BJ’s Restaurants (NASDAQ:BJRI) used its appearance at the ICR Conference to outline how management is working to improve operating consistency, sustain traffic momentum and set the stage for a potential return to unit growth.
Oppenheimer restaurant analyst Brian Bittner introduced the company as a polished casual dining brand with “brewhouse roots,” operating 219 units and approaching “impressive $6.5 million AUVs.” The discussion featured CEO Lyle Tick, who has led the company since June 2025 after joining in September 2024, and CFO Todd Wilson, who joined on Dec. 15.
Management’s focus: alignment, accountability and “table stakes” execution
Tick described those priorities as including:
- Team member experience: training initiatives, incentive alignment, and establishing values and behaviors to create a “winning culture.”
- Menu work: category management efforts, including a pizza refresh.
- Hospitality: a “wild hospitality” push that began with basic execution.
- Atmosphere: maintaining a “fresh atmosphere,” guided by whether changes make things “better or easier” for guests and team members.
He added that “sequencing” mattered, characterizing 2025 as a year focused on strengthening the foundation. From a service standpoint, he pointed to basics such as warm greetings, quick seating, timely drinks, hot food and thanking guests—areas he suggested were not being delivered consistently enough previously. That operational focus was supported by an outlier management program, simplification efforts, and reinforcement of the company’s value platform around the Pizookie Meal Deal.
Tick said the work has shown up in internal metrics, citing net promoter scores at “all-time highs,” team member retention at “all-time highs,” and improving value scores.
New CFO highlights traffic-driven momentum and cash generation
Wilson, in his first weeks as CFO, said he was attracted by “the business and the people.” On the business side, he pointed to AUVs above $6 million, same-store sales growth over the last five quarters through Q3 that he said was “traffic-driven,” improving margins, and a business that “produces a lot of cash.”
That cash generation, Wilson said, creates flexibility to invest, grow and return capital to shareholders, referencing the share buyback program in 2025. He also said he was impressed by the leadership team and board, and described his early focus as building structure within the finance organization while engaging more broadly with operations and leadership.
Traffic drivers: operational execution, value and social-led product innovation
Bittner noted the company has delivered five consecutive quarters of positive traffic and referenced management commentary that traffic was up about 3.5% in Q4. Tick attributed traffic gains primarily to better execution, improving guest scores (including intent to return and recommend), improved value perception, and rising team member retention—factors he framed as leading indicators that can compound over time.
Tick also discussed the role of the Pizookie Meal Deal as both a reason for existing guests to return and an “entry point into the brand” for new guests. He said the company has begun to better understand how to “pull those levers,” including limited-time offer (LTO) Pizookies that he described as “pieces of social currency.” He said the brand moved quickly on LTO Pizookies in the second half after reducing some everyday Pizookie offerings earlier in the year to create room for seasonal items.
Marketing support for these efforts has been heavily social, according to Tick, including influencer-driven “buzz” and word of mouth. He said a similar approach supported the company’s first menu category reinvention of pizza, another initiative he expects will reinforce perceived menu quality over time.
Tick emphasized that the company is not planning “whiz-bang new strategies” for 2026, but instead intends to continue building on foundational strategies while remaining agile. He gave examples of that agility, including pulling forward the Dubai Chocolate Pizookie into Q4 based on social timing and delaying a pizza initiative from September to November to address proofing performance for large pizzas.
Average check, mix and late-night growth
Bittner raised average check as a headwind to same-store sales, citing value-oriented mix from the Pizookie Meal Deal and broader industry pressure from lower alcohol mix. Tick said he did expect opportunities over time but questioned whether the check dynamic should be viewed as a negative in context.
He said weekday Pizookie Meal Deal checks are “quite healthy,” while late-night has seen “outsized growth” with a smaller absolute check. Tick also said seasonal Pizookies have driven trial among younger cohorts, such as “high school and young college,” and that while those checks may be smaller, Pizookies carry “pretty good” margins and can introduce guests the brand wants to attract.
Margins and the path back to growth investment
On margin improvement, Tick credited “the hard work of running good restaurants,” including clearer KPIs and greater accountability through district managers and general managers. He said the company implemented a robust outlier program designed to lift underperforming restaurants across metrics such as waste and overtime.
Tick also highlighted simplification work after identifying that roughly a third of food and beverage comps were tied to items rung in or prepared incorrectly. He said the company changed how margaritas were rung in, which reduced food and beverage comps on margaritas by 25%, and made similar changes for burgers and kitchen display system (KDS) workflows to improve ticket coordination, reduce guest issues, and support faster table turns.
Tick said there is “more to go” on efficiency, though he does not expect improvements at the same magnitude as the prior year. Longer term, he said more leverage should come through sales and traffic growth.
On capital allocation, Tick said the company can largely fund strategic initiatives through internally generated cash. He noted 2025 included higher share repurchases than in prior years through what he described as a structured program established by a previous executive, executed when management believes the market is undervaluing the stock. He also pointed to remodel spending and capitalized repair and maintenance investment to ensure restaurants have the tools needed to meet expectations.
Over time, Tick said he expects more capital to shift toward “growth-driving capital” and less toward repurchases as the company moves into new unit growth and the stock becomes less volatile.
Looking ahead, Tick reiterated that investors have been seeking more consistency, and said management is taking a longer-term view to build a “more consistent and durable” BJ’s that can later support renewed unit growth.
About BJ’s Restaurants (NASDAQ:BJRI)
BJ’s Restaurants, Inc is a publicly traded casual dining chain known for its deep‐dish pizzas, California‐style thin crust offerings and in‐house craft beer selections. Operating under the BJ’s Restaurant & Brewhouse brand, the company combines a microbrewery concept with full‐service dining, offering an extensive menu that includes appetizers, salads, pasta dishes, sandwiches and the signature Pizookie dessert.
Founded in 1978 in Orange County, California, BJ’s Restaurants began as BJ’s Chicago Pizzeria, bringing a Chicago‐style pizza experience to the West Coast.
