BJ's Restaurants (BJRI) shares plummet 16.5% AH after the company announces preliminary FQ4 results that missed expectations by a mile.
Revenue for the quarter is seen at $199.8M (+8% Y/Y), below analyst expectations of $204.5M, on a comps decrease of 2.7% (2.3% drop in traffic and 0.4% reduction in average check due to higher promotional activity).
EPS is seen at $0.05-$0.07, vs. consensus of $0.16.
CEO Greg Trojan cited a "significant softening in comparable restaurant sales beginning in the middle of November [...] The softer than expected sales [...] coupled with increased marketing spend to drive guest traffic impacted our operating margins."
BJ's increased operating weeks by ~12% during 2013, and aims for another 12% increase in 2014 on the back of 15 new openings.