Chili’s restaurant parent Brinker reports narrower-than-expected loss, provides upbeat outlook

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Brinker International Inc. , the parent of Chili’s and Maggiano’s restaurant chains, reported Wednesday a narrower-than-expected fiscal fourth-quarter loss, although revenue missed, and provided an upbeat first-quarter outlook. The company swung to a net loss for the quarter to June 24 of $$9.2 million, or $1.20 a share, from net income of $46.7 million, or $1.22 a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was 88 cents, compared with the FactSet loss consensus of $1.35. Total revenue fell 32.5% to $563.2 million, below the FactSet consensus of $572.9 million, as the negative effects of the COVID-19 pandemic were partially offset by the acquisition of 116 restaurants a year ago and increased off-premise sales. Same-store sales of company-owned Chili’s restaurants fell 32.2% and dropped 66.7% at Maggiano’s restaurants. For the first month of the current quarter, same-store sales at Chili’s were down 10.9% and were down 44.6% at Maggiano’s. For the full first-quarter, the company expects an adjusted loss of 40 cents to 25 cents a share, compared with the FactSet loss consensus of 60 cents, and overall same-store sales down in the low to mid-teens percentage range. The stock, which was still inactive in premarket trading, has lost 28.2% year to date through Tuesday, while the S&P 500 has gained 3.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.