BJ’s Restaurants reports Q3 EPS (13c) vs. (16c) last year

Reports Q3 revenue $325.7M, consensus $325.29M. Reports Comparable restaurant sales increased 1.7%…”Our third quarter results mark progress with our sales building initiatives, which drove positive comparable restaurant sales and guest traffic that accelerated through the quarter,” commented Brad Richmond, Interim Chief Executive Officer. “In the current competitive environment, BJ’s value programs are resonating with guests, demonstrated by our third quarter traffic exceeding the industry by approximately 570 basis points. We did not fully leverage our strong traffic growth due to higher than anticipated restaurant costs, which we are addressing. As a result, we generated modestly higher dollar restaurant level operating margin but lower percentage margin compared to a year ago. As our sales momentum continues to build behind the Pizookie Meal Deal, successful product launches, and a large party initiative going into the holiday season, we are focused on delighting our guests while delivering meaningful profit growth. Restoring higher restaurant level margins is a top priority, which we will accomplish through a disciplined financial approach. As a result, we expect to demonstrate favorable profit momentum in the fourth quarter,” continued Richmond.