|BJ's Restaurants, Inc. Announces Dates for Fourth Quarter 2013 Reporting and Upcoming Analyst Day; Provides Preliminary Fourth Quarter 2013 Results and Business Update|
Preliminary, Unaudited Fourth Quarter 2013 Results
For the fourth quarter fiscal 2013 ended
"As already noted by many restaurant peers and retailers across a broad range of consumer businesses, the 2013 holiday selling season fell short of many expectations and forecasts," commented
Mr. Trojan added, "As we previously disclosed, we took extra time this year to digest our operational initiatives of the past and identify new opportunities to drive a profitable future. We are excited to begin showcasing the investments we made over the past year with the launch of our new brand messaging in March, which will include a new menu format and the introduction of over 15 new, craveable menu items. Additionally, this past year we kicked off 'Project Q,' our kitchen efficiency initiative aimed at improving the consistency and quality of our menu execution and eliminating unnecessary kitchen complexity. This initiative has identified several areas of opportunity for us and will help us drive improved operating performance this upcoming year."
The Company successfully achieved its stated capacity expansion goal during 2013 by increasing total restaurant operating weeks approximately 12%, and has targeted a similar 12% capacity increase for 2014. With the 2014 development plan calling for more restaurant openings in the first half of the year, the Company anticipates achieving this target by opening 15 new restaurants during fiscal 2014, compared to the 17 new restaurants (including one relocated restaurant) opened in fiscal 2013. Additionally, the Company expects 9 of the new restaurants will be BJ's new 7,300 square foot prototype, which will cost approximately
Mr. Trojan concluded, "We remain pleased with our new restaurant openings and continue to believe that BJ's four-wall economics are sound and support a continued steady pace of new restaurant expansion. This past year we opened our first mid-Atlantic region restaurants in
Investors are reminded that the actual number and timing of new restaurant openings are subject to several factors beyond the Company's control, including weather conditions and factors under the control of landlords, contractors and regulatory/licensing authorities.
Certain statements in the preceding paragraphs and all other statements that are not purely historical constitute "forward-looking" statements for purposes of the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. Such statements include, but are not limited to, those regarding expected comparable restaurant sales and margin growth in future periods, total potential domestic capacity, the success of various sales-building and productivity initiatives, future guest traffic trends, construction cost savings initiatives and the number and timing of new restaurants expected to be opened in future periods. These "forward-looking" statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those projected or anticipated. Factors that might cause such differences include, but are not limited to: (i) our ability to manage an increasing number of new restaurant openings, (ii) construction delays, (iii) labor shortages, (iv) increase in minimum wage and other employment related costs, including the potential impact of the Patient Protection and Affordable Care Act on our operations, (v) the effect of credit and equity market disruptions on our ability to finance our continued expansion on acceptable terms, (vi) food quality and health concerns, (vii) factors that impact