BJRI - BJ's Restaurants stock gains on strong comp sales growth

BJ's Restaurants ( NASDAQ: BJRI ) stock was boosted in after hours trading on Thursday after posting a lighter than anticipated loss and stronger than expected Q3 sales.

The restaurant chain reported a $0.07 loss for the quarter, $0.18 less than the anticipated loss, alongside $311.3M in revenue that also rose above expectations. Comparable restaurant sales increased 8.9% from the prior year quarter, better than the 6.54% Wall Street consensus.

“Restaurant level operating margins remained impacted by inflationary pressures but benefited from labor management efficiencies and early successes of our margin improvement initiative in the third quarter,” CEO Greg Levin commented. “Our sales performance has continued into October with period-to-date comparable restaurant sales increasing approximately 8% and 6% compared to the same periods in 2021 and 2019, respectively, when adjusting for the impact of Hurricane Ian in 2022.”

He added that the chain plans to open two new locations in the fourth quarter, bringing overall 2022 expansion to six new restaurants as two additional restaurant openings have been delayed into early 2023.

Shares of the California-based restaurant chain rose 4.72% in extended trading on Thursday.

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