Shares of Huntington Beach-based BJ’s Restaurants Inc. were down about 18% in midday trading Friday, a day after the restaurant operator reported lower-than-expected, third-quarter profit and revenue.
BJ's operates a chain of 127 restaurants, mostly in California, known for its deep-dish pizzas.
Shares were trading at about $32 for a market value of $911 million.
BJ’s reported revenue for the quarter ended Oct. 2 of $175.2 million, up 16% from a year earlier.
Analysts on average expected revenue of $178.2 million.
The restaurant operator reported net income of $6.8 million, up 8% from a year earlier.
Wall Street analysts expected income of $7.9 million for the quarter.
BJ’s same-store sales rose 2.3% during the quarter.
The company opened four restaurants during the quarter and has so far opened two restaurants in the current quarter. BJ’s is on track to open three more restaurants before Thanksgiving, which would bring its total number of new locations for the year to 16.
Plans call for as many as 17 new restaurants next year.
BJ’s did not provide guidance for the current quarter.
Analysts on average expect a profit of $9.9 million on revenue of $186 million.