Investing.com — Americans want their baby back ribs, and they’ve been ordering enough of them to help the owner of the Chili’s restaurant chain beat expectations.
Brinker International Inc (NYSE:EAT) is likely to keep losing money, but shares jumped 11.8% on Wednesday after the restaurant operator reported a fiscal fourth quarter loss per share of 88 cents, versus the expected loss of $1.37.
The loss in the fiscal first quarter of 2021 is expected to be in the range of 40 cents to 25 cents, the company said. Operating cash flow for the quarter should be positive.
As of July 29, 84% of Chili’s and Maggiano’s company-owned restaurants were open for business, if only with limited capacity.
Shares have five buy ratings, three holds and one sell, with an average price target of $29.86, according to analysts tracked by Investing.com.
The stock has more than quadrupled since March, when it sank more than 80% from the start of the year as the coronavirus pandemic spread.