Maggiano's Little Italy Turnaround is Taking Longer than Expected, Brinker CEO Says

Dow Jones
08/12

11:09 ET--Brinker International pulled off a successful turnaround of its Chili's chain, but results are more mixed across its Maggiano's Little Italy chain, where same-restaurant sales slipped 2.5% during the recent quarter. CEO Kevin Hochman says on a call with analysts Wednesday that the chain is seeing some green shoots, noting improvements across certain financial metrics and guest satisfaction scores. Overall, though, "the turnaround at Maggiano's has been mixed," he says. "We've made progress on operational and culinary improvements, but some of that progress has been offset by losses with our core guests from our prior strategy." While the turnaround is happening slower than expected, Hochman says the company has the right strategy in place to drive results in coming quarters.

 

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