BJ’s Restaurants has reported a net income of $11.93m for the second quarter of 2023, a huge surge compared to its income of $297,000 a year ago.
For the quarter ending 4 July 2023, the company’s net income per share was $0.50 against $0.01 a year ago.
The company’s total revenues for the quarter were $349.67m, an increase of 6.1% compared to $329.6m a year ago.
BJ’s Restaurants’ adjusted EBITDA for the quarter was $31.8m against $23.4m in the second quarter of last year.
Comparable restaurant sales rose by 4.7% in the quarter compared with 11.7% in the same period a year ago.
BJ’s Restaurants president and CEO Greg Levin said: “Our strong second quarter results demonstrate the continued momentum building in our business from the growth and productivity initiatives we began implementing last year.
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“The commitment by our restaurant team members to deliver gracious hospitality and serve memorable brewhouse experiences for our guests, coupled with these growth and productivity initiatives, drove our restaurant-level operating margin to 14.5%, a 260 basis point improvement compared to last year.
“Furthermore, we surpassed our original annual cost savings target of $25m in the second quarter and the team continues to identify and realize additional margin enhancement opportunities.”
Levin added that the company opened its second new restaurant this year in San Antonio, Texas and is on track to open five new restaurants this year.
The company also plans to remodel 35 to 40 restaurants this year.