervaluation [35] - Management highlighted the importance of operational accountability and efficiency improvements, which have been key drivers of margin expansion [23][26] Q&A Session Summary Question: What are the most impactful drivers of traffic growth over the last 12 months? - Management attributed traffic growth to improved operational execution, higher NPS scores, and the success of the Pizookie Meal Deal, which has encouraged repeat visits [12][13] Question: How does the company view average check trends moving forward? - Management noted that while the Pizookie Meal Deal has brought in traffic, it has also led to a lower average check size; however, they see opportunities to manage mix and build basket size over time [19][20] Question: What are the biggest drivers of improving margins? - The improvement in margins has been driven by foundational operational work, accountability measures, and simplification of processes that enhance guest experience and reduce costs [22][23] Question: What is the outlook for unit growth? - Management indicated that they are analyzing their remodels and new restaurant openings to ensure capital is used effectively, with plans to resume unit growth in the near future [28][30] Question: How does the company plan to utilize its cash flow? - The company plans to fund strategic initiatives, continue share buybacks when the stock is undervalued, and invest in remodels and operational improvements [34][36]

Core Insights - BJ's Restaurants is focusing on improving operational consistency and sustaining traffic momentum to set the stage for potential unit growth [4] - The company has reported five consecutive quarters of positive traffic, with a 3.5% increase in Q4 traffic attributed to better execution and improved guest scores [6] - The leadership team is committed to foundational changes centered on alignment and accountability, with a focus on four strategic priorities [3] Financial Performance - The company has achieved average unit volumes (AUVs) above $6 million and same-store sales growth over the last five quarters [1] - Cash generation is strong, providing flexibility for investments, growth, and returning capital to shareholders through a share buyback program in 2025 [5] - The company expects to shift more capital towards growth-driving initiatives as it moves into new unit growth [16] Operational Improvements - Management is emphasizing basic service elements such as warm greetings and timely service to enhance guest experience [2] - A robust outlier management program has been implemented to lift underperforming restaurants, focusing on metrics like waste and overtime [12] - Simplification efforts have reduced food and beverage comps significantly, with a 25% reduction in margarita comps due to improved processes [13] Marketing and Product Strategy - The Pizookie Meal Deal is a key driver for both returning guests and attracting new customers, with limited-time offers enhancing its appeal [7] - Marketing efforts are heavily social media-driven, utilizing influencer engagement to create buzz around menu innovations [8] - The company is not planning major new strategies for 2026 but will continue to build on existing foundational strategies while remaining agile [9] Future Outlook - The company aims to build a more consistent and durable brand that can support renewed unit growth in the long term [16] - Management is taking a longer-term view to ensure that BJ's can meet investor expectations for consistency [16] - There is an expectation for more capital to be allocated towards growth initiatives rather than share repurchases as the stock stabilizes [15]

Core Insights - BJ's Restaurants, Inc. will participate in a fireside discussion at the 28th Annual ICR Conference on January 12, 2026, at 8:00 AM ET, and will also meet with institutional investors during the event [1] - A live webcast of the discussion will be available on the company's "Investors" page, with a replay archived for later access [2] Company Overview - BJ's Restaurants, Inc. is a national casual dining brand founded in 1978, operating over 200 restaurants across 31 states, known for high-quality ingredients and a diverse menu [3] - The brand offers a variety of dishes, including signature deep-dish pizzas and the world-famous Pizookie® dessert, and has been recognized for its craft brewing since 1996 [3] - BJ's has received accolades such as the 2025 Vibe Vista Award for Best Beer Program and the 2024 Best Overall Beverage Program, highlighting its commitment to quality [3] - The company provides multiple dining options, including dine-in, take-out, delivery, and catering, catering to various customer needs [3]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - Stocks are rated from A to F based on value, growth, and momentum characteristics, with A being the highest score [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score [3][4][5][6] Value Score - The Value Score identifies attractive stocks using ratios like P/E, PEG, Price/Sales, and Price/Cash Flow, appealing to value investors [3] Growth Score - The Growth Score focuses on a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score leverages price trends and earnings estimate changes to identify favorable investment opportunities [5] VGM Score - The VGM Score combines the three Style Scores to highlight stocks with the best value, growth potential, and momentum [6] Zacks Rank Integration - The Zacks Rank is a proprietary model that uses earnings estimate revisions to assist investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +23.81%, significantly outperforming the S&P 500 [8] Stock Selection Strategy - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [10] - Stocks with a 3 (Hold) rank should also have A or B Scores to maximize upside potential [10] Earnings Estimate Revisions - The direction of earnings estimate revisions is crucial in stock selection, as stocks with lower ranks may still have high Style Scores but declining forecasts [11] Company Spotlight: BJ's Restaurants - BJ's Restaurants operates a chain of high-end casual dining establishments and currently holds a 3 (Hold) Zacks Rank with a VGM Score of A [12] - The company has a forward P/E ratio of 18.75, making it attractive to value investors [12] - Recent upward revisions in earnings estimates have increased the Zacks Consensus Estimate for fiscal 2025 to $2.19 per share, with an average earnings surprise of +155.6% [13]

Core Insights - BJ's Restaurants, Inc. (BJRI) is experiencing growth due to increased traffic, operational efficiency, and effective marketing strategies, supported by an AI-driven labor model and ongoing remodeling efforts [1][4] Financial Performance - BJRI shares have increased by 36% over the past three months, significantly outperforming the Zacks Retail - Restaurants industry's 2.7% rise [2] - The earnings estimate for 2025 has risen to $2.19 per share from $2.14 in the last 60 days, with the company achieving an average earnings surprise of 155.6% over the last four quarters [4][2] Growth Drivers - Sales-building initiatives and strategic priorities are driving growth, with strong engagement from seasonal menu offerings and social-led marketing campaigns enhancing brand visibility [5] - In Q3 2025, BJRI reported a 0.5% year-over-year comparable sales growth, driven by a 3.3% increase in guest traffic, and restaurant-level operating margins expanded to 12.5% [6][8] - Menu innovation is a key focus, with successful new items like the Spooky Pizookie and the Brewhouse Sampler enhancing guest engagement and check averages [7][9] Remodeling and Expansion - BJRI is actively pursuing expansion through new unit construction and remodels, with plans to complete 20 remodels by year-end 2025, covering about half of its pre-2016 locations [10] Challenges - The company faces inflationary pressures, particularly in food costs, with a noted 2% year-over-year food cost inflation in Q3 2025, primarily due to higher beef and seafood prices [11]

Group 1 - The 'Pizookie Dip' phenomenon has emerged in the second half of the year, indicating a trend in consumer behavior within the restaurant industry [1] Group 2 - The research firm Goulart's Restaurant Stocks specializes in the U.S. restaurant industry, covering various segments from quick-service to fine dining [2] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly focusing on micro and small-cap stocks [2]

Core Insights - U.S. retail sales experienced a slowdown in October due to higher prices primarily driven by tariffs, leading to cautious consumer spending [1][4] - Despite the overall retail slowdown, spending on dining out remained strong, with restaurant sales expected to grow during the holiday season [1][5] Retail Sales Overview - Retail sales increased by only 0.2% month-over-month in September after a 1% rise in August, indicating a deceleration in consumer spending [3][4] - Sales at food services and drinking places reached $88.5 billion in September, marking a 0.7% sequential increase and a 5.7% year-over-year rise [3] Restaurant Industry Outlook - The restaurant sector is benefiting from a combination of aggressive consumer spending on dining out and anticipated increases in holiday spending [5][8] - The Federal Reserve's recent interest rate cuts are expected to further support the restaurant industry's growth [4][5] Investment Opportunities - Three restaurant stocks with strong online presence and positive earnings revisions are highlighted: Yum China Holdings (YUM), BJ's Restaurants, Inc. (BJRI), and El Pollo Loco Holdings, Inc. (LOCO) [2][8] - Yum China Holdings has an expected earnings growth rate of 11.3% for the current year, with a 1.7% improvement in earnings estimates over the past 90 days [6] - BJ's Restaurants is projected to have a 49% earnings growth rate for the current year, with a 0.9% increase in earnings estimates over the past 60 days [9] - El Pollo Loco Holdings has an expected earnings growth rate of 6.7%, with a 3.2% improvement in earnings estimates over the past 60 days [11]

Core Insights - Zacks Premium provides various tools to enhance stock market investment confidence and knowledge [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market [3] Zacks Style Scores Overview - The Zacks Style Scores consist of four categories: Value Score, Growth Score, Momentum Score, and VGM Score [4][5][6][7] - Value Score identifies undervalued stocks using financial ratios [4] - Growth Score focuses on a company's financial health and future growth potential [5] - Momentum Score assesses stocks based on price trends and earnings outlook [6] - VGM Score combines all three styles to provide a comprehensive evaluation of stocks [7] Zacks Rank and Its Importance - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investment decisions [8] - Stocks rated 1 (Strong Buy) have historically outperformed the S&P 500 with an average annual return of +23.93% since 1988 [8] - The Zacks Rank includes a large number of stocks, making it essential to use Style Scores for better selection [9] Investment Strategy - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [10] - Stocks with lower ranks but high Style Scores may still carry risks due to downward earnings forecasts [11] Company Spotlight: BJ's Restaurants - BJ's Restaurants operates a chain of high-end casual dining establishments in the U.S. and currently holds a 3 (Hold) Zacks Rank with a VGM Score of A [12] - The company has a forward P/E ratio of 17.1, indicating attractive valuation metrics for value investors [12] - Recent earnings estimates for fiscal 2025 have been revised upward, with the consensus estimate increasing by $0.02 to $2.19 per share, and an average earnings surprise of +155.6% [13]

Core Insights - Zacks Premium provides various tools to enhance stock market investment confidence and knowledge [1] - The Zacks Style Scores serve as complementary indicators to the Zacks Rank, helping investors select stocks with high potential for market outperformance [3][4] Zacks Style Scores - The Zacks Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each rated from A to F based on specific investment characteristics [4][5][6][7] - Value Score focuses on identifying undervalued stocks using financial ratios [4] - Growth Score emphasizes a company's financial health and future growth potential [5] - Momentum Score assesses stocks based on price trends and earnings outlook [6] - VGM Score combines all three styles to provide a comprehensive evaluation of stocks [7] Zacks Rank - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to guide investors in stock selection [8] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [8] - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal investment potential [10] Stock Highlight: BJ's Restaurants - BJ's Restaurants (BJRI) operates a chain of high-end casual dining restaurants in the U.S. and currently holds a 3 (Hold) Zacks Rank with a VGM Score of A [12] - The stock has shown a Momentum Style Score of B, with a price increase of 19.1% over the past four weeks [12] - Analysts have revised BJRI's earnings estimate upwards, with the Zacks Consensus Estimate increasing by $0.02 to $2.16 per share for fiscal 2025, and the company has an average earnings surprise of +155.6% [13]

Core Insights - BJ's Restaurant & Brewhouse is enhancing its signature deep dish pizza for the first time in nearly five decades, drawing inspiration from iconic pizza styles across the U.S. [1][3] - The revamped pizza features improved dough, premium toppings, and flavor profiles that honor the pizza traditions of New York, Chicago, and Detroit while maintaining BJ's legacy [2][4] Product Enhancements - The new deep dish pizza includes hand-pressed, double-proofed dough made with unbleached flour and New York water, designed for a crispier bite and airy interior [7] - Whole milk mozzarella is used for a richer melt and creamier texture, while fresh-pack tomato sauce is made from 100% vine-ripened tomatoes for a bolder flavor [7] - In-house roasted Italian sausage and premium cup & char pepperoni are included to enhance the overall flavor profile [7] Menu Offerings - BJ's introduces a lineup of signature pizza creations, including the Epic Five Meat and Pepperoni Extreme, alongside classic options like BJ's Favorite and Classic Combo [5] - The menu caters to various preferences, offering indulgent selections as well as lighter choices such as vegetarian options and customizable pizzas [5] Company Background - Founded in 1978, BJ's operates over 200 restaurants across 31 states, known for its high-quality ingredients and craft brewing since 1996 [8] - The brand has received multiple awards, including the 2025 Vibe Vista Award for Best Beer Program, highlighting its commitment to quality and customer experience [8]