Brinker earnings rise 36% in quarter
October 27, 2010
by Eric Schroeder
DALLAS — Net income at Brinker International in the first quarter ended Sept. 29 totaled $21,431,000, equal to 21c per share on the common stock, up 36% from $15,767,000, or 15c per share, in the same period a year ago.
Total revenue for the quarter was $654,893,000, down 6% from $696,543,000 in the first quarter of fiscal 2010. Brinker said same restaurant sales at company-owned restaurants fell 4.2% during the quarter, including a 5% decrease at Chili’s and a 1.4% increase at Maggiano’s.
“Our team is aggressively pursuing several key strategies to continue to build sales and improve margins,” said Doug Brooks, president and chief executive officer. “And the rollout of Team Service is already resulting in a better guest experience and better margins.”
Brinker repurchased approximately 5.3 million shares of its common stock for $92.7 million in the first quarter and repurchased an additional 4.3 million shares of its common stock for $83.1 million subsequent to the end of the quarter.