BJ’s Restaurants, Inc. has reported financial results for the first quarter of fiscal 2011 that ended on Tuesday, March 29, 2011.
Highlights for the first quarter, compared to the same quarter last year, were as follows:
- Total revenues increased 19% to $144.9 million
- Comparable restaurant sales increased 7.8%
- Operating income margin increased 230 basis points to 7.0%
- Net income increased 65% to $7.2 million
- Diluted net income per share increased 56% to $0.25
- Total restaurant operating weeks increased 11%
“Our leadership team was pleased with the Company’s strong performance for the first quarter of 2011,” commented Jerry Deitchle Chairman and Chief Executive Officer. “Our comparable restaurant sales increase of 7.8% successfully hurdled a solid 4.4% increase in the same quarter last year, which is quite impressive. We are sales builders first and foremost at BJ’s, and we plan to continue our focus on driving additional sales increases through the effective execution of our operational, merchandising and capital expenditure initiatives for 2011. Additionally, our restaurant operators continue to do an excellent job of managing our sales increases by effectively leveraging the technological and other systems we implemented during the past few years to improve the dining experience for our guests and to also protect our four-wall restaurant operating margins.”
The Company successfully opened two new restaurants during the first quarter of 2011 in Tyler, Texas (Broadway Square Mall) and Sacramento, California (Arden Fair Mall). “We remain very pleased with the initial sales volumes of our two new restaurant openings this year to date,” continued Deitchle. Seven new restaurants are currently under construction for potential openings later this year. The Company remains on track to open as many as 12 to 13 new restaurants during 2011. As of this date, three new restaurants are expected to open in the second quarter, four in the third quarter and as many as three or four new restaurants during the fourth quarter. Investors are reminded that the actual number and timing of new restaurant openings is subject to a number of factors outside of the Company’s control, including weather conditions and factors under the control of landlords, contractors and regulatory/licensing authorities.
BJ’s Restaurants, Inc. currently owns and operates 104 casual dining restaurants under the BJ’s Restaurant & Brewery, BJ’s Restaurant & Brewhouse or BJ’s Pizza & Grill brand names. BJ’s restaurants offer an innovative and broad menu featuring award-winning, signature deep-dish pizza complemented with generously portioned salads, appetizers, sandwiches, soups, pastas, entrées and desserts. Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ’s experience. The Company operates several microbreweries which produce and distribute BJ’s critically acclaimed handcrafted beers throughout the chain. The Company’s restaurants are located in California (52), Texas (21), Arizona (6), Colorado (4), Oregon (2), Nevada (4), Florida (6), Ohio (2), Oklahoma (2), Kentucky (1), Indiana (1), Louisiana (1) and Washington (2).