No matter how they attempt to spin it and not take down the year end number they won't have a shot at it. Finally some real color from an analyst.
They didn't use the weather excuse!!!
Banc of America Securities analyst Andrew M. Barish said Brinker's results show consumers are less interested in casual dining concepts as gasoline prices rise and the housing market remains soft.
"Weak trends at Chili's (and other grill & bar concepts) continue to depict a weak middle-income consumer cutting back & trading down in face of high fuel costs & falling home values," Barish wrote in a note to investors.
Investors responded at Brinker by sending shares down 78 cents, or 2.4 percent, to $31.90 in afternoon trading on the New York Stock Exchange.
Sector Glance: Casual Dining Tuesday April 10, 4:18 pm ET Casual Dining Restaurant Shares Slide on Concerns Over 1st-Quarter Same-Store Sales
NEW YORK (AP) -- Casual dining stocks slid Tuesday over concerns that severe winter weather in the first quarter could hurt same-store sales across the sector, after a Prudential analyst warned investors Tuesday that Cosi Inc.'s sales numbers may miss Wall Street's expectations. Panera Bread Co. and P.F. Chang's China Bistro Inc. last week reported lower-than-expected same-store sales. Same-store sales are a key performance indicator measuring sales at stores open at least a year.
Here is how some key restaurants stocks did on Tuesday:
Cosi Inc., down 5 cents to $5.43.
Cheesecake Factory Inc., down 19 cents to $26.25.
P.F. Chang's China Bistro Inc., down 25 cents to $40.78.
Darden Restaurants Inc., down 55 cents to $41.29.
California Pizza Kitchen Inc., down 54 cents to $32.51.