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Brinker International published selected Q1 2022 results

Written by Harry Johnson

Brinker International, Inc. (NYSE: EAT) today announced selected business results for the first quarter of fiscal 2022 and provided a business update for the second quarter of fiscal 2022 in advance of the Brinker International Investor Day to be held on October 20, 2021.

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Brinker International, Inc. (NYSE: EAT) today announced selected business results for the first quarter of fiscal 2022 and provided a business update for the second quarter of fiscal 2022 in advance of the Brinker International Investor Day to be held on October 20, 2021.

“Brinker’s first quarter delivered positive sales and continued to significantly outpace the industry in traffic,” said Wyman Roberts, Chief Executive Officer and President. “But the COVID surge starting in August exacerbated the industry-wide labor and commodity challenges and impacted our margins and bottom line more than we anticipated. We are responding to these COVID headwinds with increased focus on hiring and retention efforts, and working with our partners to gain further stabilization of the supply chain environment. In addition, we have taken immediate incremental pricing actions, increasing our full year target to 3% – 3.5%, to offset inflationary costs and protect margins as we move forward.”

Fiscal 2022 Highlights – First Quarter

  • Brinker International’s Company sales in the first quarter of fiscal 2022 increased to $859.6 million as compared to $728.2 million in the first quarter of fiscal 2021.
  • Operating income in the first quarter of fiscal 2022 increased to $25.6 million as compared to $24.4 million in the first quarter of fiscal 2021. Operating income, as a percentage of Total revenues, in the first quarter of fiscal 2022 decreased to 2.9% as compared to 3.3% in the first quarter of fiscal 2021.
  • Restaurant operating margin, as a percentage of Company sales, in the first quarter of fiscal 2022 decreased to 10.4% as compared to 11.6% in the first quarter of fiscal 2021.
  • The primary drivers of the decline in Restaurant operating margin were 150 bps of higher restaurant labor costs and 60 bps of higher commodity costs. Restaurant labor costs increased due to market rate and merit increases. Temporary incremental overtime and training costs also contributed to the increase.
  • Net income per diluted share, on a GAAP basis, in the first quarter of fiscal 2022 increased to $0.28 as compared to $0.23 in the first quarter of fiscal 2021.
  • Net income per diluted share, excluding special items, in the first quarter of fiscal 2022 increased to $0.34 as compared to $0.28 in the first quarter of fiscal 2021.
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About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for almost 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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