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Jun 28, 2023
Brinker Intl. Q4 2023 Earnings Report
Brinker International reported an increase in net income per diluted share and comparable sales, driven by menu pricing and favorable item mix. Operating income margin and restaurant operating margin also increased.
Key Takeaways
Brinker International reported positive financial results for the fourth quarter of fiscal year 2023, with increased net income per diluted share and comparable sales. The company's performance was driven by factors such as menu pricing, favorable food and beverage costs, and favorable income taxes.
Net income per diluted share increased by 32.2% compared to the fourth quarter of fiscal 2022.
Net income per diluted share, excluding special items (non-GAAP), increased by 20.9% compared to the fourth quarter of fiscal 2022.
Comparable sales increased 6.6%, with Chili’s at 6.3% and Maggiano’s at 9.1%.
Operating income margin increased to 5.5% and restaurant operating margin (non-GAAP) increased to 13.4%.
Forward Guidance
Brinker International provided financial guidance for fiscal year 2024, including total revenues in the range of $4.27 billion - $4.35 billion, and net income per diluted share, excluding special items, non-GAAP, in the range of $3.15 - $3.55.
Positive Outlook
- Total revenues are expected to be in the range of $4.27 billion - $4.35 billion
- Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of $3.15 - $3.55
- 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
- Uncertainties created by current macroeconomic conditions
- Impact of general economic conditions, including inflation, on economic activity and operations
- Disruptions on business, including consumer demand, costs, product mix, strategic initiatives
- Impact of competition and changes in consumer preferences
Historical Earnings Impact
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Avg. Return Before/After Earnings
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