BJRI - BJ's Restaurants rallies after seeing big bounce in sales and margins in Q1

2023-04-27 16:32:07 ET

BJ's Restaurants ( NASDAQ: BJRI ) reported comparable sales increased 9.0% in Q1 . Total revenue was up 14.3% to $341.3M to beat the consensus mark.

Restaurant operating weeks were 2,807 vs. 2,736 a year ago.

Adjusted EBITDA came in at $25.0M vs. $13.2M a year ago.

Restaurant margin improved 280 basis points year-over-year during the quarter to 12.6% of sales. Solid sales performance, improving operational execution, and additional benefits from cost-savings initiatives were noted to have contributed to the margin boost.

Net income was $3.5M vs. $1.5M a year ago.

Looking ahead, BJ's ( BJRI ) plans to open five new restaurants in 2023, including one relocation. The restaurant operator also plans to remodel 30 locations.

CEO outlook: "We are excited about the opportunities to expand and enhance the BJ’s concept in the near-term and remain confident in the long-term potential to grow to at least 425 restaurants, while delivering an attractive margin profile and creating significant shareholder value."

Shares of BJ's ( BJRI ) jumped 5.55% in after-hours trading.

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