Brinker International (EAT), the parent company of restaurant chains Chili’s and Maggiano’s Little Italy, saw comparable sales jump 13.5% year-over-year, as reported in its fiscal fourth quarter earnings. The company attributes this feat to higher restaurant traffic and its increase in menu prices.
Brinker International CEO and President Kevin Hochman sits down with Brad Smith and Yahoo Finance executive editor Brian Sozzi to talk more about the growth seen particularly in Chili’s, new menu items, and continued consumer demand within the restaurant industry.
"We know things are tough out there, but we have this industry-leading value. And we’ve spent a lot of time in the last two years and a lot of investments on improving the experience. So that means making sure we have more labor in the restaurants, we’ve reduced our menu by over 22%, and we put also investments into facilities," Hochman explains. "And that’s why we grew traffic this quarter. And we’ve really been beating the industry for the past two years. And we’ve seen that accelerate in the last six months."
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