Chili’s parent Brinker International reports earnings miss

Brinker International Inc.
shares fell 1% in Wednesday premarket trading after the restaurant company reported fiscal fourth-quarter earnings that missed expectations. Net income totaled $75.0 million, or $1.58 per share, after a loss of $49.2 million, or $1.20 per share, last year. Adjusted EPS of $1.68 was below the FactSet consensus for $1.72. Revenue of $1.009 billion was up from $563.2 million last year and just ahead of the FactSet consensus for $1.004 billion. Brinker got a boost from dining room and banquet sales, and sales from the It’s Just Wings digital brand. There was also an additional week during the most recent period. Comparable sales jumped 65.4%, below the FactSet consensus for 67.8% growth. Chili’s comparable sales grew 59.8% and Maggiano’s soared 147.9%. Brinker stock has tumbled 10% for the year to date while the S&P 500 index
has gained 18.4% for 2021 so far.

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