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BJ's Restaurants (BJRI) Q4 Earnings & Revenues Lag, Stock Down
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BJ's Restaurants, Inc. (BJRI - Free Report) reported fourth-quarter fiscal 2021 (ended Dec 28, 2021) results, wherein both the top and bottom lines missed the Zacks Consensus Estimate. This marks BJRI’s second consecutive quarter of earnings miss.
Shares of this Orange County, CA-based high-end casual dining restaurants chain operator dropped 5.19% during the trading session and 5.26% during the after-hours trading session on Feb 17, following the earnings release.
Nonetheless, the company generated record fourth-quarter revenues despite the ongoing labor constraints and the significant impact of the Omicron surge (that started in December). Also, its fully staffed restaurants generated 4.4% positive comparable restaurant sales in the fourth quarter compared with the same period in 2019. This was more than 10 percentage points better than the restaurants still in the process of rebuilding their teams.
Regarding the quarterly performance, BJ's Restaurants’ president and chief financial officer, Greg Levin, said, “I remain incredibly confident that BJ’s will return to industry-leading results in 2022 as we benefit from four key factors: our differentiated concept and sales and profit initiatives; our team members, culture and gold standard service; our guests’ affinity to our brand, offerings, value and hospitality; and, our significant near- and long-term restaurant expansion opportunity.”
Earnings & Revenues
For the quarter under review, the company incurred an adjusted loss per share of 20 cents compared with the Zacks Consensus Estimate of a loss of 2 cents. In the prior-year quarter, BJRI incurred an adjusted loss of 80 cents per share.
Meanwhile, total revenues of $291.3 million missed the Zacks Consensus Estimate of $297.9 million. Nonetheless, the top line improved 47.8% on a year-over-year basis. Comparable restaurant sales for the fiscal fourth quarter surged 45.6% against a decline of 32.3% in the year-ago period.
BJ's Restaurants, Inc. Price, Consensus and EPS Surprise
For the fiscal fourth quarter, labor costs — as a percentage of sales — came in at 37.9%, down 50 basis points (bps) year over year. Occupancy and operating costs (as a percentage of sales) came in at 24.6%, reflecting a decrease from 29.1% in the year-ago quarter. General and administrative expenses (as a percentage of sales) decreased 50 bps year over year to 6.3% for the quarter.
Restaurant-level operating margin came in at 10.1% compared with 6.6% in the year-ago quarter.
Store Count
As of Dec 30, 2021, BJ’s Restaurants owned and operated 211 casual dining restaurants (in 29 states). During fiscal 2021, the company opened two new restaurants in Merrillville, IN and Lansing, MI.
Going forward, it plans to open eight new restaurants in fiscal 2022. The company remains steadfast in its commitment to expand its presence to at least 425 restaurants domestically.
Fiscal 2021
The company incurred a loss of 24 cents per share for fiscal 2021, much narrower than the year-ago loss of $2.45. Revenues were $1,087 million for the full year, up from $778.5 million in fiscal 2020. Comparable restaurant sales for fiscal 2021 surged 38.3% against a decline of 34% in the year-ago period.
Balance Sheet
As of Dec 28, 2021, cash and cash equivalents totaled $38.5 million compared with $51.7 million on Dec 29, 2020. Total debt as of Dec 28, 2021 amounted to $50 million compared with $116.8 on Dec 29, 2020.
Zacks Rank & Key Picks
BJ's Restaurants currently has a Zacks Rank #5 (Strong Sell).
MarineMax currently carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 55.8%, on average. Shares of HZO have increased 1.7% in the past year.
The Zacks Consensus Estimate for MarineMax’s 2022 sales and EPS suggests growth of 13.9% and 16.2%, respectively, from the year-ago levels.
Arcos Dorados currently carries a Zacks Rank #2. ARCO has a long-term earnings growth of 42.9%. Shares of the company have surged 31.1% in the past year.
The Zacks Consensus Estimate for Arcos Dorados’ 2022 sales and EPS suggests growth of 10.4% and 255.6%, respectively, from the year-ago levels.
Tapestry also carries a Zacks Rank #2 at present. The company has a trailing four-quarter earnings surprise of 29%, on average. Shares of TPR have increased 1% in the past year.
The Zacks Consensus Estimate for Tapestry’s 2022 sales and EPS suggests growth of 15% and 18.5%, respectively, from the year-ago levels.
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BJ's Restaurants (BJRI) Q4 Earnings & Revenues Lag, Stock Down
BJ's Restaurants, Inc. (BJRI - Free Report) reported fourth-quarter fiscal 2021 (ended Dec 28, 2021) results, wherein both the top and bottom lines missed the Zacks Consensus Estimate. This marks BJRI’s second consecutive quarter of earnings miss.
Shares of this Orange County, CA-based high-end casual dining restaurants chain operator dropped 5.19% during the trading session and 5.26% during the after-hours trading session on Feb 17, following the earnings release.
Nonetheless, the company generated record fourth-quarter revenues despite the ongoing labor constraints and the significant impact of the Omicron surge (that started in December). Also, its fully staffed restaurants generated 4.4% positive comparable restaurant sales in the fourth quarter compared with the same period in 2019. This was more than 10 percentage points better than the restaurants still in the process of rebuilding their teams.
Regarding the quarterly performance, BJ's Restaurants’ president and chief financial officer, Greg Levin, said, “I remain incredibly confident that BJ’s will return to industry-leading results in 2022 as we benefit from four key factors: our differentiated concept and sales and profit initiatives; our team members, culture and gold standard service; our guests’ affinity to our brand, offerings, value and hospitality; and, our significant near- and long-term restaurant expansion opportunity.”
Earnings & Revenues
For the quarter under review, the company incurred an adjusted loss per share of 20 cents compared with the Zacks Consensus Estimate of a loss of 2 cents. In the prior-year quarter, BJRI incurred an adjusted loss of 80 cents per share.
Meanwhile, total revenues of $291.3 million missed the Zacks Consensus Estimate of $297.9 million. Nonetheless, the top line improved 47.8% on a year-over-year basis. Comparable restaurant sales for the fiscal fourth quarter surged 45.6% against a decline of 32.3% in the year-ago period.
BJ's Restaurants, Inc. Price, Consensus and EPS Surprise
BJ's Restaurants, Inc. price-consensus-eps-surprise-chart | BJ's Restaurants, Inc. Quote
Expenses & Operating Margins
For the fiscal fourth quarter, labor costs — as a percentage of sales — came in at 37.9%, down 50 basis points (bps) year over year. Occupancy and operating costs (as a percentage of sales) came in at 24.6%, reflecting a decrease from 29.1% in the year-ago quarter. General and administrative expenses (as a percentage of sales) decreased 50 bps year over year to 6.3% for the quarter.
Restaurant-level operating margin came in at 10.1% compared with 6.6% in the year-ago quarter.
Store Count
As of Dec 30, 2021, BJ’s Restaurants owned and operated 211 casual dining restaurants (in 29 states). During fiscal 2021, the company opened two new restaurants in Merrillville, IN and Lansing, MI.
Going forward, it plans to open eight new restaurants in fiscal 2022. The company remains steadfast in its commitment to expand its presence to at least 425 restaurants domestically.
Fiscal 2021
The company incurred a loss of 24 cents per share for fiscal 2021, much narrower than the year-ago loss of $2.45. Revenues were $1,087 million for the full year, up from $778.5 million in fiscal 2020. Comparable restaurant sales for fiscal 2021 surged 38.3% against a decline of 34% in the year-ago period.
Balance Sheet
As of Dec 28, 2021, cash and cash equivalents totaled $38.5 million compared with $51.7 million on Dec 29, 2020. Total debt as of Dec 28, 2021 amounted to $50 million compared with $116.8 on Dec 29, 2020.
Zacks Rank & Key Picks
BJ's Restaurants currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Zacks Retail-Wholesale sector include MarineMax, Inc. (HZO - Free Report) , Arcos Dorados Holdings Inc. (ARCO - Free Report) and Tapestry, Inc. (TPR - Free Report) .
MarineMax currently carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 55.8%, on average. Shares of HZO have increased 1.7% in the past year.
The Zacks Consensus Estimate for MarineMax’s 2022 sales and EPS suggests growth of 13.9% and 16.2%, respectively, from the year-ago levels.
Arcos Dorados currently carries a Zacks Rank #2. ARCO has a long-term earnings growth of 42.9%. Shares of the company have surged 31.1% in the past year.
The Zacks Consensus Estimate for Arcos Dorados’ 2022 sales and EPS suggests growth of 10.4% and 255.6%, respectively, from the year-ago levels.
Tapestry also carries a Zacks Rank #2 at present. The company has a trailing four-quarter earnings surprise of 29%, on average. Shares of TPR have increased 1% in the past year.
The Zacks Consensus Estimate for Tapestry’s 2022 sales and EPS suggests growth of 15% and 18.5%, respectively, from the year-ago levels.