Market Updates
Chili's Parent Brinker International Fiscal Q4 Net Drops 47%
Scott Peters
24 Aug, 2022
New York City
Brinker International, Inc declined 4.0% to $29.12 after the restaurant chain operator struggled with rising food and labor costs and struggled to build sales momentum.
Total revenues in the fourth quarter ending in June increased 12.9% to $1.02 billion but company sales declined 3.5% to $987 million.
Net income in the fiscal fourth quarter 2022 declined to $40 million or 90 cents from $75 million or $1.58 a share a year ago.
Restaurant operating margin, as a percentage of company sales, in the fourth quarter declined to 10.3% from 16.9% a year ago.
Comparable restaurant sales growth across the company declined to 3.1% from 12.3% a year ago.
Same restaurant sales at Chili's fell to 0.3% from 8.6% a year ago and at Maggiano's declined to 30.1% from 53% a year ago.
Weekly sales at Chili's and Maggiano's are running ahead of the pre-pandemic levels in 2020.
The restaurant chain operator guided fiscal 2023 sales in the range between $3.9 billion and $4.0 billion and diluted earnings per share excluding specific items in the range between $2.45 and $2.85.
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