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Sep 27, 2023
Brinker Intl. Q1 2024 Earnings Report
Reported an increase in company sales and favorable food and beverage costs, driving improved financial results.
Key Takeaways
Brinker International reported a strong start to fiscal year 2024, with increased company sales and favorable food and beverage costs driving improved financial results. Net income per diluted share was $0.16, compared to a net loss per diluted share of $0.69 in the same quarter last year. Comparable restaurant sales increased by 5.8%, with Chili's and Maggiano's showing positive growth.
Net income per diluted share was $0.16, a significant improvement from the net loss per diluted share of $0.69 in Q1 2023.
Net income per diluted share, excluding special items (non-GAAP), was $0.28, compared to a net loss per diluted share, excluding special items (non-GAAP), of $0.57 in Q1 2023.
Comparable restaurant sales increased by 5.8%, driven by a 6.1% increase at Chili's and a 2.6% increase at Maggiano's.
Operating income margin increased to 2.4%, and restaurant operating margin (non-GAAP) increased to 10.4%.
Brinker Intl.
Brinker Intl.
Brinker Intl. Revenue by Segment
Revenue by Segment
Chili's Revenue
CapyFin.comMaggiano's Revenue
CapyFin.com Forward Guidance
Brinker International updated its full year fiscal 2024 guidance, expecting net income per diluted share, excluding special items, non-GAAP, to be in the range of $3.35 - $3.65. The company reiterated its guidance for total revenues to be in the range of $4.27 billion - $4.35 billion, weighted average shares to be in the range of 45 million - 46 million, and capital expenditures to be in the range of $175 million - $195 million.
Positive Outlook
- Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of $3.35 - $3.65.
- Total revenues are expected to be in the range of $4.27 billion - $4.35 billion.
- Weighted average shares are expected to be in the range of 45 million - 46 million.
- Capital expenditures are expected to be in the range of $175 million - $195 million.
Challenges Ahead
- Potential changes in macroeconomic conditions could cause actual results to differ materially from those projected.
- The company is unable to reliably forecast special items without unreasonable effort.
- Risks related to general economic conditions, including inflation.
- Disruptions on the business including consumer demand, costs, product mix, strategic initiatives, partners’ supply chains and operations.
- Impact of competition and changes in consumer preferences.
Revenue & Expenses
Visualization of income flow from segment revenue to net income