BJ's Restaurants jumps after co posts surprise Q1 profit
22/04/2022 15:25
** Shares of restaurant chain BJRI.N rise as much as 8% to
an over one-and-a-half month high of $31.59 after co posts
surprise Q1 profit
** Stock, last up 3.2%, on course to break a two-day losing
streak
** Co posts Q1 profit of 6 cents per share, compared to
analysts' average expectation of a loss of 26 cents - Refinitiv
IBES data urn:newsml:reuters.com:*:nASA037TV
** BJRI also beat Q1 revenue estimates; revenue up 33.8% at
$298.7 mln, topping estimates of $297.2 mln
** Adds that strong sales momentum built through the quarter
has continued into April
** BJRI says sales growth enabled co to sequentially improve
restaurant margins through the quarter as it managed ongoing
inflationary pressures urn:newsml:reuters.com:*:nGNX6lHCRY
** Adds that it is currently remain on schedule to open as
many as eight new restaurants this year, of which two have
already opened
** Citigroup raises PT to $30 from $29 and Wedbush hikes to
$35 from $33
** Up to Thursday's close, stock had fallen ~15% this year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com))