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BJ’s Restaurants, Inc. Reports Fourth Quarter and Fiscal 2017 Results
Fourth Quarter 2017 Highlights Compared to Fourth Quarter 2016
Fiscal 2017 Highlights Compared to Fiscal 2016
“BJ’s solid fourth quarter comparable restaurant sales growth of 1.6% and strong traffic gains of 0.7% highlight the ongoing progress and initial financial benefits from the sales driving initiatives implemented at the start of 2017,” commented
“Over the course of the year, our craveable, differentiated, high quality slow roast menu has become a guest favorite on weekends, while our daily Brewhouse Specials are contributing to meaningful mid-week sales growth. Consistent with our 2017 strategic priorities, we continued to grow our off premise channel in the fourth quarter through take-out, large party catering options and delivery. As a result, off premise sales grew at a healthy double digit pace in the fourth quarter and represented over 7% of our total sales, up from just 5.6% at the same time last year. As we move through 2018, I am extremely excited about our prospects to further perfect and optimize these platforms to drive additional top line sales and productivity throughout our entire business.”
In the fourth quarter of fiscal 2017, BJ’s opened two new restaurants in
During the fourth quarter of 2017, the Company repurchased and retired approximately 0.3 million shares of its common stock at a cost of approximately
The Company paid its first quarterly dividend of
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Percentages reflected above may not reconcile due to rounding.
(1) Percentages represent percent of total revenues.
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. 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 fourth quarter ended
For fiscal year 2017, non-GAAP adjusted net income and non-GAAP adjusted diluted net income per share excludes the write-off of the remaining net book value of certain convection ovens and point of sale terminals, as a result of our new slow roasting oven and server handheld tablet rollouts, natural disaster and related expense resulting from Hurricanes Harvey/Irma, as well as severance related expenses incurred to reorganize the Company’s restaurant support center, offset by the tax benefit resulting from changes in U.S. tax law. For fiscal year 2016, non-GAAP adjusted net income and non-GAAP adjusted diluted net income per share excludes the settlement of a wage and hour claim.
Per share amounts and percentages reflected above may not reconcile due to rounding.
(1) The income tax effect of the reconciling items was calculated based on the change in the tax provision calculation after adjusting for the reconciling items.
Restaurant Level Operating Margin
A reconciliation of income from operations to restaurant level operating margin for the fourth quarter and fiscal year ended
Percentages above represent percent of total revenues and may not reconcile due to rounding.
Source: BJ's Restaurants, Inc.