Chili’s switches to chicken power
This autumn, a new bar menu will please football enthusiasts.
“I’m happy that this year we’ll be graduating the virtual brand It’s Just Wings to the real world where they will now have the marketing power and distribution of Chili’s Grill and Bar,” Mr. Hochman said. “In addition to featuring our premium burgers and Chicken Crispers on that new bar menu.” One of the biggest virtual brands in the world, if not the biggest, is It’s Just Wings, and it will probably grow significantly in the real restaurant industry.
We see a chance to use the It’s Just Wings brand to encourage people to attend bars and to give Chili’s legitimacy as a player in the wing game. Using appropriate sports viewing opportunities to increase traffic, we will leverage the start of football season to propel the wings company throughout the year. The daily dining room menu will also feature It’s Just Wings, and we anticipate that it will encourage add-ons and trade up in the appetizer area.
Chili’s will conduct a 21-week national TV advertising program this fiscal year, increasing marketing expenditure by $55–60 million, following a four-week program in the 2023 fiscal year.
Comparable restaurant sales growth for Brinker International increased by 8% during the fiscal year. This growth includes 17% at Brinker’s other chain, Maggiano’s Little Italy, and 7% at Chili’s.
Joseph G. Taylor, chief financial officer of Brinker, stated, “Maggiano’s moved fully out of its post-pandemic recovery mode and delivered record pretax profits for the brand with particular success in solidifying their off-premises channel.”
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Brinker’s net income for the fiscal year was $102.6 million, or $2.33 per share on common stock. This was a 13% decrease from the previous fiscal year’s $117.6 million, or $2.62 per share. From $3.80 billion to $4.13 billion, total revenues increased by 9%.
Net income for the fourth quarter increased by 35% to $54.2 million, or $1.22 per share on common stock, from $40.2 million, or 92¢ per share, in the same period the prior year. From $1.02 billion to $1.08 billion, total revenues increased by 5%.
On August 16, Brinker International’s share price on the New York Stock Exchange finished at $34.36, a 6% decrease from its closing price of $36.37 on August 15.
Brinker projects total revenues for the 2024 fiscal year to be between $4.27 billion and $4.35 billion, while capital expenditures are anticipated to be between $175 million and $195 million.
According to Mr. Taylor, inflation should decrease in the current fiscal year.
He stated, “We anticipate commodity inflation for the fiscal year ’24 to be approximately 1% in the category of what a difference a year makes.” “We anticipate that commodity prices will be deflationary in the first two quarters compared to the corresponding quarters of last year, and low single-digit inflation in the final two quarters.”