BJ`s Restaurants Inc
- BJ's Restaurants Inc. jumped 8.6% to $25.61 after the company reported a stable adjusted quarterly loss and said comparable sales are returning to a normal seasonal pattern after weakness in the third quarter.
Revenue in the third quarter increased 2.3% to $318.6 million, and comparable restaurant sales edged up 0.4%.
Restaurant sales are seasonal, and sales in August and September are generally softer than other months, but the company did not experience seasonal weakness last year.
In the first three weeks of October, restaurant sales have returned to their normal pattern, and comparable sales are trending in the "low single digits," an improvement of 500 basis points from September levels.
Net loss expanded to $3.8 million from $1.6 million, and diluted loss per share increased to 16 cents from 7 cents a year ago.
During the third quarter of 2023, BJ’s repurchased and retired approximately 164,000 shares of its common stock at a cost of $4.3 million.
As of October 3, 2023, the company had approximately $17.8 million remaining on its authorized stock repurchase program.
Oct 27, 2023
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