Bloomin’ Brands(BLMN)

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Bloomin’ Brands(BLMN) - 2021 Q3 - Quarterly Report
2021-11-03 20:46
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 September 26, 2021 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 o ...
Bloomin’ Brands(BLMN) - 2021 Q3 - Earnings Call Transcript
2021-11-02 21:45
Bloomin' Brands, Inc. (NASDAQ:BLMN) Q3 2021 Earnings Conference Call November 2, 2021 8:15 AM ET Company Participants Mark Graff - Senior Vice President and Investor Relations David Deno - Chief Executive Officer Chris Meyer - Executive Vice President and Chief Financial Officer Conference Call Participants Jeffrey Bernstein - Barclays Brian Mullan - Deutsche Bank Brett Levy - MKM partners John Glass - Morgan Stanley Jeff Farmer - Gordon Haskett John Ivankoe - JPMorgan Jared Garber - Goldman Sachs Brian Vac ...
Bloomin’ Brands(BLMN) - 2021 Q2 - Quarterly Report
2021-08-05 20:07
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 27, 2021 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) - 2021 Q2 - Earnings Call Transcript
2021-07-30 17:09
Bloomin' Brands, Inc. (NASDAQ:BLMN) Q2 2021 Earnings Conference Call July 30, 2021 8:30 AM ET Company Participants Mark Graff - SVP, IR & Finance David Deno - CEO Chris Meyer - EVP & CFO Conference Call Participants Jeff Priester - Barclays Brett Levy - MKM Partners John Ivankoe - JPMorgan Jeff Farmer - Gordon Haskett Brian Mullan - Deutsche Bank Sharon Zackfia - William Blair Brian Vaccaro - Raymond James Alex Slagle - Jefferies Lauren Silberman - Credit Suisse Karen Holthouse - Wells Fargo Operator Greeti ...
Bloomin’ Brands(BLMN) - 2021 Q1 - Quarterly Report
2021-04-30 20:07
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 March 28, 2021 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 ot ...
Bloomin’ Brands(BLMN) - 2021 Q1 - Earnings Call Transcript
2021-04-29 18:25
Bloomin' Brands, Inc. Q1 2021 Earnings Conference Call April 29, 2021 9:00 AM ET Company Participants Mark Graff - GVP, Investor Relations David Deno - CEO Chris Meyer - EVP & CFO Conference Call Participants Jeffrey Bernstein - Barclays Alex Slagle - Jefferies Brett Levy - MKM Partners Brian Vaccaro - Raymond James Sharon Zackfia - William Blair Karen Holthouse - Wells Fargo Operator Greetings, and welcome to Bloomin’ Brands Fiscal First Quarter 2021 Earnings Conference Call. At this time, all participants ...
Bloomin’ Brands(BLMN) - 2020 Q4 - Annual Report
2021-02-24 21:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 27, 2020 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 other j ...
Bloomin’ Brands(BLMN) - 2020 Q4 - Earnings Call Transcript
2021-02-18 18:50
Financial Data and Key Metrics Changes - In Q4 2020, total revenues decreased by 21% year-over-year to $813 million, with a GAAP diluted loss per share of $0.16 compared to earnings of $0.32 in 2019 [32][28] - Adjusted diluted earnings per share was $0.02, down from $0.32 in the previous year, and adjusted operating income margin was 1.3%, down from 4.2% in 2019 [32][32] - US comparable sales were down 17.7% in Q4, with a sequential decline driven by additional capacity restrictions [28][28] Business Line Data and Key Metrics Changes - Outback's comparable sales were down 15% in Q4, while Carrabba's saw a decline of 11%, both outperforming major competitive benchmarks [30][30] - Bonefish Grill's comparable sales decreased by 27%, and Fleming's experienced a 30% decline, with significant impacts from capacity restrictions [31][31] - Off-premises sales represented 40% of revenue at Outback and 46% at Carrabba's during Q4, highlighting the importance of this channel [30][30] Market Data and Key Metrics Changes - The Brazil business showed significant improvement, with comparable sales down 15% in Q4 compared to a 55% decline in Q3, aided by easing dining restrictions [33][33] - In the US, 99% of the portfolio was open for some level of in-restaurant dining as of January 2021, contributing to improved sales trends [39][39] Company Strategy and Development Direction - The company aims to leverage off-premises sales growth, with a focus on maintaining high volumes even as dining rooms reopen [10][10] - A national rollout of the virtual brand Tender Shack is expected to generate $75 million in incremental annual sales, enhancing the off-premises business [24][24] - The company is committed to margin improvement through operational efficiencies and cost-saving initiatives, targeting an adjusted operating margin of 6.3% to 6.8% once sales return to 2019 levels [53][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to capture market share and improve profitability as consumer confidence returns and dining restrictions ease [21][21] - The company anticipates a strong start to 2021, driven by pent-up consumer demand and continued strength in off-premises sales [12][12] - Management highlighted the importance of adapting to the changing landscape and delivering exceptional customer experiences, both in-restaurant and off-premises [23][23] Other Important Information - The company expects commodity inflation to be flat in 2021, with labor inflation projected at 3% to 3.5% [44][44] - General and administrative expenses are expected to be between $225 million and $230 million, reflecting a modest increase from 2020 [45][45] - The company plans to open 20 to 25 new locations in 2021, primarily in Brazil, and will focus on debt reduction using excess cash flow [47][40] Q&A Session Summary Question: How does the company measure the opportunity to retain to-go sales? - Management indicated that the off-premises business has been built over years and is seen as largely incremental, with a focus on total revenue per channel [57][57] Question: What are the margins for the to-go versus in-restaurant sales? - Management noted that curbside sales margins are nearly as good as in-restaurant, while delivery margins are slightly lower but still healthy [59][59] Question: What is the current performance in various markets? - Management reported positive comparable sales in states like Georgia and Texas, while California has shown variability due to restrictions [78][78] Question: What is the outlook for the Brazil business? - Management expressed confidence in the Brazil market, noting strong market share and profitability, while considering all options for the business [82][82] Question: What are the conditions necessary to achieve the 7.5% margin target? - Management indicated that achieving the 7.5% margin target will depend on further efficiencies and higher average unit volumes, with a gradual approach expected [89][89]
Bloomin’ Brands(BLMN) - 2020 Q3 - Quarterly Report
2020-10-30 20:13
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 September 27, 2020 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 o ...
Bloomin’ Brands(BLMN) - 2020 Q3 - Earnings Call Transcript
2020-10-23 17:41
Financial Data and Key Metrics Changes - Total revenues decreased by 20% to $771 million in Q3 2020 compared to the previous year [39] - GAAP diluted loss per share was $0.20, compared to diluted earnings per share of $0.11 in 2019 [39] - Adjusted diluted loss per share was $0.12, versus $0.10 of adjusted diluted earnings per share last year [39] - U.S. comp sales were down 12.8%, improving from a decline of 24.3% in June [35] - U.S. restaurant margins were positive at 11.4% in Q3, only 10 basis points below last year despite significantly lower sales volumes [44] Business Line Data and Key Metrics Changes - Comparable restaurant sales at Outback were down 10.4% in Q3, with sequential sales improvement every month [36] - Carrabba's saw 42% of its locations posting positive comps in September [62] - The off-premises business retained approximately 50% of the incremental volume achieved while dining rooms were closed [12] Market Data and Key Metrics Changes - Brazil's Outback comp sales were down 23% in September, improving to a decline of 5% to 10% in recent weeks [20] - The Brazil business generated positive cash flow for the quarter, indicating strong brand resilience [22] Company Strategy and Development Direction - The company is focused on enhancing the customer experience and pursuing off-premises business opportunities [13][17] - New menu launches at Outback aim to reinforce steak leadership and improve customer satisfaction [23] - The company is testing new growth channels, including the fast-casual brand Aussie Grill and the virtual brand Tender Shack, both showing promising initial results [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving sales trends and maintaining strong off-premises business as dining rooms reopen [38] - The company is well-positioned to capitalize on market share opportunities due to the struggles of independent restaurants during the pandemic [56] - Management highlighted the importance of maintaining safety protocols and adapting to changing consumer preferences [38] Other Important Information - The company has improved its total domestic liquidity position to $551 million, providing financial flexibility [48] - The pandemic has prompted a holistic review of the operating model, identifying efficiencies to optimize restaurant operations [14] Q&A Session Summary Question: Recent trends and sales outlook - Management sees opportunities to improve sales in Q4, with revenues building each week and a strong off-premises business [51] Question: Independent closures and market share - Management acknowledged struggles among independents and expressed readiness to gain market share, although significant real estate opportunities have not yet materialized [56] Question: Variances by states and capacity - Management noted strong performance in states like Georgia and Texas, with ongoing improvements in off-premises business [60] Question: Margin expectations and cost savings - Management discussed the potential for margin improvement based on cost savings identified pre-pandemic and efficiencies learned during the pandemic [77][80] Question: Brazil's performance and sales improvement - Management highlighted the strength of the Outback brand in Brazil, with positive cash flow generated in Q3 and expectations for continued improvement [95]