In This Story
Brinker International Inc. (EAT-5.58%) has submitted its 10-Q filing for the quarterly period ended December 25, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $1,358.2 million from $1,074.1 million in the same quarter the previous year. This increase is attributed to higher comparable restaurant sales driven by increased traffic and favorable menu mix.
Company sales for the quarter were $1,346.1 million, up from $1,063.7 million in the previous year. Franchise revenues also increased to $12.1 million from $10.4 million.
Operating costs and expenses totaled $1,202.2 million, compared to $1,011.7 million in the previous year. Food and beverage costs were $343.9 million, representing 25.5% of company sales, slightly down from 25.7% in the previous year.
Restaurant labor costs were $421.0 million, or 31.3% of company sales, compared to 33.5% in the previous year. This decrease as a percentage of sales is due to sales leverage.
General and administrative expenses increased to $53.1 million from $43.2 million, primarily due to corporate technology initiatives and higher stock-based compensation.
Net income for the quarter was $118.5 million, up from $42.1 million in the previous year. Basic net income per share was $2.67, compared to $0.95 in the previous year.
Cash provided by operating activities was $281.0 million, while cash used in investing and financing activities was $105.8 million and $225.0 million, respectively.
Brinker had a working capital of $210.7 million as of December 25, 2024. The company continues to focus on expanding its Chili's and Maggiano's brands domestically and internationally.
The filing also details various financial agreements, including the refinancing of its $350.0 million notes through its revolving credit facility.
Brinker does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brinker International Inc. quarterly 10-Q report dated January 29, 2025. To report an error, please email earnings@qz.com.