BJ’s Restaurants recorded a net loss of $3.8 million in the third quarter (Q3) of 2023, marking a contrast with the net loss of $1.6 million in the corresponding period one year earlier.
The diluted net loss per share for the quarter was $0.16, which stands in contrast to the diluted net loss of $0.07 per share from a year ago.
The company highlighted that its Q3 2022 net loss and diluted net loss per share incorporated a $4.1 million income tax benefit, representing its estimated annual effective tax rate.
In the quarter concluding on October 3, 2023, the restaurant company experienced a 2.3% year-on-year increase in total revenues, reaching $318.6 million.
In the most recent quarter, comparable restaurant sales increased by 0.4%, while the total restaurant operating weeks saw a growth of 0.8%.
The company’s restaurant-level operating margin increased to 11.9%, up from 10.3% one year ago.
BJ’s Restaurants reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $19.6 million for the quarter, marking a significant increase from the $15.2 million reported one 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.”