Dallas / TX . (bi) Brinker International Inc., a recognized leader in casual dining, reported financial results for the third quarter ended March 27, 2024.
Third Quarter Fiscal 2024 Financial Highlights
Company sales were USD 1,108.9 million in the third quarter of fiscal 2024 compared to USD 1,072.9 million in the third quarter of fiscal 2023. Comparable restaurant sales increased 3.3 percent, with an increase in comparable restaurant sales of 3.5 percent for Chili’s and 1.7 percent for Maggiano’s. The comparable restaurant sales increase at Chili’s was primarily due to increased menu pricing and favorable dine-in traffic. The overall traffic decline of 1.8 percent includes a negative impact of approximately 2.5 percent from our strategic decision to de-emphasize virtual brands. Higher Company sales resulted in operating income margin increasing to 6.2 percent and restaurant operating margin (non-GAAP) increasing to 14.2 percent for the third quarter.
Net income and diluted net income per share were USD 48.7 million and USD 1.08, respectively, in the third quarter of fiscal 2024. Diluted net income per share, excluding special items (non-GAAP), was USD 1.24 in the third quarter of fiscal 2024, compared to USD 1.23 in the third quarter of fiscal 2023.
«Our strong third quarter results were driven by the continued progress on guest experience, team member experience, and traffic driving initiatives,» said Kevin Hochman, Chief Executive Officer and President of Brinker International. «Those initiatives are allowing us to significantly outperform the industry on sales and traffic as well as continue to improve our restaurant four wall economics.» For additional information please read the Company’s PDF file below (144 KB):
20240506-BRINKER-Q32024.