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- **Revenue Momentum**: 5 straight quarters of growth, Q3 0.5% comp (accelerating to 1.5% in final 2 months). 
- **Margin Expansion**: 12.5% restaurant margins (up 80bps YoY), 6.4% EBITDA (up 70bps YoY). 
- **Strategic Wins**: 
  - Pizookie Meal Deal driving +3.5% YoY traffic, 2 seasonal Pizookies launched in Q4. 
  - Pizza refresh testing shows 10% pizza incidence uplift. 
- **Balance Sheet Strength**: $62.4M YTD buybacks, guidance raised to $65-80M for 2025. 
- **Growth Pipeline**: 2026 remodels on track, 2 new units in H2 2026, 2-3 units targeted for 2027+. 
- **Digital Focus**: 2026 initiatives to streamline off-premise, improve menu merchandising.

**【CEO Summary Section】**
- Reported 5 consecutive quarters of sales and traffic growth, with Q3 same-store sales growth of 0.5% (accelerating to 1.5% in final 2 months). 
- Restaurant-level operating margins improved to 12.5% (up 80bps YoY), EBITDA margins at 6.4% (up 70bps YoY). 
- Key initiatives: 
  - Pizookie Meal Deal lapped successfully, driving +3.5% YoY traffic in last 6 weeks. 
  - Pizza refresh launching Nov 6, with 2 seasonal Pizookies in Q4. 
  - Simplification efforts reduced comp food/beverage incidents by over 10%, removing 0.5M POS clicks. 
- 2025 full year guidance reaffirmed: ~2% comp sales growth, $211-219M restaurant profit, $132-140M EBITDA. 
- New CFO hire announced for mid-Dec start, with strong Board support.

**【CFO Financial Commentary】**
- Q3 sales $330M (+1.4% YoY), driven by +2% pricing offset by -1.4% check compression. 
- Key financials: 
  - GAAP net income $42.3M, Non-GAAP EPS $1.08 (vs $0.95 consensus). 
  - Share buybacks: $33.2M in Q3, total $62.4M YTD; guidance raised to $65-80M for 2025. 
  - Debt $89.5M, cash $25.4M, net debt $64.1M. 
  - Margins: 
    - Cost of sales 25.7% (down 90bps YoY). 
    - Labor 37.1% (flat YoY). 
    - Occupancy/SG&A 24.7% (flat YoY). 
- 2025 inflation expectations: ~2% in Q3, mid-2% for Q4.

**【Q&A Key Highlights】**
1. **Traffic Acceleration**: 
   - Q4 tracking for 2-2.5% comp growth to hit 2% FY target. 
   - Driven by Pizookie Meal Deal (+3.5% YoY traffic), Spooky Pizookie social media success (350% engagement growth). 
   - Frequency improving across age/income cohorts, offsetting check compression. 

2. **Remodel Program**: 
   - 20 remodels in 2025 (50% of pre-2016 fleet), 2026 remodels to continue at similar pace. 
   - Prototype refresh testing in 2026, targeting 2 new units in H2 2026. 
   - Focus on concentric circles expansion (filling existing market density first). 

3. **New Unit Growth**: 
   - 2 leases signed for 2026 openings, targeting 2-3 units in 2027+. 
   - Prototype focuses on BJ's DNA with modernized design, flexible size/cost options. 

4. **Digital Strategy**: 
   - 2026 priority: improve off-premise/delivery flow, menu merchandising, and order accuracy. 
   - Testing category refreshes for trade-up opportunities. 
   - Pricing cautious but opportunistic, guided by value metrics. 


BJ's Restaurants, Inc. (BJRI) Q3 2025 Earnings Call Transcript

- **Topline Growth**: 2.9% comparable sales growth driven by Pizookie Meal Deal and limited-time offers, with 3.3% traffic increase.
- **Margin Expansion**: 17% restaurant-level cash flow margin (150bps YoY) and 11.5% EBITDA margin (120bps YoY), fueled by reduced comped meals and operational efficiency.
- **Strategic Initiatives**: Q4 pizza platform rollout, 20% ABLM adoption by year-end, and 2.5% menu price increases in H2.
- **Financial Strength**: $22.2M net income, $62.1M operating profit, and $57M remaining under share repurchase program.
- **Team Engagement**: 16% reduction in comped meals, NPS scores at multi-year highs, and team retention above 2019 levels.

**【CEO Summary Section】**
- **Q2 2025 Performance**: 2.9% comparable sales growth driven by 3.3% traffic growth, fueled by the Pizookie Meal Deal and limited-time offers like the Snickers Pizookie, which generated 5.8 billion earned impressions.
- **Operational Efficiency**: Restaurant-level cash flow margins improved to 17% (150bps YoY), with a 16% reduction in comped meals and cost of sales down 90bps to 24.8%.
- **Strategic Initiatives**: Rollout of a revamped pizza platform in Q4, featuring Detroit-style dough and craft beer innovations, alongside a 42% increase in seated reservations.
- **Team Member Experience**: Implementation of Ferry Express Pay for earned wage access, driving significant retention improvements above industry norms.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: Q2 sales of $366M (+4.5% YoY), with GAAP net income of $22.2M ($0.97 EPS). Restaurant-level operating profit reached $62.1M, the highest ever.
- **Margin Expansion**: Adjusted EBITDA margins of 11.5% (120bps YoY), driven by gross to net initiatives and reduced food waste.
- **Share Repurchases**: $15.1M spent on 438K shares, with $57M remaining under the $55M-$75M buyback program.
- **Guidance Update**: Raised restaurant-level operating profit to $211M-$219M, reflecting margin improvements and operational efficiency gains.

**【Q&A Key Highlights】**
- **Pizookie Meal Deal Success**: 15% of weekly sales, with 22% incidence during peak weeks, and 35% of customers becoming omnichannel users.
- **Pizza Platform Rollout**: Test markets show 10%-15% sales uplift, with plans to expand to all restaurants in Q4.
- **Off-Premise Optimization**: New Director of off-premise focused on reducing order friction and improving menu merchandising for delivery/takeout.
- **2026 Growth Strategy**: 20% of restaurants to adopt Activity-Based Labor Model (ABLM) by Q4, targeting labor efficiency and guest satisfaction.
- **Tariff Impact**: 30bps headwind expected in H2, offset by operational cost savings and menu price increases of 2.5% in H2.

BJ's Restaurants, Inc. (BJRI) Q2 2025 Earnings Call Transcript

- **Revenue Beat**: $348M (+3.2% YoY) with 1.7% comp sales growth vs. 2%+ market decline.\n- **Margin Expansion**: 100bp to 16% restaurant margin, driven by 13% food cost deflation and 100bp labor efficiency.\n- **Share Buyback**: $5M increase to $45-55M buyback range.\n- **Pizza Revival**: New crust/sauce/cheese formula testing shows 200%+ sales lift in pilot.\n- **Tariff Hedge**: 85% food basket sheltered under USMCA, 30bp margin headwind potential in H2.\n- **AI Efficiency**: 2% labor hour reduction in TX/CA AI pilot without guest experience impact.\n

**【CEO Opening Remarks】**
- Q1 comp sales growth of 1.7% driven by 2.7% traffic, despite February weather-related challenges.\n- 100bp margin expansion to 16% restaurant-level operating margin, fueled by operational efficiency and cost control.\n- Raised FY2025 restaurant-level operating profit guidance to $210-219M, up from $205-215M.\n- Expanded share buyback program to $45-55M, up from $40-50M.\n- Emphasized long-term strategic initiatives around menu simplification, AI-driven labor scheduling, and brand refresh.\n
**【CFO Financial Highlights】**
- Q1 revenue $348M (+3.2% YoY), with $55.6M restaurant-level operating profit (10% YoY growth).\n- 16% restaurant-level margin vs. 15% last year, driven by 13% reduction in food costs and 100bp labor efficiency.\n- Q2 guidance: 2-3% comp sales growth, 10.2-10.7% EBITDA margin.\n- Tariff impact: 15% of food basket exposed, potential 1% inflation in H2.\n- Q1 net income $13.5M ($0.58 EPS), up 80% YoY.\n
**【Brand & Menu Strategy】**
- Pizookie Platter TikTok viral success: 57M impressions, 24K units sold (+17x run rate).\n- Pizza platform overhaul: new crust, sauce, cheese, and pepperoni to address declining guest satisfaction.\n- Menu simplification: 9 SKU reductions, 5 prep simplifications, 3M POS clicks saved annually.\n- AI labor scheduling pilot in TX/CA shows 2% labor hour reduction with no guest experience tradeoff.\n
**【Q&A Key Takeaways】**
- **Traffic Resilience**: 2.7% traffic growth despite macro uncertainty, driven by Pizookie Meal Deal and operational excellence.\n- **Cost Control**: 13% food cost deflation, 100bp labor efficiency, 4% R&M spend reduction.\n- **Tariff Mitigation**: 85% of food sourced from USMCA, pre-purchased critical equipment to hedge inflation.\n- **Unit Growth**: 2025 remodels on track, 1 new restaurant opening in Q1 (highest sales week since 2024).\n- **Pizza Potential**: Southern CA mix 2x national average, new pizza testing shows strong early results.\n

BJ's Restaurants (BJRI)-1 May 25-2025 Q1 Earnings call transcript

- **Q4 Growth**: 5.5% comp sales growth driven by traffic, with record restaurant-level profit ($52.9M) and EBITDA ($33.1M).
- **2025 Outlook**: 2-3% comp growth, $205-215M profit, and 120-130 basis points margin expansion through cost savings.
- **Operational Efficiency**: AI forecasting reduced comped items by 20%, QR code equipment tracking cuts repair costs, and remodels will cover 60% of restaurants by end-2025.
- **Menu & Marketing**: Pizookie meal deal to continue; 2025 marketing focused on underpenetrated markets with 3-4% Q2-Q3 growth expected post-weather recovery.
- **Expansion Strategy**: 1 new restaurant in 2025, 30 remodels, and 2026 pipeline targeting infill locations with brand awareness.

**【CEO Summary Section】**
- Fourth quarter comparable restaurant sales grew 5.5% YoY, driven by traffic across all dayparts and channels. The Pizookie meal deal and holiday promotions were key contributors.
- Restaurant-level operating profit reached $52.9 million, a 14% increase YoY, with adjusted EBITDA of $33.1 million (9.6% margin), up 21% YoY.
- 2025 guidance includes 2-3% comp sales growth, $205-215 million restaurant-level profit, and $127-137 million adjusted EBITDA. Margins are expected to expand through cost savings and efficiency initiatives.

**【CFO Financial Commentary】**
- Q4 GAAP net loss was $5.3 million due to non-cash impairments and leadership transition costs. Adjusted EPS was $0.47, up 5.1% YoY.
- Food cost inflation (~3.5% YoY) was partially offset by menu pricing. Labor efficiency improved, with O&O expenses down 70 basis points YoY.
- Capital expenditures for 2025 are $65-75 million, including 1 new restaurant and 30 remodels. Share buyback program increased to $50 million.

**【Brand & Operations Update】**
- Simplification efforts (e.g., POS streamlining, AI forecasting) reduced comped items by 20% and improved kitchen accuracy by 10%. Equipment QR codes and predictive maintenance are enhancing operational efficiency.
- Menu refresh initiatives focus on core pillars (pizza, craft beverages) while optimizing long-tail items. 2025 remodels will expand to 60% of restaurants.
- Off-premise sales (~17% of total) are a growth opportunity, with plans to optimize end-to-end delivery experiences.

**【Q&A Highlights】**
- 2025 marketing spend will remain targeted, focusing on California and underpenetrated markets. The Pizookie meal deal will continue, with new promotions to be tested.
- Weather and consumer conservatism impacted Q1 sales, but Q2-Q3 are expected to return to 3-4% comp growth without headwinds.
- New restaurant pipeline will prioritize infill locations with strong brand awareness and human capital, with 2026 expansion into new markets.



BJ's Restaurants (BJRI)-20 Feb 25-2024 Q4 Earnings call transcript

BJ's Restaurants (BJRI)-31 Oct 24-2024 Q3 Earnings call transcript

BJ`s Restaurant (BJRI)-25 Jul 24-2024 Q2 Earnings call transcript

BJ`s Restaurant (BJRI)-2 May 24-2024 Q1 Earnings call transcript

BJ`s Restaurant (BJRI)-15 Feb 24-2023 Q4 Earnings call transcript

BJ`s Restaurant (BJRI)-26 Oct 23-2023 Q3 Earnings call transcript

BJ`s Restaurant (BJRI)-27 Jul 23-2023 Q2 Earnings call transcript

BJ`s Restaurant (BJRI)-27 Apr 23-2023 Q1 Earnings call transcript

BJ`s Restaurant (BJRI)-16 Feb 23-2022 Q4 Earnings call transcript

BJ`s Restaurant (BJRI)-21 Oct 22-2022 Q3 Earnings call transcript

BJ`s Restaurant (BJRI)-22 Jul 22-2022 Q2 Earnings call transcript

BJ`s Restaurant (BJRI)-22 Apr 22-2022 Q1 Earnings call transcript

BJ`s Restaurant (BJRI)-18 Feb 22-2021 Q4 Earnings call transcript

BJ`s Restaurant (BJRI)-22 Oct 21-2021 Q3 Earnings call transcript

BJ`s Restaurant (BJRI)-30 Jul 21-2021 Q2 Earnings call transcript

BJ`s Restaurant (BJRI)-23 Apr 21-2021 Q1 Earnings call transcript

BJ`s Restaurant (BJRI)-12 Feb 21-2020 Q4 Earnings call transcript

BJ`s Restaurant (BJRI)-23 Oct 20-2020 Q3 Earnings call transcript

BJ`s Restaurant (BJRI)-23 Jul 20-2020 Q2 Earnings call transcript

BJ`s Restaurant (BJRI)-10 May 20-2020 Q1 Earnings call transcript

BJ`s Restaurant (BJRI)-20 Feb 20-2019 Q4 Earnings call transcript

BJ`s Restaurant (BJRI)-24 Oct 19-2019 Q3 Earnings call transcript

BJ`s Restaurant (BJRI)-25 Jul 19-2019 Q2 Earnings call transcript

BJ`s Restaurant (BJRI)-25 Apr 19-2019 Q1 Earnings call transcript

BJ`s Restaurant (BJRI)-21 Feb 19-2018 Q4 Earnings call transcript

BJ`s Restaurant (BJRI)-30 Oct 18-2018 Q3 Earnings call transcript

BJ`s Restaurant (BJRI)-27 Jul 18-2018 Q2 Earnings call transcript

BJ`s Restaurant (BJRI)-26 Apr 18-2018 Q1 Earnings call transcript

BJ`s Restaurant (BJRI)-23 Feb 18-2017 Q4 Earnings call transcript

BJ`s Restaurant (BJRI)-28 Oct 17-2017 Q3 Earnings call transcript

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