BJ’s Restaurants, Inc. Reports Fiscal Second Quarter 2022 Results

About this update from Bj's Restaurants, Inc.

[{"type":"text","content":"HUNTINGTON BEACH, Calif., July 21, 2022 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2022 second quarter ended Tuesday, June 28, 2022. Second Quarter 2022 Compared to Second Quarter 2021 Total revenues increased 13.6% to $329.7 millionTotal restaurant operating weeks increased 1.5%Comparable restaurant sales increased 11.7%Net income of $0.3 million, compared to $6.4 million; diluted net income per share of $0.01, compared to $0.26 The 2022 second quarter net income and diluted net income per share are inclusive of a $2.2 million, or $0.09 per share, income tax expense which reflects the Company’s estimated annual effective tax rate and offsets a portion of the $10.2 million income tax benefit recorded in the first quarter of 2022. Adjusted EBITDA of $23.4 million, compared to $27.7 million “Our second quarter sales performance highlights the powerful guest affinity to the BJ’s brand and the success of our initiatives to rebuild restaurant staffing, as we hired more than 6,000 new team members and increased our team member count by 8% from the end of the first quarter, which enabled us to serve more guests,” commented Greg Levin, Chief Executive Officer and President. “In light of these factors, we delivered BJ’s highest ever quarterly sales with total revenues eclipsing the previous record set in the second quarter of 2019 by 9.5%. Comparable restaurant sales were up 4.8% over the second quarter of 2019 and comparable restaurant sales increased 11.7% compared to a year ago. The solid quarterly sales growth led to improved restaurant margins over first quarter levels, although continued inflationary pressures throughout the quarter curtailed further margin expansion. Given the inflationary environment and its impact on our restaurant margins, we will be testing numerous margin improvement initiatives over the next several months as well as implementing an additional round of menu price increases in August. Our sales performance has continued into July with period-to-date comparable weekly sales improving 4.0% as compared to 2019. “During the second quarter, we opened new restaurants in San Antonio, Texas and Framingham, Massachusetts. With three new restaurants opened this year, our footprint has been expanded to 214 locations. We are very pleased with the performance ...

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