What happened
Shares of BJ's Restaurants (BJRI 2.22%) fell on Friday, declining nearly 13% as of 1:26 p.m. EST.
The casual dining company's stock likely saw pressure because revenue in BJ's fourth quarter missed analysts' average forecast.
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So what
Total fourth-quarter revenue rose 3.8% year over year to $291.1 million. Analysts on average were expecting revenue of $292.3 million. Comparable-restaurant sales were up 0.4% year over year.
The company's adjusted earnings per share of $0.53, however, came in ahead of analysts' average estimate of $0.45.
"The strength of the BJ's concept and brand, our innovative sales driving and productivity initiatives, and the daily commitment of our team members drove another quarter and full year of positive comparable-restaurant sales, despite the strong prior-year comparable-restaurant sales results," said CEO Greg Trojan in the company's fourth-quarter earnings release.
Now what
Trojan said the company's relaunched catering menu, a new tri-tip sirloin, the introduction of $6 menu items for take-home orders, and the implementation of new systems aimed to improve the guest experience should help BJ's grow market share in the casual dining industry.
