BJ’s Restaurants, Inc. Provides Business Update
June 11 2020 - 1:30PM
BJ’s Restaurants, Inc. (NASDAQ: BJRI) today is providing a business
update to highlight its recent and ongoing progress recovering from
the impact of COVID-19.
The Company’s sales have continued to steadily
improve with dining rooms re-opening and off-premise sales
remaining elevated. As of today, the Company has re-opened dining
rooms in 178 of its restaurants throughout 24 states. Additionally
it has begun re-opening certain temporarily closed restaurants. The
Company expects to have 208 restaurants operating this week, with
dining rooms opened at more than 85% of the locations.
Fiscal 2020 second quarter comparable restaurant
sales through June 9, 2020 have declined approximately 64%,
including the impact of full or partial closures due to recent
demonstrations across the United States. For the week ended June 9,
2020, comparable restaurant sales were down 42.6% and average
weekly sales were approximately $64,900, including the impact of 41
restaurants that were operating on limited hours or closed due to
the nationwide demonstrations. For restaurants with re-opened
dining rooms that were not impacted by curfews or closures, sales
volumes during the week ended June 9, 2020, recovered to
approximately 70% of comparable prior year levels with average
weekly sales of approximately $75,000. Off-premise sales at these
restaurants remain at more than 70% of levels before dining rooms
began re-opening. At current sales levels and more dining rooms
scheduled to re-open over the next few weeks, the Company will
return to generating positive cash flow.
“Early results from our re-opened dining rooms
are encouraging, with double-digit weekly sequential sales
increases over the last four weeks,” commented Greg Trojan, Chief
Executive Officer. “Our guests are returning in increasing numbers
to dine with us at BJ’s. We are seeing a strong appreciation for
the safety measures and precautions we have implemented for them
and our team members, including our new touchless digital menus and
mobile pay options. As our dining rooms re-open, we continue to
bring back furloughed team members and we look forward to bringing
back even more as additional dining rooms open in the next several
weeks.”
About BJ’s Restaurants,
Inc.BJ’s Restaurants, Inc. (“BJ’s”) is a national brand
with brewhouse roots and a menu where craft matters. BJ’s broad
menu with over 140 offerings 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. 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 five 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 209 casual dining restaurants in 29
states: Alabama, Arizona, Arkansas, California, Colorado,
Connecticut, Florida, 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. All restaurants offer dine-in, take-out, delivery and
large party catering. Due to the COVID-19 crisis, dine-in service
is currently not available in approximately 15% of our restaurants
and menu offerings and hours are limited. For more BJ’s
information, visit http://www.bjsrestaurants.com.
Forward-Looking Statements
DisclaimerCertain 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 our
expected weekly operating costs and capital expenditures, our
available liquidity, our cost cutting and capital preservation
measures, and effects of the Covid-19 pandemic on our business.
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 length and severity of the current Covid-19
pandemic and its effect on restaurant sales and operations, (ii)
the effect of any governmental action or mandated employer-paid
benefits in response to the Covid-19 pandemic, (iii) our ability to
manage costs and reduce expenditures in a low or zero revenue
environment, (iv) the availability of additional financing if and
when required, and (v) 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 Greg
Levin of BJ's Restaurants, Inc. at (714) 500-2400 or JCIR at (212)
835-8500 or at bjri@jcir.com.
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