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Bj Brewhouse Gift Card Balance - Andrew Paul Wolff; Sr. VP & Sr. Research Analyst; CL King & Associates, Inc., David E. Tarantino Research Department; Director of Research & Senior Research Analyst. Robert W. Baird & Co. Incorporated, Research Division Jeffrey Andrew Bernstein; Director & Senior Equity Research Analyst. Barclays Bank PLC, Narses Sethyan Research Department;
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Bj Brewhouse Gift Card Balance
Senior VP of Equity Research & Senior Equity Analyst. Sharon Zakfia, Research Department, Wedbush Securities Inc. Customer Partner and Team Lead. William Blair & Company LLC, Research Division Todd Morrison Brooks; Senior Equity Analyst; The Benchmark Company, LLC, Research Division Hello, and BJ's Restaurants, Inc.
Welcome to the Q1 2020 Earnings Release and Conference Call. (Operator Instructions) Note that this event is logged. I would now like to turn the conference over to Greg Levin, CEO and President. Please proceed. Thank you, operator. Good evening, everyone, and welcome to the BJ's Restaurants Q1 2023 Investor Conference Call and Webcast.
I'm Greg Levin, CEO and President of BJ. Joining me on today's call is Tom Hudek, our Chief Financial Officer. Also on hand for Q&A is Chief Development Officer, Greg Linds. After the market closed today, we released our financial results for the first quarter of 2023 and you can view the full text of our earnings release at www.bjsrestaurants.com.
Question And Answer Session
Our agenda today will begin with Rana Schirmer, Director of SEC Reporting, providing our standard cautionary disclosure regarding forward-looking statements. I'll provide an update on our business and current initiatives, and then Tom Houdek will provide some commentary on the quarter and the current operating environment.
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After that, we'll open it up for questions. Rana, then, go ahead. Thanks, Greg. Our comments on today's conference call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or expectations to differ.
achievements. Any future results, performance or achievements of the Company may differ from those expressed in forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and should not place undue reliance on such statements. Our forward-looking statements speak only as of today's date, April 27, 2023. We undertake no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements as a result of new information.
events or otherwise, except as required by securities law. Investors are referred to a full discussion of the risks and uncertainties associated with forward-looking statements contained in the company's filings with the Securities and Exchange Commission. Greg? Thank you Rana. BJ's first quarter revenue was up 14% compared to a year ago.
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The first quarter results show visitors' affinity for the BJ's concept. We are unmatched in the industry with sophisticated casual positioning, broad menu with over $6 million in AUVs and growing, and focus on providing gold standard functional service and gracious hospitality to our guests every day.
Given these factors and our unwavering commitment to taking care of our guests, our first quarter comparable restaurant sales and traffic outperformed the industry as measured by Black Box. Our first quarter comparable restaurant sales increased 9% and our average weekly sales for the quarter increased to over $121,000.
Restaurant-level profit margins improved to 12.6% compared to 9.8% last year despite continued inflationary pressures. Our ability to grow our top line and capitalize on incremental sales is a testament to our restaurant management teams working well against our sales promotion and productivity initiatives while providing gold standard service to our guests.
The best way to continue to improve our margins is to increase top line sales. Every additional sales dollar earned impacts certain elements of our restaurants' cost structure and flows into profits at a higher rate. To that end, we continue to focus on various initiatives aimed at increasing top-line sales.
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All of these sales initiatives should begin with an emphasis on the guest and how to improve the guest dining experience at BJ's. We know from our customer research that guests come to BJ's for an experiential dining experience based on the brewery's theater environment.
Provide gold standard service and hospitality every day. At that point, we continue to work against our remodeling plan to maintain our competitive differentiation around the high-energy, polished casual setting and brewery theater environment. As you may recall, the renovation program included many potential improvements, including additional seating capacity and an updated bar statement, new lighting, artwork, boots and tables to name a few.
The new bar statement is stunning and includes a lighter, more modern bar with a new 130 inch TV showing the Brewhouse Theater to all guests. As we reported last quarter, we plan to renovate at least 30 restaurants this year, or about 15% of our base.
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From that date -- to date, in addition to the 9 renovations we completed last year, we have completed approximately half of the renovations planned for 2023, all of which are driving incremental sales for these restaurants. Our culinary and menu strategy is based on familiar items that have made the brewery great based on our guest research.
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Last year, we started experimenting with a small but expansive menu that focuses on these key known outrageous breweries. Based on the success of this trial, we plan to introduce this new menu in July. This new menu will have approximately 10% fewer items, allowing us to improve daily execution while reducing inventory and prep time in our kitchen.
It will also allow us to introduce future menu innovations while keeping our overall menu tight. Also, later this year, we are planning another experiment where additional items will be removed while still providing the variety of guests that BJ's is known for. From a menu pricing strategy, our goal is to maintain a better, better, better pricing strategy that allows guests to get the best value at all price points and enjoy more premium products if they choose.
At that point, we've maintained our daily brew specials, lunch menu, and happy hour prices to provide value options for all guests, while maintaining a premium price strategy with our beloved and varied proteins, including slow-roasted items like the double bone. in pork chop. Prime Rib and our new Atlantic Salmon for guests who want a more premium experience.
Delivering our sales promotion initiatives would not be possible without the commitment and passion of our talented team members. Over the past two years, we've added many new faces to the BJ family. Therefore, starting next month, we are implementing a number of promotional and optimization initiatives to improve our dining and kitchen areas.
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