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J. Alexander’s Holdings, Inc. (NYSE: JAX) reported a significant impact from COVID-19, with 10 out of 46 locations closed for indoor dining due to renewed restrictions. November sales dropped to nearly 80% of 2019 levels, and a recent trend indicates further declines to 60-70%. The company initially estimated a cash flow positivity of $400,000-$450,000 per week but revised that outlook downward due to ongoing restrictions. As of December 13, 2020, cash on hand was approximately $8.9 million. Despite challenges, the company remains committed to maintaining its service quality and exploring off-premise sales opportunities.
J. Alexander's Holdings reported Q3 2020 results, showing a net loss of $1.76M compared to a net income of $771K in Q3 2019. Net sales fell to $46.23M, an 18.2% decrease. Average weekly same-store sales declined 18.1% for J. Alexander's and 18.2% for Stoney River compared to the previous year. Despite challenges, the company noted a recovery trend, with September and October sales averaging nearly 90% of 2019 levels. Liquidity remains stable with $17.18M cash on hand and a $10M loan repayment in October. Positive cash flow is expected for Q4 2020.
