Posted: Jan 22, 2013 8:13 AM
Updated: Jan 22, 2013 8:14 AM
DALLAS (AP) Brinker International, the parent company of Chili's and Maggiano's restaurants, said Tuesday that its fiscal second-quarter net income rose 4 percent, helped by increased menu prices.
For the period ended Dec. 26, the company earned $37.2 million, or 50 cents per share. That's up from $35.7 million, or 44 cents per share, a year earlier.
This matched the average forecast of analysts polled by FactSet.
Revenue edged up 1 percent to $689.8 million from $681.9 million, but missed Wall Street's estimate of $693.5 million.
Its shares fell $1.41, or 4.3 percent, to $31.96 in morning trading. Its shares have traded in a 52-week range of $24.92 last January to $36.24 in September.
Revenue at Chili's restaurants open at least a year rose 1 percent. The figure increased 0.6 percent for Maggiano's locations open at least a year. When adjusting for fewer holidays in the quarter as compared with last year, the Chili's metric climbed 1.6 percent and the Maggiano's figure rose 1.5 percent.
This metric is a key gauge of a restaurant operator's performance because it excludes results from restaurants recently opened or closed.
Brinker International Inc. said that Chili's saw better pricing for produce and poultry during the quarter, but saw unfavorable pricing for beef and pork.
The Dallas company currently owns, runs or franchises 1,593 restaurants under the names Chili's Grill & Bar and Maggiano's Little Italy.