BJ's Restaurants (BJRI) Q4 2024 earnings summary

Executive summary

• Q4 2024 delivered strong comparable restaurant sales growth of 5.5%, driven by guest traffic and successful promotions, with all day parts and channels outperforming industry benchmarks.

• Restaurant-level margins improved to 15.4% in Q4, up 100 basis points year-over-year, and restaurant-level operating profit reached a record $52.9 million, a 14% increase.

• Adjusted EBITDA for Q4 was $33.1 million, up 21% from the prior year, with a margin of 9.6%.

• Full-year 2024 sales reached $1.4 billion, with restaurant-level cash flow of $195.6 million, up 10% from 2023.

• Strategic initiatives focused on brand positioning, menu simplification, operational efficiency, and targeted marketing investments.

Financial highlights

• Q4 sales were $344.3 million, up 6.4% year-over-year; comp sales increased 5.5%, best since 2018 excluding COVID recovery.

• Restaurant-level cash flow margin was 15.4% in Q4, 100 basis points higher than last year.

• Adjusted EBITDA for Q4 was $33.1 million (9.6% of sales), $5.8 million higher than last year.

• Net loss of $5.3 million in Q4, including extraordinary items; adjusted diluted net income per share grew 5.1% to $0.47.

• Cost of sales was 25.9% in Q4, up 40 basis points; labor and benefits were 35.8% of sales, 70 basis points favorable.

Outlook and guidance

• 2025 full-year comparable restaurant sales expected to grow 2–3%, with Q1 comps near 2% and higher comps in Q2 and Q3.

• Restaurant-level operating profit projected at $205–215 million and adjusted EBITDA at $127–137 million for 2025.

• Capital expenditures planned at $65–75 million, with one new restaurant opening and up to 30 remodels in 2025.

• Share repurchases of $40–50 million expected in 2025, with $83 million available under the program.