- BJ's restaurants (NASDAQ: BJRI) stock fell -2.73% post-market although the company beat EPS and revenue expectations for its second quarter.
- In June the company reached pre-COVID levels of sales after failing to meet 2019 marks in the first two months of the quarter. "Reflecting the improved operating environment, we finished the quarter with comparable restaurant sales down approximately 6% compared to the same period in 2019," commented CEO Greg Trojan who will retire in September.
- Other restaurant stocks, such as Chipotle (CMG +1.6%), jumped earlier this week after posting much better-than-expected earnings and investors were expecting a similar result from BJ's restaurants.
- California removed all dining restrictions in Mid-July, where BJ's operates 29% of its restaurants.
- Competitor Texas Roadhouse saw its share price drop -8.75% post-market after reporting earnings and high commodity cost inflation concerns.