Brinker income eases in third quarter
April 24, 2007
by FoodBusinessNews.net Staff
DALLAS — Brinker International, the parent company of Chili’s, Macaroni Grill, On The Border and Maggiano’s, posted net income of $54,571,000 for the quarter ended March 28. This marks a 16% decrease from the same quarter of the previous year, when Brinker had net income of $64,757,000.
Revenue increased 3% to $1,123,428,000, which compared with $1,092,790,000 during the same quarter of the previous year. Revenue gains were attributed to an 8% restaurant capacity growth, which was partially offset by a decrease of 4% in comparable restaurant sales.
During the quarter, the company opened 55 restaurants — 41 company-owned and 14 franchised. The company also signed an agreement with Pepper Dining Inc. to sell 89 company-owned Chili’s restaurants with the plan of developing 20 to 44 new franchised Chili’s restaurants.
Other quarter highlights included signing three new international development agreements for nine new restaurants, selling one company-owned On The Border restaurant with development commitments to build five new franchised restaurants, entering into an agreement to build three new franchised Macaroni Grill restaurants, and the repurchase of 3.2 million common shares totaling about $102.7 million.