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BJ’s Eating places (NASDAQ:BJRI) inventory was boosted in after hours buying and selling on Thursday after posting a lighter than anticipated loss and stronger than anticipated Q3 gross sales.
The restaurant chain reported a $0.07 loss for the quarter, $0.18 lower than the anticipated loss, alongside $311.3M in income that additionally rose above expectations. Comparable restaurant gross sales elevated 8.9% from the prior yr quarter, higher than the 6.54% Wall Avenue consensus.
“Restaurant stage working margins remained impacted by inflationary pressures however benefited from labor administration efficiencies and early successes of our margin enchancment initiative within the third quarter,” CEO Greg Levin commented. “Our gross sales efficiency has continued into October with period-to-date comparable restaurant gross sales rising roughly 8% and 6% in comparison with the identical durations in 2021 and 2019, respectively, when adjusting for the affect of Hurricane Ian in 2022.”
He added that the chain plans to open two new areas within the fourth quarter, bringing general 2022 enlargement to 6 new eating places as two extra restaurant openings have been delayed into early 2023.
Shares of the California-based restaurant chain rose 4.72% in prolonged buying and selling on Thursday.
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