American casual dining restaurant company Brinker International has reported a net income of $54.2m for the fourth quarter of fiscal year 2023, a surge of almost 35% compared to $40.2m a year ago.
For the quarter ended 28 June 2023, the company’s total revenue increased to $1.07bn from $1.02bn a year earlier.
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The restaurant firm attributed the growth to the increase in company sales, favorable food, and beverage costs as well as income taxes.
In the latest quarter, the company’s comparable sales grew 6.6%, with comparable restaurant sales increasing 6.3% at Chili’s and 9.1% at Maggiano’s.
Brinker International’s net income per diluted share was $1.19 in the fourth quarter, an increase of 32.2% compared to the same period of last year.
Brinker International president and CEO Kevin Hochman said: “We are proud of our team’s progress on improving operational performance and bringing our new strategy to life.
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By GlobalData“Simplification, a focus on the Core Business, and key strategic investments in labor, repairs, and maintenance, and advertising have driven a better guest & team member experience, stronger sales, and improving margins.
“And that progress gives us confidence we have laid a strong foundation for continued sustainable & profitable growth in the long term.”
The company noted that total revenues for full-year fiscal 2024 will be in the range of $4.27bn- $4.35bn.
Capital expenditures in the next fiscal year are expected to be in the range of $175m-$195m.
