The following is a summary of the BJ's Restaurants, Inc. (BJRI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• BJ's Restaurants reported third-quarter sales of $325.7 million, a 2.2% increase year-over-year, with comparable restaurant sales up by 1.7%.

• The restaurant-level cash-flow margin was 11.7%, slightly down by 20 basis points compared to the previous year, primarily due to higher costs not passing through to earnings as expected.

• The company experienced a net loss of $2.9 million and a diluted net loss per share of $0.13.

Business Progress:

• New restaurant investments have shown mixed results in achieving hurdle rate returns, leading to a reevaluation of market penetration strategy and site selection criteria.

• A remodel program demonstrated positive outcomes, suggesting potential for an increased pace in the upcoming fiscal year.

• The company plans to maintain a structured and disciplined approach to share repurchase with the excess cash flow.

Opportunities:

• The ongoing success of the 'Pizookie Meal Deal' proves strong and continues into Q4, driving significant weekday traffic and showing potential for broader scale.

• Exploring opportunities to rationalize promotional programs to streamline offerings and maximize impact on the bottom line.

Risks:

• Higher operational costs and less efficient flow-through of incremental sales gains to earnings noted in Q3 are areas of concern.

• The promotional activities, especially the 'Pizookie Pass', created check compression and margin challenges, impacting profitability.

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