BJ’s Restaurants, Inc. Reports Fiscal Second Quarter 2024 Results

About this update from Bj's Restaurants, Inc.

[{"type":"text","content":"HUNTINGTON BEACH, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2024 second quarter ended Tuesday, July 2, 2024. Fiscal Second Quarter 2024 Compared to Fiscal Second Quarter 2023 Total revenues increased 0.1% to $349.9 millionComparable restaurant sales declined 0.6%Total restaurant operating weeks increased 0.4%Net income of $17.2 million, compared to $11.9 million; diluted net income per share of $0.72, compared to $0.50Adjusted EBITDA of $36.1 million, compared to $31.8 million “Our second quarter results demonstrate continued success with the growth and productivity initiatives that we outlined during last year’s Investor Day,” commented Greg Levin, Chief Executive Officer and President. “After a softer sales start in April, comparable restaurant sales improved throughout the second quarter as guests chose BJ’s for their most important celebrations. Approximately half of our restaurants set sales records during the quarter, particularly around Mother’s Day, Father’s Day and graduations. The improving sales trend, coupled with our productivity initiatives, drove restaurant level operating margins higher by 100 basis points to 15.5% and Adjusted EBITDA higher by $4.3 million, or 13%, on a year-over-year basis. “Our $70 million to $75 million capital expenditures target for 2024 will result in significant free cash flow generation this year,” Levin continued. “With this free cash flow, our capital allocation priorities will focus on continued investment in growth initiatives with attractive financial returns, while returning capital to shareholders through share repurchases,” concluded Levin. BJ’s opened one new restaurant in the first half of 2024 and remains on track to open two additional restaurants in the second half of the year. All future BJ’s will feature a new restaurant prototype budgeted at approximately $1 million less than the prior prototype, while providing greater operating efficiencies and incorporating the best elements of BJ’s ongoing restaurant remodel initiative, including a new bar statement with the guest-favorite 130\" television as a centerpiece. New restaurant openings are complemented by BJ’s remodel initiative, which continues to deliver attractive financial returns driven by improved guest traffic trends. By the end of...

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