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Brinker International, Inc. (NYSE:EAT) Posts Second Quarter Financial Results

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Brinker International, Inc. (NYSE:EAT) posted financial report for the fiscal second quarter closed December 27, 2017. Earnings, excluding special items, came at $0.87 per diluted share for the second quarter of FY2018 representing a 22.5% jump from $0.71 per diluted share in the second quarter of FY2017.

The buzz

Brinker International’s total revenues came at $766.4 million in Q2 2018 decreasing 0.6% compared to Q2 2017, and firm sales stood at $742.7 million in Q2 2018 dropping 0.8% compared to Q2 2017. Wyman Roberts, the President and CEO, expressed that the company witnessed performance improve across the operations during the second quarter, particularly related to their measures to alter traffic trends at Chili’s. With this foundational plan in place, there focus will be on targeted divisions of the business they consider will drive traffic and improve the guest experience.

CHILI’S Q2 2017 sales dropped 1.3% to $623.6 million over the prior year mainly due to a drop in comparable restaurant sales. Also operating margin showed a decline as compared to the prior year. Brinker reported that restaurant labor, as a fraction of firm sales, surged compared to the previous year following higher wage rates, partly offset by reduced employee health insurance expenses and incentive bonuses.

The company stated that cost of sales, as a fraction of total sales, increased marginally compared to the previous year following unfavorable product mix on ribs, chicken and beef, and unfavorable commodity rates on produce, partly offset by positive commodity pricing on beef and increased menu pricing. Restaurant expenses, as a part of company sales, dropped due to reduced advertising and maintenance and repairs expenses, partly offset by sales deleverage.

In the last trading session, the stock price of Brinker International declined more than 2% to close the day at $36.64. The decline came at a share volume of 4.76 million compared to average share volume of 1.49 million.

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