BJRI - BJ's Restaurants: Staffing Challenges Weigh On Q3 Performance
- BJ's Restaurants released its Q3 results last month, reporting a 42% increase in revenue year-over-year, and a 1% increase in revenue on a two-year basis.
- Unfortunately, this lagged expectations, with the Delta Variant contributing to a pullback in sales, and increasing challenges from a staffing standpoint.
- Worse, inflationary pressures led to a sharp increase in food & beverage costs, with cost of sales up 150 basis points on a two-year basis.
- With BJ's trading at more than 20x FY2022 earnings estimates, I continue to see better opportunities elsewhere in the market.
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BJ's Restaurants: Staffing Challenges Weigh On Q3 Performance