News

Soft comps, but solid profits in Q1 at BJ's Restaurants

April 28, 2005

HUNTINGTON BEACH, Calif. — A moderate rise in comparable-store sales couldn't keep BJ's Restaurants, Inc. from posting strong profits in the first quarter of 2005.

According to a regulatory filing, the pizza-and-craft-brew-centered chain reported net income of $1.7 million for the period, up 21 percent over the same period in 2004. Revenues for the quarter increased 29 percent to $37.4 million, and comps rose 2.8 percent.

"Our management team was very pleased with our financial results for the first quarter," said Jerry Deitchle, president and chief executive of the 38-unit company. "Despite near-record rainfall in California, where approximately two-thirds of our restaurants are currently located, our comparable-restaurant sales increased a solid 2.8 percent during the quarter, successfully hurdling a 7.7 percent increase for the same quarter last year."

The company said that its $42 million equity offering completed in March will help fuel its expansion goals for "the foreseeable future."