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FIRST QUARTER OF FISCAL 2020 RESULTS

BRINKER INTERNATIONAL REPORTS FIRST QUARTER OF FISCAL 2020 RESULTS

DALLAS, Oct. 30, 2019 /PRNewswire/ — Brinker International, Inc. (NYSE: EAT) today announced results for the first quarter of fiscal 2020 ended September 25, 2019.

Brinker International, Inc. (PRNewsfoto/Brinker International, Inc.)

Highlights include the following:

  • The Company acquired 116 Chili’s restaurants located in the Midwest United States from a franchisee on September 5, 2019. Three weeks of the acquired restaurants results of operations are included in the consolidated financial statements from the date of acquisition in the first quarter of fiscal 2020
  • Earnings per diluted share, on a GAAP basis, in the first quarter of fiscal 2020 decreased 39.1% to $0.39 compared to $0.64 in the first quarter of fiscal 2019 primarily due to the fiscal 2019 net gain recognized on sale leaseback transactions
  • Earnings per diluted share, excluding special items, in the first quarter of fiscal 2020 decreased 12.8% to $0.41 compared to $0.47 in the first quarter of fiscal 2019 primarily due to the acceleration of certain stock-based compensation expenses for newly retirement eligible executives (see non-GAAP reconciliation below)
  • Brinker International’s Company sales in the first quarter of fiscal 2020 increased 4.9% to $763.9 million compared to the first quarter of fiscal 2019. Total revenues in the first quarter of fiscal 2020 increased 4.3% to $786.0 million compared to the first quarter of fiscal 2019
  • Chili’s company-owned comparable restaurant sales increased 2.9% in the first quarter of fiscal 2020 compared to the first quarter of fiscal 2019. Chili’s U.S. franchise comparable restaurant sales increased 0.4% in the first quarter of fiscal 2020 compared to the first quarter of fiscal 2019
  • Maggiano’s company-owned comparable restaurant sales decreased 1.8% in the first quarter of fiscal 2020 compared to the first quarter of fiscal 2019
  • Chili’s international franchise comparable restaurant sales decreased 1.3% in the first quarter of fiscal 2020 compared to the first quarter of fiscal 2019
  • Operating income, as a percentage of Total revenues, was 4.0% in the first quarter of fiscal 2020 compared to 6.2% in the first quarter of fiscal 2019 representing a decrease of approximately 220 basis points primarily due to the fiscal 2019 net gain recognized on sale leaseback transactions and acceleration of certain stock-based compensation expenses for newly retirement eligible executives
  • Restaurant operating margin, as a percentage of Company sales, was 11.0% in the first quarter of fiscal 2020 compared to 11.1% in the first quarter of fiscal 2019 (see non-GAAP reconciliation below)
  • Cash flows provided by operating activities in the thirteen week period ended September 25, 2019 was $86.6 million and capital expenditures totaled $20.5 million resulting in free cash flow of $66.1 million (see non-GAAP reconciliation below)
  • The Company’s Board of Directors approved a quarterly dividend of $0.38 per share on the common stock of the Company. The dividend will be payable December 26, 2019 to shareholders of record as of December 6, 2019

“The first quarter of fiscal 2020 represents our 6th consecutive quarter of positive comparable restaurant sales and our 7th consecutive quarter to outperform the category in traffic,” said Wyman Roberts, CEO and President. “We are now lapping our year-over-year positive results and expect these trends to continue.”

CHILI’S RESTAURANT ACQUISITION

On September 5, 2019, we acquired 116 Chili’s restaurants owned by a franchisee located in the Midwest United States. The results of operations of these restaurants are included in the consolidated financial statements from the date of acquisition. We are reporting a preliminary purchase price allocation in the first quarter of fiscal 2020. We are evaluating the fair value of the assets and liabilities of the acquired restaurants through internal studies and third-party valuations.

QUARTERLY OPERATING PERFORMANCE

Company Sales and Company Restaurant Expenses

Chili’s Company sales in the first quarter of fiscal 2020 increased 5.8% to $677.5 million from $640.3 million in the first quarter of fiscal 2019 primarily due to an increase in comparable restaurant sales led by off-premise sales, and three weeks of revenues generated from the acquisition of the 116 Chili’s restaurants. As compared to the first quarter of fiscal 2019, Chili’s restaurant operating margin(1) decreased. Cost of sales, as a percentage of Company sales, increased compared to the first quarter of fiscal 2019 primarily due to unfavorable commodity pricing related to produce and menu item mix, partially offset by increased menu pricing. Restaurant expenses, as a percentage of Company sales, decreased compared to the first quarter of fiscal 2019 primarily due to sales leverage and lower marketing expenses, partially offset by higher rent expenses related to the fiscal 2019 sale leaseback transactions, and higher off-premise supplies and delivery fees. Restaurant labor, as a percentage of Company sales, was flat compared to the first quarter of fiscal 2019 due to the favorable impact of sales leverage, lower management salaries related to the Certified Shift Leader program, and lower employee health insurance expenses, fully offset by higher hourly labor wage rates and higher manager bonus from increased operating performance.

Maggiano’s Company sales in the first quarter of fiscal 2020 decreased 1.8% to $86.4 million from $88.0 million in the first quarter of fiscal 2019 primarily due to a decrease in comparable restaurant sales. As compared to the first quarter of fiscal 2019, Maggiano’s restaurant operating margin(1) decreased. Cost of sales, as a percentage of Company sales, increased compared to the first quarter of fiscal 2019 primarily due to unfavorable menu item mix and commodity pricing, partially offset by increased menu pricing. Restaurant labor, as a percentage of Company sales, increased due to higher hourly labor wage rates, partially offset by lower management salaries and lower employee health insurance expenses. Restaurant expenses, as a percentage of Company sales, decreased compared to the first quarter of fiscal 2019 due to lower supplies and lower repairs and maintenance expenses, partially offset by higher rent expenses due to the sale leaseback of one restaurant in the fourth quarter of fiscal 2019.

(1) Restaurant 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

Franchise and other revenues in the first quarter of fiscal 2020 decreased 13.3% to $22.1 million from $25.5 million in the first quarter of fiscal 2019 primarily due to a decrease in royalties and franchise marketing contributions related to the 116 Chili’s restaurants acquired from a franchisee during the first quarter of fiscal 2020. Additionally, the first quarter of fiscal 2020 franchise marketing contribution rate was lower than prior year. In the first quarter of fiscal 2020, Brinker franchisees generated approximately $298.3 million in sales(2).

(2) Royalty revenues are recognized based on the sales generated and reported to the Company by franchisees.

Other

Depreciation and amortization expenses in the first quarter of fiscal 2020 increased $1.1 million compared to the first quarter of fiscal 2019 primarily due to the Chili’s remodel initiative, higher depreciation related to the prospective change in useful lives of certain fixed assets, and additional depreciation and amortization expenses related to the acquisition of 116 Chili’s restaurants. These increases were partially offset by lower expense related to fully depreciated assets and retirements and reduced expenses related to the fiscal 2019 sale leaseback transactions.

General and administrative expenses in the first quarter of fiscal 2020 increased $4.2 million compared to the first quarter of fiscal 2019 primarily due to the acceleration of certain stock-based compensation expenses for newly retirement eligible executives on fiscal 2020 annual stock grants.

Income Taxes

On a GAAP basis, the effective income tax rate in the first quarter of fiscal 2020 decreased to 11.3% compared to 17.9% in the first quarter of fiscal 2019. The decrease was primarily driven by the impact of the fiscal 2019 sale leaseback transactions gain. Excluding the impact of special items (see non-GAAP reconciliation below for details), the effective income rate decreased to 10.5% in the first quarter of fiscal 2020 compared to 11.0% in the first quarter of fiscal 2019, primarily driven by an increase in the FICA tax credit in fiscal 2020.

Guidance Policy

We are unable to reliably forecast special items such as restaurant impairments, restaurant closures, reorganization charges and legal settlements without unreasonable effort. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures. If special items are reported during fiscal 2020, reconciliations to the appropriate GAAP measures will be provided.

COMPARABLE RESTAURANT SALES

The table below presents the percentage change in company-owned and franchise comparable restaurant sales in the quarter comparative periods as described below:

Comparable Sales(1) Price Impact Mix-Shift(2) Traffic
Q1: 20 vs 19 Q1: 19 vs 18 Q1: 20 vs 19 Q1: 19 vs 18 Q1: 20 vs 19 Q1: 19 vs 18 Q1: 20 vs 19 Q1: 19 vs 18
Company-owned(3) 2.3 % 1.8 % 2.2 % 0.3 % 0.3 % (2.1) % (0.2) % 3.6 %
Chili’s(3) 2.9 % 2.0 % 2.3 % 0.0 % 0.6 % (2.0) % 0.0 % 4.0 %
Maggiano’s (1.8) % 0.0 % 1.2 % 2.3 % 0.0 % (0.2) % (3.0) % (2.1) %
Chili’s franchise(3)(4)(5) (0.3) % (0.4) %
U.S.(3)(5) 0.4 % 1.2 %
International (1.3) % (3.0) %
Chili’s domestic(3)(5)(6) 2.3 % 1.8 %
System-wide(3)(5)(7) 1.6 % 1.1 %
(1) Comparable restaurant sales include all restaurants that have been in operation for more than 18 months. Amounts are calculated based on comparable current period versus same period a year ago.
(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) Chili’s company-owned comparable restaurant sales for the Q1: 20 vs 19 period excludes the impact from the 116 Chili’s restaurants acquired from a franchisee in the first quarter of fiscal 2020. Chili’s franchise U.S. comparable for the Q1: 20 vs 19 period includes sales from these 116 acquired restaurants until the September 5, 2019 acquisition date.
(4) Chili’s franchise sales generated by franchisees are not included in revenues in the Consolidated Statements of Comprehensive Income; however, we generate royalty revenues 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.
(5) Chili’s franchise comparable sales, Chili’s franchise U.S. comparable sales, Chili’s domestic comparable sales and System-wide comparable sales for the Q1: 19 vs 18 period were restated due to a change in franchise reported sales.
(6) 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.
(7) 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.

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 financial results. Non-GAAP disclosures should not be viewed as a substitute for financial 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.

Reconciliation of Net Income and Earnings Per Share Excluding Special Items

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. The following reconciliation is presented in millions, except per diluted share amounts.

Q1 20 EPS Q1 20 Q1 19 EPS Q1 19
Net income $ 14.9 $ 0.39 $ 26.4 $ 0.64
Special items(1) 0.6 0.02 (10.5) (0.25)
Income tax effect related to special items(2) (0.2) (0.01) 2.6 0.06
Special items, net of taxes 0.4 0.01 (7.9) (0.19)
Adjustment for special tax items(3) 0.2 0.01 0.7 0.02
Net income excluding special items $ 15.5 $ 0.41 $ 19.2 $ 0.47
(1) Special items in the first quarter of fiscal 2020 consist of $1.5 million of incremental depreciation expenses associated with a change in estimated useful life of certain restaurant-level long-lived assets, partially offset by a $0.9 million net gain in Other (gains) and charges.
Special items in the first quarter of fiscal 2019 consist of an $11.1 million net gain in Other (gains) and charges primarily related to gains recognized on the sale leaseback transactions, partially offset by $0.6 million of incremental depreciation expense associated with a change in estimated useful life of certain restaurant-level long-lived assets.
Footnote “(2)” to the Consolidated Statements of Comprehensive Income contains additional details on the composition of Other (gains) and charges for each period presented.
(2) Income tax effect related to special items is based on the statutory tax rate in effect at the end of each period presented.
(3) Adjustment for special tax items in the first quarter of fiscal 2020 primarily related to the statute expiration of liabilities established for uncertain tax positions and the tax impact of excess tax shortfalls associated with stock-based compensation. Adjustment for special tax items in the first quarter of fiscal 2019 primarily related to the tax impact of excess tax shortfalls associated with stock-based compensation.

Reconciliation of Restaurant Operating Margin

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 restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not directly accrue benefit to the shareholders due to the nature of costs excluded. We define Restaurant operating margin as Company sales less Company restaurant expenses, including Cost of sales, Restaurant labor and Restaurant expenses. 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 expenses, Depreciation and amortization, and Other (gains) and charges.

Restaurant operating margin excludes Franchise and other revenues which are earned primarily from franchise royalties, advertising fees, and other non-food and beverage revenue streams such as banquet service charges, digital entertainment revenues and gift card breakage. Depreciation and amortization expenses, substantially all of which is related to restaurant-level assets, are excluded because such expenses represent historical costs which do not reflect current cash outlays for the restaurants. General and administrative expenses include primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices and are 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.

The following reconciliation is presented in millions, except percentages.

Q1 20 Q1 19
Operating income – GAAP $ 31.2 $ 46.9
Operating income as a percentage of Total revenues 4.0 % 6.2 %
Operating income – GAAP $ 31.2 $ 46.9
Less:  Franchise and other revenues (22.1) (25.5)
Plus:  Depreciation and amortization 38.1 37.0
General and administrative 38.0 33.8
Other (gains) and charges (0.9) (11.1)
Restaurant operating margin – non-GAAP $ 84.3 $ 81.1
Restaurant operating margin as a percentage of Company sales 11.0 % 11.1 %

Reconciliation of Free Cash Flow

Brinker believes presenting free cash flow provides a useful measure to evaluate the cash flow available for reinvestment after considering the capital requirements and expenditures of our business operations (in millions).

Thirteen Week
Period Ended
September 25,
2019
Cash flows provided by operating activities – GAAP $ 86.6
Capital expenditures (20.5)
Free cash flow – non-GAAP $ 66.1

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 website today, October 30, 2019 at 9 a.m. CDT:

http://investors.brinker.com/events/event-details/q1-2020-brinker-international-earnings-conference-call

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 website until the end of the day November 13, 2019.

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 website under the Financial Information section of the Investor tab.

FORWARD CALENDAR

  • SEC Form 10-Q for the first quarter of fiscal 2020 filing on or before November 4, 2019
  • Earnings release call for the second quarter of fiscal 2020 on January 29, 2020

ABOUT BRINKER

Brinker International, Inc. is one of the world’s leading casual dining restaurant companies. Based in Dallas, Texas, as of September 25, 2019, Brinker owned, operated, or franchised 1,672 restaurants under the names Chili’s® Grill & Bar (1,619 restaurants) and Maggiano’s Little Italy® (53 restaurants).

FORWARD-LOOKING STATEMENTS

The statements and tables contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 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 could cause actual results to differ materially from our historical results or from those projected in forward-looking statements. The forward-looking statements in the press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements except as required by law. These risks and uncertainties are, in many instances, beyond our control. Such risks and uncertainties include, among other things, the impact of competition, changes in consumer preferences, consumer perception of food safety, reduced disposable income, unfavorable publicity, increased minimum wages, governmental regulations, the impact of mergers, acquisitions, divestitures and other strategic transactions, the Company’s ability to meet its business strategy plan, third party delivery risks, loss of key management personnel, failure to hire and retain high-quality restaurant management, the impact of social media, failure to protect the security of data of our guests and team members, product availability, regional business and economic conditions, litigation, franchisee success, downgrades in our credit ratings, inflation, changes in the retail industry, technology failures, failure to protect our intellectual property, outsourcing, impairment of goodwill or assets, failure to maintain effective internal control over financial reporting, actions of activist shareholders, adverse weather conditions, terrorist acts, health epidemics or pandemics, and tax reform, 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 (Unaudited)
(In millions, except per share amounts)
Thirteen Week Periods Ended
September 25,
2019
September 26,
2018
Revenues
Company sales $ 763.9 $ 728.3
Franchise and other revenues(1) 22.1 25.5
Total revenues 786.0 753.8
Operating costs and expenses
Company restaurants (excluding depreciation and amortization)
Cost of sales 203.8 191.9
Restaurant labor 268.5 256.3
Restaurant expenses 207.3 199.0
Company restaurant expenses 679.6 647.2
Depreciation and amortization 38.1 37.0
General and administrative 38.0 33.8
Other (gains) and charges(2) (0.9) (11.1)
Total operating costs and expenses 754.8 706.9
Operating income 31.2 46.9
Interest expenses 14.9 15.6
Other (income), net (0.5) (0.8)
Income before provision for income taxes 16.8 32.1
Provision for income taxes 1.9 5.7
Net income $ 14.9 $ 26.4
Basic net income per share $ 0.40 $ 0.65
Diluted net income per share $ 0.39 $ 0.64
Basic weighted average shares outstanding 37.5 40.4
Diluted weighted average shares outstanding 38.1 41.1
Other comprehensive income (loss)
Foreign currency translation adjustments(3) $ (0.2) $ 0.3
Other comprehensive income (loss) (0.2) 0.3
Comprehensive income $ 14.7 $ 26.7
(1) Franchise and other revenues include Royalties and Franchise fees and other revenues. Franchise fees and other revenues include advertising fees, Maggiano’s banquet service charge income, gift card breakage, digital entertainment revenues, gift card equalization, delivery fee income, franchise and development fees, retail royalty revenues, merchandise income, and gift card discount costs from third-party gift card sales.
(2) Other (gains) and charges included in the Consolidated Statements of Comprehensive Income include (in millions):

 

Thirteen Week Periods Ended
September 25,
2019
September 26,
2018
Lease modification (gain) $ (3.1) $
Acquisition of franchise restaurants costs, net of (gains) (0.5)
Remodel-related costs 0.7 0.5
Property damages, net of (insurance recoveries) 0.3 (0.8)
Corporate headquarters relocation charges 0.3
Restaurant closure charges 0.2 1.7
Foreign currency transaction (gain) loss 0.2 (0.8)
Severance and other benefit charges 0.2
Sale leaseback (gain), net of transaction charges (13.3)
Accelerated depreciation of previous headquarters 0.5
Cyber security incident charges 0.4
Other 0.8 0.7
Total $ (0.9) $ (11.1)
(3) Foreign currency translation adjustment included in our Comprehensive income in the Consolidated Statements of Comprehensive Income represents the unrealized impact of translating the financial statements of our Canadian restaurants from Canadian dollars to U.S. dollars. This amount is not included in Net income and would only be realized upon disposition of these restaurants.

 

BRINKER INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
September 25,
2019
June 26,
2019
ASSETS
Total current assets(1) $ 173.7 $ 177.0
Net property and equipment(1)(2) 840.0 755.1
Operating lease assets(1)(3) 1,192.3
Deferred income taxes, net(3)(4) 45.5 112.0
Other assets(1) 239.5 214.2
Total assets $ 2,491.0 $ 1,258.3
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Total current liabilities(1)(3)(4) $ 516.4 $ 421.6
Long-term debt and finance leases, less current installments 1,313.8 1,206.6
Long-term operating lease liabilities, less current portion(1)(3) 1,189.1
Deferred gain on sale leaseback transactions(4) 255.3
Other liabilities 56.8 153.0
Total shareholders’ deficit(3)(4) (585.1) (778.2)
Total liabilities and shareholders’ deficit $ 2,491.0 $ 1,258.3
(1) The Condensed Consolidated Balance Sheet at September 25, 2019 includes the preliminary purchase price allocation for the 116 Chili’s restaurants on September 5, 2019 primarily related to $7.3 million of Total current assets, $60.6 million of Net property and equipment, $163.7 million of Operating lease assets, and Other assets that primarily included $24.3 million of goodwill and $6.5 million of reacquired franchise right intangibles, $10.2 million of Total current liabilities, and $158.3 million of Operating lease liabilities, less current portion.
In addition to the assumed assets and liabilities described above, we also entered into 18 new leases with the previous franchisee related to certain restaurant properties. As of September 25, 2019, the new finance leases recorded include Net property and equipment of $21.2 million, Total current liabilities of $0.5 million, and Long-term debt and finance leases, less current installments of $20.6 million. And the new operating leases recorded include Operating lease assets of $11.8 million, Operating lease liabilities of $0.3 million, and Long-term operating lease liabilities, less current portion of $9.0 million.
(2) Of the 1,118 company-owned restaurant locations, at September 25, 2019, we own both building and land for 43 restaurant locations. The related book value of the land totaled $34.1 million and the net book value of buildings totaled $16.7 million for these locations.
(3) Effective June 27, 2019, we adopted ASC 842, the new lease accounting standard that required us to recognize operating lease assets and liabilities in the balance sheet. Under our historical accounting, operating leases were not recognized in the balance sheet. Prior results have not been restated for the impact of this accounting change. Upon adoption at June 27, 2019, we recognized Operating lease assets of $1,034.3 million, operating lease liabilities recorded in Current liabilities of $110.8 million and Long-term operating lease liabilities, less current portion of $1,044.9 million in our Condensed Consolidated Balance Sheets. Deferred income taxes, net was reduced by $3.5 million and offset into Total shareholders’ deficit related to the impact of adopting ASC 842 and recording the initial operating lease assets and liabilities as described above. The impact of the new lease accounting standard did not significantly impact our results of operations or cash flows.
(4) Deferred gain on sale leaseback transactions balance of $255.3 million, the related short-term deferred gain balance recorded within Total current liabilities of $19.3 million, and the associated Deferred income taxes, net of $68.6 million, balances were eliminated upon adoption of ASC 842 into Total shareholders’ deficit as required by ASC 842.

 

BRINKER INTERNATIONAL, INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Thirteen Week Periods Ended
September 25,
2019
September 26,
2018
Cash flows from operating activities
Net income $ 14.9 $ 26.4
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization 38.1 37.0
Stock-based compensation 7.1 3.6
Restructure charges and other impairments (3.2) 1.9
Net loss (gain) on disposal of assets 0.3 (13.6)
Other 0.6 0.8
Changes in assets and liabilities 28.8 (6.5)
Net cash provided by operating activities 86.6 49.6
Cash flows from investing activities
Payments for property and equipment (20.5) (31.2)
Payments for franchise restaurant acquisitions (96.2)
Proceeds from sale of assets 0.2
Proceeds from note receivable 0.7 0.7
Insurance recoveries 1.4
Proceeds from sale leaseback transactions, net of related expenses 447.6
Net cash (used in) provided by investing activities (115.8) 418.5
Cash flows from financing activities
Borrowings on revolving credit facility 299.0 204.0
Payments on revolving credit facility (227.0) (549.0)
Purchases of treasury stock (11.3) (105.5)
Payments of dividends (14.8) (16.2)
Payments on long-term debt (2.4) (1.8)
Proceeds from issuances of treasury stock 1.3 0.5
Net cash provided by (used in) financing activities 44.8 (468.0)
Net change in cash and cash equivalents 15.6 0.1
Cash and cash equivalents at beginning of period 13.4 10.9
Cash and cash equivalents at end of period $ 29.0 $ 11.0

 

BRINKER INTERNATIONAL, INC.
Restaurant Summary
Fiscal 2020
Total Restaurants
Open at
September 25,
2019
First Quarter
Openings
Full Year
Projected
Openings
New Openings
Company-owned restaurants
Chili’s domestic(1) 1,061 1 9-11
Chili’s international 5
Maggiano’s 52
Total company-owned 1,118 1 9-11
Franchise restaurants
Chili’s domestic(1) 180 1 2
Chili’s international 373 11 27-32
Maggiano’s 1 1
Total franchise 554 12 30-35
Total company-owned and franchise restaurants
Chili’s domestic 1,241 2 11-13
Chili’s international 378 11 27-32
Maggiano’s 53 1
New openings total 1,672 13 39-46
Relocation Openings
Chili’s domestic company-owned relocations 0-2
(1) During the first quarter of fiscal 2020, we acquired 116 Chili’s restaurants located in the Midwest United States owned by a franchisee. The acquisition of these restaurants is not reflected in the First Quarter Openings or Full Year Projected Openings totals as these are existing restaurant locations transitioning ownership. These acquired restaurants are included in Total Restaurants Open at September 25, 2019 within the total for Company-owned restaurants Chili’s domestic.

 

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SOURCE Brinker International, Inc.

MIKA WARE, INVESTOR RELATIONS, investor.relations@brinker.com, or AISHA FLETCHER, MEDIA RELATIONS, media.requests@brinker.com, (800) 775-7290, 3000 OLYMPUS BOULEVARD, DALLAS, TEXAS 75019

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BRINKER INTERNATIONAL, INC. TO HOST FIRST QUARTER FISCAL 2020 EARNINGS CALL

DALLAS, Oct. 23, 2019 /PRNewswire/ — Brinker International, Inc. (NYSE: EAT) has scheduled its earnings conference call at 10 a.m. Eastern Time on Wednesday, Oct. 30, 2019 to review first quarter fiscal 2020 earnings, which will be announced before the market opens on Oct. 30, 2019.

Brinker International, Inc. (PRNewsfoto/Brinker International, Inc.)

The live audio webcast can be accessed through Brinker’s investor relations website at http://investors.brinker.com/events/event-details/q1-2020-brinker-international-earnings-conference-call. A replay of the conference call will be available on the website for two weeks after the event and via Thomson StreetEvents for their service subscribers.

ABOUT BRINKER
Brinker International, Inc. is one of the world’s leading casual dining restaurant companies. Based in Dallas, Texas, as of June 26, 2019, Brinker owned, operated, or franchised 1,665 restaurants under the names Chili’s® Grill & Bar (1,612 restaurants) and Maggiano’s Little Italy® (53 restaurants).

 

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SOURCE Brinker International, Inc.

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BRINKER INTERNATIONAL ENTERS INTO A LETTER OF INTENT TO ACQUIRE 116 FRANCHISED CHILI’S RESTAURANTS

DALLAS, July 10, 2019 /PRNewswire/ — Today, Brinker International, Inc. (NYSE: EAT), a leader in the casual dining industry, announced it has executed a letter of intent to acquire 116 Chili’s® Grill & Bar restaurants from its 14-year franchisee, ERJ Dining.

Brinker International, Inc. (PRNewsfoto/Brinker International, Inc.)

The restaurants, primarily located in the Midwest, generate approximately $300 million of annualized revenue. The transaction is expected to close in the first quarter of Brinker’s fiscal year 2020, subject to completion of due diligence and normal closing conditions.

The acquisition is expected to be EPS accretive and generate incremental free cash flow in fiscal year 2020. Brinker intends to fund the purchase price from its existing credit facility and expects its adjusted leverage ratios to rise slightly above previously announced targets in the short term.

“This acquisition is a compelling opportunity to further invest in our brand, broaden our scale and create growth in earnings and cash flow,” said Joe Taylor, chief financial officer and executive vice president of Brinker. “We appreciate the relationship we developed with ERJ over the years and view these well-established restaurants as a solid foundation for further growth in these markets.”

ABOUT BRINKER
Brinker International, Inc. is one of the world’s leading casual dining restaurant companies. Based in Dallas, Texas, as of March 27, 2019, Brinker owned, operated, or franchised 1,676 restaurants under the names Chili’s® Grill & Bar (1,623 restaurants) and Maggiano’s Little Italy®(53 restaurants).

FORWARD LOOKING STATEMENTS
The statements contained in this release that are not historical facts are forward-looking statements subject to risks and uncertainties which could cause actual results to differ materially from expectations. For more information, review the caption “Risk Factors” in our fiscal 2018 Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission relating to forward looking statements.

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SOURCE Brinker International, Inc.

Brinker, International, Inc., Media Relations, media.requests@brinker.com, 1 (800) 775-7290

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CHILI’S PARTNERS EXCLUSIVELY WITH DOORDASH

Chili’s Guests can get their favorites delivered with DoorDash wherever they are, from more than 1,000 participating restaurants nationwide

DALLAS, June 11, 2019 /PRNewswire/ — Chili’s® Grill & Bar, a leader in the casual dining industry, is also leading the category in off-premise innovation. To build on that momentum, starting today, Brinker International, Inc., the parent company of Chili’s and Maggiano’s Little Italy®, has entered into an exclusive agreement with DoorDash, the nation’s largest on-demand destination for door-to-door delivery, that brings delivery of Chili’s favorites to Guests from more than 1,000 participating restaurants nationwide.

Chili's Partners Exclusively with DoorDash

“We chose DoorDash as an exclusive partner because they have a leading market share in areas where Chili’s restaurants are located and have a fast growing delivery platform,” said Wyman Roberts, chief executive officer of Brinker and president of Chili’s. “While we tested delivery with several partners, DoorDash integrated seamlessly into our operations, demonstrated the ability to drive incremental sales and provided a consistent Guest experience. DoorDash shares our vision of a ‘win-win’ partnership based on sustainable economics, digital leadership and a constant stream of innovation. Together with DoorDash we can deliver Chili’s favorites to Guests wherever they are.”

Chili’s has generated more than $330 million in annual off-premise sales at corporate owned restaurants, which contributed to approximately 13% of the brand’s total sales in the U.S. as reported at the end of the last fiscal quarter. The brand also grew to-go business by 17.2% in its third quarter. Over the past few years, to improve its off-premise strategy, Chili’s launched a highly-rated mobile and web application for online ordering, improved to-go packaging and built integrated direct marketing capabilities for its more than six million Guests that have joined the My Chili’s Rewards loyalty program.

Chili’s exclusive partnership with DoorDash will build on this momentum. Chili’s expects its national partnership with DoorDash to accelerate its omnichannel leadership, drive continued sales growth by levelling the convenience playing field with fast casual and quick service restaurants, and further strengthen the brand for the next generation of Guests.

In test markets, Chili’s Guests showed a high demand and positive response for DoorDash delivery, which resulted in significant incremental off-premise sales growth. Chili’s and DoorDash have integrated their systems so that DoorDash orders are sent directly to the Chili’s point-of-sale (POS) system, ensuring a better experience for Guests and Team Members. POS integrations allow DoorDash to sign up and scale restaurants at a faster pace, and Guests can expect additional Chili’s restaurants to offer delivery with DoorDash in the near future.

“DoorDash is honored to be named as the exclusive delivery partner for Chili’s and Maggiano’s, pairing our best in class operations and commitment to quality with America’s most iconic brands,” said Toby Espinosa, vice president of business development at DoorDash. “Chili’sis renowned for their fresh, bold menu items and high-quality Guest experience, and we’re excited to see how our partnership grows as we connect loyal diners to great food, service and convenience.”

Maggiano’s has also exclusively partnered with DoorDash for delivery services, and the DoorDash systems will be integrated with Maggiano’s POS in the coming months.

To order Chili’s with DoorDash, download the DoorDash app or go online to www.doordash.com. Find Chili’s in the list of local restaurants, place an order and enjoy your Chili’s in no time!

About Chili’s® Grill & Bar
Hi, welcome to Chili’s! We’re a leader in the casual dining industry and the flagship brand of Dallas-based Brinker International, Inc. (NYSE: EAT). We’re known for our big mouth burgers, Texas-sized ribs, full-on sizzling fajitas and hand-shaken margaritas. We take our food seriously – but not ourselves – because dining out should feel like a celebration even if there is nothing to celebrate. Our passion is making every Guest feel special, and every day, our ChiliHeads make it their job to spread #ChilisLove across our more than 1,600 restaurants in 29 countries and two territories. And Chili’s cares. We host local Give Back Events to support kids, education and hunger, and have raised more than $70 millionthrough our annual Create-A-Pepper campaign benefitting St. Jude Children’s Research Hospital®, because giving back is a big part of who we are. Find more information about us at www.chilis.com, follow us on Twitter or Instagram, or like us on Facebook @Chilis.

About DoorDash
DoorDash is a technology company that connects customers with their favorite local and national businesses in over 4,000 cities and all 50 states across the United States and Canada. Founded in 2013, DoorDash empowers merchants to grow their businesses by offering on-demand delivery, data-driven insights, and better in-store efficiency, providing delightful experiences from door to door. DoorDash Drive is the last-mile logistics platform that powers direct delivery for any business. By building the last-mile delivery infrastructure for local cities, DoorDash is bringing communities closer, one doorstep at a time. Read more on the DoorDash blog or at www.doordash.com.

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SOURCE Chili’s Grill & Bar

Media Relations, Media.requests@brinker.com, (800) 775-7290

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MAGGIANO’S TEAMS UP WITH MAKE-A-WISH® FOR ITS 16TH ANNUAL EAT-A-DISH FOR MAKE-A-WISH CAMPAIGN

Guests of America’s favorite casual-dining restaurant can help grant life-changing wishes for children battling critical illnesses

DALLAS, June 7, 2019 /PRNewswire/ — Now through Aug. 7, Maggiano’s Little Italy® is hosting its 16th annual Eat-A-Dish for Make-A-Wish®campaign. Guests are invited to help the restaurant reach its goal of raising $1,000,000 to grant transformative wishes for children battling critical illnesses.

Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8490852-maggianos-16th-annual-eat-a-dish-for-make-a-wish/

Chocolate Cannoli Pancakes

Guests can help grant wishes in one (or more) of the following ways:

  • Enjoy a chef-featured item through Aug. 7– Guests can choose from dishes such as Angel Hair Saffron Langostino Lobster or Amalfi Lemon Chicken in June and Pesto Perlini Mozzarella Pasta or Salmon with Crispy Calabrian Shrimp in July. For every select featured menu item ordered, $1 will be donated to Make-A-Wish. And for every glass of Wish or Summer Lemonade ordered, 50 cents will also be donated.
  • Savor each bite of fluffy chef-featured pancakes during brunch or order the chef-featured dessert and $1 will be donated to Make-A-Wish year-round. During the campaign, Guests can look forward to enjoying decadent Banana Split or Chocolate Cannoli Pancakes, Banana Split Cheesecake or six layers of Chocolate Cannoli Cake.
  • Order the Create Your Own Pasta carryout package between June 10-June 21 or June 27-July 8 and $3 will be donated to Make-A-Wish.
  • Get social by sharing a photo of their experience at Maggiano’s on Twitter and/or Instagram using #EatADish4MAW.

To-date, Maggiano’s annual Eat-A-Dish for Make-A-Wish campaign has raised over $9 million and granted more than 1,200 life-changing wishes.

“Our passion at Maggiano’s is making people feel special, so we are honored to have the opportunity to raise money, grant wishes and create special memories for the wish kids,” said Kelly C. Baltes, President of Maggiano’s. “We are fully committed to the belief that a wish experience can be a game-changer for a child with a critical illness, which is why we continue to partner with Make-A-Wish for this life-changing campaign. Year after year, I’m amazed by our incredible Guests and Teammates who go above and beyond to support this campaign, and I am excited about the difference our team will make this year.”

“Maggiano’s has continued to be one of our greatest supporters, committed to helping children with critical illnesses replace fear with confidence, anxiety with hope and sadness with joy,” said Richard Davis, president and CEO of Make-A-Wish America. “Wishes are only made possible through the generosity of individual and corporate donors, like Maggiano’s, and we look forward to continuing to grant even more life-changing wishes, one dish at a time.”

For more information about Eat-A-Dish for Make-A-Wish, visit maggianos.com/make-a-wish-2019.

About Maggiano’s Little Italy®
Maggiano’s Little Italy specializes in Italian-American cuisine served in a warm and friendly atmosphere. Maggiano’s menu features both classic and contemporary recipes – authentic pastas, signature salads, prime steaks, fresh seafood, regular chef specials and specialty desserts. Maggiano’s 53 restaurants nationwide offer brunch, lunch and dinner as well as delivery, carryout services and banquet spaces for special occasions. Maggiano’s is owned and operated by Brinker International, Inc. (NYSE: EAT), one of the world’s leading casual dining restaurant companies, serving more than one million guests daily. Brinker owns or franchises more than 1,600 restaurants in 32 countries and two territories. In addition to Maggiano’s, Brinker owns and operates Chili’s® Grill & Bar.

Follow news about Maggiano’s on Facebook, Twitter, Instagram, YouTube and Pinterest. For additional information, including the restaurant nearest you, please visit maggianos.com.

About Make-A-Wish®
Make-A-Wish® creates life-changing wishes for children with critical illnesses. We seek to bring every eligible child’s wish to life because a wish is an integral part of a child’s treatment journey. Research shows children who have wishes granted can build the physical and emotional strength they need to fight their illness. Headquartered in Phoenix, Arizona, Make-A-Wish is the world’s leading children’s wish-granting organization, serving children in every community in the United States and in more than 50 countries worldwide. Together, generous donors, supporters, staff and nearly 40,000 volunteers across the U.S., grant a wish every 34 minutes, on average, somewhere in the country. Since 1980, Make-A-Wish has granted more than 315,000 wishes to children in the U.S. and its territories; more than 15,600 in 2018 alone. For more information about Make-A-Wish America, visit wish.org.

Angel Hair Saffron Langostino Lobster

 

Banana Split Cheesecake

 

Pesto Perlini Fettuccine

 

Chocolate Cannoli Cheesecake

 

Banana Split Pancakes

 

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SOURCE Maggiano’s Little Italy

Maggiano’s Little Italy, Media Relations, media.requests@brinker.com, (800) 775-7290

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BRINKER INTERNATIONAL ADDS PRASHANT N. RANADE TO BOARD OF DIRECTORS

Ranade is highly regarded as a leader focused on customer centricity, growth, and operational excellence. His impressive career includes serving most recently as executive co-chairman of the board for Syntel, Inc., a global provider of integrated information technology and knowledge process services that was acquired by Atos S.E. Ranade spent the last eight years of his career at Syntel with increasing responsibility from president and CEO to executive co-chairman of the board. Prior to that, he served as president and CEO of Siemens Logistics and Assembly, where he was known for turning the business around through a customer-focused strategy. His career started at Siemens where he gained experience in all functions including R&D, marketing, finance and operations with increasing responsibility and a track record of growing the bottom line.

“Prashant brings a strong understanding and appreciation of technology, diverse experience across marketing and operations and a strategic, growth-oriented mindset,” said Wyman Roberts, CEO and president of Brinker International, Inc. and president of Chili’s Grill & Bar. “We’re excited to have him join our board and know his perspectives will add value as Brinker continues to focus on elevating the Guest experience.”

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 27, 2019, Brinker owned, operated, or franchised 1,676 restaurants under the names Chili’s® Grill & Bar (1,623 restaurants) and Maggiano’s Little Italy® (53 restaurants).

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SOURCE Brinker International, Inc.

Media Relations, media.relations@brinker.com, or Investor Relations, investor.relations@brinker.com

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BRINKER INTERNATIONAL ADDS PRASHANT N. RANADE TO BOARD OF DIRECTORS

DALLAS, May 2, 2019 /PRNewswire/ — Brinker International, Inc. (NYSE: EAT), a recognized leader in casual dining, announces the appointment of Prashant N. Ranade to its Board of Directors.

Brinker International, Inc. (PRNewsfoto/Brinker International, Inc.)

Ranade is highly regarded as a leader focused on customer centricity, growth, and operational excellence. His impressive career includes serving most recently as executive co-chairman of the board for Syntel, Inc., a global provider of integrated information technology and knowledge process services that was acquired by Atos S.E. Ranade spent the last eight years of his career at Syntel with increasing responsibility from president and CEO to executive co-chairman of the board. Prior to that, he served as president and CEO of Siemens Logistics and Assembly, where he was known for turning the business around through a customer-focused strategy. His career started at Siemens where he gained experience in all functions including R&D, marketing, finance and operations with increasing responsibility and a track record of growing the bottom line.

“Prashant brings a strong understanding and appreciation of technology, diverse experience across marketing and operations and a strategic, growth-oriented mindset,” said Wyman Roberts, CEO and president of Brinker International, Inc. and president of Chili’s Grill & Bar. “We’re excited to have him join our board and know his perspectives will add value as Brinker continues to focus on elevating the Guest experience.”

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 27, 2019, Brinker owned, operated, or franchised 1,676 restaurants under the names Chili’s® Grill & Bar (1,623 restaurants) and Maggiano’s Little Italy® (53 restaurants).

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SOURCE Brinker International, Inc.

Media Relations, media.relations@brinker.com, or Investor Relations, investor.relations@brinker.com

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BRINKER INTERNATIONAL, INC. TO HOST THIRD QUARTER FISCAL 2019 EARNINGS CALL

DALLAS, April 23, 2019 /PRNewswire/ — Brinker International, Inc. (NYSE: EAT) has scheduled its earnings conference call at 10:00 a.m. Eastern Time on Tuesday, April 30, 2019 to review third quarter fiscal 2019 earnings, which will be announced before the market opens on April 30, 2019.

Brinker International, Inc. (PRNewsfoto/Brinker International, Inc.)

The live audio webcast can be accessed through the Investor Relations section of Brinker’s Web site at http://investors.brinker.com/events/event-details/q3-2019-brinker-international-earnings-conference-call. A replay of the conference call will also be available on the company’s web site for 30 days after the event and via Thomson StreetEvents for their service subscribers.

Brinker International owns, operates, franchises, or is involved in the ownership of restaurants under the names Chili’s® Grill & Bar and Maggiano’s Little Italy®.

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SOURCE Brinker International, Inc.

media.requests@brinker.com | 800-775-7290

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BRINKER INTERNATIONAL ADDS CINDY L. DAVIS AND JOHN W. CHIDSEY TO BOARD OF DIRECTORS

DALLAS, Jan. 31, 2019 /PRNewswire/ — Brinker International, Inc. (NYSE: EAT), a recognized leader in casual dining, announces the appointment of Cindy L. Davis and John W. Chidsey to its Board of Directors.

Davis is an accomplished executive with a track record of driving innovation and profitable growth globally. She previously served as vice president of Nike, Inc. and president, Nike Golf.  Prior to that, Davis was senior vice president at Golf Channel, a division of Comcast Corporation with responsibilities for golf sponsorships, sports marketing and media, and was formerly president and chief executive officer of Arnold Palmer Golf Management, LLC. In addition to Brinker, Davis serves on the Board of Directors for Deckers Brands and Kennametal, Inc.and previously served on the board of Buffalo Wild Wings, Inc.

Chidsey is a talented leader and experienced restaurant operator with deep industry knowledge. He most recently served as chairman and chief executive officer of Burger King Holdings, Inc. Prior to serving as CEO, he held several executive leadership positions including president and chief financial officer. Chidsey served as chairman and chief executive officer of two divisions of Cendant Corporation, including brands such as Avis, Budget and Jackson-Hewitt, and held senior leadership positions at PepsiCo, Inc. In addition to Brinker, Chidsey serves on the Board of Directors for Norwegian Cruise Line Holdings, Ltd. and Encompass Health Corporation.

“We’re excited to have both Cindy and John join our team and know their perspectives and experience will be a great addition to our board,” said Wyman Roberts, CEO and president of Brinker International, Inc. and president of Chili’s Grill & Bar. “As we continue to differentiate the Guest experience at Chili’s and Maggiano’s, Cindy’s global retail strategy and consumer-focus expertise and John’s operations and financial knowledge will prove invaluable.”

Brinker International, Inc. is one of the world’s leading casual dining restaurant companies. Founded in 1975 and based in Dallas, Texas, as of Dec. 26, 2018, Brinker owned, operated, or franchised 1,685 restaurants under the names Chili’s® Grill & Bar (1,632 restaurants) and Maggiano’s Little Italy® (53 restaurants).

 

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SOURCE Brinker International, Inc.

Media Relations, (800) 775-7290, or Investor Relations, (972) 770-9040

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MAGGIANO’S NAMED AMERICA’S FAVORITE CASUAL-DINING CHAIN

Renowned Italian-American brand tops the list in Market Force’s annual survey

DALLAS, Jan. 24, 2019 /PRNewswire/ — The passion of Maggiano’s Little Italy® Teammates is simple – make every Guest feel special. From made-from-scratch, classic Italian-American dishes served family style to its welcoming, family atmosphere, Maggiano’s sets the bar high.

Maggiano’s Guests agree.

According to an annual restaurant industry study from Market Force Information® – one of the most cited in the industry – Maggiano’s is America’s Favorite Casual-Dining Chain, winning this year’s title with a composite loyalty index score of 64 percent.

The study polled more than 6,000 consumers to understand America’s favorite casual brands in seven categories, such as pizza, breakfast, steakhouse, Italian and seafood. Maggiano’s is the overall champion and topped the charts for the best food and best value, a rare balance in the casual dining segment. Maggiano’s also placed first in the Italian category for the fifth year in a row.

“It’s an incredible honor for Maggiano’s to be named America’s Favorite Casual-Dining Chain,” said Maggiano’s President Kelly C. Baltes. “At Maggiano’s, our passion is to make our Guests feel special, no matter the occasion. The attention to detail that’s executed by each of our talented Executive Chefs is incomparable, ensuring that we always serve the best dish possible. Additionally, all of our Teammates go above and beyond to create a level of service second to none. It’s exciting to know that our Guests appreciate our dedication to exemplary service, craveable food and memorable experiences.”

In 1991, Maggiano’s opened its first location on the corner of Clark Street and Grand Avenue in Chicago. The restaurant was successful from the very beginning, with eager diners sometimes waiting hours for an opportunity to enjoy made-from-scratch recipes passed down through generations. The meals have always been served family-style, making Maggiano’s the go-to destination for special occasions and getting together with family and friends.

About Maggiano’s Little Italy®
Maggiano’s Little Italy specializes in Italian-American cuisine served in a warm and friendly atmosphere. Maggiano’s menu features both classic and contemporary recipes – authentic pastas, signature salads, prime steaks, fresh seafood, regular chef specials and specialty desserts. Maggiano’s 52 restaurants nationwide offer brunch, lunch and dinner as well as delivery, carryout services and banquet spaces for special occasions. Maggiano’s is owned and operated by Brinker International, Inc. (NYSE: EAT), one of the world’s leading casual dining restaurant companies, serving more than one million guests daily. Brinker owns or franchises more than 1,600 restaurants in 32 countries and two territories. In addition to Maggiano’s, Brinker owns and operates Chili’s®Grill & Bar.

Follow news about Maggiano’s on Facebook, Twitter, Instagram, YouTube and Pinterest. For additional information, including the restaurant nearest you, please visit maggianos.com.

About Market Force Information
Market Force Information is a customer experience (CX) management company that provides location-level measurement solutions that help businesses protect their brand reputation, delight customers and make more money. Solutions include customer experience surveys, employee engagement surveys, mystery shopping, contact center services and social media review tracking, which are integrated into one technology and analytics platform, KnowledgeForce. Founded in 2005, Market Force has a growing global presence, with offices in the United States, Canada, United Kingdom, France and Spain. It serves more than 200 clients that operate multi-location businesses, including restaurants, major retailers, grocery and drug stores, petro/convenience stores, banking & financial institutions and entertainment brands. The company has been recognized as one of the Top 50 Market Research Organizations in the AMA Gold Report. For more information about Market Force, please visit marketforce.com.

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SOURCE Maggiano’s Little Italy