Bloomin’ Brands Announces 2024 Q3 Financial Results
Bloomin' Brands (BLMN) reported Q3 2024 results with total revenues of $1,038.8 million, down 3.8% from Q3 2023. The company posted Q3 diluted EPS of $0.08, compared to $0.45 in Q3 2023, and adjusted diluted EPS of $0.21, down from $0.41. Restaurant-level operating margin decreased to 12.5% from 13.8%. The company announced a strategic re-franchise of Brazil operations, selling 67% to Vinci Partners for approximately $243 million. U.S. comparable restaurant sales declined 1.5% overall, with Fleming's being the only brand showing positive growth at 1.2%. The company updated its 2024 guidance, now expecting U.S. comparable restaurant sales between -1.0% and -0.5%, and adjusted diluted EPS of $1.72 to $1.82.
Bloomin' Brands (BLMN) ha riportato i risultati del terzo trimestre del 2024 con ricavi totali di 1.038,8 milioni di dollari, in calo del 3,8% rispetto al terzo trimestre del 2023. L'azienda ha registrato un utile per azione diluito di 0,08 dollari, rispetto a 0,45 dollari nel terzo trimestre del 2023, e un utile per azione diluito rettificato di 0,21 dollari, in diminuzione rispetto a 0,41 dollari. Il margine operativo a livello di ristorante è sceso al 12,5% dal 13,8%. L'azienda ha annunciato una ristrutturazione strategica delle operazioni in Brasile, vendendo il 67% a Vinci Partners per circa 243 milioni di dollari. Le vendite comparabili nei ristoranti degli Stati Uniti sono diminuite dell'1,5% in generale, con Fleming's che è stata l'unica marca a mostrare una crescita positiva dell'1,2%. L'azienda ha aggiornato le sue previsioni per il 2024, aspettandosi ora vendite comparabili nei ristoranti degli Stati Uniti tra -1,0% e -0,5%, e un utile per azione diluito rettificato di 1,72-1,82 dollari.
Bloomin' Brands (BLMN) reportó los resultados del tercer trimestre de 2024 con ingresos totales de 1,038.8 millones de dólares, una disminución del 3.8% en comparación con el tercer trimestre de 2023. La compañía informó ganancias por acción diluidas de 0.08 dólares, comparado con 0.45 dólares en el tercer trimestre de 2023, y ganancias por acción diluidas ajustadas de 0.21 dólares, en descenso desde 0.41 dólares. El margen operativo a nivel de restaurante disminuyó al 12.5% desde el 13.8%. La compañía anunció una reestructuración estratégica de sus operaciones en Brasil, vendiendo el 67% a Vinci Partners por aproximadamente 243 millones de dólares. Las ventas comparables de restaurantes en EE. UU. cayeron en un 1.5% en general, con Fleming's siendo la única marca que mostró un crecimiento positivo del 1.2%. La compañía actualizó su guía para 2024, ahora esperando ventas comparables de restaurantes en EE. UU. entre -1.0% y -0.5%, y ganancias por acción diluidas ajustadas de 1.72 a 1.82 dólares.
블루민 브랜드 (BLMN)는 2024년 3분기 실적을 발표했으며, 총 수익은 10억 3880만 달러로 2023년 3분기 대비 3.8% 감소했습니다. 회사는 2023년 3분기 0.45달러에 비해 0.08달러의 희석 주당순이익(EPS)을 기록했으며, 조정 희석 EPS는 0.21달러로 0.41달러에서 하락했습니다. 레스토랑 수준의 운영 마진은 13.8%에서 12.5%로 감소했습니다. 이 회사는 브라질 사업의 전략적 재프랜차이징을 발표하며, 약 2억 4300만 달러에 비치 파트너스에 67%를 판매했습니다. 미국의 비교 가능한 레스토랑 매출은 전체적으로 1.5% 감소했으며, 플레밍스만이 1.2%의 긍정적 성장을 보이는 유일한 브랜드입니다. 이 회사는 2024년 가이드를 업데이트하여 미국의 비교 가능한 레스토랑 매출이 -1.0%에서 -0.5% 사이일 것으로 예상하며, 조정 희석 EPS를 1.72에서 1.82달러로 기대하고 있습니다.
Bloomin' Brands (BLMN) a publié les résultats du troisième trimestre 2024 avec des revenus totaux de 1,038.8 millions de dollars, en baisse de 3.8% par rapport au troisième trimestre 2023. L'entreprise a annoncé un BPA dilué de 0.08 dollars, comparé à 0.45 dollars au troisième trimestre 2023, et un BPA dilué ajusté de 0.21 dollars, en baisse par rapport à 0.41 dollars. La marge opérationnelle au niveau des restaurants a diminué à 12.5% contre 13.8%. L'entreprise a annoncé une stratégie de re-franchise de ses opérations au Brésil, vendant 67% à Vinci Partners pour environ 243 millions de dollars. Les ventes comparables de restaurants aux États-Unis ont diminué de 1.5% en général, avec Fleming's étant la seule marque à afficher une croissance positive de 1.2%. L'entreprise a mis à jour ses prévisions pour 2024, s'attendant désormais à des ventes comparables de restaurants aux États-Unis entre -1.0% et -0.5%, et un BPA dilué ajusté de 1.72 à 1.82 dollars.
Bloomin' Brands (BLMN) hat die Ergebnisse des dritten Quartals 2024 mit einem Gesamtumsatz von 1.038,8 Millionen Dollar veröffentlicht, was einen Rückgang von 3,8 % im Vergleich zum dritten Quartal 2023 bedeutet. Das Unternehmen meldete einen verwässerten Gewinn je Aktie (EPS) von 0,08 Dollar, verglichen mit 0,45 Dollar im dritten Quartal 2023, und einen angepassten verwässerten EPS von 0,21 Dollar, rückläufig von 0,41 Dollar. Die Restaurantbetriebsgewinnmarge sank von 13,8 % auf 12,5 %. Das Unternehmen kündigte eine strategische Re-Franchising seiner Betriebe in Brasilien an und verkaufte 67 % an Vinci Partners für etwa 243 Millionen Dollar. Die vergleichbaren Restaurantumsätze in den USA fielen insgesamt um 1,5 %, wobei Fleming's die einzige Marke war, die mit 1,2 % positives Wachstum zeigte. Das Unternehmen aktualisierte seine Prognosen für 2024 und erwartet nun Vergleichsumsätze in amerikanischen Restaurants zwischen -1,0 % und -0,5 % sowie einen angepassten verwässerten EPS von 1,72 bis 1,82 Dollar.
- Strategic re-franchise of Brazil operations for R$2.06 billion Brazilian Reais (6.5x trailing EBITDA)
- Maintained quarterly dividend of $0.24 per share
- Completed 10.1 million share repurchases worth $265.7 million YTD
- Fleming's Prime Steakhouse showed positive comparable sales growth of 1.2%
- Total revenues declined 3.8% to $1,038.8 million
- Q3 diluted EPS decreased to $0.08 from $0.45 year-over-year
- Restaurant-level operating margin declined to 12.5% from 13.8%
- Negative comparable sales across most brands (U.S. -1.5%, Brazil -3.6%)
- Lowered full-year adjusted EPS guidance to $1.72-$1.82 from $2.10-$2.30
Insights
The Q3 results reveal significant challenges for Bloomin' Brands, with
The strategic re-franchise of Brazil operations for approximately
The comparable sales data shows concerning trends across the portfolio. Outback Steakhouse U.S. declined
The company's aggressive share repurchase program, buying back 10.1M shares for
Q3 Diluted EPS of
Updates Full Year 2024 Guidance
Announces Strategic Re-Franchise of Brazil Operations
CEO Comments
“In my first 60 days, I have been impressed with the resiliency and capabilities of our team during two hurricanes, as well as the potential that I see in our iconic brands,” said Mike Spanos, CEO. “As I continue listening and learning during this evaluative period, it is clear to me that our path to sustainable sales and profit growth will be enabled by our team members executing a consistent and elevated guest experience, focusing first on Outback Steakhouse. Our full year guidance has been updated to reflect our results and near term trends. We are committed to improving our performance.”
Spanos continued, “I am excited to announce our
Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated (unaudited):
|
Q3 |
|
|
|||||||
|
2024 |
|
2023 |
|
CHANGE |
|||||
Diluted earnings per share |
$ |
0.08 |
|
$ |
0.45 |
|
|
$ |
(0.37 |
) |
Adjustments (1) |
|
0.13 |
|
|
(0.04 |
) |
|
|
0.17 |
|
Adjusted diluted earnings per share (1) |
$ |
0.21 |
|
$ |
0.41 |
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|||||
_______________
|
Third Quarter Financial Results
(dollars in millions, unaudited) |
Q3 2024 |
|
Q3 2023 |
|
CHANGE |
|||||
Total revenues |
$ |
1,038.8 |
|
|
$ |
1,079.8 |
|
|
(3.8 |
)% |
|
|
|
|
|
|
|||||
GAAP operating income margin |
|
1.7 |
% |
|
|
5.4 |
% |
|
(3.7 |
)% |
Adjusted operating income margin (1) |
|
3.0 |
% |
|
|
5.3 |
% |
|
(2.3 |
)% |
|
|
|
|
|
|
|||||
Restaurant-level operating margin (1) |
|
12.5 |
% |
|
|
13.8 |
% |
|
(1.3 |
)% |
Adjusted restaurant-level operating margin (1) |
|
12.5 |
% |
|
|
14.0 |
% |
|
(1.5 |
)% |
_______________ (1) See non-GAAP Measures later in this release. Also see Tables Four and Six for details regarding the nature of restaurant-level operating margin and operating income margin adjustments, respectively. |
-
The decrease in Total revenues was primarily due to: (i) lower comparable restaurant sales, (ii) the effect of foreign currency translation of the Brazilian Real relative to the
U.S. dollar and (iii) the net impact of restaurant closures and openings.
-
GAAP operating income margin decreased from Q3 2023 primarily due to: (i) a decrease in restaurant-level operating margin, as detailed below, (ii) lapping of a lease termination gain in Q3 2023 and closure costs in Q3 2024 from the closure of nine restaurants in
Hong Kong , (iii) higher general and administrative expense primarily from executive transition costs and strategic initiative related professional fees and (iv) higher depreciation and amortization expense.
- Restaurant-level operating margin decreased from Q3 2023 primarily due to lower restaurant sales, as discussed above and higher labor, operating and commodity costs, primarily due to inflation. These decreases were partially offset by an increase in average check per person and the impact of certain cost-saving and productivity initiatives.
-
Adjusted income from operations primarily excludes: (i) the Q3 2023 lease termination gain and Q3 2024 closure costs in
Hong Kong and (ii) executive transition costs and strategic initiative related professional fees.
Third Quarter Comparable Restaurant Sales
THIRTEEN WEEKS ENDED SEPTEMBER 29, 2024 |
|
COMPANY-OWNED |
|
Comparable restaurant sales (stores open 18 months or more): |
|
|
|
|
|
|
|
Outback Steakhouse |
|
(1.3 |
)% |
Carrabba’s Italian Grill |
|
(1.5 |
)% |
Bonefish Grill |
|
(4.1 |
)% |
Fleming’s Prime Steakhouse & Wine Bar |
|
1.2 |
% |
Combined |
|
(1.5 |
)% |
|
|
|
|
International |
|
|
|
Outback Steakhouse - |
|
(3.6 |
)% |
_______________
|
Dividend Declaration and Share Repurchases
On October 22, 2024, our Board of Directors declared a quarterly cash dividend of
Year to date we repurchased 10.1 million shares for a total of
Fiscal 2024 Financial Outlook
The table below presents our updated expectations for selected 2024 financial operating results. We are reaffirming all other aspects of our full-year financial guidance as previously communicated.
Financial Results: |
|
Prior Outlook |
|
Current Outlook |
|
|
Down |
|
( |
|
|
|
|
|
Commodity inflation |
|
|
|
Approx. |
|
|
|
|
|
GAAP effective tax rate (1) |
|
|
|
NM |
|
|
|
|
|
Adjusted effective tax rate |
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share (1)(2) |
|
|
|
( |
|
|
|
|
|
Adjusted diluted earnings per share (3) |
|
|
|
|
_______________
NM Not meaningful.
|
Q4 2024 Financial Outlook
The table below presents our expectations for selected fiscal Q4 2024 financial operating results.
Financial Results: |
|
Q4 2024 Outlook |
|
|
( |
|
|
|
GAAP diluted earnings per share (1)(2) |
|
|
|
|
|
Adjusted diluted earnings per share (2) |
|
|
_______________
|
Strategic Re-Franchise of Brazil Operations
On November 6, 2024, we entered into a Purchase Agreement with Vinci Partners to sell
BofA Securities, Inc. acted as exclusive financial advisor to the Company.
Conference Call
The Company will host a conference call today, November 8, 2024 at 8:30 AM EST. The conference call will be webcast live from the Company’s website at http://www.bloominbrands.com under the Investors section. A replay of this webcast will be available on the Company’s website after the call.
About Bloomin’ Brands, Inc.
Bloomin’ Brands, Inc. is one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. The Company’s restaurant portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The Company owns and operates more than 1,450 restaurants in 46 states,
Non-GAAP Measures
In addition to the results provided in accordance with GAAP, this press release and related tables include certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with GAAP and include: (i) Restaurant-level operating income, adjusted restaurant-level operating income and their corresponding margins, (ii) Adjusted income from operations and the corresponding margin, (iii) Adjusted segment income from operations and the corresponding margin, (iv) Adjusted net income and (v) Adjusted diluted earnings per share.
Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes, overall and particularly within our two segments.
We believe that our use of non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on GAAP results and relative to other companies within the restaurant industry by isolating the effects of certain items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance, allocate resources and administer employee incentive plans.
These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. We maintain internal guidelines with respect to the types of adjustments we include in our non-GAAP measures. These guidelines endeavor to differentiate between types of gains and expenses that are reflective of our core operations in a period, and those that may vary from period to period without correlation to our core performance in that period. However, implementation of these guidelines necessarily involves the application of judgment, and the treatment of any items not directly addressed by, or changes to, our guidelines will be considered by our disclosure committee. You should refer to the reconciliations of non-GAAP measures in Tables Four, Five, Six and Seven included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period.
Forward-Looking Statements
Certain statements contained herein, including statements under the headings “CEO Comments”, “Fiscal 2024 Financial Outlook” and “Q4 2024 Financial Outlook” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws. Generally, these statements can be identified by the use of words such as “guidance,” “believes,” “estimates,” “anticipates,” “expects,” “on track,” “feels,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the Company’s forward-looking statements. These risks and uncertainties include, but are not limited to: consumer reaction to public health and food safety issues; increases in labor costs and fluctuations in the availability of employees; increases in unemployment rates and taxes; competition; interruption or breach of our systems or loss of consumer or employee information; price and availability of commodities and other impacts of inflation; our dependence on a limited number of suppliers and distributors; political, social and legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; our ability to complete the
Note: Numerical figures included in this release have been subject to rounding adjustments.
TABLE ONE |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
(in thousands, except per share data) |
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
1,025,090 |
|
|
$ |
1,064,413 |
|
|
$ |
3,308,142 |
|
|
$ |
3,429,977 |
|
Franchise and other revenues |
|
13,681 |
|
|
|
15,420 |
|
|
|
44,822 |
|
|
|
47,296 |
|
Total revenues |
|
1,038,771 |
|
|
|
1,079,833 |
|
|
|
3,352,964 |
|
|
|
3,477,273 |
|
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Food and beverage |
|
304,285 |
|
|
|
321,865 |
|
|
|
998,177 |
|
|
|
1,057,305 |
|
Labor and other related |
|
312,968 |
|
|
|
314,432 |
|
|
|
985,083 |
|
|
|
981,908 |
|
Other restaurant operating |
|
280,018 |
|
|
|
281,084 |
|
|
|
851,111 |
|
|
|
837,349 |
|
Depreciation and amortization |
|
50,208 |
|
|
|
47,998 |
|
|
|
149,015 |
|
|
|
141,865 |
|
General and administrative |
|
68,485 |
|
|
|
62,246 |
|
|
|
196,413 |
|
|
|
191,408 |
|
Provision for impaired assets and restaurant closings |
|
5,597 |
|
|
|
(6,008 |
) |
|
|
32,731 |
|
|
|
(857 |
) |
Total costs and expenses |
|
1,021,561 |
|
|
|
1,021,617 |
|
|
|
3,212,530 |
|
|
|
3,208,978 |
|
Income from operations |
|
17,210 |
|
|
|
58,216 |
|
|
|
140,434 |
|
|
|
268,295 |
|
Loss on extinguishment of debt |
|
(225 |
) |
|
|
— |
|
|
|
(136,022 |
) |
|
|
— |
|
Interest expense, net |
|
(15,953 |
) |
|
|
(12,843 |
) |
|
|
(44,371 |
) |
|
|
(38,248 |
) |
Income (loss) before (benefit) provision for income taxes |
|
1,032 |
|
|
|
45,373 |
|
|
|
(39,959 |
) |
|
|
230,047 |
|
(Benefit) provision for income taxes |
|
(6,509 |
) |
|
|
(58 |
) |
|
|
5,159 |
|
|
|
21,186 |
|
Net income (loss) |
|
7,541 |
|
|
|
45,431 |
|
|
|
(45,118 |
) |
|
|
208,861 |
|
Less: net income attributable to noncontrolling interests |
|
629 |
|
|
|
903 |
|
|
|
3,439 |
|
|
|
4,745 |
|
Net income (loss) attributable to Bloomin’ Brands |
$ |
6,912 |
|
|
$ |
44,528 |
|
|
$ |
(48,557 |
) |
|
$ |
204,116 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.08 |
|
|
$ |
0.50 |
|
|
$ |
(0.56 |
) |
|
$ |
2.30 |
|
Diluted |
$ |
0.08 |
|
|
$ |
0.45 |
|
|
$ |
(0.56 |
) |
|
$ |
2.08 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
85,063 |
|
|
|
88,707 |
|
|
|
86,258 |
|
|
|
88,794 |
|
Diluted |
|
86,164 |
|
|
|
98,548 |
|
|
|
86,258 |
|
|
|
97,987 |
|
TABLE TWO |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
SEGMENT RESULTS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
(dollars in thousands) |
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
877,052 |
|
|
$ |
901,138 |
|
|
$ |
2,870,036 |
|
|
$ |
2,975,145 |
|
Franchise and other revenues |
|
10,273 |
|
|
|
11,834 |
|
|
|
34,566 |
|
|
|
36,052 |
|
Total revenues |
$ |
887,325 |
|
|
$ |
912,972 |
|
|
$ |
2,904,602 |
|
|
$ |
3,011,197 |
|
International Segment |
|
|
|
|
|
|
|
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
148,038 |
|
|
$ |
163,275 |
|
|
$ |
438,106 |
|
|
$ |
454,832 |
|
Franchise and other revenues |
|
3,408 |
|
|
|
3,586 |
|
|
|
10,256 |
|
|
|
11,244 |
|
Total revenues |
$ |
151,446 |
|
|
$ |
166,861 |
|
|
$ |
448,362 |
|
|
$ |
466,076 |
|
Reconciliation of Segment Income from Operations to Consolidated Income from Operations |
|
|
|
|
|
|
|
||||||||
Segment income from operations |
|
|
|
|
|
|
|
||||||||
|
$ |
38,853 |
|
|
$ |
68,014 |
|
|
$ |
216,014 |
|
|
$ |
304,265 |
|
International |
|
15,608 |
|
|
|
22,034 |
|
|
|
30,496 |
|
|
|
67,028 |
|
Total segment income from operations |
|
54,461 |
|
|
|
90,048 |
|
|
|
246,510 |
|
|
|
371,293 |
|
Unallocated corporate operating expense |
|
(37,251 |
) |
|
|
(31,832 |
) |
|
|
(106,076 |
) |
|
|
(102,998 |
) |
Total income from operations |
$ |
17,210 |
|
|
$ |
58,216 |
|
|
$ |
140,434 |
|
|
$ |
268,295 |
|
TABLE THREE |
|||||||
BLOOMIN’ BRANDS, INC. |
|||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION |
|||||||
|
SEPTEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
||||
(dollars in thousands) |
(UNAUDITED) |
|
|||||
Cash and cash equivalents |
$ |
83,632 |
|
|
$ |
111,519 |
|
Net working capital (deficit) (1) |
$ |
(587,912 |
) |
|
$ |
(659,021 |
) |
Total assets |
$ |
3,433,609 |
|
|
$ |
3,424,081 |
|
Total debt, net |
$ |
1,092,189 |
|
|
$ |
780,719 |
|
Total stockholders’ equity |
$ |
244,971 |
|
|
$ |
412,003 |
|
_______________
|
TABLE FOUR |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
RESTAURANT-LEVEL AND ADJUSTED RESTAURANT-LEVEL OPERATING INCOME AND MARGINS NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
Consolidated |
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
(dollars in thousands) |
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Income from operations |
$ |
17,210 |
|
|
$ |
58,216 |
|
|
$ |
140,434 |
|
|
$ |
268,295 |
|
Operating income margin |
|
1.7 |
% |
|
|
5.4 |
% |
|
|
4.2 |
% |
|
|
7.7 |
% |
Less: |
|
|
|
|
|
|
|
||||||||
Franchise and other revenues |
|
13,681 |
|
|
|
15,420 |
|
|
|
44,822 |
|
|
|
47,296 |
|
Plus: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
50,208 |
|
|
|
47,998 |
|
|
|
149,015 |
|
|
|
141,865 |
|
General and administrative |
|
68,485 |
|
|
|
62,246 |
|
|
|
196,413 |
|
|
|
191,408 |
|
Provision for impaired assets and restaurant closings |
|
5,597 |
|
|
|
(6,008 |
) |
|
|
32,731 |
|
|
|
(857 |
) |
Restaurant-level operating income (1) |
$ |
127,819 |
|
|
$ |
147,032 |
|
|
$ |
473,771 |
|
|
$ |
553,415 |
|
Restaurant-level operating margin |
|
12.5 |
% |
|
|
13.8 |
% |
|
|
14.3 |
% |
|
|
16.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Asset impairments and closure-related charges |
|
— |
|
|
|
— |
|
|
|
434 |
|
|
|
— |
|
Partner compensation (2) |
|
— |
|
|
|
1,894 |
|
|
|
— |
|
|
|
1,894 |
|
Total restaurant-level operating income adjustments |
|
— |
|
|
|
1,894 |
|
|
|
434 |
|
|
|
1,894 |
|
Adjusted restaurant-level operating income |
$ |
127,819 |
|
|
$ |
148,926 |
|
|
$ |
474,205 |
|
|
$ |
555,309 |
|
Adjusted restaurant-level operating margin |
|
12.5 |
% |
|
|
14.0 |
% |
|
|
14.3 |
% |
|
|
16.2 |
% |
_______________ (1) The following categories of revenue and operating expenses are not included in restaurant-level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant-level within a period: |
|||||||||||||||
(a) Franchise and other revenues, which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income.
|
|||||||||||||||
(2) Costs incurred in connection with the transition to a new partner compensation program. |
|
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
(dollars in thousands) |
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Income from operations |
$ |
38,853 |
|
|
$ |
68,014 |
|
|
$ |
216,014 |
|
|
$ |
304,265 |
|
Operating income margin |
|
4.4 |
% |
|
|
7.4 |
% |
|
|
7.4 |
% |
|
|
10.1 |
% |
Less: |
|
|
|
|
|
|
|
||||||||
Franchise and other revenues |
|
10,273 |
|
|
|
11,834 |
|
|
|
34,566 |
|
|
|
36,052 |
|
Plus: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
41,922 |
|
|
|
39,829 |
|
|
|
122,506 |
|
|
|
117,368 |
|
General and administrative |
|
27,945 |
|
|
|
24,868 |
|
|
|
79,853 |
|
|
|
72,809 |
|
Provision for impaired assets and restaurant closings |
|
1,868 |
|
|
|
(6,008 |
) |
|
|
14,939 |
|
|
|
(857 |
) |
Restaurant-level operating income |
$ |
100,315 |
|
|
$ |
114,869 |
|
|
$ |
398,746 |
|
|
$ |
457,533 |
|
Restaurant-level operating margin |
|
11.4 |
% |
|
|
12.7 |
% |
|
|
13.9 |
% |
|
|
15.4 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Asset impairments and closure-related charges |
|
— |
|
|
|
— |
|
|
|
434 |
|
|
|
— |
|
Partner compensation (1) |
|
— |
|
|
|
1,894 |
|
|
|
— |
|
|
|
1,894 |
|
Total restaurant-level operating income adjustments |
|
— |
|
|
|
1,894 |
|
|
|
434 |
|
|
|
1,894 |
|
Adjusted restaurant-level operating income |
$ |
100,315 |
|
|
$ |
116,763 |
|
|
$ |
399,180 |
|
|
$ |
459,427 |
|
Adjusted restaurant-level operating margin |
|
11.4 |
% |
|
|
13.0 |
% |
|
|
13.9 |
% |
|
|
15.4 |
% |
_______________
|
International |
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
(dollars in thousands) |
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Income from operations |
$ |
15,608 |
|
|
$ |
22,034 |
|
|
$ |
30,496 |
|
|
$ |
67,028 |
|
Operating income margin |
|
10.3 |
% |
|
|
13.2 |
% |
|
|
6.8 |
% |
|
|
14.4 |
% |
Less: |
|
|
|
|
|
|
|
||||||||
Franchise and other revenues |
|
3,408 |
|
|
|
3,586 |
|
|
|
10,256 |
|
|
|
11,244 |
|
Plus: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
6,184 |
|
|
|
6,231 |
|
|
|
20,140 |
|
|
|
18,275 |
|
General and administrative |
|
9,098 |
|
|
|
7,725 |
|
|
|
22,240 |
|
|
|
22,033 |
|
Provision for impaired assets and restaurant closings |
|
3,728 |
|
|
|
— |
|
|
|
17,791 |
|
|
|
— |
|
Restaurant-level operating income |
$ |
31,210 |
|
|
$ |
32,404 |
|
|
$ |
80,411 |
|
|
$ |
96,092 |
|
Restaurant-level operating margin |
|
21.1 |
% |
|
|
19.8 |
% |
|
|
18.4 |
% |
|
|
21.1 |
% |
TABLE FIVE |
||||||||||||||
BLOOMIN’ BRANDS, INC. |
||||||||||||||
CONSOLIDATED RESTAURANT-LEVEL OPERATING MARGIN NON-GAAP RECONCILIATIONS |
||||||||||||||
(UNAUDITED) |
||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
FAVORABLE
|
|||||||||||
|
SEPTEMBER 29, 2024 |
|
SEPTEMBER 24, 2023 |
|
||||||||||
|
REPORTED |
|
ADJUSTED |
|
REPORTED |
|
ADJUSTED (1) |
|
||||||
Restaurant sales |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Food and beverage |
29.7 |
% |
|
29.7 |
% |
|
30.2 |
% |
|
30.2 |
% |
|
0.5 |
% |
Labor and other related |
30.5 |
% |
|
30.5 |
% |
|
29.5 |
% |
|
29.4 |
% |
|
(1.1 |
)% |
Other restaurant operating |
27.3 |
% |
|
27.3 |
% |
|
26.4 |
% |
|
26.4 |
% |
|
(0.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
Restaurant-level operating margin |
12.5 |
% |
|
12.5 |
% |
|
13.8 |
% |
|
14.0 |
% |
|
(1.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
|
THIRTY-NINE WEEKS ENDED |
|
FAVORABLE
|
|||||||||||
|
SEPTEMBER 29, 2024 |
|
SEPTEMBER 24, 2023 |
|
||||||||||
|
REPORTED |
|
ADJUSTED (1) |
|
REPORTED |
|
ADJUSTED (1) |
|
||||||
Restaurant sales |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Food and beverage |
30.2 |
% |
|
30.2 |
% |
|
30.8 |
% |
|
30.8 |
% |
|
0.6 |
% |
Labor and other related |
29.8 |
% |
|
29.8 |
% |
|
28.6 |
% |
|
28.6 |
% |
|
(1.2 |
)% |
Other restaurant operating |
25.7 |
% |
|
25.7 |
% |
|
24.4 |
% |
|
24.4 |
% |
|
(1.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
Restaurant-level operating margin |
14.3 |
% |
|
14.3 |
% |
|
16.1 |
% |
|
16.2 |
% |
|
(1.9 |
)% |
_______________
|
TABLE SIX |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
ADJUSTED INCOME FROM OPERATIONS AND MARGIN NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
(dollars in thousands) |
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
Consolidated |
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Income from operations |
$ |
17,210 |
|
|
$ |
58,216 |
|
|
$ |
140,434 |
|
|
$ |
268,295 |
|
Operating income margin |
|
1.7 |
% |
|
|
5.4 |
% |
|
|
4.2 |
% |
|
|
7.7 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Total restaurant-level operating income adjustments (1) |
|
— |
|
|
|
1,894 |
|
|
|
434 |
|
|
|
1,894 |
|
Asset impairments and closure-related charges (2) |
|
5,127 |
|
|
|
(6,586 |
) |
|
|
33,873 |
|
|
|
(6,586 |
) |
Executive transition costs (3) |
|
4,121 |
|
|
|
— |
|
|
|
4,121 |
|
|
|
— |
|
Strategic initiative fees (4) |
|
3,000 |
|
|
|
— |
|
|
|
4,000 |
|
|
|
— |
|
Transaction-related expenses (5) |
|
1,490 |
|
|
|
— |
|
|
|
1,490 |
|
|
|
— |
|
Other (6) |
|
— |
|
|
|
3,436 |
|
|
|
— |
|
|
|
3,436 |
|
Total income from operations adjustments |
|
13,738 |
|
|
|
(1,256 |
) |
|
|
43,918 |
|
|
|
(1,256 |
) |
Adjusted income from operations |
$ |
30,948 |
|
|
$ |
56,960 |
|
|
$ |
184,352 |
|
|
$ |
267,039 |
|
Adjusted operating income margin |
|
3.0 |
% |
|
|
5.3 |
% |
|
|
5.5 |
% |
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income from operations |
$ |
38,853 |
|
|
$ |
68,014 |
|
|
$ |
216,014 |
|
|
$ |
304,265 |
|
Operating income margin |
|
4.4 |
% |
|
|
7.4 |
% |
|
|
7.4 |
% |
|
|
10.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Total restaurant-level operating income adjustments (1) |
|
— |
|
|
|
1,894 |
|
|
|
434 |
|
|
|
1,894 |
|
Strategic initiative fees (4) |
|
3,000 |
|
|
|
— |
|
|
|
4,000 |
|
|
|
— |
|
Asset impairments and closure-related charges (2) |
|
— |
|
|
|
(6,586 |
) |
|
|
13,858 |
|
|
|
(6,586 |
) |
Other (6) |
|
— |
|
|
|
1,147 |
|
|
|
— |
|
|
|
1,147 |
|
Total income from operations adjustments |
|
3,000 |
|
|
|
(3,545 |
) |
|
|
18,292 |
|
|
|
(3,545 |
) |
Adjusted income from operations |
$ |
41,853 |
|
|
$ |
64,469 |
|
|
$ |
234,306 |
|
|
$ |
300,720 |
|
Adjusted operating income margin |
|
4.7 |
% |
|
|
7.1 |
% |
|
|
8.1 |
% |
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
||||||||
International Segment |
|
|
|
|
|
|
|
||||||||
Income from operations |
$ |
15,608 |
|
|
$ |
22,034 |
|
|
$ |
30,496 |
|
|
$ |
67,028 |
|
Operating income margin |
|
10.3 |
% |
|
|
13.2 |
% |
|
|
6.8 |
% |
|
|
14.4 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Asset impairments and closure-related charges (2) |
|
5,127 |
|
|
|
— |
|
|
|
19,227 |
|
|
|
— |
|
Transaction related expenses (5) |
|
288 |
|
|
|
— |
|
|
|
288 |
|
|
|
— |
|
Total income from operations adjustments |
|
5,415 |
|
|
|
— |
|
|
|
19,515 |
|
|
|
— |
|
Adjusted income from operations |
$ |
21,023 |
|
|
$ |
22,034 |
|
|
$ |
50,011 |
|
|
$ |
67,028 |
|
Adjusted operating income margin |
|
13.9 |
% |
|
|
13.2 |
% |
|
|
11.2 |
% |
|
|
14.4 |
% |
_______________
|
TABLE SEVEN |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
(in thousands, except per share data) |
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Net income (loss) attributable to Bloomin’ Brands |
$ |
6,912 |
|
|
$ |
44,528 |
|
|
$ |
(48,557 |
) |
|
$ |
204,116 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Income from operations adjustments (1) |
|
13,738 |
|
|
|
(1,256 |
) |
|
|
43,918 |
|
|
|
(1,256 |
) |
Loss on extinguishment of debt (2) |
|
— |
|
|
|
— |
|
|
|
135,797 |
|
|
|
— |
|
Total adjustments, before income taxes |
|
13,738 |
|
|
|
(1,256 |
) |
|
|
179,715 |
|
|
|
(1,256 |
) |
Adjustment to provision for income taxes (3) |
|
(2,498 |
) |
|
|
(2,650 |
) |
|
|
(4,466 |
) |
|
|
(2,650 |
) |
Net adjustments |
|
11,240 |
|
|
|
(3,906 |
) |
|
|
175,249 |
|
|
|
(3,906 |
) |
Adjusted net income |
$ |
18,152 |
|
|
$ |
40,622 |
|
|
$ |
126,692 |
|
|
$ |
200,210 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share |
$ |
0.08 |
|
|
$ |
0.45 |
|
|
$ |
(0.56 |
) |
|
$ |
2.08 |
|
Adjusted diluted earnings per share (4)(5) |
$ |
0.21 |
|
|
$ |
0.41 |
|
|
$ |
1.41 |
|
|
$ |
2.04 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average common shares outstanding (5) |
|
86,164 |
|
|
|
98,548 |
|
|
|
86,258 |
|
|
|
97,987 |
|
Adjusted diluted weighted average common shares outstanding (4)(5) |
|
86,164 |
|
|
|
98,548 |
|
|
|
90,057 |
|
|
|
97,987 |
|
_______________
|
Following is a summary of the financial statement line item classification of the net income (loss) adjustments:
|
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||||||
(dollars in thousands) |
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||||||
Labor and other related |
$ |
— |
|
|
$ |
1,894 |
|
|
$ |
434 |
|
|
$ |
1,894 |
|
General and administrative |
|
10,006 |
|
|
|
3,534 |
|
|
|
13,980 |
|
|
|
3,534 |
|
Provision for impaired assets and restaurant closings |
|
3,732 |
|
|
|
(6,684 |
) |
|
|
29,504 |
|
|
|
(6,684 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
135,797 |
|
|
|
— |
|
Provision for income taxes |
|
(2,498 |
) |
|
|
(2,650 |
) |
|
|
(4,466 |
) |
|
|
(2,650 |
) |
Net adjustments |
$ |
11,240 |
|
|
$ |
(3,906 |
) |
|
$ |
175,249 |
|
|
$ |
(3,906 |
) |
TABLE EIGHT |
|||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||
COMPARATIVE RESTAURANT INFORMATION |
|||||||||||
(UNAUDITED) |
|||||||||||
Number of restaurants: |
JUNE 30, 2024 |
|
OPENINGS |
|
CLOSURES |
|
SEPTEMBER 29, 2024 |
||||
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
|
|
|
|
|
|
||||
Company-owned |
549 |
|
2 |
|
(1 |
) |
|
550 |
|||
Franchised |
125 |
|
— |
|
(2 |
) |
|
123 |
|||
Total |
674 |
|
2 |
|
(3 |
) |
|
673 |
|||
Carrabba’s Italian Grill |
|
|
|
|
|
|
|
||||
Company-owned |
192 |
|
— |
|
— |
|
|
192 |
|||
Franchised |
18 |
|
— |
|
— |
|
|
18 |
|||
Total |
210 |
|
— |
|
— |
|
|
210 |
|||
Bonefish Grill |
|
|
|
|
|
|
|
||||
Company-owned |
162 |
|
— |
|
— |
|
|
162 |
|||
Franchised |
4 |
|
— |
|
— |
|
|
4 |
|||
Total |
166 |
|
— |
|
— |
|
|
166 |
|||
Fleming’s Prime Steakhouse & Wine Bar |
|
|
|
|
|
|
|
||||
Company-owned |
63 |
|
— |
|
— |
|
|
63 |
|||
Aussie Grill |
|
|
|
|
|
|
|
||||
Company-owned |
4 |
|
— |
|
— |
|
|
4 |
|||
Franchised |
2 |
|
— |
|
— |
|
|
2 |
|||
Total |
6 |
|
— |
|
— |
|
|
6 |
|||
|
1,119 |
|
2 |
|
(3 |
) |
|
1,118 |
|||
International |
|
|
|
|
|
|
|
||||
Company-owned |
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
165 |
|
7 |
|
— |
|
|
172 |
|||
Other (1) |
38 |
|
1 |
|
(9 |
) |
|
30 |
|||
Franchised |
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
93 |
|
1 |
|
— |
|
|
94 |
|||
Other |
50 |
|
— |
|
(1 |
) |
|
49 |
|||
International total |
346 |
|
9 |
|
(10 |
) |
|
345 |
|||
System-wide total |
1,465 |
|
11 |
|
(13 |
) |
|
1,463 |
|||
System-wide total - Company-owned |
1,173 |
|
10 |
|
(10 |
) |
|
1,173 |
|||
System-wide total - Franchised |
292 |
|
1 |
|
(3 |
) |
|
290 |
|||
_______________
|
TABLE NINE |
||||||||||||
BLOOMIN’ BRANDS, INC. |
||||||||||||
COMPARABLE RESTAURANT SALES INFORMATION |
||||||||||||
(UNAUDITED) |
||||||||||||
|
|
THIRTEEN WEEKS ENDED |
|
THIRTY-NINE WEEKS ENDED |
||||||||
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
|
SEPTEMBER 29,
|
|
SEPTEMBER 24,
|
||||
Year over year percentage change: |
|
|
|
|
|
|
|
|
||||
Comparable restaurant sales (restaurants open 18 months or more): |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
(1.3 |
)% |
|
(1.1 |
)% |
|
(0.9 |
)% |
|
1.6 |
% |
Carrabba’s Italian Grill |
|
(1.5 |
)% |
|
3.0 |
% |
|
0.4 |
% |
|
4.4 |
% |
Bonefish Grill |
|
(4.1 |
)% |
|
(0.5 |
)% |
|
(3.7 |
)% |
|
2.2 |
% |
Fleming’s Prime Steakhouse & Wine Bar |
|
1.2 |
% |
|
(4.1 |
)% |
|
(0.8 |
)% |
|
(0.9 |
)% |
Combined |
|
(1.5 |
)% |
|
(0.5 |
)% |
|
(1.1 |
)% |
|
1.9 |
% |
International |
|
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
|
(3.6 |
)% |
|
4.1 |
% |
|
(1.9 |
)% |
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
||||
Traffic: |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
(3.9 |
)% |
|
(6.1 |
)% |
|
(4.0 |
)% |
|
(4.3 |
)% |
Carrabba’s Italian Grill |
|
(3.4 |
)% |
|
(0.1 |
)% |
|
(2.7 |
)% |
|
0.3 |
% |
Bonefish Grill |
|
(8.5 |
)% |
|
(5.7 |
)% |
|
(6.7 |
)% |
|
(3.1 |
)% |
Fleming’s Prime Steakhouse & Wine Bar |
|
(7.3 |
)% |
|
(4.4 |
)% |
|
(6.7 |
)% |
|
(2.1 |
)% |
Combined |
|
(4.4 |
)% |
|
(4.7 |
)% |
|
(4.2 |
)% |
|
(3.1 |
)% |
International |
|
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
|
(7.7 |
)% |
|
(1.0 |
)% |
|
(4.9 |
)% |
|
(1.0 |
)% |
|
|
|
|
|
|
|
|
|
||||
Average check per person (5): |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
2.6 |
% |
|
5.0 |
% |
|
3.1 |
% |
|
5.9 |
% |
Carrabba’s Italian Grill |
|
1.9 |
% |
|
3.1 |
% |
|
3.1 |
% |
|
4.1 |
% |
Bonefish Grill |
|
4.4 |
% |
|
5.2 |
% |
|
3.0 |
% |
|
5.3 |
% |
Fleming’s Prime Steakhouse & Wine Bar |
|
8.5 |
% |
|
0.3 |
% |
|
5.9 |
% |
|
1.2 |
% |
Combined |
|
2.9 |
% |
|
4.2 |
% |
|
3.1 |
% |
|
5.0 |
% |
International |
|
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
|
3.4 |
% |
|
5.1 |
% |
|
2.4 |
% |
|
8.3 |
% |
_______________
|
TABLE TEN |
|||
BLOOMIN’ BRANDS, INC. |
|||
FISCAL AND COMPARABLE CALENDAR CALCULATION DATES |
|||
(UNAUDITED) |
|||
FISCAL CALENDAR BASIS |
|
|
COMPARABLE CALENDAR BASIS |
Q1 |
|||
January 1, 2024 - March 31, 2024 |
|
|
January 1, 2024 - March 31, 2024 |
vs. |
|
|
vs. |
December 26, 2022 - March 26, 2023 |
|
|
January 2, 2023 - April 2, 2023 |
Q2 |
|||
April 1, 2024 - June 30, 2024 |
|
|
April 1, 2024 - June 30, 2024 |
vs. |
|
|
vs. |
March 27, 2023 - June 25, 2023 |
|
|
April 3, 2023 - July 2, 2023 |
Q3 |
|||
July 1, 2024 - September 29, 2024 |
|
|
July 1, 2024 - September 29, 2024 |
vs. |
|
|
vs. |
June 26, 2023 - September 24, 2023 |
|
|
July 3, 2023 - October 1, 2023 |
Q4 |
|||
September 30, 2024 - December 29, 2024 |
|
|
September 30, 2024 - December 29, 2024 |
vs. |
|
|
vs. |
September 25, 2023 - December 31, 2023 |
|
|
October 2, 2023 - December 31, 2023 |
Total Year |
|||
January 1, 2024 - December 29, 2024 |
|
|
January 1, 2024 - December 29, 2024 |
vs. |
|
|
vs. |
December 26, 2022 - December 31, 2023 |
|
|
January 2, 2023 - December 31, 2023 |
_______________
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241108578674/en/
Tara Kurian
VP, Corporate Finance and Investor Relations
(813) 830-5311
Source: Bloomin’ Brands, Inc.
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