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Yahoo
4 days ago
- Business
- Yahoo
BJ's Restaurants appoints CEO
This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. BJ's Restaurants has promoted Lyle D. Tick to CEO and president, effective Thursday, the company said in a press release. In addition, the company's CFO, Thomas A. Houdek, will resign from his post on June 20. Tick, current president and chief concept officer, will succeed interim CEO C. Bradford Richmond, who will become special advisor to the CEO during Tick's transition. Richmond will remain a member of the board of directors. Tick joined BJ's Restaurants in September 2024, after serving as president and CEO at On the Border Mexican Grill & Cantina. He has played a key role in creating BJ's strategic vision, that is focused on the employee experience, menu and improved hospitality. BJ's Restaurants, which posted 1.7% same-store sales growth in Q1, has been without a permanent CEO since Gregory S. Levin stepped down from the role in late August. Levin was with the company for 19 years and became CEO in 2021. William Blair analyst Sharon Zackfia said Tick's promotion was 'unsurprising' and 'largely expected.' Tick has experience turning a brand around and driving sales. For roughly five years as brand president at Buffalo Wild Wings, Tick led a revitalization effort that included 'a return to its sport bar legacy, an updated design, and a revamped menu alongside the launch of the smaller delivery/takeout concept Buffalo Wild Wings GO,' Zackfia said. In the months since joining BJ's, Tick already has made a big impression. 'As President and Chief Concept Officer, Lyle has quickly re-focused the Company's core sales and profit-driving initiatives to further differentiate our concept while capturing opportunities to reduce operational complexity,' Lea Anne S. Ottinger, BJ's board chair, said in a statement. 'We are confident that under his leadership, BJ's will continue to drive sustainable growth and create long-term shareholder value.' The company's ongoing strategy to drive sales includes menu innovation, like its Pizookie Meal Deal, Tick said in the company's Q1 2025 earnings release. That item improved the chain's value proposition, he said during an earnings call. A Pizookie Platter, which combined four regular sized Pizookie's into one treat, gained significant play on social media, generating 57 million organic social impressions. The chain sold more than 24,000 platters, Tick said. Menu innovation contributed to a 2.7% traffic bump during the quarter. The chain also has been working on improving team member experience, such as updating its point-of-sales and kitchen display systems that can help employees input menu items, boost accuracy and speed of service. This has helped reduce comping of food and beverages by 13% year over year, Tick said. Recommended Reading BJ's Restaurants CEO, president Gregory Levin steps down
Yahoo
7 days ago
- Business
- Yahoo
Freddy's to open first Canadian restaurant
This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Freddy's Frozen Custard & Steakburgers will open its first international location in Winnipeg, Canada, on Tuesday, according to a press release emailed to Restaurant Dive. The fast-growing burger brand is developing its Canadian footprint through a master franchise agreement with North 49 Frozen Custard and Steakburgers, and the first unit has been in the works for some time. Freddy's has grown rapidly since its 2021 acquisition by Thompson Street Capital, according to its franchise disclosure document. In 2022, the brand said it was targeting a total unit count of about 1,000. At the start of 2022, the chain had 421 total units. At the beginning of this year it had 550, with a net growth of 33 units in 2024 alone, according to the FDD. It expects to open another 70 units within the next fiscal year, per the FDD. The chain's franchisee units have an average unit volume of almost $1.9 million. It outperforms national chains like Burger King, which had a franchised AUV of about $1.7 million in 2024, according to its FDD. In August 2024, the chain opened a new training and support center in Kansas, dedicated to preparing managers and franchisees for further expansion of the brand. The Canadian development is in keeping with that overall strategy and comes at a moment of relative strength for U.S. fast casual brands, which have tended to outperform QSR and casual dining in recent years Recommended Reading Freddy's Frozen Custard & Steakburgers launches training facility to support growth Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Jack in the Box promotes permanent CFO
This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Jack in the Box has promoted Dawn Hooper to chief financial officer, the company announced Thursday. Hooper served as the company's interim principal financial officer since October 2024, and filled that role for two other periods between 2020 and 2021 and again in 2023, according to a press release. Lance Tucker, who was promoted to CEO earlier this year, was the previous CFO. Jack in the Box has struggled in recent quarters with frequent same-store sales declines at the burger brand and at sister chain Del Taco. These performance problems are pushing the chain to accelerate the closure of underperforming stores and to contemplate a sale of Del Taco. Given the sales declines facing Jack in the Box, Hooper will have to deal with significant challenges as permanent CFO. When Tucker was promoted to CEO earlier this year, he said the chain had to make capital allocation, cash flow acceleration and refranchising stores its fiscal priorities. Hooper, who has been with Jack in the Box for 25 years, said in a statement that the company was at a pivotal moment, but that it had strong fundamentals. 'My focus will be on improving long-term financial performance, streamlining our business model, and positioning the company for sustainable growth in the years ahead,' Hooper said. Tucker, in the same press release, expressed his confidence in Hooper. 'I've had the privilege of working with her throughout my tenure at the Company, including during my time as CFO from 2018 to 2020, when her guidance and partnership were invaluable. She has been instrumental in supporting the company through periods of transformation,' Tucker said. In response to the sales challenges, Jack in the Box announced a 'Jack on Track' turnaround initiative, which includes a reduction in spending on new company-owned units and a greater investment in tech and digital engagement, including the installation of ordering kiosks at 1,500 restaurants. Jack in the Box has also tried to keep abreast of QSR value trends, with offerings like its Munchies Under $4 program and its Nashville Hot Chicken LTO. Del Taco has followed in Taco Bell's footsteps on value in recent months, with new combo boxes. Jack in the Box did manage to grow its same-store sales by 0.4% in fiscal Q1, which ended on January 19, though Del Taco's sales also fell. Despite anemic sales growth and occasional drops in same-store sales, Jack in the Box has continued signing new franchise agreements that would bring its brand to new markets. Recommended Reading Jack in the Box will shutter up to 200 stores, mulls Del Taco sale Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Yoshinoya America hires Better Buzz Coffee exec as president
This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Yoshinoya America is hiring Paul Nishiyama as president, effective June 1, the company announced Wednesday. In the U.S., Yoshinoya has about 100 units, located in California. Outside the country, the Tokyo-based brand has over 2,000 restaurants. Nishiyama will join the chain from Better Buzz Coffee, where he served as chief operating officer. Previously, he held various positions at Rubio's during a five-year stint with the company, where he rose to COO, according to his LinkedIn profile. He left Rubio's about a year and a half before the chain filed for Chapter 11 bankruptcy protections. Nishiyama joins Yoshinoya with 'a successful track record of sustained growth, improved profitability, and a commitment to quality,' according to the press release. Yoshinoya has struggled to generate growth momentum in recent years, according to its Franchise Disclosure Document. The brand, which does not disclose information relating to unit economics in its FDD, saw its total number of units fall from 106 at the start of 2021 to 100 at the start of 2024. Last year, the brand appointed a new CEO for America, Glenn Lunde. Despite sluggish post-COVID growth, Yoshionya likely faces relatively favorable market conditions in the U.S. The brand's menu, which is anchored by Gyudon Beef Bowls, fits within broader fast casual trend toward bowl-based meals. A similarly bowl-heavy menu has helped Cava outperform expectations. At the same time, the National Restaurant Association predicted 2025 would be a strong year for Asian concepts, though the NRA said that Japanese concepts have already achieved significant market penetration in the U.S. Asian brands, whether headquartered in the U.S. or abroad, have seen strong signs of recent growth. Yoshinoya may be able to capitalize on these trends and expand its U.S. presence. Recommended Reading NRA predicts a big year for Korean, Vietnamese and Filipino flavors Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Chicken Salad Chick hits 300 restaurants
This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Chicken Salad Chick opened its 300th location in April, a major milestone for the growing fast casual brand, according to a press release issued this week. The brand also signed 35 additional franchising deals in Q1, its most in any quarter, according to the press release. The brand cited strong unit economics as drivers of franchisee recruitment and construction. Average ticket, according to the release, is up. Chicken Salad Chick attributed this to the brand's unique positioning: the brand acquired Piece of Cake in late 2023, allowing it to expand its dessert menu. This offering could be driving check growth through attachment. Chicken Salad Chicken's unit count grew 13% in the last year, according to the press release, and its AUV for franchise stores hit $1.48 million in 2024, according to its Franchise Disclosure Document. That's an increase of about $75,000 compared to 2023's AUV, according to that year's FDD, equivalent to a 5% bump in same-store sales. This performance is driving increased franchisee interest, said Mark Verges, vice president of franchise development at the chain. Fast casual generally has performed well in the last couple years, as fast food's price advantage has eroded. The sector's overperformance relative to the industry pushed some of its leaders to speed up their growth plans late last year, with Shake Shack, Wingstop and Chipotle all boosting expansion. Cava recently increased its growth projections following strong same-store sales growth. The chicken salad brand is targeting development in Pennsylvania, Ohio, Minnesota, Iowa, Wisconsin, Michigan, Illinois and West Virginia, according to the press release. Recommended Reading Chicken Salad Chick signs 5 franchise agreements across the Midwest
