On Mar. 25 BJ's Restaurants Inc. (NASDAQ: BJRI) announced the opening of its newest restaurant in Little Rock, Arkansas.
The new BJ's Restaurant & Brewhouse is located at the Shackleford Crossing shopping center. The restaurant is approximately 8,500 square feet, seats approximately 280 guests.
This latest restaurant opening accentuated BJ’s positive fourth-quarter and full year financial report for the year ending Dec. 31, 2013.
Here's the breakdown:
Fourth Quarter 2013 Highlights:
- Total revenues increased 8.1% to $199.8 million
- Total restaurant operating weeks increased 12%
- Six new restaurants opened
- Comparable restaurant sales decreased 2.7%
- Net income and diluted net income per share were $0.5 million and $0.02, respectively
- Excluding the net impact of $1.8 million of certain charges, or $0.04 diluted net income per share (described below), non-GAAP adjusted net income and non-GAAP adjusted diluted net income per share were $1.7 million and $0.06, respectively.
Results for fourth quarter 2013 include pre-tax charges totaling approximately $3.9 million, or $0.11 diluted net income per share, related to a non-cash impairment charge for one of our restaurants, a Texas Alcoholic Beverage Commission settlement related to our beer model, the estimated cost to settle a California sales tax audit, and employee severance charges. These charges were partially offset by a tax benefit of approximately $2.1 million, or $0.07 diluted net income per share, resulting from lower than expected pre-tax earnings for the full year, and the above charges recorded in the fourth quarter.
Full-year 2013 Highlights:
- Total revenues increased 9.4% to $775.1 million
- Total restaurant operating weeks increased 12%
- 17 new restaurants opened
- Comparable restaurant sales decreased 1.1%
- Net income and diluted net income per share were $21.0 million and $0.73, respectively
On Mar. 26, BJRI's share price closed at $32.80, down 81 cents from its closing price of $33.61 the previous day.
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Pier 1 Imports Experiences Heavy Stock Volume
In other news, Pier 1 Imports Inc.'s (NYSE: PIR) stock volume soared Mar. 26, with 2,196,138 shares changing hands, significantly higher than its three-month average of 1,510,078 shares.
The uptick in volume could be due to the fact that for the first time in three months, retail sales increased on a month-over-month basis rather than decreasing, according to a Mar. 13 report released by the Commerce Department. Retail sales totaled $427.2 billion last month, an increase of 0.3 percent from January's figure, which the report downwardly revised to a 0.6 percent drop. Some industry experts contend this is just the beginning of a retail spring thaw that will see consumers opening their pocketbooks even wider to satisfy their pent-up desire to shop.
Hawaiian Expansion
Perhaps Pier 1 sees the same thing.
At a time when most retail chains are closing down stores, the Fort Worth, Texas-based retailer is expanding its presence in Hawaii by opening its seventh store on Oahu, according to Pacific Business News.
Once it opens the new store, the Fort Worth, Texas-based retailer will have a total of four stores on Oahu with two in Kailua and Perl City. It also has a store on Mai and the Big Island and plans to open a store in Kauai later this year.
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Analysts' Consensus
Shares of Pier 1 Imports have received an average recommendation of "Hold" from the 14 ratings firms that are covering the company, StockRatingsNetwork reports. Two analysts have rated the stock with a "sell" recommendation, three have assigned a "hold" recommendation and six have assigned a "buy" recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $18.49.
On Mar. 26, PIR's share price closed at $18.49, down 76 cents from its close of $19.25 the previous day, on volume of 924,564 shares.
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Concur Technologies Shares Continue to Lose Value
In the technology sector, Concur Technologies Inc.'s (NASDAQ: CNQR) stock volume soared Mar. 26, with 1,121,309 shares changing hands, substantially higher than its three-month average of 663,107 shares.
The uptick in volume comes at the same time Redmond, Wash-based expense management software company’s stock has been sliding downward. On Feb. 27, CNCQ share price was $127.99, while on Mar. 26, it share price closed at $98.42, down $1.91 from its closing price of $100.33 the previous day.
While there has been no positive or negative news about the company, its share value momentum continues to be moving downward.
Analysts Consensus
Of the 16 analysts that cover Concur, 6 recommend a "strong buy", 1 a "buy", 6 a "hold", 1 an "underperform" and 2 a "sell."
First Quarter Results
On Jan 29, Concur reported its fiscal 2014 results, which were positive.
The company reported total GAAP revenue for the first quarter of fiscal 2014 of $163.1 million. Excluding revenue from businesses that the company intends to divest, non-GAAP revenue for the first quarter of 2014 was $160.3 million, up 31% from the year-ago quarter and up 4% from the prior quarter. GAAP net loss attributable to Concur for the first quarter of fiscal 2014 was $24.2 million, or $0.43 per share. Fiscal 2014 first quarter non-GAAP pretax income was $12.4 million, or $0.21 per share.
"We kicked off fiscal 2014 with a strong first quarter in which we exceeded expectations for revenue, earnings, cash flow from operations and free cash flow. New customer growth remains very robust as more than 1,000 new customers joined the Concur family," said Steve Singh, Chairman and CEO of Concur, in a written statement
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