Thanks, me. Greg. Excuse
XXXX-XX asset remind our XXXX, QX corresponding details, liability. we the everyone and get with Before Standards value me Update to present to you the we adopted fiscal with right us a as the on the topic that put requires balance use lease accounting of payments to our let know Accounting sheet the leases for as quarterly that at beginning of lease
the amortizing to of million This requires to and gains $X.X Overall, were leases accounting again, new restaurant cumulative our and earnings we to approximately us this by the lease annually. expenses, the is non-cash existing an that standard costs occupancy a operating this million over leaseback sale adjustment accounting in term of level $XX operating new one-time prior accounting about standard make update. costs increased also occupancy of retained primarily
accounting and fourth XX $X.XX margin for for approximately $XXX,XXX by standard by quarter, reduced per points, earnings or restaurant fourth new specifically the So, share our level quarter. impacted the the basis
quarter, we fourth the completed are for during opened sale-leaseback in XXXX. that two transactions restaurants Additionally,
new lease gain occurred period the rather the amortize Under the terms. the in new lease recorded on are gain accounting these which the in now transactions over than rules,
for million quarter, recently $X.X open gain the first recognized BJ's pretax sale-leaseback the during such of restaurants. two As these of a we
by gain of per quarter. basis impact the today’s included reconciliation This margins operating in standards A points is accounting and press release. lease new for the $X.XX the year for approximately quarter benefited of share the earnings full and XXX full our by both
our increase X.X% in weeks a million, total average a increase X% X.X% and sales. fourth to increased operating regards by revenues quarter, weekly to driven $XXX.X our In in
Our which is X.X% line also comparable up restaurant sales. with sales our weekly were in average
July, last for soften improvement to began in the which but sales quarter. show restaurant comparable our behind lag comps QX, total California Our still
cost quarter, top last below costs. Looking and compared which the line, higher lower points by menu year’s by and meat was our driven costs, primarily was was XX.X%, fourth this produce pricing to XX offset of lower dairy basis sales
fourth XX.X% we’ve ago wage year growth by XXXX. rose offset a improved taxes from state average labor consistent quarter increase in QX was experienced which higher to this Labor, and XXX single-digits, continued mid for basis with in in Hourly partially an points the unemployment what hourly wages and is throughout the due productivity.
costs. facilities million primarily equates in costs year’s fourth higher the points quarter. is Operating the and quarter. that four the related of new basis last of with increased was balance of increase related that was XX.X% to to year’s pretty lease XX included and about basis sales to spent, $X.X and X.X% and last to marketing accounting of occupancy consistent It’s reviewed occupancy XX points costs earlier operating I from
Our restaurant general million expectations slightly reduced of and support administrative centre compensation. expenses we below our our incentive was $XX.X as
expected quarter the in was approximately by income transactions. sale-leaseback from than Our tax which our rate was X%, the driven higher fourth and
of we repurchasing expansion dividends. to use execute capital cash to business, terms opportunistically paying from In shares our plan our flow allocation, and our while continue and operations strong in invest
a opening to national our our million X.X cash and EBITDA $XX.X invest in fiscal in with shares million. solid $XXX the of X We our common in nearly this restaurant for successful million of restaurants of and flow generated to We XXXX. expansion existing continue opportunistically stock total adjusted repurchased used
dividend, X% October also increased million We we $XX.X cash XXXX. for our returned quarterly our by shareholders in to which
With trailing of ended million debt $XXX line EBITDA modest million $XX.X funded funded of net on this cash year fiscal million and at leverage We credit. adjusted remains with approximately our million, our X.X $XXX of times. last XX-month $XXX
providing me before the Now XXXX. of to we for a minutes, couple fiscal up questions, open some call let commentary spend
is discussed in SEC. subject with commentary this to the filings statements as All risks of forward-looking associated and the uncertainties our
improve remains as noted fiscal restaurant a little XXXX X weeks of trends QX though to moment X.X%. in California XXXX. the in faster a ago, are up California from comparable sales Our I continue
With expect XX% regard second about range. sales in to approximately to mid XX% be restaurant to operating fiscal weeks, XXXX And our year. QX. cost weeks We’ve this of low I in commodities in for locked X,XXX of would current the
However, our contracts. meats most certain of items as and on such produce monthly are
those have progresses. the So updates trends we’ll as on year
expect Specifically for QX, be XX% in low cost I range. sales would of the to
With regards absorb minimum states. Minimum wage California other to from to another as labor, increase as we the pressures well Wage
X% on from the the restaurant and positions both we business latest for the wages, managers. year upward wages and pressures another pressure Aside management across minimum also trends anticipating range. in the state wage on Based expect hourly hourly and of
today, quarter range. and that Please as be percent XX% our costs past, to the to expect the in of on the I highest are as remember labor sales we labor year. sales see reach some a For payroll benefits XX% where each the which upper in based taxes later we state the year, or until of quarter and year in many beginning primarily higher the to occur the caps and of that at of in limits due first lasts each of
a Of a sales sales of percentage correlated factors. to impacted is averages, labor as by be sales and these will weekly restaurant percentage comparable labor growth of course, highly for as sales
to the XXXX XX%. to targeting in XX% and upper We’re costs to total around occupancy operating be mid
and occupancy approximately And marketing with be consistent the total is spend. level to will for Additionally spend of X% costs pretty included marketing of operating X.X% in XXXX. that fiscal
range. highly comparable occupancy growth. weekly and and operating averages costs For to like would sales XX% to expect QX, I operating is costs correlated a sales mid labor, and And occupancy in percentage be as the restaurant sales of
our to XXXX. compensation of G&A be incentive $X XXX% In around Centre incentive million. budgeted million incentive Support assumes approximately was a $X total compensation or Center This Support in corporate as compensation. million would expect XXXX, it We we $XX Support call to compared Centre XXX% around
Therefore, excluding last compensation to $XX to or compared incentive that apples-to-apples compensation, our center XXXX will taking $XX and Again, G&A incentive approximately both approximately for to million year. X.X% controllable million increase comparisons. is give support an XXXX out
excluding G&A, our national As we’ve said many the compensation is times, the we leverage incentive controllable our that goal as is to continue G&A our expansion.
we’ll be goal For for two this behind coming reasons. year, that main slightly
implementation arrangement. fiscal year, A, have this cloud adopt incurred Standards we which with in deals our computing Accounting beginning XXXX-XX, First, to Update with costs accounting a for
Accounting or Update Without capital boring our of new human the the G&A system amortize everyone instead with in details, amortization. in require to costs implementation of depreciation management us Standards the
this this G&A. in So will a year be cost new
personnel Second, costs. we beer including related costs other will our incur subscription to club, and
quarter, upper first For to to be the would I G&A in the million expect mid range. $XX
for a in should and the on end expenses openings first First X half year. the after $X based at costs QX, million openings of quarter restaurant restaurant this in of X be preopening range more
fiscal I rate our in X% rate be discrete items. significant range million be range. to excluding our for will $XX diluted with of XXXX XXXX, anticipate shares the tax around our in compares expect any This outstanding X.X%. We
and system productivity to Our and XXXX the be X initiatives may expenditures, or scored that’s we should capital of growth the sale-leaseback before what to kind of CapEx other maintenance, new improvement development million and this of for restaurants, allowances a capital human new receive. proceeds, in sales million XX $XX $XX any and is management range our
flow BJ's from growth our continue and a generates restaurant comp remains and sheet proceeds. and plan proven line funding of strong from enabling us and growth solid balance our balance landlord closing, credit, sale-leaseback new anticipate maintains XXXX cash cash operations, long-term on In allowances concept capital free the flow flexible a the We expenditure sheet, robust that to executing our opportunity. cash,
are market strategically on take industry and As we share share. to taking the discussed continue and are set peer our we consistently the call, positioned to within outperforming
restaurant our disciplined and and levels confident shareholder start for growth to initiatives growth with we continues balanced guest drive formula be of our of As we a of management financial long-term extraordinary to remain efficiency to approach sales, sustained new XXXX, the value. proven a structure that and capital appreciation combined satisfaction, productivity
our Operator, the concludes formal up call to remarks. That open please questions.
