Shares of Huntington Beach-based BJ’s Restaurants Inc. closed up 17% Friday a day after the restaurant operator reported a profit that beat what Wall Street had expected.
BJ’s, which runs restaurants with breweries, pizza and other food, has a market value of about $325 million.
On Thursday, BJ’s reported a 39% drop in fourth-quarter profits including severance charges and costs to settle California employment practices lawsuits.
Excluding charges, the company’s $3.7 million quarterly profit beat Wall Street’s expectations of $2.8 million.
Revenue rose 17% to $99.3 million, just shy of the $99.6 million analysts expected on average.
Much of the company’s sales increase came from higher prices, according to Stifel Nicolaus & Co. analyst Steve West.
Sales at restaurants open at least a year fell 0.7%, a fairly good showing given the downturn that’s hit restaurants.
BJ’s opened three restaurants during the quarter and plans to nine to 11 this year, making it one of a select group of operators to expand during the recession.
The company now runs 82 restaurants.
