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Jun 30, 2021
Brinker Intl. Q4 2021 Earnings Report
Brinker's fourth quarter was a positive finish to a successful fiscal year, with the company posting one of its most profitable quarters in recent history.
Key Takeaways
Brinker International reported a strong fourth quarter for fiscal year 2021, with increased company sales, operating income, and net income per diluted share compared to the previous year. The company's multi-channel sales strategy and traffic-driven share gains contributed to outperformance of pre-pandemic sales and margin results.
Brinker International's Company sales in the fourth quarter of fiscal 2021 increased to $990.9 million as compared to $553.1 million in the fourth quarter of fiscal 2020.
Operating income in the fourth quarter of fiscal 2021 increased to $100.6 million as compared to the Operating loss of $53.2 million in the fourth quarter of fiscal 2020.
Net income per diluted share, on a GAAP basis, in the fourth quarter of fiscal 2021 increased to $1.58 as compared to a Net loss per diluted share, on a GAAP basis, of $1.20 in the fourth quarter of fiscal 2020.
In August 2021, the Company’s Board of Directors reinstated the share repurchase program, allowing for a total available authority of $300 million.
Revenue by Segment
Forward Guidance
Due to the uncertainties created by the ongoing COVID-19 pandemic and the increasing impact of the Delta variant, forecasting business performance is not currently reliable and as a result, Brinker is providing a limited financial outlook for fiscal 2022.
Challenges Ahead
- Commodity and labor inflation is expected to be in the mid-single digits.
- Excluding the impact of special items, the effective income tax rate is expected to be in the range of 14% to 15%.
- Capital expenditures are expected to be $155.0 million to $165.0 million.
- Diluted weighted average shares outstanding are expected to be in the range of 45.0 million to 47.0 million.
- We are unable to reliably forecast special items such as restaurant impairments, restaurant closures, reorganization charges and legal settlements without unreasonable effort.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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