What is in this article?:
- BJ's 4Q profit drops 29% as consumers pull back
- A look at the numbers
Company reports softening midweek sales at its casual-dining chain
A look at the numbers
Continued from page 1
Net income for the quarter was $7 million, or 24 cents per share, compared with $9.9 million, or 34 cents per share, a year ago, which included an extra operating week that contributed about 6 cents per share.
During the fourth quarter that ended Jan. 1, the company also saw pre-tax charges totaling about $1.4 million, or about 4 cents per share, related to the cost of a California sales tax audit and one-time costs associated with the chief executive transition.
The same-store sales increase of 3 percent reflected the benefit of menu price increases and a favorable mix that offset a 0.9-percent decrease in traffic.
“In our view, maintaining 99 percent of our guest traffic in our comparable restaurant sales base was really a solid achievement for the fourth quarter in light of all the headwinds we faced,” said Levin, crediting the chain’s steak-and-seafood entrée platform and the two-dine-for-$14.95 lunch special promotion.
Revenue for the quarter increased 8 percent to $184.8 million, compared with $171.8 million a year ago, including an extra operating week in fiscal 2011 that contributed about $13.9 million in sales. Excluding the extra week, revenue would have risen 17 percent for the quarter.
For the entire year, BJ’s said revenue increased 14 percent to $708.3 million, compared with $620.9 million in fiscal 2011. Same-store sales increased 3.2 percent for the year.
Net income for the year was $31.4 million, or $1.09 per share, including pre-tax charges of about $2 million, compared with $31.6 million, or $1.08 per share, the year prior.
BJ’s said 16 restaurants opened in fiscal 2012, including five during the fourth quarter. Another 17 openings are scheduled for fiscal 2013, including the relocation of a smaller format restaurant in Oregon to a larger “Brewhouse” unit.
Based in Huntington Beach, Calif., BJ’s ended the year with 130 casual-dining restaurants under the BJ’s Restaurant & Brewery, BJ’s Restaurant & Brewhouse, BJ’s Pizza & Grill, and BJ’s Grill brand names.
This article has been revised to reflect the following correction:
Correction: Feb. 20, 2012 An earlier version of this story had incorrect references to the fiscal year that ended Jan. 1, 2013.
Contact Lisa Jennings at firstname.lastname@example.org.
Follow her on Twitter: @livetodineout