Bloomin' Brands (BLMN) reported $1.12 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 2.9%. EPS of $0.51 for the same period compares to $0.74 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.13 billion, representing a surprise of -0.78%. The company delivered an EPS surprise of -10.53%, with the consensus EPS estimate being $0.57. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

Financial Data and Key Metrics Changes - Adjusted Q2 2024 diluted earnings per share was $0.51, down from $0.70 in 2023 [16] - Total revenues in Q2 were $1.1 billion, a decrease of 3% from 2023, primarily due to a decline in comparable restaurant sales and the loss of the Brazil value-added tax exemption benefit [14] - U.S. comparable restaurant sales were negative 10 basis points, with traffic down 380 basis points [14] - Q2 adjusted operating margins were 5.7%, compared to 7.8% last year, impacted by labor costs and the loss of the Brazil tax benefit [18] Business Line Data and Key Metrics Changes - Off-premises sales accounted for approximately 24% of total U.S. sales, with third-party delivery now at 14%, up from 12% in Q2 2023 [15] - The catering business at Carrabbas increased approximately 180% over the last two years, indicating strong growth potential [12] Market Data and Key Metrics Changes - The casual dining industry experienced softer than anticipated performance in Q2, with Bloomin' Brands' comparable sales growth outpacing the industry by 20 basis points [4] - The company is seeing signs of inflation returning to normal, which may create opportunities for growth [4] Company Strategy and Development Direction - The company is focused on three primary areas: delivering great experiences, improving the menu for value, and enhancing digital marketing capabilities [6][10] - Plans include remodeling 60 to 65 restaurants and opening 40 to 45 new restaurants system-wide in 2024, with a strong pipeline in Brazil [11] - The company aims to maintain a strong balance sheet while investing in marketing and operations initiatives [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging near-term environment but expressed confidence in the company's ability to navigate these headwinds and take market share [5] - The updated full-year guidance reflects a softer industry environment, with comparable sales expected to be flat to down 100 basis points [22] - Management remains optimistic about the long-term success of the Outback brand and is committed to enhancing customer experiences [5][24] Other Important Information - The company is undergoing a CEO succession process, with a committee formed to oversee the transition [13] - Total debt net of cash was $884 million at the end of Q2, with a commitment to maintain leverage ratios at or below 3 times [19] Q&A Session Summary Question: Thoughts on the current industry environment and value focus - Management noted that the industry is softer than expected and is adjusting to provide more value while ensuring returns for shareholders [26] Question: Outlook on construction costs and beef prices - Construction costs are significantly up, but the company is managing its pipeline to ensure high returns [29] - Beef prices remain inflationary but are more manageable than initially expected [30] Question: Insights on consumer behavior - Consumers are being choosy with their spending, but once they choose to dine, there is no significant trade-down in their selections [31] Question: Marketing strategy for the second half of the year - The company aims to hold its share of voice in marketing and can adjust spending based on the quality of offerings and returns [48] Question: Performance of Fleming's and outlook for fine dining - Fleming's is taking market share in fine dining despite facing challenges, and management remains bullish on its performance [42] Question: Update on Brazil's operating environment - Brazil's economy is softer due to higher interest rates, but the brand remains strong and is opening new restaurants [46]

Bloomin' Brands (BLMN) came out with quarterly earnings of $0.51 per share, missing the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -10.53%. A quarter ago, it was expected that this owner of Outback Steakhouse and other casual dining spots would post earnings of $0.75 per share when it actually produced earnings of $0.70, delivering a surprise ...

NEWS Exhibit 99.1 Tara Kurian VP, Corporate Finance and Investor Relations (813) 830-5311 Bloomin' Brands Announces 2024 Q2 Financial Results Q2 Diluted EPS of $0.32 and Q2 Adjusted Diluted EPS of $0.51 Updates Full Year 2024 Guidance TAMPA, Fla., August 6, 2024 - Bloomin' Brands, Inc. (Nasdaq: BLMN) today reported results for the second quarter 2024 ("Q2 2024") compared to the second quarter 2023 ("Q2 2023"). CEO Comments "In the second quarter, the casual dining industry was softer than anticipated," said ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Bloomin' Brands (BLMN) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 6. O ...

On Wall Street, the allure of high-growth small-cap stocks is undeniable. The potential for explosive returns can be a powerful motivator for investors seeking to outperform the market. These smaller companies, typically valued under $2 billion, have the ability to disrupt established markets. However, with this potential comes greater risk. Unlike their large-cap counterparts, small-cap stocks can be more volatile and susceptible to market fluctuations. In early May, BLMN reported mixed first-quarter 2024 ...

13. Fair Value Measurements | --- | --- | |-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Bloomin’ Brands, Inc. (NASDAQ:BLMN) Q1 2024 Earnings Conference Call May 7, 2024 8:00 AM ET Company Participants Tara Kurian - Vice President of Corporate Finance and Investor Relations David Deno - Chief Executive Officer Michael Healy - Chief Financial Officer and Executive Vice President, Global Business Development Conference Call Participants Jeffrey Bernstein - Barclays Capital LLC Alexander Slagle - Jefferies Group LLC John Ivankoe - JPMorgan Chase & Co. Sharon Zackfia - William Blair & Company, LLC ...

Bloomin' Brands (BLMN) came out with quarterly earnings of $0.70 per share, missing the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.98 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -6.67%. A quarter ago, it was expected that this owner of Outback Steakhouse and other casual dining spots would post earnings of $0.68 per share when it actually produced earnings of $0.75, delivering a surprise o ...

Bloomin' Brands Announces 2024 Q1 Financial Results Q1 Diluted EPS of $(0.96) and Q1 Adjusted Diluted EPS of $0.70 Retired $83.6M of Convertible Notes "The first quarter was a solid start to the year, as sales and profit met our expectations," said David Deno, CEO. "After a slower start, sales trends strengthened throughout the quarter. Our sales performance is well ahead of the casual dining industry as our marketing and operations initiatives are paying off, especially at Outback." ___________________ (1) ...