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BJ’s Restaurants, Inc. Reports Fiscal 2017 Second Quarter Results
Second Quarter 2017 Highlights Compared to Second Quarter 2016
“After a solid start to the second quarter, we experienced softer sales beginning in mid-May,” commented
Trojan continued, “While we are making steady progress against the learning curve related to these initiatives, the majority of the transition, disruption and expense is behind us. As is to be expected with initiatives of this scope, during the quarter we incurred start-up costs and operating inefficiencies to get these systems in place, resulting in additional investments in labor and cost of sales. However, with the implementation of these new platforms solidly in place we can begin leveraging these investments throughout our business to continue delivering higher quality food, service and hospitality to our guests and returns for our shareholders.”
In the second quarter of fiscal 2017, BJ’s opened four new restaurants in
During the second quarter of 2017, the Company repurchased and retired approximately 70,000 shares of its common stock at a cost of approximately
Investor Conference Call and Webcast
Forward-Looking Statements Disclaimer
Reconciliation of Selected GAAP Financial Measures to Non-GAAP Adjusted Financial Measures
To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company has included the following non-GAAP adjusted financial measures in this press release or in the webcast to discuss the Company’s financial results for second quarter 2017 which may be accessed via the Company’s website at http://www.bjsrestaurants.com: (i) non-GAAP adjusted net income and (ii) non-GAAP adjusted diluted net income per share. Each of these non-GAAP adjusted financial measures is adjusted from results based on GAAP to exclude certain expenses. As a general matter, the Company uses these non-GAAP adjusted financial measures in addition to and in conjunction with results presented in accordance with GAAP to help analyze the performance of its core business. The Company believes that such non-GAAP adjusted financial information is used by analysts and others in the investment community to analyze the Company’s results and in formulating estimates of future performance and that failure to report these non-GAAP adjusted measures may result in confusion among analysts and others and a misplaced perception that the Company’s results have underperformed or exceeded expectations.
These non-GAAP adjusted financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting the Company’s business. However, these non-GAAP adjusted financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
For the second quarter and six months ended
Restaurant Level Operating Margin
A calculation of restaurant level operating margin and a reconciliation of restaurant level operating margin to income from operations for the second quarter ended
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