Exceptional Chili's Performance
Chili's reported a strong 21.4% increase in same-store sales for Q1, outperforming the casual dining industry by 1,650 basis points. This was driven by a 13% increase in traffic.
Strong Financial Results
Total revenues reached $1.35 billion, an 18.5% increase over the prior year, with an adjusted diluted EPS of $1.93, up from $0.95 last year.
Positive Consumer Engagement
Chili's continues to grow sales across all income levels, with the fastest growth in households with income under $60,000, indicating effective value positioning.
Successful Menu Innovations
Notable successes include a 35% increase in sales for the ribs business and the frozen Patrón Margaritas platform selling twice the units of the old platform.
Operational Efficiency
Restaurant operating margin improved by 270 basis points year-over-year, primarily driven by sales leverage.