BJ’s Restaurants, Inc. Reports Fiscal 2020 Second Quarter Results and Provides Business Update

About this update from Bj's Restaurants, Inc.

[{"type":"text","content":"HUNTINGTON BEACH, Calif., July 23, 2020 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its 2020 second quarter ended June 30, 2020 and provided a business update given the continued impact of the COVID-19 pandemic.\n Second Quarter 2020 Highlights Compared to Second Quarter 2019 Total revenues decreased 57.5% to $128.0 millionTotal restaurant operating weeks increased approximately 1.3%Comparable restaurant sales declined 57.2%Net loss of $29.0 million compared to net income of $14.2 million Second quarter 2020 was impacted by a pretax impairment charge of $9.7 million for three restaurants, and a pretax charge of $1.2 million to reserve for beer spoilage due to the sudden decrease in draft beer sales caused by the pandemic. Diluted net loss per share of $1.38 compared to diluted net income per share of $0.68 Second quarter 2020 was impacted by a $0.35 per share impairment charge for three restaurants, and a $0.05 per share charge to reserve for beer spoilage due to the sudden decrease in draft beer sales caused by the pandemic. “The character and talent of our restaurant teams continue to amaze me as our team members remain flexible and committed to building sales and taking care of our guests throughout this unprecedented time,” commented Greg Trojan, BJ’s Chief Executive Officer. “Since the COVID-19 outbreak began in March, we have taken active measures to ensure the safety of our guests and team members. Beginning in late March and in April, we closed our dining rooms and transitioned to a take-out and delivery only operating model. During that period, we expanded our average weekly off-premise sales per restaurant to more than $30,000 a week by late April, a threefold increase from pre-COVID levels. Throughout May and June, we reopened the majority of our dining rooms with capacity limitations for social distancing. By late June, our weekly sales average per restaurant improved to approximately $75,000, and we generated restaurant level cash flow margin percentages in the mid-teens range. Though below historical levels, these sales volumes and margins demonstrate the strength of the BJ’s brand and operating model, including our ability to drive efficiencies in our restaurants.” Beginning the first week in July, certain counties throughout California and elsewhere ordered rollb...

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