On this page of StockholderLetter.com we present the latest annual shareholder letter from BJs RESTAURANTS INC — ticker symbol BJRI. Reading current and past BJRI letters to shareholders can bring important insights into the investment thesis.

 •  4/23/2025 Letter Continued (Full PDF)
 •  4/28/2023 BJRI Stockholder Letter
 •  4/30/2024 BJRI Stockholder Letter
 •  More "Hotels" Category Stockholder Letters
 •  BJRI Benford's Law Stock Score = 83

BJRI Shareholder/Stockholder Letter Transcript:

MOMENTS
WORTH SHARING
ANNUAL REPORT 2024


BJ   S RESTAURANTS, INC.
PAGE 01
TO OUR
SHAREHOLDERS:
Business Update
The past year has been one of significant progress and
acceleration for BJ   s Restaurants. We delivered another year
of record sales in 2024, and our comparable sales growth
outpaced our full-service restaurant peer average by 190
basis points, driven by higher guest traffic. We expanded our
outperformance throughout the year and finished with sales
growth beating the industry average by 370 basis points in
the fourth quarter. We are encouraged by the momentum we
have built in our business and energized to build upon it as we
move through 2025 and beyond.
We changed leadership in 2024 and began a comprehensive
assessment of BJ   s underlying strengths and opportunities as
we usher in our next chapter of growth. We are confident that
the strength of our brand and teams, combined with a refined
business strategy, will lay the foundation for sustainable sales
and earnings growth. We are driving greater clarity and
focus on brand differentiation and what makes BJ   s unique,
while adhering to strict operational and financial discipline
to continue to improve profitability and position our company for accelerated new unit restaurant openings in the
future. Success on these initiatives will unlock BJ   s potential
thereby elevating its trajectory as a restaurant growth
company and driving long-term shareholder value creation.
Our cash flow generation remains resilient, and we are well
positioned to continue making strategic investments in our
business to further strengthen our brand. As we move into
2025, we remain focused on continuing to build on the
momentum we   ve generated and capturing additional
growth opportunities.
Financial Performance
Our record revenue of $1.36 billion in 2024 highlighted the
effectiveness of our sales building initiatives and our guests   
strong affinity for the BJ   s brand. Sales momentum built
throughout the year and culminated with 5.5% comparable
restaurant sales growth in the fourth quarter. Our sales growth
outperformed our casual dining peer group on both a comparable restaurant sales and guest traffic base, as measured by Black
Box Intelligence.
The strong sales growth, coupled with realized cost savings,
enabled BJ   s to meaningfully improve our profitability metrics.
We produced record restaurant level operating profit of
$195.6 million, which increased by 10.0% from 2023 levels. We
improved our restaurant margins by 110 basis points to 14.4%
for the full year including 15.4% margins in the fourth quarter.
Compared to the prior year, Adjusted EBITDA increased by
12.8% to $117.1 million, and Adjusted Diluted Net Income Per
Share increased by 36.1% to $1.47.
BJ   s growing operating cash flow enabled us to invest in
building new restaurants and remodeling existing restaurants,
while returning capital to shareholders through our share
repurchase program. Because of the strong and improving
cash flow in our business, our Board increased the size of our
repurchase program by $50 million in February 2025.
Strategic Priorities
We recently completed a project to clarify BJ   s brand positioning, supported by extensive brand research focused on our
core consumer   s needs, our brand   s core equities and how BJ   s
can uniquely deliver value to our guests. A cross-functional
team is now diligently working on our plans to position the
brand for sustained profitable growth in the mid- and longterm, focusing on the following four strategic priorities:
Team Member Experience
We are committed to enhancing our Team Member Experience.
We   ve always believed that our team members are at the heart
of our success, and we are constantly looking for ways to ensure
they are equipped to deliver great service to our guests. One
of the key areas of focus is simplification. Our team members
are passionate about delivering exceptional hospitality,
and we want to eliminate tasks that take away from their
ability to focus on what matters most: providing outstanding
experiences to our guests. By identifying and eliminating
unnecessary tasks and automating certain processes, we are
making it easier for our team members to focus on delivering
great service. Training is another key enabler of this initiative.
We recently rolled out updated team member training
leveraging a new approach that blends digital learning with
hands-on training, providing team members with the tools
and knowledge they need to succeed while also fostering a
strong sense of community and connection from day one.
Early feedback has been very positive, with new team members feeling more supported and engaged in their first 90
days. We believe that this investment in training will play a
key role in improving both team member retention and
overall restaurant performance.
Handcrafted Food & Beverages
We are focused on enhancing our Handcrafted Food & Beverage
offerings and optimizing our menu. Our brand work has reaffirmed that we have several core strengths within our menu,
including our famous pizza, the world-renowned Pizookie  
dessert, and our craft beverages. These items are strongly
associated with the BJ   s brand and are key drivers of guest

PAGE 02
2024 ANNUAL REPORT
loyalty. However, we have also identified areas for improvement
and opportunities to further differentiate ourselves in the
marketplace. Our menu work is centered on making strategic
choices about where we can drive meaningful differentiation
and simplification where appropriate. We believe that by
focusing on the things we do best and improving the guest
experience on our core offerings, we can build stronger brand
equity and drive increased guest satisfaction.
conducted a thorough review of our new location criteria. We
are refining our approach to new restaurant openings, focusing on markets where we have existing restaurants which allows
us to leverage consumer affinity, operational infrastructure
and talent to accelerate performance and help further close
awareness gaps in key markets. We are confident that this will
ensure that future locations are well positioned to deliver a
strong return on investment.
Delivering WOW Hospitality
In Conclusion
We are committed to Delivering WOW Hospitality to every
guest on every visit. Hospitality has always been at the core of
the BJ   s experience, and we continue to believe it   s a critical
differentiator for us. As we move forward, our focus is on
ensuring that we have the right quality and quantity of team
members at the right times to create exceptional experiences
for our guests, both in-restaurant and for off-premise orders.
To achieve this, we are continuing to refine our AI-powered
forecasting and scheduling systems, which helps ensure that
we have the right number of team members in the right positions at the right times. We are also looking at ways to improve
the off-premise experience by removing friction points and
streamlining the end-to-end process, from order placement
through to fulfillment.
We are incredibly excited about the opportunities that lie
ahead for BJ   s. We have laid a strong foundation and have a
clear vision for the future. While we are early in our journey,
we are confident that the work we are doing today will
position BJ   s for long-term, profitable growth. We have
made meaningful strides across our key priorities, and we are
more focused than ever on delivering long-term value for
our shareholders.
Keeping our Atmosphere Fresh
The atmosphere of our restaurants is a key differentiator for
BJ   s, and we plan to continue investing in our physical footprint
and the ambiance of our locations. In 2025, we plan to remodel
up to 30 of our existing restaurants, building on the success of
our previous remodels. These updates will ensure that our
restaurants remain contemporary and inviting, offering an
experience that resonates with our guests. We are also focused
on optimizing our new restaurant pipeline, having recently
AS OF APRIL 10, 2025:
219 RESTAURANTS, 31 STATES
ALABAMA   2
ARIZONA   8
ARKANSAS    2
CALIFORNIA   59
COLORADO   6
CONNECTICUT   1
FLORIDA   22
ILLINOIS   1
INDIANA   7
KANSAS   1
KENTUCKY   3
LOUISIANA   3
MARYLAND   5
MASSACHUSETTS   2
MICHIGAN   5
NEVADA   7
NEW JERSEY   2
NEW MEXICO   2
NEW YORK   4
NORTH CAROLINA   3
OHIO   13
OKLAHOMA   4
OREGON   2
PENNSYLVANIA   4
RHODE ISLAND   1
SOUTH CAROLINA   1
TENNESSEE   1
TEXAS   37
VIRGINIA   6
WASHINGTON   4
WISCONSIN   1
In closing, we would like to express our appreciation and gratitude to every one of our team members who remain committed to making BJ   s the gold standard in the casual dining
industry. We also want to thank our guests, shareholders, and
other stakeholders for your continued support and confidence.
We remain deeply committed to our vision for BJ   s, and we will
continue to make thoughtful, strategic investments that
position us for continued success and create meaningful
shareholder value. We look forward to updating you on our
progress throughout 2025.
BJ   s Executive Leadership Team
April 10, 2025



 4/23/2025 Letter Continued (Full PDF)