UPDATE: Brinker Posts In-Line Q1 Earnings

Brinker International

reported in-line earnings for the first quarter. The Dallas, Texas-based company reported a quarterly profit of $32.7 million, or $0.49 per share, versus a year-ago profit of $29.2 million, or $0.42 per share. Excluding special items, the company's earnings surged to $0.50 per share from $0.43 per share. Its revenue climbed 3.8% to $711 million. However, analysts were expecting earnings of $0.50 per share on revenue of $709.2 million. Its total operating costs and expenses gained 3.3% to $656.7 million. Comparable restaurant sales at company-owned restaurants rose 2.4% in the quarter. Brinker's systemwide same-restaurant sales increased 1.9%, while Chili's same-restaurant sales climbed 2.6% at company-operated stores. Maggiano's Little Italy chain reported 0.6% rise in same-restaurant sales. The company repurchased around 1.1 million shares of its common stock for $53.3 million in the quarter and paid a dividend of $0.24 per share in the quarter. "Brinker delivered positive comp sales and traffic during the quarter and we continue to take market share," said Wyman Roberts, Chief Executive Officer and President. "The key to our successful results is our ability to drive relevance and differentiation while maintaining a strong business model." Brinker shares closed at $52.67 yesterday.