Gregory S. Levin
right. Greg. Thanks, All
which, benefit let our quarter, accounting the amounted we and of into netted when changes all through tax the of to earnings details the the Before go about to benefit effects a share. $X.XX the per get out, quarterly me
As we the on noted to up us other press which our in for card to Standards our we we Update consolidated financial breakage income today's change XXXX-XX, and revenue. way required Accounting us loyalty adopted from our reclassify required program, into release, account statements gift income
those deferred loyalty we the of until redeemed of future. $X.X ASU result revenues points a As are million XXXX-XX, in
$XXX,XXX recorded XXXX, in for on our gift recorded revenue historically in card approximately other income We of also statement. which is breakage QX financial
expense line. for our in XXXX is this per on recorded This negative quarter comparable Standard net not in other the the As to up net change line way year roughly the the XXXX first of of last accounting we difference income impact in to breakage a our now $X.XX card other calculate an Update in see All-in, a recorded of our restaurant income $XXX,XXX income of of quarter first of $XXX,XXX it compared share. sales. was such, diluted result versus the last new you'll where income that effect That did is quarter. statement year's standard revenues gift Accounting income shows being first income
sales is our standard restaurant we at one on XXXX So, always release with have a There consistent sales. the in of new restaurant our X.X% press comparable our reconciliation this quarter results. comparable full the calculated impact of is way accounting
Now, the from our benefit impacted revenue excess stock accounting in an standard new today's tax recognition option press tax release, noted we besides by XXXX exercises. was rate as significantly QX
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these by per I positively two impacted as earnings mentioned, our diluted So, share. quarterly items about $X.XX
a from Aside strong accounting items, we quarter. two very had these
as and sales million, mentioned, Trojan average Greg check driven rise our X% prior total which quarter, was revenues comparable X.X%, with restaurant by positive rates. the Our pretty falling by a at X% was pacing throughout strongest With our driven in guest on with restaurant and increased positive negatively the increase weekend. trend Easter restaurant month, traffic X.X% the And, and in quarter the to comparable From data being to by reported basis impacted in Easter increase as a of incidence last we growth weeks. our traffic Black Box. a perspective, the improved XX points, monthly by sales and X.X% $XXX.X were March consistent comparable positive traffic approximately operating of sales is weekend Knapp-Track
workers' and to XX top year's the pricing, combination commodity seafood as a our restaurant basis as quarterly a on year quarter. less a basis of first was than of points our Labor discounting ago, quarter sales costs, sales. Greg down reflects strong from XX.X%, was performance, the due compared menu below percent produce. XX first line, compensation last decline points year ago rose to compensation in cost a compared higher anticipated The for incentive dairy, higher based to of Trojan which Looking XX.X% cost and lower primarily mentioned and of
basis operating restaurant occupancy hourly sales restaurant XX basis of comparable decline X%. a from points cost despite in hourly sales our from quarter, Operating XX first also quarter of last Included which gain XX.X% in sales. the wages for as revenues, labor the strong percent to to However, $X.X and decreased and marketing increase our drove approximately of leverage in million an average around QX occupancy points a reflecting is costs growth. equates comparable year's spend, operating of X.X%
administrative of and and million General insurance. liability year. general decreased expectations and property higher to XX restaurant $XX,XXX $XX.X Excluding This which marketing, due operating to averaged and quarter and were our fees occupancy the our primarily the of for sales, points compared week, to same by first $XXX basis to increase about up per operating approximately year. is expenses is last compared costs delivery last quarter within X.X%
In capital terms plan will Total of continue range quarter first million, $XX opportunistically expansion repurchasing use in execute to the flow capital expenditures gross approximately expect fiscal was capital $XX.X for to $XX from allocation, while expenditures we our strong for shares. of cash to we the our million. continued to be and million XXXX operations
to During Since stock. have the $X.X approximately in first for share repurchase million purchase our authorization X.X and initial XXXX, the million. quarter, shares stock approximately XXX,XXX retired of we shares $XXX million approximately our we common allocated of of of April BJ's program repurchased
of the under first end of authorization. quarter, our As $XX repurchase approximately available current had the share we million
on which $XXX the credit, in ended million first $X.X our million to our cash to liquidity, $XXX.X With approximately is with line debt regard November quarterly $XX.X until of cash during quarter, of approximately we effect we of through Additionally million XXXX. returned and dividend. funded shareholders million the quarter
open of minutes specifically, of a fiscal me some on quarter. the call the Now second outlook before questions, to couple commentary for we spend XXXX, up providing our the let remainder and
All is risks commentary of associated forward-looking with with Exchange subject discussed this in filings and statements our to Securities Commission. and the as uncertainties the
the his our with continue noted implemented sales guests. resonate Trojan in Greg in comments, well we XXXX As to initiatives
of quarter benefit comparable of some impact year, of Free into positive our to-date. and as last saw flipping Greg Therefore, Easter QX inclusive delivery of the sales this weekend regards restaurant QX. your those positive and and do around range. pretty recent building Easter we QX X% adjusting the you day, are With of operating X% are for to QX I standard from days comparable moving from for impact loyalty QX in large event, accounting weeks, year, is second course, for new February trending are Our in restaurant around And Day restaurant large the weeks revenues for mid higher strong for sales year revenue X. to marketing this the is total began mentioned. program new the second the again, our at pizza free Pizookie we as approximately to looking X% negatively This quarter models, slightly of to about the than million. expect by recognition for $X.X the This, X,XXX
impact QX from only of So, had two program. the new months
to quarter, XX% expect second commodities in range to to for labor, commodity basket in this Day up on menu still of to around in an Moving for for the to rest the Day some tend sales I Father's With slightly our to timeframe Right rest from of in as have Also, higher XXXX. XX% now, and have in year. graduations May, seen to the about June. in full of be I P&L, would and celebratory mix expect locked X.X% based cost is X%. low- year, we total regard the trend labor we around the of fiscal Mother's commodity from for mid-XX% QX's be the overall we on of This have items. the increase increase an
upper-XX% mid- Specifically expect I would labor the in in range. to be to QX,
to marketing targeting cost be second about as to and sales sales going sales quarter, and are highly the labor XX% and Please comparable a both correlated is of weekly remember operating $X for restaurant We spend. that's occupancy growth. percent operating that million and around include to and averages cost in occupancy
million $XX range XXXX to fiscal we million. the around expenses in total be as G&A expect for G&A $XX.X for quarter be the second $XX should Our million to
rate to some costs and should for restaurants new openings for that based second two be effective which annual pre-opening are to line that's items. costs discrete approximately restaurant should later in XX% pre-opening the this million be our Our the any the to less in expect be expected open with range, in our second more on $X planned plus XX% I tax quarter rate quarter year.
progress have while pleased done. the cost still reinvigorate in Our to in diluted months our with mention for top-line, more but past we be the shares based made And the remaining to be XX the managing will in I disciplined range and want over closing, XX efficiencies that low lot be a continue million quarter. to improving we on just outstanding strategies the there's to
be to our a to quality, dining highly predicated continues on casual guests. strategy delivering experience higher Our polished approachable,
We confident been and a efficiency, ensuring our sales driving new unique and creating innovative initiatives These offerings, coupled policies strong near- brand, the place growth we in guest and have BJ's our while growth. In to a and further formal improving industry to have market These prudent and with This will restaurant market our remarks. levels have our as We more traffic have combined our gold sustained remain the and as a our factors to concludes expansion on management continue in proposition long-term solid hospitality. established and outperform are and taking at productivity to long-term have measured trends, up appreciation success our driving share gain menu fundamental efficiency, proven and Operator, balanced success. further closing, capital and open value and core and terms strengths standard and a continue structure of plans value. to service capital operating financial of call share bottom for productivity of sales growth for casual for restaurant focus the our that long-term questions. fundamental formula approach line enabled allocation dining with initiatives the in capital we shareholder please foundation shareholders as a space. returned
