BJ’s Restaurants, Inc. Reports Fiscal Second Quarter 2023 Results

About this update from Bj's Restaurants, Inc.

[{"type":"text","content":"HUNTINGTON BEACH, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2023 second quarter ended Tuesday, July 4, 2023. Fiscal Second Quarter 2023 Compared to Fiscal Second Quarter 2022 Total revenues increased 6.1% to $349.7 millionComparable restaurant sales increased 4.7%Total restaurant operating weeks increased 1.3%Net income of $11.9 million, compared to $0.3 million; diluted net income per share of $0.50, compared to $0.01Adjusted EBITDA of $31.8 million, compared to $23.4 million “Our strong second quarter results demonstrate the continued momentum building in our business from the growth and productivity initiatives we began implementing last year,” commented Greg Levin, Chief Executive Officer and President. “The commitment by our restaurant team members to deliver gracious hospitality and serve memorable brewhouse experiences for our guests, coupled with these growth and productivity initiatives, drove our restaurant level operating margin to 14.5%, a 260 basis point improvement compared to last year. Furthermore, we surpassed our original annual cost savings target of $25 million in the second quarter, and the team continues to identify and realize additional margin enhancement opportunities,” continued Levin. “Early in the second quarter, we opened our second new restaurant of the year in San Antonio, Texas. We are on schedule to open five new restaurants this year, including one relocation next month. Additionally, we are accelerating our remodel plan due to the encouraging results and financial return profile these remodeled restaurants have delivered to date. We now expect to remodel 35 to 40 restaurants this year, of which more than 20 remodels have been completed. We are excited about the opportunities to further strengthen the BJ’s concept in the near-term and remain confident in the long-term potential to grow to at least 425 restaurants, while delivering an attractive margin profile and creating significant shareholder value,” concluded Levin. Investor Conference Call and Webcast BJ’s Restaurants, Inc. will conduct a conference call on its second quarter 2023 earnings release today, July 27, 2023, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Management will discuss the financial results and host a question and answer session. I...

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