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Brinker Q3 Comps Down 5.9%; Withdraws 2020 Guidance

Brinker International Inc. (EAT) reported that third-quarter company-owned comparable restaurant sales declined 5.9%, but it was up 2.9%, before the COVID-19 impact.

Quarterly same-store sales declined 5.3% at Chili's and dropped 9.9% at Maggiano's.

The company has withdrawn its financial guidance for fiscal 2020 as a result of conditions arising from COVID-19. It has suspended the quarterly cash dividend and all share repurchase activity.

Brinker has taken a number of steps for financial flexibility, including reducing capital expenditures and marketing spend. It is amending its credit facility to allow for $800 million in borrowing and reducing salaries.

The company also announced a 50 percent reduction in salary for Chief Executive Officer.

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