EAT - Earnings call transcript Q1 2022 | Brinker International, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Brinker International Q1 F'22 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Mika Ware, Vice President of Financial and Investor Relations. Sir, the floor is yours.

Mika Ware

Thank you, Kate, and good morning, everyone. With me on today's call are Wyman Roberts, Chief Executive Officer and President; and Joe Taylor, our Chief Financial Officer.

know, of limited here our on XX. you first for in of October ahead quarter, Investor many we results pre-released the Dallas As Day hosted which for brinker.com. earlier We website the full on our results this released morning, are available at quarter recently then regarding the have straight the and we Joe will Wyman first our to to details comments jump prepared open make related shared your operating we quarter, and Since will performance questions. and call

remind comments, everyone forward-looking our Before it harbor job to our is regarding of beginning statements. my safe

During not cause subject our press And call Reform Litigation And considered of call, facts. filings risks to to in review results company's items the release call, ongoing which management meaning factors actual may discuss include which differ from are to Securities be based Any Such Act of and in more certain uncertainties, items the those this of should its forward-looking refer may said, the are that we course, will completely of Wyman. the financial I management to Private certain uses anticipated. operations. and historical insight will statements morning's XXXX. within entirely All risks uncertainties into could described that on the statements such the and provide measures and company's believes non-GAAP SEC. with on business turn the with the over such

Wyman Roberts

we a look taken weeks should business. of line traffic long-term from we're success, you numbers very sitting virtually ago. be of we're our making with numbers in to It's are and perspective, you all business. It this, levers From Day many Thanks, in to good. a Okay. grow for away the of What have in solid an to good business strength get Sales of for We're top Investor you good a that during seeing about you going. back extremely confident you was our in-depth time and was yet again. continue and Mika. to into have to the spot. Dallas the Thank and where the our managing couple is pull brands optimistic great we're are some

Our near-term working it's supply staffing through but issues not latest impacting structure. creating demand that is challenge rather and the are our cost chain pandemic-driven

any challenges good As there industry for as same managing you searching largely the problems these as are this But take traffic control. over I'll the well solve in much impacting Those know, are because our to XX after costs -- day. are economy. years they're as business, and sales the within

offset deliver and every help tying Our the P&L. structural operators to train guest price new up are during We've working increases. additional cost and the extremely team our quarter the members, sales of middle great to some hard of day taken labor experiences our

will believe As incremental I of monitor a to what buy on you labor offset quarter. that. increases. to we But to in mentioned layered pricing Joe structural closely more Investor during Day, sales we give issues, price we've we're the are cost going And and as the not detail

have true we brands the that experienced still pre-COVID, will that the we from headwinds that around and disciplined the pricing full it, progress what transitory, pressure there run we business members members short-term quarter some it trained created a the recognition is particularly a to that And good confident persistent, need we that taking wanted by are have markets performance in and model. we if system we first our -- what we're that's delivery new the over we're pricing The particularly takes staffed news our staff reduce and which we'll staffed, as while are to our levels. to notable with and limiting we quickly we to get during labor. longer forward, working we which it's the these now the half if X% view not costs us to and from of We many The we discover brand This We're their upside X% systems. significantly our where business the on hear. was be these strong. impact deal our are with capacity. know you to these turnover optimum especially more Moving those remove spike in power in turns we quarter margins are is also committed approach of virtual structural, with it keeps and traffic in reach time, back in the challenges sales, we perspective out though hard channels, Midwest, as thought team and coming protects trained as months. to maintaining year. The cost we're transitory in is building team costs fully And the as staffing our as as did making with restaurants we

with we're And expectation and operations teams challenging initiatives brands confident progress, working growth we're during end year opportunities. And stabilized until than we traffic dining fully is these in as we at deliveries and is Day, sales recently markets got around When Chili's most you a we to we're the maintaining the strong. my rooms future that and at NAFTrack. are totality a sales we're will the engaged the leverage on virtual making we by and was and as reserve last holding in solve Meanwhile, got possible. shared great talent these expected, our measured is innovation we've sizable business exciting more in strong, trained. X% to base quarter And on, quickly is industry, X-year as positive running top look fully and gap especially the issues Our while traffic as of where business, the Investor our we've are look and open.

the year. Now into I'll guidance Joe insight to turn share and for over Joe? to quarter more call the the

Joe Taylor

morning, good everyone. Thanks, Wyman, and

additional prepared guidance by comments of insight the our providing and XXXX. some quarter results our continue share fiscal first balance on the me year Let for current some expectations then to

During line a outpaced pre-COVID respectable levels amount sales and well first performed despite by quarter, top constraints. very COVID-related

XX% commodity with previous commodity the as the of were and industry with significant which the a per an range, up surprise, the For $X.XX, year. sales consolidated quarter come will inflation of fiscal the headwinds of the our The our line in the reported It majority X% industry-wide in by and Keeping impacted resulted with $X.XX negatively top most pork first ongoing quarter, of margins chicken from beat traffic in increase total $XXX versus spend, We revenues from mid-single-digit bottom XX%. strategy, quarter, in X-year on million Brinker from comp share both came no increase. these of sales a labor-related look. up experienced earnings the line for driven adjusted significant and through. challenge costs form the price flow during our driving

the costs in incremental of second term, in for approximately do new system the influx consider a experienced the of above operating Anticipate quarter, portion couple with points transitory, costs. overtime In these quarter. over costs I remain the team to XX our of of costs out their the XXX transitory expect in be a outsized of working way greater-than-normal and next the course significant these we mentioned, these I to and We normal levels training which the basis members, are the of overtime. Wyman training portion quarters. near As costs of system

We these price taking higher incremental thoughtful to help increases are offset costs.

price action weeks. in our with scheduled third Chili's of is menu year Our update this fiscal X next

Chili's X% price of be year. last of total carrying Following a incremental compared will this to increase,

of Of to course, action price price Due Brinker reported Maggiano's expect the quarter the to the fully closer the pricing the price that season, total fact be the will will not to after actions evaluate impact blended menu and for quarter. second we mid-quarter its the holiday X%. price timing

$XX strong, sheet to $XX balance flow cash leverage and first performance quarter outstanding year, debt million operating remained million. in our Our of operating strength first our compared combined of level the EBITDA When and last position. activities and quarter with to from improve of cash have for lower

funded and at our quarter X.Xx, the leverage was leverage X.Xx. total ended lease-adjusted debt Our

below indicated ratios Xx, during of the these As recent over our course the move Xx Investor Day, leverage and are targeting we years. X to respectively, next

for are reiterating Now fiscal certain call, outlook 'XX. levels turning metrics to our this as items we guidance and some report. our of provided during for those year last We

both addition, included earnings morning's release incremental Brinker's share. annual and In press guidance adjusted this annual per for revenues

operating to $X.XX. current environment, share assumes This the issues. $X.XX between meaningful Specifically, line and view and near supply COVID-related billion the and assumes casual labor of especially both dining $X.XX and $X.XX related annual challenges additional annual between continuing revenues chain our top no reiterated term, disruptions. incorporates and in adjusted earnings which per This guidance, new, billion

performance, provide for to guidance fiscal is While can some second directional thoughts the I quarter. our related year

holiday constraints Maggiano's, labor to sales shortage impacted With at although of we banquet sales to closer exception expect seasonality, the exhibit normal markets. in by certain

quarter We Challenges do in when again higher a creating will on operating firmly to labor differentiate believe will to be short-term solve. earlier for beverage improve my compared initiatives costs. line the in on by to variety shareholders. margin second let's impacted our expect operating comments mentioned through. food with industry, margins time will of quarter to comments, to top and As level last restaurant move the and we growth to importantly, year, challenges completed the over comparable as strategic a performance quarter as and organic now second of work quarter of Clearly, and focused We our Kate quarter both to the our unique are back year and any fiscal driving these times 'XX. well recently traffic pre-COVID first our team second the for the it our turn ending at can restaurant questions. my complete, guests overall members, With benefit our

Operator

Instructions] today at [Operator coming question first Sandler. Miller Nicole from is Piper Our

Nicole Miller

is sharing easing pool. was you else? if start and more suggests big of too apps And have that I'm there. the into earlier wondering in pool picture that on talked workers week questions. they somewhere I that appreciate quick rideshare want work? back coming are to stimulus this as off, restaurant that driving about come with back one you Two as Or the seeing And I labor they're reported update to are the well. labor going the to the I to listening employees

Wyman Roberts

great response back Yes, seeing Nicole, Wyman. it's restaurant. We better into absolutely the question. are to recruiting

mentioned, in members week a matter as over been the to back system. a levels averaging but fact, got new last still, I the these We've pre-pandemic team we're we've of hotspots of X,XXX As staffing about month.

having and restaurants applicants than having And up success we're the So in at in them the trained join the of we quarter the show recruiting we're proficient team. at up getting some now that absolutely earlier better work. process had just at and and

Nicole Miller

the how and now, I with much How being and us will second an you the we of a when operator? price think last combined of just And all or experience as an there. your dictated, flow question, how how third-party it through. remind science But understand it get it's of algorithm art is

Wyman Roberts

Again, a really good question.

to a deliberate you'll bit and when that in we pricing of multiple value We some look get be a propositions what But will, out, a understand price our There's as ways best your especially guarantee where that take the may response. more get is sensitivity but news conceptually, some consumer pricing. some there testing And consider price we're market, we just propositions and taking coming whether if strength guests. that making price of understand you we -- around to continue a also value-sensitive more in at Joe post use them we good that impact are post it would market. next full a no of sure good that momentum is we of guests both can. can them the research across and we all the that confidence of through here to when a of you have to of and days. start responses had in the the been price, The And couple traffic the lot increase that in and that pricing has the the feeling tested really value we're mentioned to from this the gives about us little perspective

Joe Taylor

we're typically we Yes. I Nicole, think pricing again, more broad-based as mean, was menu when probably the broadened equation I price. to about a clarity into where a and lot around price, there add you realizing multichannels, experiences that would taking oriented

that realize more specific sensitivities to start thing to one in The when within can about from different products, where can take it's consumers price product price one some or as So channels greater of they to you is thing action. geared can or And action. towards move as probably price more thinking move you a channels much important there's readily. another

want of price there's certainty period much that we at So the amount we're picking to one make around price of sure do time. the there any is as as to realizing to going

Operator

from Sachs. next question coming Garber Our today at is Goldman Jared

Unidentified Analyst

on Michael Jared. is for This

Just me. a couple of quick for ones

terms definitely to of this year, elevated. COGS for in First, going be

that of definitely and couple of a about on quarter. we to rest long-term then into of touched ago? the kind that weeks you year some You the progress of we of think throughout How kind expect 'XX in gave of start next should guidance as the the your fiscal

Joe Taylor

Yes.

that versus costs X% for the digits level. into that's in in going of progress increase margin Our move as And year. up to first expectation of higher we're single quarter. X.X% range the and the obviously impact sales is an of the were the see COGS the kind We to half into we second inflation to going COGS

been guidance roll in through still I comfortable to inflation COGS hit we year, we've is the of half The we're the have provided about that. expected you clear that think you the situation. incorporates we have very in some talking been second contracts more as all that this the pretty system we place. And we've

the right of and expectations costs, line food -- I around our So sight our is to pretty think, tight now. beverage

in pork, being chicken other the compared again, seeing, some one. to norms, We at high historical particular, extremely levels are markets

into are the around year. I'm of around high also good next the may feeling probably normalize. embedded those timing but COGS cost what The normalize as about markets question But do We levels, there's opportunity perspective the over they from fiscal anticipating a is again, we of sales some year. when the have our course

Unidentified Analyst

one. quick another then And that. Appreciate

quarter-to-date, comps update a what Maggiano's especially the of then and number at and traffic What bit versus expect basis? acceleration little today, your that gave In the as well, how you to you current mainly within dynamic terms guys continue seeing you to a And change, that? quarter, gave of on of terms there. are the in you a Day Investor maybe Chili's drove

Wyman Roberts

back Yes, hate business data been pretty much has Jared, on I to a anything changes see give probably bit points, with has there's talking but holiday really XXXX little some for and to not you than a two shifts based about that. what's week-to-week because and sales do in be it There's do happened traffic some more timing to today. going what We the we in couple of with on it weeks did stable.

pretty anticipate and we sales traffic seeing consistent we're trends. much So and

really there to deceleration report nothing anything. in so of terms And a or

Joe Taylor

in back showing is place. of point data average we you to weeks still started Yes. in a The had that ago much couple that move sales related weekly and gave was situation and very up they how October, again

Operator

today at Gonzalez question is next Our KeyBanc. coming Eric from

Eric Gonzalez

end you be the perhaps margin XX.X%. I that about the discussed prepared And the clarify is over would XQ perhaps to inflation are the in 'XX, restaurant correct, also, of the transitory lot think second hit a I is more time. mentioned all model fiscal if comment quarter the that of P&L half, my will remarks? think some but costs second towards you of you made you Can which comparable

margin top 'XX... the XX 'XX? X- points So you've which should we calls that outlook, X-year level roughly basis this the flat for assume of restaurant know got I the to to on is year for

Joe Taylor

said you. to 'XX, for a not It's it's clarify, Eric, 'XX. big I one

second a I that quarter gave at look guide post to 'XX you. need you as So

Eric Gonzalez

[indiscernible] XXXX? Sure.

Joe Taylor

Yes.

that my we fiscal from back comments to year, saw what you number. and refer above saw up quarter the just moving is in again, that, to first what I'll 'XX then 'XX we and So last which F comparable

Eric Gonzalez

Sure.

rolling at assume Analyst that the is the Day? as we maybe off, year about transitory you flat how then the also some you baseline So versus half think on, the that the costs inflation look to second established we margin more the XX.X% but of coming should that should at with of

Joe Taylor

No.

– and higher have, I assuming are think those there’s quarters volume fourth we seasonality our two and normal third remember, events the quarters. there’s

there leverageability those fiscal year of on the and is the we basis. to quarterly margins rest move upside I as think through a

would We’re not see level, get I to seasonality in going specific to but play patterns quarters. expect into that normal those

Operator

Our is coming at today next John question JPMorgan. from Ivankoe

John Ivankoe

have store-by-store New I people staffed for wanted on the Year's. to know particularly in a to scenario this and you're industry basis. of see get be that sees you of we how Or serve on capacity of a I about this also month and between sense December talked about? hiring average the a able basis demand But the might of be to number to constrained mean basically I staff of guys on you do actually you've the months Christmas you some December? that were thought that previous the wave you'd a you've in talked real kind weekly of normally staff that kind relative might

Wyman Roberts

question, the about -- are really the traffic. during is Chili's, our Great the patterns are really are There what days. traffic At happens brands holidays X extreme. elevated, those regard significantly X more different holiday not specific It John. they're but to Yes. during with and

of But but at terms feel at couple kind about we for and able fully will if hotspots. pretty especially a about demand to we're little get mentioned the handle where and Maggiano's -- weekend labor be the for almost staff of as business got Midwest of days now part, about more historic You most have as us they're regionality the constraint. may they're we of few really see -- challenge talk tell biggest to to some closer bigger pretty the kind still those feel to banquet you We moving Chili's. think and the during being staffing. that to the we of right about, again, in time And good have -- business with going is be regard think a date. to a right We've you one the way for want bigger to it mentioned, you the week, days, we're the will, large staffed is good which absolutely think just issue, have if if more be about we a headwind, good we feeling Chili's. to up. bit of And But staffed groups, ready holidays And now. working again, we're aggressively expect. we for I I

kind environment gotten Now a overheated, But they've a handle whether season. of just staff now plenty to a if have a the not is we kind becomes potential of management being in solid we probably able all to of we gangbuster be got what holiday that the really holiday, anticipate the could -- holiday. record-setting may if business not place take it and

John Ivankoe

costs know. elevated helpful. talk market. chicken seeing then and boneless, what real-time kind see as you your years. I was are you as for And prices kind that be you in you -- secondly, increases? of, in 'XX breast and much mean, do transitory up thinking for mean to tight the fairly structural? guess, very When contract renewal, commodity people now. escalated fiscal as be we'll much range there kind And versus guess, of at we're of they you of hoping about for year to you're of to saw do obviously, I -- I a That's kind versus talk another that I that chicken suppliers just stable as you how think looking are comes how an skinless of that industry, rest I you're in those kind really could I a of of the education -- Good 'XX the market, as we mean

Joe Taylor

transitory what there. structural said exactly set and to be it's pinpoint John, I Yes, to

is, protein pretty there's it's production and There's into lot commodity It's wrenches think we're hearing not is high of I enough it's and a obviously, again, is consistent system creating a incremental that number of across issue bases this transitory the that of -- kink a what really an is the of level that chickens. throwing supply. some cost.

see do is definitely work think would should I similar they're have that patterns we're kinds belief capacities, strong hiring itself. greater the through a systems, as the anecdotally that which going go that time, of forward. So to over And they better as price impact we very that seeing from some you rates, production to we hearing of correct partners expect

Our the it the April into runs fourth time into well runs well, the contract -- quarter, into chicken frame.

and long like, traditionally can. our So in actively that keep moving got while We've it the we and of conversations closely we're work what and start we move you there you as that to as time those regard, can contracts next that as we kind to more with broad that we'll watch move April as going work might as very new for as options we time for several start towards look frames. commit real as of towards through this dates in kind partners to good months

Wyman Roberts

of that potential – besides the that years, changed support some right, at really that’s nothing There’s labor almost structurally maybe there XX aren’t John. the look wouldn’t – the out costs that going just of component You’re kind market over if now. you last, inflation that’s there’s nothing to

to So we thinking, to that and on degree, forward. make based it’s we’ll some going going think mitigate bets some

Operator

is Evercore today Palmer David question coming from next Our ISI. at

David Palmer

how anticipating First, labor anticipating percent X-year handhelds per are there increases service in of you you a if thinking so, lastly, you for for also of the that down terms of -- a Are sort breaking you on what the a sales sort unit are new And guidance And of pre-COVID? change versus model? 'XX? any on are in from there fiscal labor. question still this hours versus and basis? the year mid-XXs in previous wage as And

Joe Taylor

several a average to mid-single-digit wage, to that I'm but as David, we've from in reverse, in Yes. years, upper -- taking be the in we those range. in that seen almost From last what expect elevated this guidance,

that you're thinking we're consistent and see we been fully system, and a we we're deploying that And deployed. this lot a We labor you close, best around that quickly really Obviously, front in next like X%, servers So operating of about deploy. as our we in going out see weeks has for fact house talked system or it's incorporating getting of one, it guest can opportunities the of within It's things thinking into model It getting also from the fairly we've because, service that's average think most the if TSC. fiscal a the the value. late, the of year. the the X%, great several of is earnings one that range retentive as up model.

to obviously into has this like a the it. ability So in model. involved It with lean runner that we system current

here. So the functions might but different hours see aren't different that dissimilar what but are than maybe across -- you some deployed

to back shape change from anticipating not form way, you we're a half hours standpoint. naturally the will flow hours any a in seasonality in having of the year second step a So in, of or number get

normally point, see greater and dictate of hours would we would that flowing we the expect in this QX to we expect from top see. in system, volumes line So have I will amount the QX success on and the as hours to think

David Palmer

And I a you wanted question that ask about we then during to talked the...

Joe Taylor

for in is Investor the mid-XXs. the definitely about that target number we fiscal And that play year, still way, Day yes, the the and talked David, at by

David Palmer

outsized willing been of this they're and there's the been along wings off-premise convenience. fees, a Wyman, incremental pay to I virtual want know And to to the the versus on-premise. you It then but consumer talked it be for we incremental -- below like margin to has there this seems And -- strategy Okay. these inflation consumer, about pricing well lot out off-premise for margin a delivery perhaps on-premise. is taking for up in effectively brands for players there's pricing there get and of feels launched the and the lot because

is your So that you're a table pricing for in the assuming that similar your Is that right a you I'm wondering, on as could that to price the on lever? step table for do is now pricing change business, off-premise taking something of on-premise?

Joe Taylor

And on. I'll pass it

Wyman Roberts

we don’t you, certain the $XX offer or is, just And X just that. remind for that proposition Yes, is it $XX.XX. there do things value don’t X delivery, David. to are like in We for

of the price. one address you’re some additional we there So is issues talking the about, of ways

are a – to we we a carry a also how great to look to more much But at that if of more and get just out put channel maybe we So premium not already and its pricing you will. carrying offers that need premium, weight, continue don’t are there margin. the make we as at some will we haven’t of value

delivering the the So X its between those is that make sure things, price, and between returns. mix weight carrying good and delivery the channel we will continue to

Operator

from question Chris next at coming today is O'Cull Stifel. Our

Unidentified Analyst

the platform of Chris. just first if in X your I Patrick My on curious quarter. maybe in in for that is quarter, what base what but if was so, played traffic also there in role of This the was the have added to in additional question pressure Chili's might cost any quarter? step the business? that promotion And the for $XX driving change the was for goods

Wyman Roberts

No No. Patrick. real there, change

Unidentified Analyst

discussed helpful. you the wanted also Okay. planned your then about to Day. third-party Investor to ask aggregators That's expansion that the during And I

economics that a your being Just those the on as we change be new add thinking additional should does about DoorDash partners? in that? as in you partnerships, agreement agreement you Or actually there for allow initiate

Wyman Roberts

like expand the we’ll to other relationship third DoorDash. the grow we our Without into have other nothing continue channels look But we evaluate parties specific and to today. announce and to getting business appreciate continue we details, our partnership with with as ways to own to websites, with DoorDash

Operator

Bank. today Deutsche Brian Our next is at question Mullan coming from

Brian Mullan

Joe, one a Day, clarification for of follow-up. you and item That's made stand does still the at just guidance that fiscal $XXX that I'm least the just a wondering if 'XX? clarification I Investor have the just at on question. million EBITDA comment

Joe Taylor

it Yes, does.

Brian Mullan

shared you sales. Day Investor P&L, it and the about at X% of follow-up, at a as it's marketing then showed expense And Wings just Okay.

can could of SEO seek just of firm as search, where spending of X% asked less the holding that and is driving at just of so other keyword percentage food marketing shifted you firm So be an Google in categories that talked attractive spend gets you because investing number? that I next ceiling, revenue about sales business degree look there to direct discuss drive is thoughts traffic perspective? over that and have in grow any around a threshold you a years? couple that confidence activity, the When And these marketing to ROI from direct SEM, consumer level ordering. competitive a X% you via or at expensive And

Wyman Roberts

it’s excited Wyman. I there introduction an seeing a So brands. brand, the of what you’re elevated obviously, with brand-new level we’re right? about X think very is Yes, investment Brian, virtual our

them up point, trackable. we spend establish to going the beauty to of But very We’re the we it’s as is brands those your on marketplace. in these how brands market

build the best in buck that and understand we’re paid getting pretty marketing we’re years, as return again, we’ve towards. how the push first we’re marketing forward on some in moving the but investments. well, for And bang now the made good to decisions these have and that the We I these of as haven’t channels in brands we say, getting to out programs a now sight where will the them X.X line various year,

loyalty, number establish them, of introductory as specific investment. these brands, down. It’s their probably a number And building around on through that’s that an loyalty programs we’re So I’d high we’ll the kind we that establish brand that’s say end. come see customers

Operator

at question next coming Brett Levy Partners. today is Our from MKM

Brett Levy

it mean know First fiscal to on margin? back 'XX when you answered I to said about now, you've 'XX second talking quarter level the but going the twice back fiscal going said fiscal restaurant did 'XX, to back margin, you or you've absolute we're clarification,

Mika Ware

QX 'XX. meant actually, will be similar we Brett, say to it to F

Joe Taylor

Yes.

Mika Ware

Yes.

Brett Levy

got you. Okay. F XQ 'XX,

pricing? back your and Second, you do had of you at obviously need some short keep And do adding How line to Because there you pricing, look of think about you you've when your of to before price peers need others. pricing? long prices you're stepped about see obviously, quickly think versus is when a how to to with maximum think up start tranche a next or you've maintain in or you gap the frequency you menu. but levels the pull greater

Wyman Roberts

we Yes, to affecting value We benchmark and ability tend to and our our their to these to is our to we're continue value not understand up. and to how want brands pricing engage stay desire and with peers. -- tend is the against how closer -- not holding our to proposition customers guests

of benchmark kind that's what so we against. And really

if kind to quickly, connected feel is group we that. have that structural that COVID-related, be best about always we like reiterated move primarily have we significant that forward. down. daily be now, environment So we'll but to the that what fairly for diligent do really then and biggest have structural, of continue if to can the the covered, And the changes we what and working some we And we're some to what have And we'll been monitoring a guest more as here watch through guest can. question the loops. as I see our is feedback to but impact we're we've take the transitory bucket, as those we be to about more that tend guess, pretty do And we pricing to good having will, if reason, going relatively in you we

Brett Levy

the there just mismatches X next promotional over finally, to months? we then about And are X any think should

Wyman Roberts

No, – of concept. kind the been pandemic of doing LTO prior the an to we promo-driven that really ago. been got off we We haven’t carousel years beauty what is weren’t we’ve

kind drive a offers time other that be in, that well. to from. so working things that’s value out is guests this We’d we be rather resonates drive why to us, of stable much what don’t bound of business the and that’s to so important because base our day business day traffic. propositions We know limited for off proposition or And by have gimmicky we kind want

So nothing there.

Operator

comments. Thank you. This floor any session. I closing question-and-answer now for will return our concludes the

Mika Ware

everyone. you, here and questions. We answering look day. any you, wonderful I'm to have Thank forward for a

Wyman Roberts

Thank you.

Joe Taylor

Thanks, everybody.

Operator

ladies conclude you, event. Thank This gentlemen. today's does and

for participation. this a at you your wonderful disconnect time, may day. You Thank have and

Brinker International (EAT) 3 Nov 212022 Q1 Earnings call transcript