Business
BJ’s Restaurants, Inc. Reports Fiscal 2021 Third Quarter Results
HUNTINGTON BEACH, Calif., Oct. 21, 2021 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2021 third
About this update from Bj's Restaurants, Inc.
[{"type":"text","content":"HUNTINGTON BEACH, Calif., Oct. 21, 2021 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2021 third quarter that ended Tuesday, September 28, 2021. Third Quarter 2021 Highlights Compared to Third Quarter 2020 Total revenues increased 41.9% to $282.2 millionTotal restaurant operating weeks increased 1.7%Comparable restaurant sales improved 41.8%Net loss of $2.2 million compared to $6.6 million and diluted net loss per share of $0.09 compared to $0.30 Third quarter 2021 includes a $3.1 million pretax, or $0.10 per share, benefit related to the Employee Retention Tax Credit in conjunction with the CARES Act and a $2.2 million pretax, or $0.07 per share, impairment charge for one restaurant.Third quarter 2020 includes a $1.9 million pretax, or $0.07 per share, gain related to a sale-leaseback transaction and a $2.3 million pretax, or $0.07 per share, gain related to a settlement with credit card providers pertaining to interchange fees and a settlement related to the repair of handheld tablets. Adjusted EBITDA of $16.4 million, compared to $6.6 million “I am proud of the resilience of our restaurant teams during this continued challenging operating environment, as their unwavering commitment to our Gold Standard of Operational Excellence continues to create memorable experiences for our guests during every visit,” commented Greg Levin, Chief Executive Officer and President. “We entered the quarter encouraged by positive July comparable restaurant sales across our portfolio, compared to the same period in 2019. However, we experienced the same pullback of sales as the entire industry from the spread of the COVID-19 Delta variant that began in August. The COVID resurgence also exacerbated staffing related challenges during the quarter and resulted in reduced dining room capacities and limited menus and hours in certain locations. As a result, we finished the third quarter with comparable restaurant sales down 0.5%, compared to the same period in 2019. Additionally, pandemic induced supply chain shortages caused rapid commodity food cost inflation, resulting in lower than anticipated restaurant operating margins. “Staffing remains a major driver of BJ’s performance and our greatest opportunity to grow sales. Our restaurants operating close to 2019 staffing levels generated mid-si...