BJ's Restaurants Says 1Q Profit Rose 4 Percent

HUNTINGTON BEACH, Calif. (AP) — BJ's Restaurants Inc. on Thursday said its first-quarter profit rose nearly 4 percent to top Wall Street expectations.

The company earned almost $3.8 million, or 14 cents per share, during the quarter that ended March 31, up from $3.1 million, or 12 cents per share, during the same period last year.

Revenue rose 18 percent to $102.4 million, from $86.8 million a year ago.

Analysts surveyed by Thomson Reuters expected a profit of 11 cents per share on revenue of $101.7 million.

The company said sales at stores open at least a year fell by just 0.1 percent, which it attributed to the appeal of the BJ's concept to a wide range of demographics.

Chairman and Chief Executive Jerry Deitchle said the company believes the tough economy "will continue to keep pressure on overall casual dining customer traffic for at least the rest of 2009."

The company opened one new restaurant each during the quarter in Gainesville, Fla. and Henderson, Nev. It said it remains on track to open nine to 11 new restaurants this year. It plans no new restaurants in the second quarter, as many as five in the third quarter, and as many as four in the final quarter of the year.

BJ's shares rose a dime to close at $16.09 on Thursday before the results were released.