BJ’s Restaurants has posted a net loss of $3.8m for the third quarter (Q3) of 2023, compared to a net loss of $1.6m in the same period a year ago.
Diluted net loss per share for the quarter was $0.16 as against diluted net loss of $0.07 per share a year ago.
The company noted that its Q3 2022 net loss and diluted net loss per share included a $4.1m income tax benefit, which reflected its estimated annual effective tax rate.
For the quarter ended 3 October 2023, the restaurant company’s total revenues rose 2.3% year-on-year to $318.6m.
Comparable restaurant sales in the latest quarter grew by 0.4% and the total restaurant operating weeks also increased by 0.8%.
The company’s restaurant-level operating margin improved to 11.9% compared to 10.3% a year ago.
BJ’s Restaurants’ adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $19.6m, compared to $15.2m a year ago.
BJ’s Restaurants president and CEO Greg Levin said: “Our third quarter results mark further progress with our sales building programs and cost savings initiatives, which enabled us to expand restaurant operating margin and adjusted EBITDA.
“We improved restaurant-level operating margin by 160 basis points and increased adjusted EBITDA by approximately 30% from the prior year. We remain focused on growing guest traffic and sales through gracious hospitality and a culinary strategy of elevating familiar foods made brewhouse fabulous.
“Additionally, we continue progressing with our cross-functional cost savings initiative to improve operating margins without compromising our quality standards. We have now realised more than $30m of annualised savings to date and anticipate capturing additional savings in the fourth quarter.”
