Bloomin' Brands Inc. BLMN is the parent company of a diverse group of restaurants, including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar. I'll comment on the relevance of that later, but right now, growth is slowing to a crawl, and inflation is taking a bite out of the company's earnings. That's the takeaway from the company's second-quarter earnings report released on August 6, 2024. The company delivered revenue of $1.12 billion, which was only a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-35625 BLOOMIN' BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 20-8023465 (State or oth ...

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 ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Bloomin' Brands due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to show earnings of $0.57 per share, reflecting a 23% decrease year-over-year [3]. - Revenues are projected to be $1.13 billion, down 2.2% from the same quarter last year [4]. Estimate Revisions - The consensus EPS estimate has been revised down by 9.91% over the last 30 days, indicating a reassessment by analysts [5]. - The Most Accurate Estimate is lower than the Zacks Consensus Estimate, leading to a negative Earnings ESP of -5.74%, suggesting bearish sentiment among analysts [13][14]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a strong Zacks Rank [8]. - Bloomin' Brands currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat [9][13]. Historical Performance - In the last four quarters, Bloomin' Brands has beaten consensus EPS estimates three times, which may influence future expectations [16]. Conclusion - Despite the historical performance, the current indicators suggest that Bloomin' Brands may not be a compelling candidate for an earnings beat, and investors should consider other factors before making decisions [18].

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 ...

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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 ...