HUNTINGTON BEACH, Calif. - BJ's Restaurants, Inc. (NASDAQ:BJRI) has announced the appointment of Lyle D. Tick to the roles of President and Chief Concept Officer, effective September 9, 2024. Tick, who most recently served as the President and Chief Executive Officer of On the Border Mexican Grill & Cantina, brings a wealth of experience from his previous leadership roles in various food and beverage companies.
During his tenure at On the Border Mexican Grill & Cantina since December 2023, Tick has been credited with implementing a strategic growth plan for the Tex Mex restaurant chain. His past roles include serving as Brand President of Buffalo Wild Wings from 2018 to 2023, where he led significant brand revitalization efforts and earned recognition for Best Menu Revamp with the 2020 MenuMasters award.
Tick's background also includes a stint as Managing Director, Boots Retail USA for Walgreens Boots Alliance (NASDAQ:WBA), where he successfully scaled the beauty brands business and established No7 as a leading anti-aging serum brand in the United States. His experience further extends to global and North American marketing leadership positions at Bacardi, where he contributed to the growth of the Grey Goose brand.
C. Bradford Richmond, Interim Chief Executive Officer of BJ's Restaurants, expressed enthusiasm for Tick's appointment, citing his proven track record in leading iconic brands to growth and increased consumer relevance. Tick's strategic customer focus is expected to enhance BJ's brand awareness and drive sales, traffic, and margin improvement.
Lea Anne S. Ottinger, Chair of the Company's Board, highlighted the strengths Tick brings to the leadership team, including his experience in strategy development, sales and profitability growth, and business model enhancements.
Tick himself is eager to join BJ's Restaurants and contribute to its next growth phase, aiming to deliver on the company's values and brand promise while enhancing shareholder value.
BJ's Restaurants, Inc. is a national brand with over 200 casual dining restaurants across 31 states, known for its brewhouse roots, diverse menu, and proprietary handcrafted beers. The company, founded in 1978, continues to focus on high-quality ingredients, bold flavors, and a contemporary dining experience.
This leadership announcement is based on a press release statement from BJ's Restaurants, Inc.
In other recent news, BJ's Restaurants, Inc. announced the appointment of C. Bradford Richmond as Interim Chief Executive Officer. Richmond, who has been on the company's board since 2024, is succeeding Gregory S. Levin. The company also revealed its Q2 fiscal year 2024 results, reporting total sales of $349.9 million and a slight 0.6% decrease in same-store sales. However, the restaurant chain's revenue was $350 million, surpassing consensus estimates by $1 million. The adjusted operating earnings per share (EPS) were $0.53, beating the consensus prediction of $0.51. BJ's Restaurants' adjusted EBITDA exceeded expectations, totaling $36 million against a consensus of $33 million. Following these results, a Benchmark analyst downgraded the company's stock from Buy to Hold, citing more conservative estimates for fiscal years 2024 and 2025. The company also announced plans to open two new restaurants and repurchased approximately 255,000 shares of common stock for $8.8 million. BJ's Restaurants projects Q3 comparable sales to be in the 1% to 2% range and expects margin expansion in Q4, despite anticipated increases in marketing and food costs.
InvestingPro Insights
As BJ's Restaurants, Inc. (NASDAQ:BJRI) welcomes Lyle D. Tick to its executive team, the company's financial health and market performance provide a backdrop for the strategic decisions ahead. BJ's Restaurants is currently trading at a P/E ratio of 24.12, which is considered low relative to its near-term earnings growth potential. This suggests that investors may find BJRI's stock to be undervalued given its growth prospects, a point that could be of interest to those looking for investment opportunities in the restaurant sector.
InvestingPro data highlights that BJRI has a market capitalization of $697.18 million, reflecting its standing in the casual dining industry. However, the company's gross profit margin over the last twelve months as of Q2 2024 stands at 14.21%, indicating some challenges in maintaining profitability. This is a critical metric for investors to monitor, especially as Tick takes the helm to drive sales and margin improvements.
While BJRI's stock price movements have shown volatility, with a 3-month price total return of -12.83%, the company's fundamentals, including a PEG Ratio of 0.38, suggest a potentially favorable long-term growth trajectory relative to its earnings. This data, alongside the InvestingPro Tip that analysts predict BJRI will be profitable this year, provides a nuanced picture of the company's financial outlook as it enters a new phase of leadership.
For those seeking more insights, InvestingPro offers additional tips on BJ's Restaurants, including analysis on short-term liquidity and valuation multiples. With 7 more InvestingPro Tips available at https://www.investing.com/pro/BJRI, investors can gain a deeper understanding of the company's financial position and potential investment opportunities.
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