Home Restaurant BJ’s Restaurants net income rises in Q1 2023

BJ’s Restaurants net income rises in Q1 2023

BJ’s Restaurants has reported a net income of $3.5m for the first quarter of 2023, compared with $1.5m a year ago.

Its diluted net income per share in the quarter stood at $0.15, as against $0.06 in the previous year.

The restaurant company’s total quarterly revenues were $341.3m, a 14.2% rise from the prior year, while comparable restaurant sales grew 9% year-on-year.

Its adjusted quarterly EBITDA was $25m, versus $13.2m in the same period last year.

Furthermore, total restaurant operating weeks rose 2.6%.

BJ’s Restaurants president and CEO Greg Levin said: “Our strong performance in the first quarter demonstrates that we are making tangible progress on our sales and productivity initiatives and that our commitment to gold standard service and gracious hospitality is resonating with guests.

“First quarter restaurant margins improved year-over-year by 280 basis points to 12.6%, driven by our solid sales performance, improving operational execution and additional benefits from our cost-savings initiatives.

“Generating profitable sales growth and expanding our restaurant margins remain our top priorities in 2023, and we are encouraged by the progress made against these goals to date.”

The brand intends to launch a total of five restaurants this year, which includes one relocation.

It has already opened the Orland Park, Illinois location in Q1. This marks the brand’s debut in the state. Plans are on to launch one restaurant in San Antonio, Texas early in Q2.

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