Brinker International: Reports Q1 Of Fiscal 2023 Results

Dallas / TX . (bi) Brinker International Inc., a recognized leader in casual dining, announced results for the first quarter of fiscal 2023 ended September 28, 2022. «I’m encouraged by our quick progress to grow topline sales and simplify operations,» said Chief Executive Officer and President Kevin Hochman. «And now that we’ve defined our key areas of focus, we are moving quickly to execute strategies designed to strengthen our position in casual dining and grow our core business over time.» Fiscal 2023 highlights:

  • Brinker International reported Company sales of USD 946.1 million in the first quarter of fiscal 2023 as compared to USD 865.6 million in the first quarter of fiscal 2022.
  • Operating loss in the first quarter of fiscal 2023 was USD 19.8 million as compared to Operating income of USD 25.6 million in the first quarter of fiscal 2022. Operating loss, as a percentage of Total revenues, in the first quarter of fiscal 2023 was 2.1 percent as compared to Operating income, as a percentage of Total revenues, of 2.9 percent in the first quarter of fiscal 2022. The primary driver of the operating loss in the first quarter was the significant increase in Food and beverage costs due mainly to chicken and beef pricing.
  • Restaurant operating margin, as a percentage of Company sales, in the first quarter of fiscal 2023 was 6.0 percent as compared to 11.0 percent in the first quarter of fiscal 2022. The decline in restaurant operating margin was primarily driven by commodity price inflation of approximately 24 percent as compared to the first quarter of fiscal 2022.
  • Net loss per diluted share, on a GAAP basis, in the first quarter of fiscal 2023 was USD 0.69 as compared to Net income per diluted share of USD 0.28 in the first quarter of fiscal 2022.
  • Net loss per diluted share, excluding special items, in the first quarter of fiscal 2023 was USD 0.57 as compared to Net income per diluted share of USD 0.34 in the first quarter of fiscal 2022.
  • Adjusted Ebitda in the first quarter of fiscal 2023 was USD 27.1 million as compared to USD 69.4 million in the first quarter of fiscal 2022.
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