BJ’s Restaurants Inc. posted a softer-than-expected same-store sales decline of 0.2 percent for the second quarter, although net income rose nearly 11 percent, the company said Tuesday.
For the quarter ended June 28, the Huntington Beach, Calif.-based chain said net income increased 10.9 percent, to $13.8 million, or 56 cents per share, compared with $12.4 million, or 47 cents per share, a year ago. Revenue grew nearly 8 percent, to $250.3 million.
“Our new restaurant growth, coupled with our successful efficiency initiatives, drove another quarter of record earnings,” said Greg Trojan, BJ’s president and CEO.
While same-store sales were softer than anticipated, he said, the chain outperformed the industry average. Several menu and marketing initiatives are planned for the second half of the year, including recent additions to the Loaded Burger platform, a Monday-through-Thursday Brewhouse special, and new superfood items to be added to the reduced-calorie Enlightened Menu this fall.
The chain will also focus on building engagement with customers through BJ’s loyalty program and mobile app, as well as revising the marketing plan to broaden brand awareness, Trojan said.
Three restaurants opened during the quarter, for a total of 177 locations. Trojan said the chain is on track to add 18 to 19 units in 2016.
BJ’s board of directors approved a $100 million expansion of the share repurchase program, which brings the total authorized to $350 million.