J. Alexander’s Holdings, Inc. Reports Recent Trends and Steps Taken to Address the Coronavirus Outbreak

J. Alexander’s Holdings, Inc. (NYSE: JAX) (the Company), owner and operator of J. Alexander’s, Redlands Grill, Stoney River Steakhouse and Grill and other restaurants, today reported same store sales changes for a portion of the first quarter of fiscal 2020 as well as certain measures that have been taken in response to the novel coronavirus outbreak (COVID-19).

Q1 2020 Sales

Same store sales⁽¹⁾ increase (decrease) for the first 12 weeks of fiscal 2020 are estimated as follows:

		January		February		March*
		(4 weeks)		(4 weeks)		(4 weeks)
J. Alexander’s/Grills restaurants		+3.0%		+1.3%		(24.8%)
Stoney River Steakhouse and Grill restaurants		+0.5%		(3.1%)		(25.6%)
* Note that the Company’s first quarter of fiscal 2020 ends on March 29, 2020.

Like other full-service, casual dining operators across the United States, the Company’s restaurants in various markets were required to either close their dining rooms or substantially reduce their occupancy capacity beginning March 16, 2020. Over the course of the following week, all but one of the Company’s 47 restaurants were ultimately mandated to close their dining rooms and, effective March 22, 2020, 45 of the Company’s restaurants have converted their guest service model to a carry-out platform. The Company’s Lyndhurst Grill restaurant has temporarily closed due to traffic limitations unique to that specific location. Management anticipates that average weekly sales under the modified carry-out model will total approximately 10%-20% of the historical volumes and that margins associated with such sales will be reduced from historical levels as a percent of net sales.