Dallas / TX. (bi) Brinker International Inc., a recognized leader in casual dining, announced its financial results for the fourth quarter ended June 28, 2023, and provided financial guidance for fiscal 2024.
Fourth Quarter Fiscal 2023 Financial Highlights
The Company reported net income per diluted share of USD 1.19, in the fourth quarter of fiscal 2023, a 32.2 percent increase compared to the fourth quarter of fiscal 2022. Net income per diluted share, excluding special items (non-GAAP), was USD 1.39 in the fourth quarter of fiscal 2023, a 20.9 percent increase compared to the fourth quarter of fiscal 2022. Our results for the fourth quarter of fiscal 2023 were primarily driven by an increase in Company sales, favorable food and beverage costs as a percentage of Company sales, and favorable income taxes. Comparable sales increased 6.6 percent, with an increase in comparable restaurant sales of 6.3 percent for Chili’s and 9.1 percent for Maggiano’s. Comparable restaurant sales improved due to menu pricing and favorable item mix. Operating income margin increased to 5.5 percent and restaurant operating margin (non-GAAP) increased to 13.4 percent for the fourth quarter. During the fourth quarter of fiscal 2023, we amended our revolving credit facility to increase the capacity by USD 100.0 million to USD 900.0 million and successfully issued, in a private offering, USD 350.0 million 8.250 percent senior notes due 2030. Additionally, long-term debt decreased USD 87.0 million in fiscal 2023.
«We are proud of our team’s progress on improving operational performance and bringing our new strategy to life. Simplification, a focus on the Core Business, and key strategic investments in labor, repairs and maintenance, and advertising have driven a better guest + team member experience, stronger sales and improving margins,» said Chief Executive Officer and President Kevin Hochman. «And that progress gives us confidence we have laid a strong foundation for continued sustainable + profitable growth in the long term.» For additional information please read the Company’s PDF file below (97 KB):20230818-BRINKER-Q4-2023