BJ's Q1 2020 Earnings Report
Key Takeaways
BJ's Restaurants, Inc. reported its Q1 2020 financial results, highlighting the dedication of its team members during the COVID-19 pandemic. The company is re-opening dining rooms with safety protocols and is encouraged by early dine-in and off-premise sales trends.
The company drew down the remaining available balance on its revolving credit facility to increase liquidity.
BJ's is in compliance with its financial covenants for the first quarter of 2020.
The credit agreement was amended to modify certain financial covenants, suspending certain ratio tests until the fourth fiscal quarter ending December 29, 2020.
BJ's opened its first restaurant in Massachusetts during the quarter.
BJ's
BJ's
Forward Guidance
BJ's Restaurants anticipates opening one additional restaurant later in the year and has canceled or delayed its remaining new restaurant openings for fiscal 2020. Once normal operations resume, the company expects to resume its restaurant opening objectives, expanding to at least 425 restaurants nationally.