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Chili's parent Brinker misses profit expectations, but beats on revenue and same-store sales

Brinker International Inc. (EAT) reported Wednesday fiscal third-quarter profit that missed expectations, citing "challenging" commodity and labor cycles, while same-store sales and revenue grew more than forecast. The restaurant chain company's stock was still inactive in premarket trading. Net income rose to $36.6 million, or 81 cents a share, from $33.9 million, or 73 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 92 cents missed the FactSet consensus of $1.02. Revenue rose 18.3% to $980.4 million, above the FactSet consensus of $978.1 million. Same-store sales rose 13.5%, beating the FactSet consensus of 11.2%, as same-store sales for Chili's rose 10.3% and for Maggiano's grew 50.5%. For fiscal 2022, the company expects adjusted EPS of $3.05 to $3.30, below the FactSet consensus of $3.48, and revenue of $3.75 billion to $3.85 billion, surrounding expectations of $3.80 billion. The stock has gained 7.8% year to date, while the S&P 500 has dropped 12.4%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

05-04-22 0705ET

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