BJ’s Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal 2023 Results



HUNTINGTON BEACH, Calif., Feb. 15, 2024 (GLOBE NEWSWIRE) — BJ’s Restaurants, Inc. (NASDAQ:BJRI) today reported financial results for its fiscal 2023 fourth quarter and year ended Tuesday, January 2, 2024.

Fiscal Fourth Quarter 2023 Compared to Fourth Quarter 2022

Total revenues decreased 6.0% to $323.6 million (13 weeks vs. 14 weeks)

Excluding the extra operating week in fiscal 2022, fourth quarter 2023 revenues increased 0.9% compared to the same quarter in the prior year

Comparable restaurant sales increased 0.6% (13 weeks vs. 13 weeks)
Total restaurant operating weeks decreased 6.1% (13 weeks vs. 14 weeks)
Net income of $8.1 million, compared to $4.0 million; diluted net income per share of $0.34, compared to $0.17 (13 weeks vs. 14 weeks)
Adjusted EBITDA of $27.3 million, compared to $26.1 million, as described below in the reconciliation between GAAP and non-GAAP adjusted financial measures (13 weeks vs. 14 weeks)

Fourth quarter 2022 includes gift card breakage revenue of $3.2 million, or a diluted net benefit of $0.10 per share, as a result of the Company’s re-evaluation of its estimated redemption pattern resulting from the COVID-19 pandemic.

Fiscal 2023 Compared to Fiscal 2022

Total revenues increased 3.8% to $1.3 billion (52 weeks vs. 53 weeks)

Excluding the extra operating week, fiscal 2023 total revenues increased 5.5% compared to the prior year

Comparable restaurant sales increased 3.7% (52 weeks vs. 52 weeks)
Total restaurant operating weeks decreased 0.5% (52 weeks vs. 53 weeks)
Net income of $19.7 million, compared to $4.1 million; diluted net income per share of $0.82, compared to $0.17 (52 weeks vs. 53 weeks)
Adjusted EBITDA of $103.8 million, compared to $77.9 million, as described below in the reconciliation between GAAP and non-GAAP adjusted financial measures (52 weeks vs. 53 weeks)

Fiscal 2022 includes gift card breakage revenue of $3.2 million, or a diluted net benefit of $0.10 per share, due to the re-evaluation noted above.

“BJ’s solid fourth quarter results demonstrate the operational excellence being delivered in our restaurants and the significant progress we are making with productivity and margin enhancement initiatives,” commented Greg Levin, Chief Executive Officer and President. “Restaurant margins improved by 150 basis points year-over-year to 14.4% in the fourth quarter, despite industry-wide consumer softness beginning in November. Our menu simplification is delivering its anticipated benefits of improved labor efficiencies and higher team member retention. Moreover, BJ’s positive third-party service and food sentiment scores improved meaningfully in the fourth quarter, demonstrating that we are delivering tangible benefits to our guests’ experience with our simplified menu, more tenured restaurant team members, and our relentless drive to provide an unmatched level of gracious hospitality. We continue to focus on a variety of initiatives aimed at increasing guest traffic and driving sales, as well as realizing benefits from our cross-functional cost savings initiatives, which are improving operating margins without compromising the gold standard of operational excellence for which BJ’s has come to be known,” continued Levin.

In fiscal 2023, BJ’s opened five new restaurants, including its first in the state of Illinois. The Company closed five underperforming restaurants during the year as part of its portfolio review process. “The new restaurants we have opened over the last three years continue to generate strong returns with higher sales compared to our existing restaurants and average run-rate restaurant level margins in the mid- to high-teens,” added Levin.

Capital Expenditures, Capital Allocation and Share Repurchases

The Company is focused on delivering value to its shareholders through its disciplined approach to capital allocation, new restaurant growth, restaurant remodels, and sales and productivity initiatives. “Consistent with the strategy outlined during our November Investor Day, we continue to take a disciplined approach to capital allocation, including new restaurant growth relative to new restaurant costs, with our overall restaurant economics guiding the timing for accelerated growth and related capital expenditures. This approach serves BJ’s, our guests and shareholders well while allowing us to use our growing cash flows to enhance shareholder value through share repurchases and debt reduction,” continued Levin.

“During 2024, we expect total capital expenditures of approximately $70 million, net of tenant improvement allowances, which includes three new restaurants and 20 existing restaurant remodels. The first new restaurant is scheduled to open during April in Brookfield, Wisconsin, marking the first BJ’s restaurant in the state. Following the Brookfield, Wisconsin opening, the two additional new restaurants planned for 2024 will be our new prototype which is designed to cost approximately $1 million less to build than recent new restaurants. By the end of 2024, we expect about half of BJ’s restaurants to either be the most recent prototype or have been refreshed in the past three years as part of our remodel initiative. With significant and improving cash flow from operations, expanding margins and a healthy balance sheet, we have the financial flexibility to execute multiple initiatives to enhance shareholder value,” Levin concluded.

During the fourth quarter of 2023, the Company repurchased and retired approximately 0.3 million shares of its common stock at a cost of approximately $6.7 million. Reflecting the Company’s increasing operating cash flow, in February 2024, the Company’s Board of Directors approved an increase in the share repurchase program by $50 million. As a result, the Company currently has approximately $61 million available under its authorized $550 million share repurchase program.  

Investor Conference Call and Webcast

BJ’s Restaurants, Inc. will conduct a conference call on its fourth quarter and fiscal year 2023 earnings release today, February 15, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Management will discuss the financial results and host a question and answer session. In addition, a live audio webcast of the call will be accessible to the public on the “Investors” page of the Company’s website located at, and a recording of the webcast will be archived on the site for 30 days following the live event. Please allow 15 minutes to register and download and install any necessary software.

About BJ’s Restaurants, Inc.

BJ’s Restaurants, Inc. is a national brand with brewhouse roots where Craft Matters®. BJ’s broad menu has something for everyone: slow-roasted entrees, like prime rib, BJ’s EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon, signature deep-dish pizza and the often imitated, but never replicated world-famous Pizookie® dessert. A winner of the 2023 Vibe Vista Award in the Best Spirits Program category and the most decorated restaurant-brewery in the country, BJ’s has been a pioneer in the craft brewing world since 1996 and takes pride in serving BJ’s award-winning proprietary handcrafted beers, brewed at its brewing operations in four states and by independent third-party craft brewers. The BJ’s experience offers high-quality ingredients, bold flavors, moderate prices, sincere service, and a cool, contemporary atmosphere. Founded in 1978, BJ’s owns and operates over 200 casual dining restaurants in 30 states. All restaurants offer dine-in, take-out, delivery and large party catering. For more BJ’s information, visit

Forward-Looking Statements Disclaimer

Certain statements in the preceding paragraphs and all other statements that are not purely historical constitute “forward-looking” statements for purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. Such statements include, but are not limited to, those regarding expected comparable restaurant sales and margins, total potential domestic capacity, the success of various sales-building and productivity initiatives, future guest traffic trends, on and off-premise sales trends, cost savings initiatives and the number and timing of new restaurants expected to be opened in future periods. These “forward-looking” statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those projected or anticipated. Factors that might cause such differences include, but are not limited to: (i) the effects of another pandemic on our operations, labor and staffing, guest traffic, our supply chain and the ability of our suppliers to continue to timely deliver food and other supplies necessary for the operation of our restaurants, the ability to manage costs and reduce expenditures and the availability of additional financing, (ii) any inability or failure to successfully and sufficiently raise menu prices to offset rising costs, (iii) any inability to manage new restaurant openings, (iv) construction delays, (v) wage inflation and competitive labor market conditions which may result in staffing shortages, (vi) the impact of any union organizing efforts at our restaurants and our responses to such efforts, (vii) increases in minimum wage and other employment related costs, including compliance with the Patient Protection and Affordable Care Act and minimum salary requirements for exempt team members, (viii) the effect of credit and equity market disruptions on our ability to finance our continued expansion on acceptable terms, (ix) food quality and health concerns and the effect of negative publicity about us, our restaurants, other restaurants, or others across the food supply chain, due to food borne illness or other reasons, whether or not accurate, (x) factors that impact California, Texas and Florida, where a substantial number of our restaurants are located, (xi) restaurant and brewery industry competition, (xii) impact of certain brewing business considerations, including without limitation, dependence upon suppliers, third party contractors and distributors, and related hazards, (xiii) consumer spending trends in general for casual dining occasions, (xiv) potential uninsured losses and liabilities due to limitations on insurance coverage, (xv) fluctuating commodity costs and availability of food in general and certain raw materials related to the brewing of our craft beers and energy requirements, (xvi) trademark and service-mark risks, (xvii) government regulations and licensing costs, including beer and liquor regulations, (xviii) loss of key personnel, (xix) inability to secure acceptable sites, (xx) legal proceedings, (xxi) the success of our key sales-building and related operational initiatives, (xxii) any failure of our information technology or security breaches with respect to our electronic systems and data, and (xxiii) numerous other matters discussed in the Company’s filings with the Securities and Exchange Commission, including its recent reports on Forms 10-K, 10-Q and 8-K. The “forward-looking” statements contained in this press release are based on current assumptions and expectations, and BJ’s Restaurants, Inc. undertakes no obligation to update or alter its “forward-looking” statements whether as a result of new information, future events or otherwise.

For further information, please contact Tom Houdek of BJ’s Restaurants, Inc. at (714) 500-2400 or JCIR at (212) 835-8500 or at

BJ’s Restaurants, Inc.

Consolidated Statements of Operations

(Dollars in thousands except for per share data)


Fourth Quarter Ended
Fiscal Year Ended

January 2, 2024
January 3, 2023
January 2, 2024

January 3, 2023


Restaurant operating costs (excluding depreciation and amortization):

Cost of sales

Labor and benefits

Occupancy and operating

General and administrative

Depreciation and amortization

Restaurant opening

Loss on disposal and impairment of assets, net

Gain on lease transactions, net





Total costs and expenses

Income (loss) from operations


Other (expense) income:

Interest expense, net

Other income, net


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