BJ's Restaurants Shares Slide After Q1 Results

Shares of

dipped over 8 percent in after-hours trading after the company reported results for the first quarter on Thursday. The Huntington Beach, California-based company posted quarterly net income of $9.6 million, or $0.36 per share, compared to $4.7 million, or $0.16 per share, in the year-ago period Its revenue rose 9.4 percent to $225.1 million. However, analysts were expecting earnings of $0.28 per share on revenue of $225.52 million. Comparable restaurant sales surged 3.2 percent during the quarter. During the quarter, BJ's Restaurants repurchased and retired around 0.1 million shares of its common stock for around $6.8 million. The average estimate among 5 Estimize users was for earnings of $0.30 per share and revenue of $225.83 million. "The continued success from our sales driving initiatives combined with our cost containment programs and efficiencies derived from Project Q resulted in a solid start to fiscal 2015 and record first quarter results," commented Greg Trojan, President and CEO. "The 3.2% increase in first quarter comparable restaurant sales is our third consecutive quarter of positive comparable sales as our new menu offerings and food innovation combined with our focus on affordability, speed and hospitality are being well received by guests." BJ's Restaurants shares fell 8.31 percent to $49.00 in the after-hours trading session.