Why BJ's Restaurants Stock Popped Today
Shares of BJ's Restaurants (NASDAQ: BJRI) were surging today as the casual-dining chain topped muted expectations in its third-quarter earnings report. Though profits fell, the performance was enough to please Wall Street, since the stock had already fallen significantly over the past year. Shares were up 15.3% as of 12:37 p.m. EDT.
BJ's said comparable sales in the quarter slipped 0.3% as the company lapped a surge that came from its new Slow Roasted Menu and increased delivery as it embraced third-party delivery apps. Management also noted that the casual-dining industry had seen a broader pullback in sales. Overall revenue increased 3.1% to $278.7 million, which narrowly beat estimates at $278 million, as the company plans to add seven new restaurants this year.
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Source Fool.com
