Brinker International: Reports Q4 Of Fiscal 2022 Results

Dallas / TX . (bi) Brinker International Inc., a recognized leader in casual dining, announced results for the fourth quarter of fiscal 2022 ended June 29, 2022 and provided a financial outlook for fiscal 2023. «During my first sixty days I’ve spent considerable time in restaurants with our operators, exchanging ideas on how to make our operations more efficient, improve the guest experience, and grow the core business,» said Kevin Hochman, Chief Executive Officer and President of Brinker International. «We’re making quick interventions to better offset the tough inflationary headwinds and build sales momentum in the near term, as we work to meaningfully improve our four-wall economics and better position our business for long term sustainable and profitable growth.»

Fiscal 2022 Highlights – Fourth Quarter

  • Brinker International reported Company sales of USD 987.4 million in the fourth quarter of fiscal 2022 as compared to USD 990.9 million in the fourth quarter of fiscal 2021. In fiscal 2021, the fourth quarter and fiscal year included an additional operating week resulting in an increase of approximately USD 70 million to Total revenues and USD 0.34 to Net income per diluted share.
  • Operating income in the fourth quarter of fiscal 2022 was USD 44.7 million as compared to USD 100.6 million in the fourth quarter of fiscal 2021. Operating income, as a percentage of Total revenues, in the fourth quarter of fiscal 2022 was 4.4 percent as compared to 10.0 percent in the fourth quarter of fiscal 2021. This decrease was primarily due to higher commodity costs, restaurant expenses, the impact of the additional operating week in fiscal 2021 and increased restaurant labor costs.
  • Restaurant operating margin, as a percentage of Company sales, in the fourth quarter of fiscal 2022 was 10.3 percent as compared to 16.9 percent in the fourth quarter of fiscal 2021.
  • Net income per diluted share, on a GAAP basis, in the fourth quarter of fiscal 2022 was USD 0.90 as compared to USD 1.58 in the fourth quarter of fiscal 2021 including the impact of the additional operating week.
  • Net income per diluted share, excluding special items, in the fourth quarter of fiscal 2022 was USD 1.15 as compared to USD 1.68 in the fourth quarter of fiscal 2021 including the impact of the additional operating week.
  • Adjusted Ebitda in the fourth quarter of fiscal 2022 was USD 100.2 million as compared to USD 144.3 million in the fourth quarter of fiscal 2021.
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