BJ's Restaurants (BJRI) On Expansion Spree, Opens Outlet In Colorado
Zacks Investment Research | Nov 19, 2019 08:29PM ET
BJ’s Restaurants (NASDAQ:BJRI) continues to strengthen its foothold in the restaurant space. Recently, the company announced the opening of BJ’s Restaurant & Brewhouse, on a free-standing pad on Colfax Avenue at Denver West Village. Notably, this 7,500 square feet restaurant with nearly 230 seating space marks the company’s sixth restaurant in the state of Colorado and third in the Denver Metropolitan area.
The new restaurant will offer BJ’s signature deep-dish pizza, handcrafted beer and famous Pizookie dessert. The company also provides a unique, contemporary décor for all dining occasions. These strategic initiatives will enrich the dining experience.
Expansion Plans to Drive Traffic & Sales
We believe the company’s efforts to expand its footprint, and refine and streamline menu will help drive sales and traffic. In the last reported quarter, BJ's Restaurants opened its first Connecticut location in the city of Manchester and sixth restaurant in the state of Indiana. In 2020, the company is looking forward to open eight to ten restaurants.
With an increased focus on productivity and efficiency along with a steady restaurant opening plan, the company is further heading toward near and long-term success. BJ’s Restaurants’ third-quarter 2019 results reflect that it has been delivering positive off-premise sales and solid revenues.
Meanwhile, the company’s off-premise sales continued to grow at more than 20%. Further, BJ's Restaurants expects this channel to grow by at least 50% over the next several years. Revenues in the third quarter totaled $278.7 million, which marginally surpassed the Zacks consensus estimate of $278 million by 0.2% and also increased 3.1% year over year.
In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 13.5% against the Zacks Investment Research
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