said first-quarter earnings slipped despite a 12.5% jump in revenue as the company's restaurant expense swelled.
Brinker earned $44.6 million, or 45 cents a share, on revenue of $870.9 million in the quarter ended Sept. 24, compared with earnings of $45.0 million, or 45 cents a share, on revenue of $773.9 million a year ago. The latest quarter included an insurance gain, before which earnings were $42.8 million, or 43 cents a share.
Analysts surveyed by Thomson First Call were forecasting earnings of 47 cents a share on revenue of $866.1 million.
In the second quarter, Brinker expects to earn 44 cents or 45 cents a share on a 9% to 10% jump in capacity and a 2% to 4% jump in same-store sales. Analysts were forecasting earnings of 49 cents a share in the quarter.
The shares were recently down $4.60, or 13.6%, to $29.21.
The first-quarter revenue gain reflected a 10.6% jump in capacity and an overall 1.9% gain in year-over-year same-store sales. By brand, quarterly same-store sales rose 1.9% at Chili's, 0.9% at Macaroni Grill, 2.4% at Maggiano's and 3.2% at On The Border.
The company's total operating expenses were $802.0 million in the latest quarter, compared with $703.7 million a year ago. The restaurant expense totaled $486.4 million in the latest quarter compared with $423.3 million a year ago.