Chili's Parent Brinker Beats Profit And Sales Expectations

Chili's and Maggiano's restaurant chain parent Brinker International Inc. said Thursday fiscal fourth-quarter net profit fell to $50.6 million, or $1.02 a share, from $62.2 million, or $1.10 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.09, beating the FactSet consensus of $1.04. Revenue fell to $810.7 million from $881.7 million, but was above the FactSet consensus of $809.8 million. Chili's systemwide same-store sales declined 1.8%, compared with the FactSet consensus of a 2.1% fall, while the 0.5% growth in Maggiano's same-store sales beat expectations of a 0.3% decline. For fiscal 2018, the company expects revenue ot be up 0.5% to up 1.5%, while the FactSet consensus implies growth of 0.7%. Same-store sales are expected to be flat to up 1.0%, compared with the FactSet consensus of 0.7%. The stock, which was still inactive in premarket trade, has tumbled 31% year to date, while the S&P 500 has gained 10.5%.