Brinker earnings rise 2% in fiscal 2011

by Eric Schroeder
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DALLAS — Net income at Brinker International in the fiscal year ended June 29 totaled $141,060,000, equal to $1.55 per share on the common stock, up 2% from $137,704,000, or $1.35 per share, in fiscal 2010.

Total revenue for fiscal 2011 was $2,761,386,000, down 3% from $2,858,498,000 in fiscal 2010. Comparable restaurant sales were down 2% at Chili’s during the year, while sales at Maggiano’s climbed 3.9%.

During the fourth quarter ended June 29, net income fell 34% to $41,919,000, or 50c per share. This compared with income of $63,615,000, or 62c per share, in the same period a year ago. Revenues in the quarter were $717,488,000, down from $743,060,000.

“Brinker’s performance in fiscal 2011 demonstrates we’re delivering on our promise of strengthening our business model and driving top-line sales and traffic growth, especially considering that during the fourth quarter, we were up against an extra operating week from 2010,” said Doug Brooks, president and chief executive officer. “The strategies we laid out 18 months ago continue to gain traction, driving positive sales and traffic growth that outpaced the bar and grill segment. Looking ahead to fiscal 2012, we’ll continue to build on our momentum from 2011 and we’re confident we’ll achieve our goal of doubling Brinker’s earnings per share by 2015.”

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