Brinker's 1Q Profit Off Amid Restaurant Slump

DALLAS (AP) — Brinker International Inc., which operates Chili's Grill & Bar and Maggiano's restaurants, on Tuesday posted a lower fiscal first-quarter profit on slumping revenue as recession-battered consumers choose to eat at home.

For the quarter ended Sept. 23, the company said it earned $15.8 million, or 15 cents per share, down 34 percent from $23.8 million, or 23 cents per share in the prior-year quarter.

Excluding special items and its Romano's Macaroni Grill operations, the company said it earned 17 cents per share compared with 20 cents per share a year ago. Brinker sold the Macaroni Grill chain last year to an affiliate of private-equity firm Golden Gate Capital for $88 million, but kept a nearly 20 percent ownership interest.

Analysts polled by Thomson Reuters, who usually exclude one-time items, expected 15 cents per share.

Revenue fell 21 percent to $778.1 million from $984.4 million, partly due to the sale of 198 Macaroni Grill restaurants. Consumers have also continued to scale back on dining out because of a tough economy.