BJ's Restaurants, Inc. (NASDAQ:BJRI) Q1 2018 Earnings Conference Call Transcript

Apr 26, 2018 • 05:00 pm ET

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BJ's Restaurants, Inc. (NASDAQ:BJRI) Q1 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, everyone, and welcome to the BJ's Restaurants Incorporated First Quarter 2018 Earnings Release Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the call over to Greg Trojan, Chief Executive Officer. Please go ahead, sir.

Executive
Greg Trojan

Thank you, operator. Good afternoon, everyone, and welcome to BJ's Restaurants' fiscal 2018 first quarter investor conference call and webcast. I'm Greg Trojan, BJ's Chief Executive Officer, and joining me on the call today is Greg Levin, our President and Chief Financial Officer. We also have Greg Lynds, our Chief Development Officer on hand for Q&A.

After the market closed today, we released our financial results for the first quarter of fiscal 2018, which ended Tuesday, April 3, 2018. You can find the full text of our earnings release on our website at www.bjsrestaurants.com. Our agenda today will start with Rana Schirmer, our Director of SEC Reporting providing our standard cautionary disclosure with respect to forward-looking statements. I will then provide an update on our business and current initiatives, and then Greg Levin will provide a recap of the quarter and some commentary regarding the balance of fiscal 2018. And after that we'll open it up to questions.

So, Rana, go ahead, please.

Executive
Rana G. Schirmer

Thanks, Greg. Our comments on the conference call today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company to be materially different from any future result, performance, or achievements expressed or implied by forward-looking statements.

Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. Our forward-looking statements speak only as of today's date, April 26, 2018. We undertake no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements whether as a result of new information, future events, or otherwise unless required to do so by the Securities Laws.

Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the company's filings with the Securities and Exchange Commission.

Executive
Greg Trojan

Thanks, Rana. As I mentioned on our Q4 call in February, we were encouraged by our positive sales and traffic trends, which we started to see in September of last year and continued to build through Q4 and into the early part of 2018. These positive trends actually accelerated as Q1 progressed and have extended into the first few weeks of April.

For our fiscal 2018 first quarter, comparable restaurant sales and traffic increased 4.2% and 0.4% respectively, reflecting our progress in driving sales through a combination of positive traffic and healthy check growth. As expected, the shift in the timing of the Easter holiday impacted Q1 sales near the end of the quarter, but benefited April sales and the start to Q2. BJ's first quarter sales outpaced an average of