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What were the key takeaways from Brinker International’s earnings call?

- **Chili's Dominance**: Q1 comps +21.4% YoY, 18th straight quarter of growth, driven by 35% ribs sales and frozen margarita success.
- **Data-Driven Retention**: Tokenized data shows 70% of new guests return, with stable visit frequency across cohorts.
- **Value Leadership**: $10.99 3-for-Me mix steady at 18%, with 3-for-Me guests visiting 20% more frequently.
- **Tariff Mitigation**: $10M+ price increases planned, offsetting mid-single-digit commodity inflation.
- **Maggiano's Turnaround**: Q1 comps -6.4% but early signs of stabilization with scratch-made focus and repairs.
- **Growth Pipeline**: 4 Chili's reimaged prototypes complete by Q4 2025, with new unit growth evaluation in Q2 2026.

**【CEO Summary Section】**
- **Chili's Q1 Performance**: Same-store sales grew 21.4% YoY, driven by 13% traffic increase and 4.3% mix improvement. This marks the 18th consecutive quarter of positive comps.
- **Menu Innovations**: Ribs sales up 35% YoY with 29% profitability improvement. Frozen Patrón Margaritas sold twice as many units as the previous platform at a higher price point.
- **Guest Retention**: Tokenized data shows monthly cohorts maintain stable visit frequency, retaining 70% of new guests over time.
- **Consumer Insights**: Households earning under $60k grew fastest, with Chili's gaining market share in lower-income segments.
- **Maggiano's Turnaround**: Focused on scratch-made recipes, service speed, and guest-facing repairs. Q1 comp sales declined 6.4% but leadership sees early signs of stabilization.

**【CFO Financial Commentary】**
- **Topline Results**: Total revenue $1.35B (+18.5% YoY), adjusted EPS $1.93 (+104% YoY). Chili's comps +21.4%, Maggiano's comps -6.4%.
- **Cost Management**: Restaurant operating margin 16.2% (+270bps YoY) due to sales leverage. Food costs up 2.6% YoY, labor expenses +3.8% offset by sales growth.
- **Tariffs and Pricing**: Anticipate mid-single-digit commodity inflation, with $40M in price increases planned for Q1 2026. $10.99 3-for-Me platform maintains 18% mix stability.
- **CapEx and Growth**: $58.6M Q1 capex for maintenance and 4 Chili's reimaged prototypes. Maggiano's focused on repairs before new unit growth.

**【Q&A Highlights】**
- **Value Strategy**: $10.99 3-for-Me platform drives 18% mix, with 3-for-Me guests visiting 20% more frequently. Q3 will launch new $10.99 innovation.
- **Tariff Impact**: 2026 guidance includes mid-single-digit commodity inflation, offset by $10M+ price increases. Q2 EPS may face 6-8% Maggiano's drag.
- **Menu Renovation**: Chicken sandwich platform to launch Q4 2025, targeting boneless fried chicken growth. Queso upgrade added $150M+ sales but required reintroducing legacy queso.
- **Labor Model**: North of 6 initiative reduces friction, with tankless water heaters and table reconfiguration improving throughput.
- **Maggiano's Progress**: Reimaging focuses on abundance, speed, and repairs. Q2 2026 will test new unit growth feasibility post-reimaging.


Brinker International, Inc. (EAT) Q1 2026 Earnings Call Transcript

- **Record Growth**: Q4 same-store sales +24%, AUVs reach $4.5M, with 3-year comp +40%.
- **Innovative Products**: Ribs, frozen margaritas, and Big QP drive traffic, with 20%+ rib sales growth.
- **Profitability**: Restaurant margin 17.8%, up 260bps YoY; fiscal '26 EPS guidance $9.90-$10.50.
- **Future Momentum**: 2026 plans include ribs, queso upgrades, and 10% annual restaurant reimaging.
- **Maggiano's Reset**: CEO-led turnaround focuses on simplification, menu relevance, and operational excellence.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 same-store sales grew 24%, outpacing the casual dining industry by 1,890 basis points, with a 3-year comp of +40% and AUVs reaching $4.5 million.
- **Product Innovations**: Launched upgraded ribs, frozen margaritas (featuring PATRÓN), and the Big QP burger, driving traffic and mix improvements.
- **Operational Excellence**: Restaurant operating margin expanded to 17.6% from 11.9% in 2022, supported by $160M+ annual labor investment and $100M+ in repairs/maintenance.
- **Future Initiatives**: Fiscal '26 plans include full rollout of ribs, queso upgrades, and a chicken sandwich relaunch, alongside reimagining 10% of restaurants annually.
- **Maggiano's Turnaround**: Kevin oversees the brand, focusing on simplification, menu upgrades, and operational improvements, with a goal to reignite growth.

**【CFO Financial Commentary】**
- **Q4 Financials**: Total revenue $1.462B, adjusted EPS $2.49, and restaurant operating margin 17.8% (vs. 15.2% prior year).
- **Fiscal '26 Guidance**: Revenue $5.6B-$5.7B, EPS $9.90-$10.50, with 30-40bps margin expansion driven by sales leverage and cost control.
- **Investments**: $12M in food quality upgrades, $17M in labor, and $270M-$290M in capex for reimaging and equipment.
- **Balance Sheet**: Debt reduced to 1.7x lease-adjusted leverage, with $400M share buyback authorization.

**【Q&A Highlights】**
- **Margins & Inflation**: CFO expects 30-40bps margin expansion, with planned food inflation investments offset by sales leverage.
- **Maggiano's Strategy**: CEO emphasizes simplification, menu relevance, and operational alignment with Chili's best practices.
- **New Unit Growth**: Long-term goal to return to positive net unit growth, with first reimagined restaurants launching in 2027.
- **Technology Upgrades**: New server handheld app to reduce order-taking friction, and 5,000 new WiFi access points for improved connectivity.

Brinker International, Inc. (EAT) Q4 2025 Earnings Call Transcript

- **Chili's Dominance**: 31.6% same-store sales growth, 21% traffic surge, and 18.9% restaurant margin highlight operational excellence. 
- **Strategic Innovations**: Big QP burger launch, menu simplification, and cultural pop-up (Scranton) drive 9 billion impressions. 
- **Financial Strength**: $1.425B revenue, 80% EBITDA growth, and updated guidance to $8.50-8.75 EPS reflect disciplined execution. 
- **Long-Term Vision**: 2026 margin expansion via AUV growth; Maggiano's turnaround early but promising with 0.4% comp sales.

**【CEO Summary Section】**
- Chili's delivered 31.6% same-store sales growth, driven by 21% traffic and 4.4% price increases, despite macro challenges. Operational improvements included menu simplification (3 menu items removed), burger mastery training, and kitchen efficiency enhancements (e.g., all-day button for cooks). The Big QP burger launch in Q4 is expected to maintain momentum, with 9 billion impressions from the Scranton pop-up restaurant. Maggiano's is early in its turnaround, with 0.4% comp sales growth, focusing on menu simplification (20% reduction in SKUs) and eliminating discounts.

**【CFO Financial Commentary】**
- Q3 revenue: $1.425 billion, adjusted EPS: $2.66 (vs. $1.24 last year). Restaurant operating margin improved to 18.9% (up 470 bps YoY) due to sales leverage. Food costs were flat YoY, with 1.8% inflation offset by menu mix. Labor costs favorable by 140 bps YoY. Capital expenditures: $80 million (vs. $60 million last year), driven by kitchen equipment upgrades. Full-year guidance updated to $5.33-5.35 billion revenue and $8.50-8.75 EPS, with 3-5% wage inflation and low-single-digit commodity costs.

**【Q&A Key Highlights】**
- **Sustainability of Growth**: CEO confident in 2026 margin expansion via AUV growth and fixed cost leverage. Q4 2025 will face tougher comps, but focus on food, service, and atmosphere will drive traffic. 
- **Tariff Impact**: 80% of supply chain domestic; 2-3% pricing strategy to offset inflation. 
- **Maggiano's Progress**: Early-stage turnaround with 50% of menu now core dishes; traffic choppiness expected as discounts are removed. 
- **CapEx & M&A**: No M&A plans; CapEx will support remodels and equipment upgrades, with share buybacks as third priority post-debt reduction.

Brinker International (EAT)-29 Apr 25-2025 Q3 Earnings call transcript

- **Chili's Growth Engine**: Q2 same-store sales +31.4% driven by 19.9% traffic growth, with Triple Dipper sales doubling to 14% of Q2 sales.
- **Operational Leap**: TurboChef adoption accelerated to handle 70%+ of menu items, reducing cook time by 40% and freeing up Zone 1 capacity.
- **Profitability Surge**: ROM +600bps to 19.1%, adj. EPS $2.80 (vs. $0.99 YoY), with 220bps labor efficiency and 20bps food cost leverage.
- **Maggiano's Reset**: 1.8% comp growth with 13% menu simplification, new leadership team, and focus on core menu upgrades.
- **Capital Focus**: $240-260M capex for reimaging, TurboChef rollout, and operational efficiency vs. new unit growth.


**【CEO Key Initiatives】**
- **Chili's Turnaround Momentum**: Q2 same-store sales +31.4%, driven by +19.9% traffic, +6.6% mix, and +4.9% pricing. Triple Dipper sales doubled YoY, accounting for 14% of Q2 sales.
- **Operational Simplification**: Removed 13 menu items, 12 pantry SKUs, and eliminated the It's Just Wings station to streamline Zone 1 operations. TurboChef oven rollout accelerated to handle 70%+ of menu items, reducing cook time by 40%.
- **Menu Innovation**: Fajita upgrade in Q4 and ribs refresh in Q1. New 3 For Me platform launch in Q4 with a famous taste profile at a hot price point.
- **Maggiano's Revival**: Early-stage turnaround with 1.8% comp sales growth, 13% menu simplification, and leadership team expansion (VPs Ernest Perez and Mike Westley).

**【CFO Financial Highlights】**
- **Revenue & Profitability**: Q2 revenue $1.358B, adj. EPS $2.80 (vs. $0.99 YoY). Brinker ROM +600bps to 19.1%, driven by 220bps labor efficiency and 20bps food cost leverage.
- **Cost Management**: Food inflation offset by price, labor inflation (3.5%) offset by sales growth. Advertising flat YoY ($42M) with 60-70% of incremental spend in Q4.
- **Balance Sheet**: Debt reduced by $164M, leverage ratio 2.3x. FY25 guidance: $5.15-5.25B revenue, $7.50-8 EPS, $240-260M capex.

**【Q&A Key Takeaways】**
- **Triple Dipper Sustainability**: 70% of incremental sales from new guests, 30% from frequency. Social media virality amplified by operational improvements (e.g., TurboChef, menu simplification).
- **Margin Outlook**: Q2 ROM peak at 19.1%, expect mid-teens for FY25. AUVs >$4M with upside from traffic growth and mix expansion.
- **Capital Allocation**: Prioritize reimaging (100+ units/year), TurboChef rollout, and Maggiano's turnaround over new unit growth.
- **Maggiano's Timeline**: 5-7 quarters to turn traffic trend, similar to Chili's turnaround playbook.


Brinker International, Inc. (EAT) Q2 2025 Earnings Call Transcript

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