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Brinker International Reports Strong Results
Casual restaurant chain beats analysts' estimates
Strong sales and profit growth driven by value menu and loyalty program
Brinker International, the parent company of Chili's and Maggiano's Little Italy, reported strong financial results for the second quarter of fiscal 2023. The company beat analysts' estimates on both revenue and earnings per share.
Brinker reported net income of $94 million, or 94 cents per diluted share, in the second quarter. This compares to net income of $78 million, or 78 cents per diluted share, in the same period last year. Revenue rose 11.9% to $1.19 billion from $1.06 billion in the prior year.
"We are pleased to report another quarter of strong financial results," said Wyman Roberts, Brinker's chief executive officer. "Our value menu and loyalty program continue to drive sales growth, and we are seeing continued strength in our off-premise business."
Brinker's value menu offers a variety of items for under $10, which has been a popular option for customers during the current inflationary environment. The company's loyalty program, which has over 20 million members, also continues to drive sales.
Brinker's off-premise business, which includes takeout and delivery, has also been a strong performer. The company has invested in its digital ordering and delivery capabilities, which has helped to drive growth in this channel.
Overall, Brinker International is well-positioned for continued growth in the future. The company has a strong brand portfolio, a value-oriented menu, and a loyal customer base. The company is also well-positioned to benefit from the continued growth of the off-premise business.
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