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

About this update from Bj's Restaurants, Inc.

[{"type":"text","content":"HUNTINGTON BEACH, Calif., Oct. 26, 2023 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2023 third quarter ended Tuesday, October 3, 2023. Fiscal Third Quarter 2023 Compared to Fiscal Third Quarter 2022 Total revenues increased 2.3% to $318.6 millionComparable restaurant sales increased 0.4%Total restaurant operating weeks increased 0.8%Net loss of $3.8 million, compared to a net loss of $1.6 million; diluted net loss per share of $0.16, compared to diluted net loss of $0.07 per share The 2022 third quarter net loss and diluted net loss per share are inclusive of a $4.1 million, or $0.18 per share, income tax benefit which reflected the Company’s estimated annual effective tax rate. Restaurant level operating margin of 11.9%, compared to 10.3%Adjusted EBITDA of $19.6 million, compared to $15.2 million “Our third quarter results mark further progress with our sales building programs and cost savings initiatives, which enabled us to expand restaurant operating margin and Adjusted EBITDA,” commented Greg Levin, Chief Executive Officer and President. “We improved restaurant level operating margin by 160 basis points and increased Adjusted EBITDA by approximately 30% from prior year. We remain focused on growing guest traffic and sales through gracious hospitality and a culinary strategy of elevating familiar foods made brewhouse fabulous. Additionally, we continue progressing with our cross-functional cost savings initiative to improve operating margins without compromising our quality standards. We have now realized more than $30 million of annualized savings to date and anticipate capturing additional savings in the fourth quarter. “Our sales further normalized during the third quarter to a more typical seasonal pattern with lower sales volumes in August and September, consistent with industry trends in our markets. This resulted in comparable restaurant sales softening later in the quarter, compared to last year when sales did not follow the same historical pattern. As we exited September and seasonality normalized in the fourth quarter, comparable restaurant sales for the first three weeks of October are trending in the low single digits, an improvement of more than 500 basis points from September levels,” continued Levin. During the third quarter BJ’s relocated the Chand...

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