American restaurant group BJ’s Restaurants has posted a net income of $7.7m for the first quarter (Q1) of 2024, a surge of 120% from $3.48m in Q1 2023
The company’s diluted earnings per share (EPS) also more than doubled to $0.32 from $0.15 in the same period of the previous year.
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For the quarter ended 2 April 2024, the brand’s revenue was $337.33m, down 1.2% from $335.43m.
BJ’s Restaurants reduced its total costs and expenses by 2.9% to $329m from $338.7m in the same period of 2023.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation for the quarter came to $29.4m, up 17.6% from the $25m reported the previous year.
BJ’s opened its 217th restaurant in Brookfield, Wisconsin in the latter part of Q1 2024, marking its first venture into the state.
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By GlobalDataThe company plans to open two additional locations in the second half of the year. It is building a development pipeline for 2025 and beyond.
A new restaurant prototype will be used in its upcoming openings to maximise operational effectiveness and construction cost savings.
The prototype will cost $1m less to build than previous designs. By the end of 2024, half of the restaurants will either follow the new prototype or have been remodelled.
BJ’s Restaurants CEO and president Greg Levin said: “Our strong first quarter results demonstrate the momentum building in our business from our growth and productivity initiatives, especially when considering the extent of weather impacts early in the quarter.
“The commitment by our restaurant team members to deliver gracious hospitality and serve memorable brewhouse experiences to our guests, coupled with these growth and productivity initiatives, drove restaurant-level operating margin to 15%, a 240 basis point improvement compared to last year.
“Following heavier than usual winter storms impacting industrywide sales in January, our comparable restaurant sales improved through the quarter.”
