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 ...

[Q1 2024 Financial Highlights](index=1&type=section&id=Bloomin%27%20Brands%20Announces%202024%20Q1%20Financial%20Results) Bloomin' Brands reported a **4.0% revenue decrease** in Q1 2024, resulting in a GAAP diluted loss per share of **$(0.96)** [First Quarter Financial Results](index=1&type=section&id=First%20Quarter%20Financial%20Results) Bloomin' Brands reported Q1 2024 total revenues of $1.195 billion, a 4.0% decrease year-over-year, posting a GAAP diluted loss per share of $(0.96) primarily due to a loss on debt extinguishment, while adjusted diluted EPS was $0.70 - CEO David Deno stated that Q1 was a **solid start to the year**, with **sales and profit meeting expectations** Sales trends **strengthened throughout the quarter**, **outperforming the casual dining industry**, **particularly at Outback**[1](index=1&type=chunk) Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $1,195.3M | $1,244.7M | (4.0)% | | GAAP Operating Income Margin | 6.4% | 9.7% | (3.3)% | | Adjusted Operating Income Margin | 7.5% | 9.7% | (2.2)% | | Restaurant-level Operating Margin | 16.0% | 17.9% | (1.9)% | | Adjusted Restaurant-level Operating Margin | 16.0% | 17.9% | (1.9)% | Q1 2024 Earnings Per Share (EPS) | Metric | Q1 2024 ($) | Q1 2023 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Diluted (loss) earnings per share | $(0.96) | $0.93 | $(1.89) | | Adjusted diluted earnings per share | $0.70 | $0.98 | $(0.28) | - A one-week shift in the fiscal calendar negatively impacted Q1 2024 comparable restaurant sales by approximately **$16.5 million** and adjusted diluted EPS by **$0.06** compared to Q1 2023[3](index=3&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes the factors contributing to the **4.0% revenue decrease** and margin compression, alongside comparable restaurant sales performance [Revenue and Margin Analysis](index=2&type=section&id=Revenue%20and%20Margin%20Analysis) The 4.0% decrease in total revenues was primarily driven by lower comparable restaurant sales (including a fiscal calendar shift), the net impact of restaurant closures, and the lapping of a Brazil value-added tax exemption from 2023 - Reasons for the decrease in total revenues include: - **Lower comparable restaurant sales**, including the impact of the fiscal calendar shift - **Net impact of restaurant closures and openings** - **Impact of the Brazil value-added tax exemptions** in 2023[36](index=36&type=chunk) - The decrease in restaurant-level operating margin was primarily due to: - **Lower comparable restaurant sales** - **Higher labor**, **other operating expenses**, and **commodity costs from inflation** - **Higher advertising expense**[37](index=37&type=chunk) - The decrease in GAAP operating income margin was primarily due to a **decrease in restaurant-level operating margin**, **impacts of the 2023 Closure Initiative**, **higher depreciation and amortization**, and the **impact of lapping the Brazil value-added tax exemption**[8](index=8&type=chunk) [Comparable Restaurant Sales](index=2&type=section&id=First%20Quarter%20Comparable%20Restaurant%20Sales) For Q1 2024, combined U.S. comparable restaurant sales decreased by 1.6%, with Carrabba's Italian Grill showing positive growth at 0.4% while Bonefish Grill saw the largest decline at -4.9% Q1 2024 Comparable Restaurant Sales vs. Q1 2023 | Brand | Q1 2024 Comp Sales (%) | | :--- | :--- | | **U.S. Brands** | | | Outback Steakhouse | (1.2)% | | Carrabba's Italian Grill | 0.4% | | Bonefish Grill | (4.9)% | | Fleming's Prime Steakhouse & Wine Bar | (2.0)% | | **Combined U.S.** | **(1.6)%** | | **International** | | | Outback Steakhouse - Brazil | (0.7)% | [Capital Allocation & Corporate Actions](index=2&type=section&id=Capital%20Allocation%20%26%20Corporate%20Actions) The company declared a **$0.24 per share dividend**, authorized a **$350 million share repurchase program**, and completed its **2023 Closure Initiative** [Shareholder Returns & Debt Management](index=2&type=section&id=Dividend%20Declaration%2C%20Share%20Repurchases%20and%202025%20Notes%20Retirement) The company declared a quarterly dividend of $0.24 per share, authorized a new $350 million share repurchase program, and retired $83.6 million of its 2025 convertible notes while executing a $220 million Accelerated Share Repurchase (ASR) agreement - A **quarterly cash dividend** of **$0.24 per share** was declared, payable on May 31, 2024[38](index=38&type=chunk) - The Board approved a **new $350.0 million share repurchase authorization**, expiring August 13, 2025, to provide flexibility in **retiring the 2025 convertible senior notes**[9](index=9&type=chunk) - The company **retired $83.6 million** in principal of its 2025 Notes in exchange for approximately **7.5 million shares of common stock** and **$3.3 million in cash**[9](index=9&type=chunk) - A **$220 million Accelerated Share Repurchase (ASR) agreement** was executed, with a final settlement resulting in the repurchase of approximately **7.9 million shares in total**[12](index=12&type=chunk)[39](index=39&type=chunk) [2023 Closure Initiative](index=3&type=section&id=2023%20Closure%20Initiative) The company completed its 2023 Closure Initiative, closing 36 underperforming restaurants and five Aussie Grill locations, resulting in $13.0 million in severance and closure charges during Q1 2024 - **All restaurant closures** under the 2023 Closure Initiative have been **completed**, involving **36 predominantly older, underperforming restaurants** and **five Aussie Grill locations**[13](index=13&type=chunk) - The company incurred **severance and closure charges** of **$13.0 million** during Q1 2024 related to this initiative[13](index=13&type=chunk) [Business Outlook](index=3&type=section&id=Business%20Outlook) The company updated its **fiscal 2024 outlook**, revising GAAP diluted EPS guidance downward, while providing **Q2 2024 projections** [Fiscal 2024 Financial Outlook](index=3&type=section&id=Fiscal%202024%20Financial%20Outlook) The company updated its full-year 2024 outlook, lowering its commodity inflation forecast to 2-3% and significantly increasing the GAAP effective tax rate projection to 29-31%, consequently revising GAAP diluted EPS guidance downward to $0.79-$0.94 while reaffirming adjusted diluted EPS guidance Updated Fiscal 2024 Outlook | Financial Metric | Prior Outlook | Current Outlook | | :--- | :--- | :--- | | Commodity Inflation | 3% to 4% | 2% to 3% | | GAAP Effective Tax Rate | 14% to 16% | 29% to 31% | | Adjusted Effective Tax Rate | 14% to 16% | 14% to 16% | | GAAP diluted EPS | $2.27 to $2.46 | $0.79 to $0.94 | | Adjusted diluted EPS | $2.51 to $2.66 | $2.51 to $2.66 | [Q2 2024 Financial Outlook](index=3&type=section&id=Q2%202024%20Financial%20Outlook) For the second quarter of 2024, Bloomin' Brands anticipates U.S. comparable restaurant sales to be in the range of flat to positive 1.5%, projecting GAAP diluted EPS of $0.53 to $0.58 and adjusted diluted EPS of $0.55 to $0.60 Q2 2024 Outlook | Financial Metric | Q2 2024 Outlook | | :--- | :--- | | U.S. comparable restaurant sales | Flat to 1.5% | | GAAP diluted EPS | $0.53 to $0.58 | | Adjusted diluted EPS | $0.55 to $0.60 | [Strategic Initiatives](index=3&type=section&id=Strategic%20Initiatives) The company is **exploring strategic alternatives** for its Brazil operations to **maximize shareholder value** [Reviewing Strategic Alternatives for Brazil Operations](index=3&type=section&id=Reviewing%20Strategic%20Alternatives%20for%20Brazil%20Operations) The company announced it is exploring strategic alternatives for its Brazil operations, including a possible sale, to maximize shareholder value, retaining BofA Securities as financial advisor for this review - The company is **exploring strategic alternatives** for its **Brazil operations**, which may include a **sale**, to **maximize shareholder value**[16](index=16&type=chunk)[40](index=40&type=chunk) - The Board of Directors has retained **BofA Securities, Inc.** as its **financial advisor** for the process[40](index=40&type=chunk) [Detailed Financial Statements & Reconciliations](index=6&type=section&id=Detailed%20Financial%20Statements%20%26%20Reconciliations) This section provides **unaudited consolidated financial statements**, including operations, balance sheet, segment results, and **non-GAAP reconciliations** for key performance metrics [Consolidated Statements of Operations (Unaudited)](index=6&type=section&id=TABLE%20ONE%3A%20BLOOMIN%27%20BRANDS%2C%20INC.%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20(UNAUDITED)) For Q1 2024, total revenues were $1.195 billion, down from $1.245 billion in Q1 2023, with a net loss attributable to Bloomin' Brands of $83.9 million, or $(0.96) per diluted share, primarily due to a significant loss on extinguishment of debt Consolidated Statements of Operations (in thousands) | Line Item | Q1 2024 (13 wks ended Mar 31) | Q1 2023 (13 wks ended Mar 26) | | :--- | :--- | :--- | | Total revenues | $1,195,327 | $1,244,746 | | Income from operations | $77,093 | $120,633 | | Loss on extinguishment of debt | $(135,797) | $— | | Net (loss) income attributable to Bloomin' Brands | $(83,872) | $91,311 | | Diluted (loss) earnings per share | $(0.96) | $0.93 | [Supplemental Balance Sheet Information (Unaudited)](index=7&type=section&id=TABLE%20THREE%3A%20BLOOMIN%27%20BRANDS%2C%20INC.%20SUPPLEMENTAL%20BALANCE%20SHEET%20INFORMATION%20(UNAUDITED)) As of March 31, 2024, the company held $131.7 million in cash and cash equivalents, with total debt of $951.8 million and total stockholders' equity of $305.4 million, reflecting an increase in both cash and debt and a decrease in equity compared to the end of fiscal year 2023 Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $131,664 | $111,519 | | Total assets | $3,394,239 | $3,424,081 | | Total debt, net | $951,778 | $780,719 | | Total stockholders' equity | $305,435 | $412,003 | [Segment Results (Unaudited)](index=7&type=section&id=TABLE%20TWO%3A%20BLOOMIN%27%20BRANDS%2C%20INC.%20SEGMENT%20RESULTS%20(UNAUDITED)) In Q1 2024, the U.S. segment generated $1.04 billion in revenues and $97.5 million in income from operations, both declining from the prior year, while the International segment reported revenues of $152.2 million and income from operations of $15.8 million, also a decrease from Q1 2023 Segment Performance (in thousands) | Segment & Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **U.S. Segment** | | | | Total revenues | $1,043,104 | $1,092,996 | | Income from operations | $97,484 | $133,243 | | **International Segment** | | | | Total revenues | $152,223 | $151,750 | | Income from operations | $15,762 | $24,508 | [Non-GAAP Reconciliations](index=8&type=section&id=Non-GAAP%20Reconciliations) The company provides several non-GAAP reconciliations to help investors assess core operating performance by adjusting for items such as the 2023 Closure Initiative costs and the loss on debt extinguishment [Restaurant-Level Operating Income Reconciliation](index=8&type=section&id=TABLE%20FOUR%3A%20RESTAURANT-LEVEL%20AND%20ADJUSTED%20RESTAURANT-LEVEL%20OPERATING%20INCOME%20AND%20MARGINS%20NON-GAAP%20RECONCILIATIONS%20(UNAUDITED)) Consolidated restaurant-level operating margin was 16.0% in Q1 2024, down from 17.9% in Q1 2023, with both U.S. and International segments experiencing margin pressure Consolidated Restaurant-Level Operating Margin Reconciliation | Metric | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | Restaurant-level operating income | $188,184K | $219,551K | | Restaurant-level operating margin | 16.0% | 17.9% | | Adjusted restaurant-level operating income | $188,618K | $219,551K | | Adjusted restaurant-level operating margin | 16.0% | 17.9% | U.S. Segment Restaurant-Level Operating Margin Reconciliation | Metric | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | Adjusted restaurant-level operating income | $162,410K | $187,808K | | Adjusted restaurant-level operating margin | 15.8% | 17.4% | International Segment Restaurant-Level Operating Margin Reconciliation | Metric | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | Restaurant-level operating income | $27,157K | $34,015K | | Restaurant-level operating margin | 18.3% | 23.0% | [Adjusted Income from Operations Reconciliation](index=10&type=section&id=TABLE%20SIX%3A%20ADJUSTED%20INCOME%20FROM%20OPERATIONS%20NON-GAAP%20RECONCILIATIONS%20(UNAUDITED)) Consolidated GAAP income from operations of $77.1 million was adjusted for $13.0 million in charges, primarily from the 2023 Closure Initiative, to arrive at an adjusted income from operations of $90.0 million, a significant decrease from the prior year Consolidated Adjusted Income from Operations (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Income from operations (GAAP) | $77,093 | $120,633 | | Total adjustments | $12,955 | $— | | Adjusted income from operations | $90,048 | $120,633 | [Adjusted Net Income and EPS Reconciliation](index=11&type=section&id=TABLE%20SEVEN%3A%20ADJUSTED%20NET%20INCOME%20AND%20ADJUSTED%20DILUTED%20EARNINGS%20PER%20SHARE%20NON-GAAP%20RECONCILIATIONS%20(UNAUDITED)) A GAAP net loss of $(83.9) million was reconciled to an adjusted net income of $63.5 million for Q1 2024, primarily by adding back a $135.8 million loss on debt extinguishment and $13.0 million in operational adjustments related to closures, resulting in an adjusted diluted EPS of $0.70 Adjusted Net Income and EPS Reconciliation (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net (loss) income attributable to Bloomin' Brands (GAAP) | $(83,872) | $91,311 | | Loss on extinguishment of debt | $135,797 | $— | | Income from operations adjustments | $12,955 | $— | | Adjusted net income | $63,514 | $91,311 | | Diluted (loss) earnings per share (GAAP) | $(0.96) | $0.93 | | Adjusted diluted earnings per share | $0.70 | $0.98 | [Supplemental Operating Data](index=12&type=section&id=TABLE%20EIGHT%3A%20BLOOMIN%27%20BRANDS%2C%20INC.%20SUPPLEMENTAL%20INFORMATION%20(UNAUDITED)) In Q1 2024, combined U.S. restaurant traffic declined by 4.3%, partially offset by a 2.7% increase in average check per person, with the company ending the quarter with 1,451 total restaurants system-wide, a net decrease of 29 from the end of 2023 Q1 2024 U.S. Traffic and Average Check vs. Q1 2023 | Metric | Combined U.S. (%) | Outback (%) | Carrabba's (%) | Bonefish (%) | Fleming's (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Traffic | (4.3)% | (4.2)% | (2.9)% | (7.1)% | (5.0)% | | Average check per person | 2.7% | 3.0% | 3.3% | 2.2% | 3.0% | Restaurant Count Change in Q1 2024 | Metric | Dec 31, 2023 | Openings | Closures | March 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | System-wide total | 1,480 | 12 | (41) | 1,451 |

In its upcoming report, Bloomin' Brands (BLMN) is predicted by Wall Street analysts to post quarterly earnings of $0.75 per share, reflecting a decline of 23.5% compared to the same period last year. Revenues are forecasted to be $1.2 billion, representing a year-over-year decrease of 3.5%.The current level reflects a downward revision of 0.8% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial ...

Key PointsBloomin' Brands cleared a cup-with-handle base, with recent price momentum supported by higher-than-average trading volume.Activist Investor Starboard Value took a significant stake in the company and named two board members.The recent rally followed the company's announcement that it would close 41 underperforming locations, with plans to open as many new locations this year. 5 stocks we like better than Bloomin' BrandsBloomin’ Brands Inc. NASDAQ: BLMN is among the latest in a series of companies ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ FORM 10-K Commission File Number: 001-35625 BLOOMIN' BRANDS Table of Contents BLOOMIN' BRANDS, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY ...

Bloomin' Brands, Inc. (NASDAQ:BLMN) Q4 2023 Earnings Conference Call February 23, 2024 8:00 AM ET Company Participants Tara Kurian - VP, Corporate Finance and IR David Deno - CEO Chris Meyer - EVP and CFO Conference Call Participants Jeffrey Bernstein - Barclays Alex Slagle - Jefferies John Ivankoe - JP Morgan Sharon Zackfia - William Blair Jeff Farmer - Gordon Haskett Sara Senatore - Bank of America Brian Harbour - Morgan Stanley Lauren Silberman - Deutsche Bank Brian Vaccaro - Raymond James Brian Mullan - ...

For the quarter ended December 2023, Bloomin' Brands (BLMN) reported revenue of $1.19 billion, up 9.1% over the same period last year. EPS came in at $0.75, compared to $0.68 in the year-ago quarter.The reported revenue represents a surprise of -0.15% over the Zacks Consensus Estimate of $1.2 billion. With the consensus EPS estimate being $0.68, the EPS surprise was +10.29%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Key PointsBloomin' Brands had a solid quarter and widened margins, aiding the capital return outlook. The share repurchase authorization was increased and may reduce the share count significantly in 2024.Activist investors are involved with the company and may help it to blossom this year.  5 stocks we like better than Bloomin' BrandsBloomin’ Brands NASDAQ: BLMN served mixed results for Q4 and provided tepid guidance, but repositioning efforts have the restaurant stock set up to blossom in 2024. A massive c ...

Bloomin' Brands (BLMN) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.29%. A quarter ago, it was expected that this owner of Outback Steakhouse and other casual dining spots would post earnings of $0.41 per share when it actually produced earnings of $0.44, delivering a surprise o ...

TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the fourth quarter 2023 (“Q4 2023”) and fiscal year ended December 31, 2023 (“Fiscal Year 2023”) compared to the fourth quarter 2022 (“Q4 2022”) and the fiscal year ended December 25, 2022 (“Fiscal Year 2022”). In 2023, the fourth quarter and fiscal year included an additional operating week (“53rd week”) compared to Fiscal Year 2022. CEO Comments “The fourth quarter was a good finish to 2023, especially the hol ...