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DALLAS, Dec. 16, 2020 /PRNewswire/ Brinker International, Inc. (NYSE: EAT) today announced selected business results and a withdrawal of financial guidance for the second quarter of fiscal 2021 as Chili s
® Grill & Bar and Maggiano s Little Italy
® restaurants are impacted by dining room closures and capacity limitations per state and local guidelines. While positive Chili s traffic in October generated a strong start to the quarter, the recent rise in COVID-19 cases has resulted in dining room closures and capacity limitations that will prevent us from achieving our plans for the second quarter, said Wyman Roberts, chief executive officer of Brinker International. As we work through this short-term change in the operational environment, we are confident in our continued ability to outperform the sector and the ability of our strategies to deliver long-term growth.
Jerome Powell: Folks, this ain t the 1970s
From CNN Business David Goldman
Jerome Powell isn t sure how many more ways he can say it:
Inflation just isn t a problem right now.
Sure, rates are near zero and are expected to stay there for years. But the Fed has been saying for a year that
it doesn t expect inflation to pick up to its target 2% range for quite some time. That s neither a problem nor a benefit, Powell said.
Powell noted that
inflation has been largely absent from the economy for three decades, and we ve had the longest two expansions during that time period. Higher inflation can help businesses raise prices and boost economic activity. But low inflation means the Fed can afford to keep rates low to give businesses a break.
Chili’s continues to outperform overall casual-dining segment
Tightened restrictions on dining room occupancy rates in much of the country have negatively affected the sales at casual-dining chains Chili’s Grill & Bar and Maggiano’s Little Italy, parent company Brinker International Inc. said Wednesday as it withdrew its guidance for the second quarter of its 2021 fiscal year and reported a pretty steady decline in same-store sales at company-owned restaurants since late October.
Year-over-year same-store sales at company-owned Chili’s units declined from negative 1% in the week ended Oct. 28 to negative 13.8% in the week ended Dec. 2 before rebounding somewhat to negative 12.3% in the week ended Dec. 9.
CNN Business and Moody’s Analytics have partnered to create a
proprietary Back-to-Normal Index. It shows which states are closest and furthest from returning to their pre-pandemic economy.
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50 min ago
From CNN Business’ Jordan Valinsky
Chili’s owner
Brinker International (EAT) said it’s withdrawing its second-quarter outlook because of the pandemic that’s forcing dining rooms in some states to close or limit capacity … again.
Chili's parent withdraws guidance after COVID-19-related dining room closures marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.