Dallas / TX . (bi) Brinker International Inc., a recognized leader in casual dining, announced its financial results for the third quarter ended March 29, 2023.
Third Quarter Fiscal 2023 Financial Highlights
Brinker International reported net income per diluted share of USD 1.12, in the third quarter of fiscal 2023, a 38 percent increase compared to the third quarter of fiscal 2022. Net income per diluted share, excluding special items (non-GAAP), was USD 1.23 in the third quarter of fiscal 2023, a 33.7 percent increase compared to the third quarter of fiscal 2022. Our results for the third quarter of fiscal 2023 were driven by an increase in company sales as well as improved food, beverage, and labor costs. Chili’s comparable restaurant sales were 9.6 percent and Maggiano’s were 21.6 percent resulting in a 10.8 percent increase for Brinker. Comparable restaurant sales improved due to menu pricing and favorable item mix. These operational improvements resulted in operating income margin increasing to 5.9 percent and restaurant operating margin (non-GAAP) increasing to 13.4 percent for the third quarter. Chili’s initiated an updated marketing strategy focused on TV, digital, and social media advertising and continued to improve the guest experience by strengthening investments in restaurant facilities and labor.
«We are pleased to report quarterly operating performance for Brinker International that represents a nice step forward for our strategy, enabling us to make needed investments into the business, translating into an improved guest experience,» said Kevin Hochman, Chief Executive Officer and President. «In the quarter, we also reengaged our Guests with a broader Chili’s marketing campaign including TV, digital and social media. The campaign was well received by our Guests and is clearly a sales lever we can use to drive future results.» For additional information please read the Company’s PDF file below (98 KB):20230505-BRINKER-Q3-2023