Q3 2024 BJ's Restaurants Inc Earnings Call Transcript
Key Points
- BJ's Restaurants Inc (BJRI) generated positive traffic in the third quarter, outpacing the Black Box competitive set.
- The company has a strong brand presence, serving over a million guests weekly with annual sales exceeding $1.3 billion.
- BJ's Restaurants Inc (BJRI) has a dedicated team of 220,000 members contributing to its success.
- The Pizookie Meal Deal promotion has been successful in driving traffic and maintaining strong margins.
- The company is implementing a structured and disciplined approach to financial policies, focusing on value-creating investments.
- BJ's Restaurants Inc (BJRI) did not achieve the expected flow-through of incremental sales gains to earnings in the third quarter.
- The Pizookie Pass promotion, while popular, resulted in check compression and downstream P&L pressure.
- Higher than anticipated restaurant costs impacted the restaurant-level cash flow margin, which was lower than a year ago.
- The company faces challenges in consistently achieving hurdle rate returns on new restaurant investments.
- BJ's Restaurants Inc (BJRI) has lower brand awareness outside of California, impacting its market penetration strategy.
Hello, and welcome to the BJ's Restaurant third-quarter 2024 earnings release and conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to hand the call to Rana Schirmer, Director of SEC Reporting. Rana, please go ahead.
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Thank you, operator. Good afternoon, everyone, and welcome to our fiscal 2024 third-quarter investor conference call and webcast. After the market closed today, we released our financial results for our fiscal 2024 third quarter. You can view the view the full text of our earnings release on our website at www.bjsrestaurants.com.
I will begin by reminding you that our comments on the conference call today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are not guarantees of
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