2023-05-03 07:10:41 ET
Brinker International ( NYSE: EAT ) reported a 10.2% revenue increase in FQ3 to top the $1B mark.
Overall comparable sales were up 10.8% during the quarter vs. +9.4% consensus, with Chili's comparable restaurant sales up 9.6% and Maggiano's comparable restaurant sales 21.6% higher. Chili's sales increased primarily due to increased menu pricing, favorable menu item mix, and higher dine-in traffic, partially offset by lower off-premise traffic. Maggiano's sales increased primarily due to higher dining room and banquet traffic, increased menu pricing and favorable menu item mix.
Restaurant operating margin improved to 13.4% of sales for the quarter from 13.1% a year ago. Adjusted EBITDA came in at $113M vs. $97.7M a year ago.
CEO update: "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."
Shares of Brinker International ( EAT ) fell 1.15% in after-hours trading to $39.82 after the FQ3 report.
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Brinker International reports double-digit comparable sales gain off higher pricing, dine-in traffic