Q2 2024 BJ's Restaurants Inc Earnings Call Transcript
Key Points
- BJ's Restaurants Inc (BJRI) reported a 13% growth in adjusted EBITDA over the same period last year.
- Total sales for the quarter were $349.9 million, with 107 restaurants breaking daily or weekly sales records.
- Restaurant margins expanded to 15.5%, a 100 basis point increase from the prior year.
- The company successfully rolled out the second phase of its gracious hospitality people initiative, improving service and operational efficiency.
- BJ's Restaurants Inc (BJRI) completed 19 remodels year to date, with plans to remodel five more by the end of the year, enhancing the dining experience and driving sales.
- Comparable restaurant sales decreased by 0.6% for the quarter.
- Food cost inflation, particularly in bone-in chicken wings and avocados, negatively impacted margins.
- Labor and benefits expenses were impacted by onetime costs related to training and extra scheduled labor, affecting margins by approximately 20 basis points.
- The company anticipates a higher level of marketing investment in Q3, which will increase costs by approximately 50 to 70 basis points compared to Q3 of 2023.
- BJ's Restaurants Inc (BJRI) faces challenges from external factors such as political conventions and the Olympics, which can negatively impact dining out trends.
Good day, and welcome to the BJ's Restaurants Inc. second quarter 2024 earnings release conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Rana Schirmer, our Director of SEC Reporting. Please go ahead.
Thank you, operator. Good afternoon, everyone, and welcome to our fiscal 2024 second quarter investor call and webcast. After the market closed today, we released our financial results for our fiscal 2024 second quarter. You can 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 future performance
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