BJ's Restaurants (NASDAQ:BJRI) presented this week at a retail/restaurant conference and I wanted to provide an update on the story since it has sold off over 10% since I recently gave an overview of the business. The major piece of the call was declining comps due to cannibalization of older locations. Though analysts focused mostly on this issue, there were some positives from the call including progress on company-wide initiatives and success in the smaller concept stores. Here's an update from the presentation...
Company is Seeing Cannibalization of Older Locations
The biggest negative from the presentation was the magnitude of cannibalization seen at older locations as the company continues to cluster new locations closer to the older ones....
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