Brinker International: Reports Q2 Of Fiscal 2022 Results

Dallas / TX . (bi) Brinker International Inc., a recognized leader in casual dining, announced results for the third quarter of fiscal 2022 ended March 30, 2022 and provided a financial update for fiscal 2022. «Brinker’s strong brands and industry-leading value proposition helped deliver another solid quarter, all while continuing to navigate some of the most challenging commodity and labor cycles many of us have ever seen,» said Wyman Roberts, Chief Executive Officer and President. «Despite these near-term obstacles, we are well positioned to increase our investment in both Chili’s and Maggiano’s, significantly expanding our restaurant development while leaning further into technology to improve our performance and guest experience.»

Fiscal 2022 Highlights – Third Quarter

• Brinker International’s Company sales in the third quarter of fiscal 2022 increased to USD 960.6 million as compared to USD 813.7 million in the third quarter of fiscal 2021.
• Chili’s Company sales in the third quarter of fiscal 2022 increased to USD 863.3 million as compared to USD 749.0 million in the third quarter of fiscal 2021.
• Maggiano’s Company sales in the third quarter of fiscal 2022 increased to USD 97.3 million as compared to USD 64.7 million in the third quarter of fiscal 2021.
• Operating income in the third quarter of fiscal 2022 decreased to USD 49.4 million as compared to USD 52.2 million in the third quarter of fiscal 2021. Operating income, as a percentage of Total revenues, in the third quarter of fiscal 2022 decreased to 5.0 percent as compared to 6.3 percent in the third quarter of fiscal 2021.
• Restaurant operating margin, as a percentage of Company sales, in the third quarter of fiscal 2022 decreased to 12.2 percent as compared to 13.9 percent in the third quarter of fiscal 2021.
• Net income per diluted share, on a GAAP basis, in the third quarter of fiscal 2022 increased to USD 0.81 as compared to USD 0.73 in the third quarter of fiscal 2021.
• Net income per diluted share, excluding special items, in the third quarter of fiscal 2022 increased to USD 0.92 as compared to USD 0.78 in the third quarter of fiscal 2021.
• Net cash provided by operating activities through the third quarter of fiscal 2022 was USD 211.6 million, and capital expenditures totaled USD 109.0 million resulting in free cash flow of USD 102.6 million.
• Adjusted Ebitda in the third quarter of fiscal 2022 increased to USD 97.7 million as compared to USD 93.9 million in the third quarter of fiscal 2021. Adjusted Ebitda in the thirty-nine week period ended March 30, 2022 increased to USD 254.9 million as compared to USD 224.2 million in the thirty-nine week period ended March 24, 2021.