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BJ’s Restaurants, Inc. Reports Fiscal 2017 Third Quarter Results
Third Quarter 2017 Highlights Compared to Third Quarter 2016
“This quarter was a challenging time for us and the overall restaurant industry,” commented
Trojan continued, “Notwithstanding last quarter’s challenges, we are achieving significant progress on our sales driving initiatives and they are beginning to deliver meaningful top line results. In fact, excluding the estimated impact on sales from Hurricane Irma in September, our comparable restaurant sales were positive in September at approximately 1% with flattish guest counts. These trends have improved in October as our comparable restaurant sales and traffic for the first three weeks of October are both positive in the 2.0% range. The recent positive sales trends partially reflect the success of our initiatives focused on off premise sales, Daily Brewhouse Specials and other every day value offerings. Additionally, BJ’s slow roasted menu items continue to do extremely well with our Prime Rib special continuing its position as a top entrée item over the weekend when it is available on our menu.
“With the traction of our sales initiatives going into the fourth quarter, we continue to take a prudent near-term approach to our restaurant development program with the goals of expanding BJ’s brand, improving financial returns and building shareholder value. Accordingly, as we begin our fiscal 2018 planning process, we currently intend to target four to six restaurant openings compared to the 10 new restaurant openings this year. The additional free cash flow related to this re-allocation of resources will provide further flexibility to our already solid financial foundation and allow for margin leverage, strategic growth investments and expanded return of capital to shareholders.”
Through the end of the fiscal 2017 third quarter, the Company opened eight new restaurants and is on schedule to open its remaining two restaurants in
During the third quarter of 2017, the Company repurchased and retired approximately 0.8 million shares of its common stock at a cost of approximately
The Company’s first quarterly dividend of
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 to discuss the Company’s financial results for third 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 reconciliation to the 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 third quarter ended
Restaurant Level Operating Margin
A reconciliation of income from operations to restaurant level operating margin for the third quarter and nine months ended
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Source: BJ's Restaurants, Inc.