Bj's Restaurants, Inc. Provides Capacity Increase Target for Fiscal 2014; Reports Unaudited Comparable Restaurant Sales Results for the Fourth Quarter Ended December 31, 2013; Provides Earnings Guidance for the Fourth Quarter of 2013
January 16, 2014 at 05:46 pm EST
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BJ's Restaurants, Inc. reported that it has targeted a 12% capacity increase for 2014. With the 2014 development plan calling for more restaurant openings in the first half of the year, the company anticipates achieving this target by opening 15 new restaurants during fiscal 2014, compared to the 17 new restaurants (including one relocated restaurant) opened in fiscal 2013. Additionally, the company expects 9 of the new restaurants will be BJ's new 7,300 square foot prototype, which will cost approximately $1 million less than the current prototype. The company plans to open more restaurants in this mid-Atlantic region during the next few years and thereby establish a solid base of operations to support BJ's further expansion on the East Coast.
The company reported unaudited comparable restaurant sales results for the fourth quarter ended December 31, 2013. Comparable restaurant sales for the fourth quarter of 2013 decreased approximately 2.7% compared to a 3.0% increase in the same quarter last year. The decline in comparable restaurant sales is primarily due to an estimated 2.3% reduction in guest traffic and a decrease in the average guest check of approximately 0.4%, reflecting increased discounting and higher promotional activity compared to the same quarter last year.
Based on preliminary revenues and higher promotional and marketing-related expenses for the quarter, the company expects to report fully diluted net income per share in the range of $0.05 to $0.07, excluding any potential non-cash charges, for the fourth quarter 2013. For the fourth quarter ended December 31, 2013, the company expects to report revenues of approximately $199.8 million, an increase of approximately 8%, compared to $184.8 million for the same quarter of the prior year.
BJ's Restaurants, Inc. is a casual dining restaurant. The Companyâs restaurants feature a menu with approximately 100 menu items designed to offer various items, including slow roasted entrees, such as prime rib, EnLIGHTened Entrees, such as Cherry Chipotle Glazed Salmon, original signature deep-dish pizza, the Pizookie dessert and BJs craft beers. Its craft beer is produced at five in-house brewing facilities and by independent third-party brewers using its recipes. The Company is a national restaurant chain, which owns and operates approximately 200 casual dining restaurants located in 30 states, including Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington.
Bj's Restaurants, Inc. Provides Capacity Increase Target for Fiscal 2014; Reports Unaudited Comparable Restaurant Sales Results for the Fourth Quarter Ended December 31, 2013; Provides Earnings Guidance for the Fourth Quarter of 2013