DALLAS, April 25, 2017 /PRNewswire/ -- Brinker
International, Inc. (NYSE: EAT) today announced results for the
fiscal third quarter ended March 29,
2017.
Highlights include the following:
- On a GAAP basis, earnings per diluted share in the third
quarter of fiscal 2017 decreased 14.0 percent to $0.86 compared to $1.00 for the third quarter of fiscal 2016
- Earnings per diluted share, excluding special items, in the
third quarter of fiscal 2017 decreased 6.0 percent to $0.94 compared to $1.00 for the third quarter of fiscal 2016 (see
non-GAAP reconciliation below)
- Brinker's total revenues in the third quarter of fiscal 2017
decreased 1.7 percent to $810.6
million compared to the third quarter of fiscal 2016 and
company sales in the third quarter of fiscal 2017 decreased 1.8
percent to $790.6 million compared to
the third quarter of fiscal 2016
- Chili's company-owned comparable restaurant sales in the third
quarter of fiscal 2017 decreased 2.3 percent compared to the third
quarter of fiscal 2016 but increased sequentially by 1.0 percent
from the second quarter of fiscal 2017. Chili's U.S. franchise
comparable restaurant sales in the third quarter of fiscal 2017
increased 0.3 percent compared to the third quarter of fiscal 2016
and also improved sequentially by 3.3 percent from the second
quarter of fiscal 2017
- Maggiano's comparable restaurant sales in the third quarter of
fiscal 2017 decreased 1.6 percent compared to the third quarter of
fiscal 2016
- Chili's international franchise comparable restaurant sales in
the third quarter of fiscal 2017 decreased 7.1 percent compared to
the third quarter of fiscal 2016
- Operating income, as a percent of total revenues, declined
approximately 150 basis points to 9.0 percent in the third quarter
of fiscal 2017 compared to 10.5 percent for the third quarter of
fiscal 2016
- Restaurant operating margin, as a percent of company
sales, declined approximately 40 basis points to 17.0 percent in
the third quarter of fiscal 2017 compared to 17.4 percent for the
third quarter of fiscal 2016 (see non-GAAP reconciliation below)
but improved sequentially by 190 basis points from the second
quarter of fiscal 2017
- For the first nine months of fiscal 2017, cash flows provided
by operating activities were $243.6
million and capital expenditures totaled $79.7 million. Free cash flow was $163.9 million (see non-GAAP reconciliation
below)
"Our third quarter earnings performance reflects the operational
focus of our restaurant level leadership at both our brands," said
Wyman Roberts, chief executive
officer and president. "We are also encouraged by our progress with
the strategic work designed to better position our brands and
capture market share."
Table 1: Q3
comparable restaurant sales1
|
Company-owned,
reported brands and franchise; percentage
|
|
|
|
Q3
17
|
|
Q3
16
|
Brinker
International
|
|
(2.2)
|
|
(3.6)
|
Chili's
Company-Owned
|
|
|
|
|
Comparable Restaurant
Sales
|
|
(2.3)
|
|
(4.1)
|
Pricing Impact
|
|
2.9
|
|
1.1
|
Mix-Shift2
|
|
1.0
|
|
(0.3)
|
Traffic
|
|
(6.2)
|
|
(4.9)
|
Maggiano's
|
|
|
|
|
Comparable Restaurant
Sales
|
|
(1.6)
|
|
0.2
|
Pricing Impact
|
|
2.4
|
|
1.5
|
Mix-Shift2
|
|
1.4
|
|
(2.4)
|
Traffic
|
|
(5.4)
|
|
1.1
|
|
|
|
|
|
Chili's
Franchise3
|
|
(2.5)
|
|
(1.7)
|
U.S.
Comparable Restaurant Sales
|
|
0.3
|
|
(2.2)
|
International
Comparable Restaurant Sales
|
|
(7.1)
|
|
(0.7)
|
|
|
|
|
|
Chili's
Domestic4
|
|
(1.7)
|
|
(3.6)
|
System-wide5
|
|
(2.3)
|
|
(3.1)
|
|
|
1
|
Comparable restaurant
sales includes all restaurants that have been in operation for more
than 18 months.
|
2
|
Mix shift is
calculated as the year over year percentage change in company sales
resulting from the change in menu items ordered by
guests.
|
3
|
Revenues generated by
franchisees are not included in revenues on the consolidated
statements of comprehensive income; however, we generate royalty
revenue and advertising fees based on franchisee revenues, where
applicable. We believe including franchise comparable restaurant
sales provides investors information regarding brand performance
that is relevant to current operations and may impact future
restaurant development.
|
4
|
Chili's Domestic
comparable restaurant sales percentages are derived from sales
generated by company-owned and franchise operated Chili's
restaurants in the United States.
|
5
|
System-wide
comparable restaurant sales are derived from sales generated by
company-owned Chili's and Maggiano's restaurants in addition to the
sales generated at franchise operated Chili's
restaurants.
|
Quarterly Operating Performance
CHILI'S third quarter
company sales decreased 2.0 percent to $689.6 million from $703.5
million in the prior year primarily due to a decline in
comparable restaurant sales. As compared to the prior year, Chili's
restaurant operating margin1 declined. Restaurant
expenses, as a percent of company sales, increased due to sales
deleverage, higher advertising and marketing related expenses and
increased workers' compensation insurance expenses, partially
offset by decreased repairs and maintenance expenses. Restaurant
labor, as a percent of company sales, increased compared to the
prior year due to higher wage rates and sales deleverage. Cost of
sales, as a percent of company sales, decreased due to increased
menu pricing and favorable commodity pricing primarily related to
poultry and beef.
MAGGIANO'S third quarter company sales decreased 0.6 percent to
$101.0 million from $101.6 million in the prior year primarily due to
a decline in comparable restaurant sales, partially offset by an
increase in restaurant capacity. As compared to the prior year,
Maggiano's restaurant operating margin1 declined.
Restaurant expenses, as a percent of company sales, increased
primarily due to higher workers' compensation insurance and
advertising expenses. Restaurant labor, as a percent of company
sales, increased due to higher wages, partially offset by lower
manager bonuses. Cost of sales, as a percent of company sales, was
positively impacted by favorable commodity pricing and increased
menu pricing, partially offset by unfavorable menu item mix.
1Restaurant operating margin is defined as Company
sales less Cost of sales, Restaurant labor and Restaurant expenses
and excludes Depreciation and amortization expenses. (See non-GAAP
reconciliation below)
FRANCHISE AND OTHER revenues increased 2.6 percent to
$20.0 million for the third quarter
compared to $19.5 million in the
prior year third quarter. Brinker franchisees generated
approximately $336 million in
sales2 for the third quarter of fiscal 2017.
2Royalty revenues are recognized based on the sales
generated and reported to the company by franchisees.
Other
Depreciation and amortization expense increased
$0.3 million for the quarter compared
to the third quarter of fiscal 2016 primarily due to depreciation
on asset replacements and new restaurant openings, partially offset
by an increase in fully depreciated assets and restaurant
closures.
General and administrative expense increased $5.8 million for the quarter compared to the
third quarter of fiscal 2016 primarily due to higher
performance-based compensation.
On a GAAP basis, the effective income tax rate increased to 28.9
percent in the current quarter from 26.4 percent in the third
quarter of fiscal 2016 due to the prior year benefit associated
with the resolution of certain tax positions, partially offset by
lower profits. Excluding the impact of special items, the effective
income tax rate decreased to 29.9 percent in the current quarter
compared to 30.1 percent in the third quarter of fiscal 2016
primarily due to lower profits.
Non-GAAP Measures
Brinker management uses certain
non-GAAP measures in analyzing operating performance and believes
that the presentation of these measures in this release provides
investors with information that is beneficial to gaining an
understanding of the company's operating results. Non-GAAP
disclosures should not be viewed as a substitute for operating
results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Reconciliations of these
non-GAAP measures are included in the tables below.
Table 2:
Reconciliation of net income excluding special items
|
Q3 17 and Q3 16; $
millions and $ per diluted share after-tax
|
|
Brinker believes
excluding special items from its financial results provides
investors with a clearer perspective of the company's ongoing
operating performance and a more relevant
comparison to prior period results.
|
|
|
|
Q3
17
|
|
EPS Q3
17
|
|
Q3
16
|
|
EPS Q3
16
|
Net Income
|
|
42.4
|
|
0.86
|
|
57.5
|
|
1.00
|
Special
items1
|
|
6.6
|
|
0.13
|
|
3.9
|
|
0.07
|
Income tax effect
related to special items
|
|
(2.6)
|
|
(0.05)
|
|
(1.5)
|
|
(0.03)
|
Adjustment for tax
items2
|
|
—
|
|
—
|
|
(2.6)
|
|
(0.04)
|
Special items, net of
taxes
|
|
4.0
|
|
0.08
|
|
(0.2)
|
|
0.00
|
Net Income excluding
special items
|
|
46.4
|
|
0.94
|
|
57.3
|
|
1.00
|
|
|
|
1
|
|
See footnote "b" to
the consolidated statements of comprehensive income for additional
details on the composition of these amounts.
|
2
|
|
Discrete tax items
result from the resolution of certain tax positions which directly
impacts tax expense.
|
Table 3:
Reconciliation of restaurant operating margin
|
Q3 17 and Q3 16; $
millions
|
|
Restaurant operating
margin is not a measurement determined in accordance with GAAP and
should not be considered in isolation, or as an alternative to
operating income as an indicator of financial performance.
Restaurant operating margin is widely regarded in the industry as a
useful metric by which to evaluate restaurant-level operating
efficiency and performance of ongoing restaurant-level
operations. We define restaurant operating margin as Company
sales less Company restaurant expenses, including Cost of sales,
Restaurant labor and Restaurant expenses. Restaurant expenses
includes advertising expense. We believe this metric provides a
more useful comparison between periods and enables investors to
focus on the performance of restaurant-level operations by
excluding revenues not related to food and beverage sales at
company-owned restaurants, corporate general and administrative
expense, depreciation and amortization, and other gains and
charges.
|
|
Restaurant operating
margin excludes Franchise and other revenues which are earned
primarily from franchise royalties and other non-food and beverage
revenue streams such as banquet service charges, digital
entertainment revenues and gift card breakage.
Depreciation and amortization expense, substantially all of which
is related to restaurant-level assets, is excluded because such
expenses represent historical costs which do not reflect current
cash outlays for the restaurants. General and administrative
expense includes primarily non-restaurant-level costs associated
with support of the restaurants and other activities at our
corporate offices and is therefore excluded. We believe that
excluding special items, included within Other gains and charges,
from restaurant operating margin provides investors with a clearer
perspective of the Company's ongoing operating performance and a
more useful comparison to prior period results. Restaurant
operating margin as presented may not be comparable to other
similarly titled measures of other companies in our
industry.
|
|
|
|
Q3F17
|
|
Q3F16
|
Operating
income
|
|
72.9
|
|
|
86.3
|
|
Operating income as a
percent of total revenues
|
|
9.0
|
%
|
|
10.5
|
%
|
|
|
|
|
|
Operating
income
|
|
72.9
|
|
|
86.3
|
|
Less: Franchise
and other revenues
|
|
(20.0)
|
|
|
(19.5)
|
|
Plus:
Depreciation and amortization
|
|
39.3
|
|
|
39.1
|
|
General and
administrative
|
|
35.9
|
|
|
30.2
|
|
Other gains and
charges
|
|
6.6
|
|
|
3.9
|
|
Restaurant operating
margin
|
|
134.7
|
|
|
140.0
|
|
Restaurant operating
margin as a percent of company sales
|
|
17.0
|
%
|
|
17.4
|
%
|
Table 4:
Reconciliation of free cash flow
|
Q3 17; $
millions
|
|
Brinker believes
presenting free cash flow provides a useful measure to evaluate the
cash flow available for reinvestment after considering the capital
requirements of our business operations.
|
|
|
|
Thirty-Nine Week
Period
Ended March 29, 2017
|
Cash flows provided
by operating activities
|
|
243.6
|
Capital
expenditures
|
|
(79.7)
|
Free cash
flow
|
|
163.9
|
Guidance Policy
Brinker provides annual guidance as
it relates to comparable restaurant sales, earnings per diluted
share, excluding special items, and other key line items in the
statements of comprehensive income and will only provide updates if
there is a material change versus the original guidance. We do not
provide annual guidance as it relates to US GAAP earnings per
diluted share as we are unable to reliably forecast special items
such as restaurant impairments, restaurant closures, reorganization
charges and legal settlements without unreasonable effort.
Webcast Information
Investors and interested parties
are invited to listen to today's conference call, as management
will provide further details of the quarter. The call will
broadcast live on Brinker's Web site at 9
a.m. CDT today (April 25)
-
http://investors.brinker.com/phoenix.zhtml?c=119205&p=irol-EventDetails&EventId=5250905
For those who are unable to listen to the live broadcast, a
replay of the call will be available shortly thereafter and will
remain on Brinker's Web site until the end of the day May 23, 2017.
Additional financial information, including statements of income
which detail operations excluding special items, franchise and
other revenues, and comparable restaurant sales trends by brand, is
also available on Brinker's Web site under the Financial
Information section of the Investor tab.
Forward Calendar
- SEC Form 10-Q for the third
quarter of fiscal 2017 filing on or before May 8, 2017; and
- Fourth quarter earnings release, before market opens,
Aug. 10, 2017.
About Brinker
Brinker International, Inc. is one of
the world's leading casual dining restaurant companies. Founded in
1975 and based in Dallas, Texas,
as of March 29, 2017, Brinker owned,
operated, or franchised 1,660 restaurants under the names
Chili's® Grill & Bar (1,608 restaurants) and
Maggiano's Little Italy® (52 restaurants).
Forward-Looking Statements
The statements contained
in this release that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on our current plans and
expectations and involve risks and uncertainties which are, in many
instances, beyond our control. Such risks and uncertainties
include, among other things, general business and economic
conditions, financial and credit market conditions, credit
availability, reduced disposable income, the impact of competition,
the impact of mergers, acquisitions, divestitures and other
strategic transactions, franchisee success, the seasonality of the
company's business, increased minimum wages, increased health care
costs, adverse weather conditions, future commodity prices, product
availability, fuel and utility costs and availability, terrorist
acts, consumer perception of food safety, changes in consumer
taste, health epidemics or pandemics, changes in demographic
trends, availability of employees, unfavorable publicity, the
company's ability to meet its business strategy plan, acts of God,
governmental regulations, inflation, technology failures, and
failure to protect the security of data of our guests and
teammates, as well as the risks described under the caption "Risk
Factors" in our Annual Report on Form 10-K and future filings with
the Securities and Exchange Commission.
BRINKER
INTERNATIONAL, INC.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
Thirteen Week
Periods Ended
|
|
Thirty-Nine Week
Periods Ended
|
|
March 29,
2017
|
|
March 23,
2016
|
|
March 29,
2017
|
|
March 23,
2016
|
Revenues:
|
|
|
|
|
|
|
|
Company
sales
|
$
|
790,624
|
|
$
|
805,145
|
|
$
|
2,276,743
|
|
$
|
2,311,298
|
Franchise and other
revenues (a)
|
20,017
|
|
19,494
|
|
63,433
|
|
64,510
|
Total
revenues
|
810,641
|
|
824,639
|
|
2,340,176
|
|
2,375,808
|
Operating costs and
expenses:
|
|
|
|
|
|
Company restaurants
(excluding depreciation and amortization)
|
|
|
|
|
|
Cost of
sales
|
201,903
|
|
215,362
|
|
587,742
|
|
615,764
|
Restaurant
labor
|
261,632
|
|
262,701
|
|
760,894
|
|
756,874
|
Restaurant
expenses
|
192,372
|
|
187,216
|
|
582,146
|
|
567,049
|
Company restaurant
expenses
|
655,907
|
|
665,279
|
|
1,930,782
|
|
1,939,687
|
Depreciation and
amortization
|
39,335
|
|
39,050
|
|
117,526
|
|
117,335
|
General and
administrative
|
35,931
|
|
30,170
|
|
102,014
|
|
95,190
|
Other gains and
charges (b)
|
6,600
|
|
3,864
|
|
13,984
|
|
5,454
|
Total operating costs
and expenses
|
737,773
|
|
738,363
|
|
2,164,306
|
|
2,157,666
|
Operating
income
|
72,868
|
|
86,276
|
|
175,870
|
|
218,142
|
Interest
expense
|
13,658
|
|
8,403
|
|
36,108
|
|
24,077
|
Other, net
|
(402)
|
|
(277)
|
|
(1,084)
|
|
(1,110)
|
Income before
provision for income taxes
|
59,612
|
|
78,150
|
|
140,846
|
|
195,175
|
Provision for income
taxes
|
17,243
|
|
20,648
|
|
40,607
|
|
56,772
|
Net income
|
$
|
42,369
|
|
$
|
57,502
|
|
$
|
100,239
|
|
$
|
138,403
|
|
|
|
|
|
|
Basic net income per
share
|
$
|
0.87
|
|
$
|
1.01
|
|
$
|
1.96
|
|
$
|
2.36
|
|
|
|
|
|
|
Diluted net income
per share
|
$
|
0.86
|
|
$
|
1.00
|
|
$
|
1.93
|
|
$
|
2.33
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
48,954
|
|
56,673
|
|
51,211
|
|
58,699
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
49,506
|
|
57,407
|
|
51,854
|
|
59,505
|
|
|
|
|
|
|
Other comprehensive
gain (loss):
|
|
|
|
|
|
Foreign currency
translation adjustment (c)
|
$
|
734
|
|
$
|
(29)
|
|
$
|
(1,411)
|
|
$
|
(3,294)
|
Other comprehensive
gain (loss)
|
734
|
|
(29)
|
|
(1,411)
|
|
(3,294)
|
Comprehensive
income
|
$
|
43,103
|
|
$
|
57,473
|
|
$
|
98,828
|
|
$
|
135,109
|
|
|
|
|
|
|
(a)
|
Franchise and other
revenues primarily includes royalties, development fees, franchise
fees, Maggiano's banquet service charge income, gift card breakage
and discounts, digital entertainment revenue, Chili's retail food
product royalties and delivery fee income.
|
(b)
|
Other gains and
charges include:
|
|
Thirteen Week
Periods Ended
|
|
Thirty-Nine Week
Periods Ended
|
|
March 29,
2017
|
|
March 23,
2016
|
|
March 29,
2017
|
|
March 23,
2016
|
Severance
|
$
|
5,929
|
|
$
|
—
|
|
$
|
6,222
|
|
$
|
2,368
|
Restaurant closure
charges
|
794
|
|
89
|
|
3,621
|
|
89
|
Gain on the sale of
assets, net
|
(55)
|
|
(1,096)
|
|
(2,624)
|
|
(2,858)
|
Information
technology restructuring
|
—
|
|
—
|
|
2,700
|
|
—
|
Restaurant impairment
charges
|
—
|
|
3,413
|
|
1,851
|
|
3,937
|
Impairment of
investment
|
—
|
|
1,000
|
|
—
|
|
1,000
|
Litigation
|
—
|
|
—
|
|
—
|
|
(2,032)
|
Acquisition
costs
|
—
|
|
120
|
|
—
|
|
700
|
Other
|
(68)
|
|
338
|
|
2,214
|
|
2,250
|
|
$
|
6,600
|
|
$
|
3,864
|
|
$
|
13,984
|
|
$
|
5,454
|
|
|
(c)
|
The foreign currency
translation adjustment included in comprehensive income on the
consolidated statements of comprehensive income represents the
unrealized impact of translating the financial statements of the
Canadian restaurants and the Mexican joint venture from their
respective functional currencies to U.S. dollars. This amount is
not included in net income and would only be realized upon
disposition of the businesses.
|
BRINKER
INTERNATIONAL, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
March 29,
2017
|
|
June 29,
2016
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
$
|
148,196
|
|
$
|
176,774
|
Net property and
equipment (a)
|
|
997,053
|
|
|
1,043,152
|
Total other
assets
|
|
257,829
|
|
249,534
|
Total
assets
|
|
$
|
1,403,078
|
|
$
|
1,469,460
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT
|
|
|
|
|
Current installments
of long-term debt
|
|
$
|
3,860
|
|
$
|
3,563
|
Other current
liabilities
|
|
433,407
|
|
428,880
|
Long-term debt, less
current installments
|
|
1,325,604
|
|
1,110,693
|
Other
liabilities
|
|
138,907
|
|
139,423
|
Total shareholders'
deficit
|
|
(498,700)
|
|
(213,099)
|
Total liabilities and
shareholders' deficit
|
|
$
|
1,403,078
|
|
$
|
1,469,460
|
|
|
(a)
|
At March 29, 2017,
the company owned the land and buildings for 190 of the 1,000
company-owned restaurants. The net book values of the land totaled
$143.2 million and the buildings totaled $99.9 million associated
with these restaurants.
|
BRINKER
INTERNATIONAL, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Thirty-Nine Week
Periods Ended
|
|
|
March 29,
2017
|
|
March 23,
2016
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Net income
|
|
$
|
100,239
|
|
|
$
|
138,403
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
117,526
|
|
|
117,335
|
|
Stock-based
compensation
|
|
13,237
|
|
|
12,095
|
|
Restructure charges
and other impairments
|
|
8,837
|
|
|
5,937
|
|
Net gain on disposal
of assets
|
|
(628)
|
|
|
(633)
|
|
Changes in assets and
liabilities
|
|
4,411
|
|
|
26,444
|
|
Net cash provided by
operating activities
|
|
243,622
|
|
|
299,581
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Payments for property
and equipment
|
|
(79,730)
|
|
|
(76,090)
|
|
Proceeds from sale of
assets
|
|
3,077
|
|
|
4,256
|
|
Payment for business
acquisition, net of cash acquired
|
|
—
|
|
|
(105,577)
|
|
Net cash used in
investing activities
|
|
(76,653)
|
|
|
(177,411)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Proceeds from
issuances of long-term debt
|
|
350,000
|
|
|
—
|
|
Purchases of treasury
stock
|
|
(350,768)
|
|
|
(266,157)
|
|
Payments on revolving
credit facility
|
|
(328,000)
|
|
|
(50,000)
|
|
Borrowings on
revolving credit facility
|
|
200,000
|
|
|
256,500
|
|
Payments of
dividends
|
|
(54,087)
|
|
|
(56,192)
|
|
Payments for debt
issuance costs
|
|
(10,216)
|
|
|
—
|
|
Proceeds from
issuances of treasury stock
|
|
4,505
|
|
|
4,725
|
|
Payments on long-term
debt
|
|
(2,847)
|
|
|
(2,547)
|
|
Excess tax benefits
from stock-based compensation
|
|
2,041
|
|
|
5,365
|
|
Net cash used in
financing activities
|
|
(189,372)
|
|
|
(108,306)
|
|
Net change in cash
and cash equivalents
|
|
(22,403)
|
|
|
13,864
|
|
Cash and cash
equivalents at beginning of period
|
|
31,446
|
|
|
55,121
|
|
Cash and cash
equivalents at end of period
|
|
$
|
9,043
|
|
|
$
|
68,985
|
|
BRINKER
INTERNATIONAL, INC.
|
RESTAURANT
SUMMARY
|
|
|
|
Third Quarter
Openings
Fiscal
2017
|
|
Total Restaurants
March 29,
2017
|
|
Projected
Openings
Fiscal 2017
|
Company-owned
restaurants:
|
|
|
|
|
|
|
Chili's
domestic
|
|
1
|
|
|
934
|
|
|
6-7
|
|
Chili's
international
|
|
—
|
|
|
14
|
|
|
1
|
|
Maggiano's
|
|
—
|
|
|
52
|
|
|
2
|
|
Total
company-owned
|
|
1
|
|
|
1,000
|
|
|
9-10
|
|
Franchise
restaurants:
|
|
|
|
|
|
|
Chili's
domestic
|
|
3
|
|
|
316
|
|
|
5-8
|
|
Chili's
international
|
|
4
|
|
|
344
|
|
|
31-33
|
|
Total
franchise
|
|
7
|
|
|
660
|
|
|
36-41
|
|
Total
restaurants:
|
|
|
|
|
|
|
Chili's
domestic
|
|
4
|
|
|
1,250
|
|
|
11-15
|
|
Chili's
international
|
|
4
|
|
|
358
|
|
|
32-34
|
|
Maggiano's
|
|
—
|
|
|
52
|
|
|
2
|
|
Grand
total
|
|
8
|
|
|
1,660
|
|
|
45-51
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/brinker-international-reports-third-quarter-results-300444965.html
SOURCE Brinker International, Inc.