Bloomin’ Brands(US:BLMN)2025-11-06 21:08Financial Performance - Total revenues for the thirteen weeks ended September 28, 2025, were $928.8 million, an increase of 2.0% compared to $910.0 million for the same period in 2024[14] - Restaurant sales reached $911.9 million for the thirteen weeks ended September 28, 2025, up from $889.8 million in the prior year, reflecting a growth of 2.3%[14] - The company reported a net loss of $45.9 million for the thirteen weeks ended September 28, 2025, compared to a net income of $6.9 million for the same period in 2024[14] - The company reported a comprehensive loss of $42.4 million for the thirteen weeks ended September 28, 2025, compared to a loss of $8.4 million for the same period in 2024[14] - Net income for the thirty-nine weeks ended September 28, 2025, was $24,992,000, compared to a net loss of $45,118,000 for the same period in 2024[22] - Total revenues for the thirty-nine weeks ended September 28, 2025, were $2.93 billion, compared to $2.90 billion for the same period in 2024, showing a growth of 0.4%[187] Assets and Liabilities - Total current assets increased to $351.2 million as of September 28, 2025, from $320.5 million as of December 29, 2024, representing a growth of 9.6%[12] - Total liabilities decreased to $2.93 billion as of September 28, 2025, down from $3.25 billion as of December 29, 2024, a reduction of 9.6%[12] - The company’s total assets were $3.28 billion as of September 28, 2025, down from $3.38 billion as of December 29, 2024[12] - The company’s total stockholders' equity increased to $348.0 million as of September 28, 2025, from $139.4 million as of December 29, 2024[12] - The company’s accumulated deficit improved to $(904.1) million as of September 28, 2025, from $(925.8) million as of December 29, 2024[12] Earnings Per Share - Basic loss per share for continuing operations was $(0.54) for the thirteen weeks ended September 28, 2025, compared to $(0.01) for the same period in 2024[14] - Diluted loss per share for the thirteen weeks ended September 28, 2025, was $(0.54), compared to $(0.01) for the same period in 2024[148] - Adjusted diluted loss earnings per share for continuing operations was $(0.03) for the thirteen weeks ended September 28, 2025, compared to $0.11 for the same period in 2024[201] Cash Flow and Investments - Cash flows provided by operating activities of continuing operations amounted to $155,168,000, an increase from $114,543,000 in the prior year[22] - The net cash used in investing activities was $49,987,000, compared to $196,476,000 in the prior year[22] - Cash paid for interest during the thirty-nine weeks ended September 28, 2025, was $40,169 thousand, slightly down from $41,914 thousand in the prior year[25] - The company experienced a net cash decrease of $3,577 thousand in cash and cash equivalents for the thirty-nine weeks ended September 28, 2025, compared to a decrease of $30,741 thousand in the prior year[25] Capital Expenditures - Total capital expenditures for the period were $124,451,000, down from $167,715,000 in the previous year[22] - The company reported capital expenditures included in current liabilities of $27,840 thousand for the thirty-nine weeks ended September 28, 2025, compared to $40,031 thousand for the same period in 2024[25] Restaurant Operations - The company owned and operated 987 restaurants and franchised 496 restaurants across 46 states and 12 countries as of September 28, 2025[146] - Restaurant-level operating margin for the thirteen weeks ended September 28, 2025, was 9.2%, down from 11.1% in the third quarter of 2024[148] - U.S. combined and Outback Steakhouse comparable restaurant sales were 1.2% and 0.4%, respectively[148] - Average restaurant unit volumes for Outback Steakhouse increased to $72,712 for the thirteen weeks ended September 28, 2025, compared to $72,108 for the same period in 2024[161] Impairment and Closure Charges - Impairment losses for the thirteen weeks ended September 28, 2025, totaled $32.5 million, significantly higher than $1.3 million in the same period of 2024[56] - The provision for impaired assets and restaurant closings increased to 3.6% of total costs for the thirteen weeks ended September 28, 2025, compared to 0.6% in the same period of 2024[168] - The company plans to close 21 U.S. restaurants and not renew leases for 22 additional locations, with estimated closure charges between $5.0 million and $7.0 million to be recorded in the upcoming quarter[57] Franchise Revenues - Total franchise revenues for the thirteen weeks ended September 28, 2025, were $15.1 million, down from $18.2 million in the same period of 2024, a decrease of 17.8%[50] - The company’s international franchise revenues for the thirty-nine weeks ended September 28, 2025, were $23.5 million, down from $29.5 million in the prior year, representing a decline of 20.4%[131] Other Financial Metrics - The effective income tax rate for the thirteen weeks ended September 28, 2025, was 5.1%, significantly lower than the blended federal and state statutory rate of approximately 26%[116] - The company recorded reserves of $4.2 million for legal proceedings as of September 28, 2025, an increase from $2.3 million as of December 29, 2024[125] - The company reported a gain on the sale of the Brazil business of $5,135 thousand for the thirty-nine weeks ended September 28, 2025[43] Turnaround Strategy - The company is implementing a comprehensive turnaround strategy focused on operational excellence and brand relevancy[147]