Financial Data and Key Metrics Changes - Brinker reported total revenues of $1.45 billion for Q2 FY 2026, an increase of 7% over the prior year, with consolidated comp sales of +7.5% [19] - Adjusted diluted EPS for the quarter was $2.87, up from $2.80 last year [19] - Restaurant operating margin was 18.8%, compared to 19.1% in the prior year, a decrease of 30 basis points year-over-year [20] - Adjusted EBITDA for the quarter was approximately $223.5 million, a 3.6% increase from the prior year [23] Business Line Data and Key Metrics Changes - Chili's same-store sales were at +8.6%, outpacing the casual dining industry by 680 basis points, with a two-year cumulative comp of 43% [5] - Maggiano's reported comp sales for the quarter of -2.4%, but showed sequential improvement during the quarter [20][15] - Chili's top-line sales growth was driven by a price increase of 4.4%, positive traffic of 2.7%, and a positive mix of 1.5% [19] Market Data and Key Metrics Changes - Chili's was the number one traffic brand in casual dining for the entire 2025 year [13] - The company captured value leadership in casual dining and the broader restaurant industry over the past three years [12] - The average check at Chili's is still more than $3 less than direct competitors and more than $4 less than casual dining as a whole [13] Company Strategy and Development Direction - The company is focused on improving food, service, and atmosphere, with plans to continue menu renovations and introduce new offerings [7][10] - A reimage program for Chili's has started, with plans to complete 60-80 reimages in fiscal 2027 [24][90] - The company aims to maintain a disciplined capital allocation strategy while investing in restaurants and returning excess cash to shareholders [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving solid mid-single-digit comps for the back half of the year, despite potential pressure from the storm and holiday shifts [39][40] - The company anticipates wage inflation in the low single digits and a tax rate of approximately 19% [26] - Management remains focused on delivering sustainable long-term growth and believes the current strategy is effective [27] Other Important Information - The company repurchased an additional $100 million of common stock under its share repurchase program [25] - Capital expenditures for the quarter were approximately $63.7 million, driven by capital maintenance spend [23] - The company expects to face mid-single-digit inflation for the back half of the year due to rising beef prices [27] Q&A Session Summary Question: What contributed to the strong traffic and sales growth in the quarter? - Management noted stable pricing and positive performance from the Margarita of the Month and other menu items, with no significant changes in guest frequency [30][34] Question: What are the expectations for top-line performance in the back half of the year? - Management expects solid mid-single-digit comps, with potential traffic pressure due to the storm and holiday shifts [39][40] Question: Can you elaborate on the comp cadence for the back half of the year? - Management indicated that January will be impacted by the storm and holiday flip, but expects steady mid-single-digit performance thereafter [44] Question: How does the company plan to manage pricing power with the $10.99 anchor? - Management emphasized the importance of a barbell strategy to offer a range of price points and maintain a balanced sales mix [46][47] Question: What are the learnings from the reimaging program? - Management highlighted that guests and team members love the reimage units, and initial results are promising, with a focus on cost-effective improvements [53][56] Question: What is the outlook for new unit growth? - Management confirmed plans for 60-80 remodels in 2027 and anticipates significant new unit growth in 2028 [90][92]

Core Insights - Marico has acquired over 90% of Zea Maize, which owns the 4700BC snacks brand, for Rs2.27 billion ($24.7 million) [1][2] - Zea Maize generated revenue of Rs752.9 million in the 2023-24 financial year, while Marico's overall revenue from operations for 2024-25 was Rs108.31 billion, reflecting a 12% year-on-year increase [2] - Marico's food business, primarily under the Saffola brand, saw a significant revenue increase of 44% to over Rs9 billion, indicating a strategic focus on expanding its presence in the food sector [2] Acquisition Details - The deal for the Zea Maize stake is expected to close within 30 days, and Marico has an option to acquire the remaining business in three years [4][5] - Chirag Gupta, the founder of 4700BC, will retain his shares and continue with the business, highlighting the importance of his role in the brand's future [1][5] Strategic Alignment - Marico's investment in 4700BC aligns with its ambition to engage in fast-growing food categories through innovative brands [3] - The company aims to leverage its existing scale in the food sector to enhance the brand's market presence while maintaining a consumer-first approach [4]