Bloomin’ Brands Announces 2024 Q4 Financial Results
Bloomin' Brands (NASDAQ: BLMN) reported its Q4 2024 financial results, with Q4 Diluted EPS of $(0.93) and Adjusted Diluted EPS of $0.38. The company completed the sale of 67% of its Brazil operations to Vinci Partners, retaining a 33% interest.
The decrease in Total revenues was primarily attributed to the absence of the 53rd week included in 2023 and the net impact of restaurant closures and openings. Restaurant-level operating margin declined due to lower revenues, higher labor costs, increased operating and commodity costs, higher insurance expenses, and increased advertising costs.
The company declared a quarterly cash dividend of $0.15 per share, payable on March 26, 2025. During 2024, BLMN repurchased 10.1 million shares for $265.7 million, with $96.8 million remaining in the share repurchase authorization.
Bloomin' Brands (NASDAQ: BLMN) ha riportato i risultati finanziari del quarto trimestre 2024, con un utile per azione diluito di $(0.93) e un utile per azione diluito rettificato di $0.38. L'azienda ha completato la vendita del 67% delle sue operazioni in Brasile a Vinci Partners, mantenendo un interesse del 33%.
La diminuzione dei ricavi totali è stata principalmente attribuita all'assenza della 53ª settimana inclusa nel 2023 e all'impatto netto delle chiusure e aperture dei ristoranti. Il margine operativo a livello di ristorante è diminuito a causa di ricavi più bassi, costi del lavoro più elevati, costi operativi e delle materie prime aumentati, spese assicurative più alte e costi pubblicitari aumentati.
L'azienda ha dichiarato un dividendo in contante trimestrale di $0.15 per azione, pagabile il 26 marzo 2025. Durante il 2024, BLMN ha riacquistato 10.1 milioni di azioni per $265.7 milioni, con $96.8 milioni rimanenti nell'autorizzazione al riacquisto di azioni.
Bloomin' Brands (NASDAQ: BLMN) reportó sus resultados financieros del cuarto trimestre de 2024, con un EPS diluido de $(0.93) y un EPS diluido ajustado de $0.38. La compañía completó la venta del 67% de sus operaciones en Brasil a Vinci Partners, manteniendo un interés del 33%.
La disminución en los ingresos totales se atribuyó principalmente a la ausencia de la 53ª semana incluida en 2023 y al impacto neto de los cierres y aperturas de restaurantes. El margen operativo a nivel de restaurante disminuyó debido a menores ingresos, mayores costos laborales, costos operativos y de materias primas incrementados, mayores gastos de seguros y costos publicitarios más altos.
La compañía declaró un dividendo en efectivo trimestral de $0.15 por acción, pagadero el 26 de marzo de 2025. Durante 2024, BLMN recompró 10.1 millones de acciones por $265.7 millones, con $96.8 millones restantes en la autorización de recompra de acciones.
블루민 브랜드(Bloomin' Brands) (NASDAQ: BLMN)는 2024년 4분기 재무 결과를 보고했으며, 4분기 희석 주당순이익(EPS)은 $(0.93), 조정 희석 주당순이익은 $0.38입니다. 이 회사는 브라질 운영의 67%를 빈치 파트너스(Vinci Partners)에 매각하고 33%의 지분을 유지했습니다.
총 수익 감소는 2023년에 포함된 53주차의 부재와 레스토랑의 폐쇄 및 개장에 따른 순 영향을 주로 원인으로 했습니다. 레스토랑 수준의 운영 마진은 수익 감소, 높은 노동 비용, 증가한 운영 및 원자재 비용, 증가한 보험 비용, 그리고 높아진 광고 비용으로 인해 감소했습니다.
회사는 주당 $0.15의 분기 현금 배당금을 선언했으며, 2025년 3월 26일에 지급될 예정입니다. 2024년 동안 BLMN은 1,010만 주를 $2억 6,570만에 재매입했으며, 주식 재매입 승인에서 $9,680만이 남아 있습니다.
Bloomin' Brands (NASDAQ: BLMN) a annoncé ses résultats financiers pour le quatrième trimestre 2024, avec un BPA dilué de $(0.93) et un BPA dilué ajusté de $0.38. L'entreprise a finalisé la vente de 67 % de ses opérations au Brésil à Vinci Partners, conservant un intérêt de 33 %.
La diminution des revenus totaux a été principalement attribuée à l'absence de la 53e semaine incluse en 2023 et à l'impact net des fermetures et ouvertures de restaurants. La marge opérationnelle au niveau des restaurants a diminué en raison de revenus plus faibles, de coûts de main-d'œuvre plus élevés, d'augmentation des coûts d'exploitation et des matières premières, de frais d'assurance plus élevés et d'une augmentation des coûts publicitaires.
L'entreprise a déclaré un dividende en espèces trimestriel de $0.15 par action, payable le 26 mars 2025. Au cours de l'année 2024, BLMN a racheté 10,1 millions d'actions pour $265,7 millions, avec $96,8 millions restant dans l'autorisation de rachat d'actions.
Bloomin' Brands (NASDAQ: BLMN) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem verwässerten Gewinn pro Aktie von $(0.93) und einem bereinigten verwässerten Gewinn pro Aktie von $0.38. Das Unternehmen hat den Verkauf von 67% seiner Brasilien-Operationen an Vinci Partners abgeschlossen und behält einen Anteil von 33%.
Der Rückgang der Gesamterlöse wurde hauptsächlich auf das Fehlen der 53. Woche, die 2023 enthalten war, sowie auf die netto Auswirkungen von Restaurant-Schließungen und -Eröffnungen zurückgeführt. Die operative Marge auf Restaurantebene sank aufgrund niedrigerer Erlöse, höherer Arbeitskosten, gestiegener Betriebs- und Rohstoffkosten, höherer Versicherungskosten und gestiegener Werbekosten.
Das Unternehmen erklärte eine vierteljährliche Bardividende von $0.15 pro Aktie, zahlbar am 26. März 2025. Im Jahr 2024 hat BLMN 10,1 Millionen Aktien für $265,7 Millionen zurückgekauft, wobei noch $96,8 Millionen im Aktienrückkaufprogramm verbleiben.
- Maintained quarterly dividend of $0.15 per share
- Significant share repurchase program with $265.7M executed in 2024
- Strategic sale of Brazil operations maintaining 33% ownership interest
- Negative Q4 GAAP EPS of $(0.93)
- Declining restaurant-level operating margins
- Lower total revenues year-over-year
- Higher labor, operating, and commodity costs due to inflation
Insights
Bloomin' Brands' Q4 2024 results reveal a company in transition, with significant operational challenges reflected in a GAAP diluted EPS loss of
Restaurant-level operating margins contracted due to a perfect storm of pressures: higher labor costs, commodity inflation, increased insurance and legal expenses, and elevated advertising spend. These margin headwinds appear more structural than transitory, suggesting potential long-term implications for the company's profitability model in the casual dining segment.
The strategic divestiture of
Despite operational challenges, management's capital allocation decisions raise questions about prioritization. The company repurchased 10.1 million shares for
CEO Mike Spanos' candid acknowledgment that "current results are not what we expect and are not representative of our potential" signals recognition of the problems, but the conservative 2025 guidance suggests no quick fixes are imminent. The turnaround will likely require fundamental changes to the company's operating model, menu strategy, and value proposition to reverse the negative traffic trends in an increasingly competitive casual dining landscape.
Q4 Diluted EPS of
Provides Full Year 2025 Financial Outlook
CEO Comments
“In my first six months, I have become even more confident that we have iconic brands with a strong right to succeed in on-trend, large scale categories,” said Mike Spanos, CEO. “I am also aware that our current results are not what we expect and are not representative of our potential. We are making changes to address our near-term execution as well as drive sustainable sales and profit growth. Our guidance for the first quarter and full year is reflective of where we are and our go-forward short term performance.”
Sale of Majority Ownership of our Brazil Operations
On December 30, 2024, we completed the sale of
Diluted EPS and Adjusted Diluted EPS
The following tables reconcile Diluted (loss) earnings per share to Adjusted diluted earnings per share consolidated and from continuing operations for the periods indicated (unaudited):
|
Q4 |
|
|
|
FISCAL YEAR |
|
|
|||||||||||||||||
Consolidated: |
2024 |
|
2023 |
|
CHANGE |
|
2024 |
|
2023 |
|
CHANGE |
|||||||||||||
Diluted (loss) earnings per share |
$ |
(0.93 |
) |
|
$ |
0.45 |
|
|
$ |
(1.38 |
) |
|
$ |
(1.49 |
) |
|
$ |
2.56 |
|
|
$ |
(4.05 |
) |
|
Adjustments (1) |
|
1.31 |
|
|
|
0.26 |
|
|
|
1.05 |
|
|
|
3.28 |
|
|
|
0.22 |
|
|
|
3.06 |
|
|
Adjusted diluted earnings per share (1) |
|
0.38 |
|
|
|
0.71 |
|
|
|
(0.33 |
) |
|
|
1.79 |
|
|
|
2.78 |
|
|
|
(0.99 |
) |
|
Remove Fiscal 2023 53rd Week Impact (2) |
|
— |
|
|
|
(0.15 |
) |
|
|
0.15 |
|
|
|
— |
|
|
|
(0.15 |
) |
|
|
0.15 |
|
|
Adjusted diluted earnings per share on a comparable period basis (2) |
$ |
0.38 |
|
|
$ |
0.56 |
|
|
$ |
(0.18 |
) |
|
$ |
1.79 |
|
|
$ |
2.63 |
|
|
$ |
(0.84 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted earnings (loss) per share |
$ |
0.12 |
|
|
$ |
0.37 |
|
|
$ |
(0.25 |
) |
|
$ |
(0.61 |
) |
|
$ |
2.13 |
|
|
$ |
(2.74 |
) |
|
Adjustments |
|
0.10 |
|
|
|
0.26 |
|
|
|
(0.16 |
) |
|
|
2.06 |
|
|
|
0.25 |
|
|
|
1.81 |
|
|
Adjusted diluted earnings per share |
$ |
0.22 |
|
|
$ |
0.63 |
|
|
$ |
(0.41 |
) |
|
$ |
1.45 |
|
|
$ |
2.38 |
|
|
$ |
(0.93 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
_______________ (1) Adjusted diluted earnings per share for Q4 and fiscal year 2023 have been recast to remove the previously included non-GAAP adjustment of 5.1 million diluted weighted average common shares outstanding related to the convertible note hedge contracts entered into at the issuance of the 2025 Notes. See non-GAAP Measures later in this release. Also see Tables Four, Five and Six for details regarding the nature of diluted earnings per share adjustments for the periods presented.
(2) The 53rd week of 2023 was estimated to have positively impacted both GAAP and adjusted diluted earnings per share by approximately |
Fourth Quarter Financial Results
The financial results presented below include both continuing operations and consolidated operations, inclusive of our
|
CONTINUING OPERATIONS |
CONSOLIDATED |
||||||||||||||||||
(dollars in millions, unaudited) |
Q4 2024 |
|
Q4 2023 |
|
CHANGE |
Q4 2024 |
|
Q4 2023 |
|
CHANGE |
||||||||||
Total revenues (1) |
$ |
972.0 |
|
|
$ |
1,071.7 |
|
|
(9.3 |
)% |
$ |
1,096.8 |
|
|
$ |
1,194.2 |
|
|
(8.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP operating income margin |
|
1.7 |
% |
|
|
4.6 |
% |
|
(2.9 |
)% |
|
(3.6 |
)% |
|
|
4.8 |
% |
|
(8.4 |
)% |
Adjusted operating income margin (2) |
|
3.5 |
% |
|
|
7.7 |
% |
|
(4.2 |
)% |
|
4.4 |
% |
|
|
7.5 |
% |
|
(3.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Restaurant-level operating margin (2) |
|
12.4 |
% |
|
|
15.9 |
% |
|
(3.5 |
)% |
|
13.8 |
% |
|
|
16.4 |
% |
|
(2.6 |
)% |
Adjusted restaurant-level operating margin (2) |
|
12.4 |
% |
|
|
15.3 |
% |
|
(2.9 |
)% |
|
13.8 |
% |
|
|
15.9 |
% |
|
(2.1 |
)% |
_______________ (1) Q4 2023 includes (2) See non-GAAP Measures later in this release. Also see Tables Four and Five for details regarding the nature of restaurant-level operating margin and operating income margin adjustments, respectively. |
- The decrease in Total revenues from continuing operations was primarily due to the 53rd week included in 2023 and the net impact of restaurant closures and openings.
- GAAP operating income margin from continuing operations decreased from Q4 2023 primarily due to a decrease in restaurant-level operating margin, as detailed below, higher depreciation and amortization expense and impairment and closure costs. These decreases are partially offset by gains on foreign currency forward contracts within general and administrative expense.
- Restaurant-level operating margin from continuing operations decreased from Q4 2023 primarily due to: (i) lower revenues, as discussed above, (ii) higher labor, operating and commodity costs, primarily due to inflation, (iii) higher insurance and legal expense, primarily from lapping favorable 2023 settlements and (iv) higher advertising expense. 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 from continuing operations primarily excludes certain net impairment and closure costs for Q4 2024 and Q4 2023, and gains on foreign currency forward contracts for Q4 2024.
Fourth Quarter Comparable Restaurant Sales
THIRTEEN WEEKS ENDED DECEMBER 29, 2024 |
|
COMPANY-OWNED |
|
Comparable restaurant sales (stores open 18 months or more): |
|
|
|
|
|
|
|
Outback Steakhouse |
|
(1.8 |
)% |
Carrabba’s Italian Grill |
|
(0.9 |
)% |
Bonefish Grill |
|
(1.5 |
)% |
Fleming’s Prime Steakhouse & Wine Bar |
|
3.0 |
% |
Combined |
|
(1.1 |
)% |
_______________ (1) For Q4 2024, comparable restaurant sales compare the thirteen weeks from September 30, 2024 through December 29, 2024 to the thirteen weeks from October 2, 2023 through December 31, 2023. See Table Nine for details regarding our fiscal and comparable basis calendars. |
Dividend Declaration and Share Repurchases
On February 12, 2025, our Board of Directors declared a quarterly cash dividend of
We repurchased 10.1 million shares for a total of
Fiscal 2025 Financial Outlook
The tables below present our expectations for selected 2025 financial and operating results from continuing operations.
Financial Results: |
|
2025 Guidance |
|
|
( |
|
|
|
Diluted earnings per share (1) |
|
|
|
|
|
Adjusted diluted earnings per share (1)(2) |
|
|
|
|
|
Effective income tax rate |
|
Close to |
|
|
|
Other Selected Financial Data: |
|
2025 Guidance |
Commodity inflation |
|
|
|
|
|
Labor Inflation |
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
Number of new company-owned restaurants |
|
18 to 20 |
|
|
|
Number of new franchised restaurants |
|
Approximately 30 |
_______________ (1) Assumes diluted weighted average shares of 85 to 86 million.
(2) Includes estimated adjustments related to the workforce reduction announced on February 20, 2025 and the cost of executing the foreign currency forward contracts entered into as part of the |
Q1 2025 Financial Outlook
The table below presents our expectations for selected fiscal Q1 2025 financial operating results from continuing operations.
Financial Results: |
|
Q1 2025 Outlook |
|
|
( |
|
|
|
Diluted earnings per share (1) |
|
|
|
|
|
Adjusted diluted earnings per share (1)(2) |
|
|
_______________ (1) Assumes diluted weighted average shares of approximately 85 million.
(2) Includes estimated adjustments related to the workforce reduction announced on February 20, 2025 and the cost of executing the foreign currency forward contracts entered into as part of the |
Conference Call
The Company will host a conference call today, February 26, 2025 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, operates and franchises 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.
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 and Six 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 2025 Financial Outlook” and “Q1 2025 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; the impacts of our operations in
Note: Numerical figures included in this release have been subject to rounding adjustments.
TABLE ONE |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
FOURTEEN WEEKS ENDED |
|
FISCAL YEAR |
||||||||||
|
DECEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
|
2024 |
|
2023 |
||||||||
(in thousands, except per share data) |
(UNAUDITED) |
|
(UNAUDITED) |
|
(UNAUDITED) |
|
|
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
952,091 |
|
|
$ |
1,048,590 |
|
|
$ |
3,866,344 |
|
|
$ |
4,077,789 |
|
Franchise and other revenues |
|
19,929 |
|
|
|
23,124 |
|
|
|
84,131 |
|
|
|
90,371 |
|
Total revenues |
|
972,020 |
|
|
|
1,071,714 |
|
|
|
3,950,475 |
|
|
|
4,168,160 |
|
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Food and beverage |
|
276,239 |
|
|
|
310,822 |
|
|
|
1,147,859 |
|
|
|
1,240,485 |
|
Labor and other related |
|
301,170 |
|
|
|
316,323 |
|
|
|
1,202,520 |
|
|
|
1,219,839 |
|
Other restaurant operating |
|
256,408 |
|
|
|
254,818 |
|
|
|
1,001,034 |
|
|
|
988,668 |
|
Depreciation and amortization |
|
45,146 |
|
|
|
42,936 |
|
|
|
175,580 |
|
|
|
169,266 |
|
General and administrative |
|
43,723 |
|
|
|
62,784 |
|
|
|
219,383 |
|
|
|
233,559 |
|
Provision for impaired assets and restaurant closings |
|
33,137 |
|
|
|
34,431 |
|
|
|
64,291 |
|
|
|
33,574 |
|
Total costs and expenses |
|
955,823 |
|
|
|
1,022,114 |
|
|
|
3,810,667 |
|
|
|
3,885,391 |
|
Income from operations |
|
16,197 |
|
|
|
49,600 |
|
|
|
139,808 |
|
|
|
282,769 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(136,022 |
) |
|
|
— |
|
Interest expense, net |
|
(17,138 |
) |
|
|
(13,928 |
) |
|
|
(62,593 |
) |
|
|
(51,582 |
) |
(Loss) income before (benefit) provision for income taxes |
|
(941 |
) |
|
|
35,672 |
|
|
|
(58,807 |
) |
|
|
231,187 |
|
(Benefit) provision for income taxes |
|
(13,526 |
) |
|
|
(2,352 |
) |
|
|
(12,134 |
) |
|
|
18,402 |
|
Net income (loss) from continuing operations |
|
12,585 |
|
|
|
38,024 |
|
|
|
(46,673 |
) |
|
|
212,785 |
|
Net (loss) income from discontinued operations, net of tax |
|
(90,122 |
) |
|
|
7,529 |
|
|
|
(75,982 |
) |
|
|
41,629 |
|
Net (loss) income |
|
(77,537 |
) |
|
|
45,553 |
|
|
|
(122,655 |
) |
|
|
254,414 |
|
Less: net income attributable to noncontrolling interests |
|
1,924 |
|
|
|
2,283 |
|
|
|
5,363 |
|
|
|
7,028 |
|
Net (loss) income attributable to Bloomin’ Brands |
$ |
(79,461 |
) |
|
$ |
43,270 |
|
|
$ |
(128,018 |
) |
|
$ |
247,386 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.13 |
|
|
$ |
0.41 |
|
|
$ |
(0.61 |
) |
|
$ |
2.36 |
|
Discontinued operations |
|
(1.06 |
) |
|
|
0.09 |
|
|
|
(0.88 |
) |
|
|
0.48 |
|
Net basic (loss) earnings per share |
$ |
(0.94 |
) |
|
$ |
0.50 |
|
|
$ |
(1.49 |
) |
|
$ |
2.84 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.12 |
|
|
$ |
0.37 |
|
|
$ |
(0.61 |
) |
|
$ |
2.13 |
|
Discontinued operations |
|
(1.05 |
) |
|
|
0.08 |
|
|
|
(0.88 |
) |
|
|
0.43 |
|
Net diluted (loss) earnings per share |
$ |
(0.93 |
) |
|
$ |
0.45 |
|
|
$ |
(1.49 |
) |
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
84,845 |
|
|
|
86,918 |
|
|
|
85,905 |
|
|
|
87,230 |
|
Diluted |
|
85,428 |
|
|
|
96,226 |
|
|
|
85,905 |
|
|
|
96,453 |
|
TABLE TWO |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
SEGMENT RESULTS |
|||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
FOURTEEN WEEKS ENDED |
|
FISCAL YEAR |
||||||||||
(dollars in thousands) |
DECEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
|
2024 |
|
2023 |
||||||||
|
(UNAUDITED) |
|
(UNAUDITED) |
|
(UNAUDITED) |
|
|
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
942,568 |
|
|
$ |
1,029,908 |
|
|
$ |
3,812,604 |
|
|
$ |
4,005,053 |
|
Franchise and other revenues |
|
9,940 |
|
|
|
12,494 |
|
|
|
44,530 |
|
|
|
48,546 |
|
Total |
|
952,508 |
|
|
|
1,042,402 |
|
|
|
3,857,134 |
|
|
|
4,053,599 |
|
|
|
|
|
|
|
|
|
||||||||
International Franchise Segment |
|
|
|
|
|
|
|
||||||||
Franchise revenues |
|
9,988 |
|
|
|
10,554 |
|
|
|
39,490 |
|
|
|
41,524 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation |
|
|
|
|
|
|
|
||||||||
All other revenues (1) |
|
9,524 |
|
|
|
18,758 |
|
|
|
53,851 |
|
|
|
73,036 |
|
Revenues from discontinued operations |
|
131,286 |
|
|
|
128,854 |
|
|
|
525,268 |
|
|
|
529,671 |
|
Intercompany royalties (2) |
|
(6,460 |
) |
|
|
(6,371 |
) |
|
|
(25,932 |
) |
|
|
(26,360 |
) |
Total revenues |
$ |
1,096,846 |
|
|
$ |
1,194,197 |
|
|
$ |
4,449,811 |
|
|
$ |
4,671,470 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Segment Operating Income to Consolidated Operating Income |
|
|
|
|
|
|
|
||||||||
Segment income from operations |
|
|
|
|
|
|
|
||||||||
|
$ |
34,036 |
|
|
$ |
73,269 |
|
|
$ |
250,050 |
|
|
$ |
377,534 |
|
International Franchise |
|
9,668 |
|
|
|
10,040 |
|
|
|
37,961 |
|
|
|
39,207 |
|
Total segment income from operations |
|
43,704 |
|
|
|
83,309 |
|
|
|
288,011 |
|
|
|
416,741 |
|
Unallocated corporate operating expense |
|
(27,102 |
) |
|
|
(32,834 |
) |
|
|
(130,769 |
) |
|
|
(134,057 |
) |
Other (loss) income from operations (1) |
|
(405 |
) |
|
|
(875 |
) |
|
|
(17,434 |
) |
|
|
85 |
|
Total income from operations |
|
16,197 |
|
|
|
49,600 |
|
|
|
139,808 |
|
|
|
282,769 |
|
Total (loss) income from discontinued operations |
|
(55,425 |
) |
|
|
7,249 |
|
|
|
(38,601 |
) |
|
|
42,375 |
|
Total (loss) income from operations |
$ |
(39,228 |
) |
|
$ |
56,849 |
|
|
$ |
101,207 |
|
|
$ |
325,144 |
|
_______________ (1) Includes revenues related to our (2) To remove intercompany royalty revenues already included in total revenues from continuing operations within the international franchise segment. These royalties were eliminated in consolidation prior to discontinued operations reporting. |
TABLE THREE |
|||||||
BLOOMIN’ BRANDS, INC. |
|||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION |
|||||||
|
DECEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
||||
(dollars in thousands) |
(UNAUDITED) |
|
|||||
Cash and cash equivalents |
$ |
70,056 |
|
|
$ |
111,519 |
|
Net working capital (deficit) (1) |
$ |
(631,817 |
) |
|
$ |
(659,021 |
) |
Total assets |
$ |
3,384,805 |
|
|
$ |
3,424,081 |
|
Total debt |
$ |
1,027,398 |
|
|
$ |
780,719 |
|
Total stockholders’ equity |
$ |
139,446 |
|
|
$ |
412,003 |
|
_______________ (1) We have, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). We operate successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on our current liabilities, and our inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are typically used to service debt obligations and to make capital expenditures. |
TABLE FOUR |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
RESTAURANT-LEVEL AND ADJUSTED RESTAURANT-LEVEL OPERATING INCOME AND MARGINS NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
Consolidated |
THIRTEEN WEEKS ENDED |
|
FOURTEEN WEEKS ENDED |
|
FISCAL YEAR |
||||||||||
(dollars in thousands) |
DECEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
|
2024 |
|
2023 |
||||||||
Income from continuing operations |
$ |
16,197 |
|
|
$ |
49,600 |
|
|
$ |
139,808 |
|
|
$ |
282,769 |
|
Operating income margin, continuing operations |
|
1.7 |
% |
|
|
4.6 |
% |
|
|
3.5 |
% |
|
|
6.8 |
% |
Less: |
|
|
|
|
|
|
|
||||||||
Franchise and other revenues |
|
19,929 |
|
|
|
23,124 |
|
|
|
84,131 |
|
|
|
90,371 |
|
Plus: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
45,146 |
|
|
|
42,936 |
|
|
|
175,580 |
|
|
|
169,266 |
|
General and administrative |
|
43,723 |
|
|
|
62,784 |
|
|
|
219,383 |
|
|
|
233,559 |
|
Provision for impaired assets and restaurant closings |
|
33,137 |
|
|
|
34,431 |
|
|
|
64,291 |
|
|
|
33,574 |
|
Restaurant-level operating income (1) |
$ |
118,274 |
|
|
$ |
166,627 |
|
|
$ |
514,931 |
|
|
$ |
628,797 |
|
Restaurant-level operating margin |
|
12.4 |
% |
|
|
15.9 |
% |
|
|
13.3 |
% |
|
|
15.4 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Legal and other matters (2) |
|
— |
|
|
|
(3,650 |
) |
|
|
— |
|
|
|
(3,650 |
) |
Asset impairments and closure-related charges (3) |
|
— |
|
|
|
(2,450 |
) |
|
|
434 |
|
|
|
(2,450 |
) |
Partner compensation (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,894 |
|
Total restaurant-level operating income adjustments |
|
— |
|
|
|
(6,100 |
) |
|
|
434 |
|
|
|
(4,206 |
) |
Adjusted restaurant-level operating income from continuing operations |
$ |
118,274 |
|
|
$ |
160,527 |
|
|
$ |
515,365 |
|
|
$ |
624,591 |
|
Adjusted restaurant-level operating margin, continuing operations |
|
12.4 |
% |
|
|
15.3 |
% |
|
|
13.3 |
% |
|
|
15.3 |
% |
Restaurant-level operating income from discontinued operations (5) |
30,948 |
|
|
26,255 |
|
|
108,062 |
|
|
117,500 |
|
||||
Adjusted restaurant-level operating income |
$ |
149,222 |
|
|
$ |
186,782 |
|
|
$ |
623,427 |
|
|
$ |
742,091 |
|
Adjusted restaurant-level operating margin |
|
13.8 |
% |
|
|
15.9 |
% |
|
|
14.2 |
% |
|
|
16.1 |
% |
_______________ (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. |
|||||||||||||||
(b) Depreciation and amortization, which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants. |
|||||||||||||||
(c) General and administrative expense, which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices. |
|||||||||||||||
(d) Asset impairment charges and restaurant closing costs, which are not reflective of ongoing restaurant performance in a period. |
|||||||||||||||
(2) Reflects changes in legal reserves in connection with certain collective action wage and hour lawsuits.
|
TABLE FIVE |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
ADJUSTED INCOME FROM OPERATIONS AND MARGIN NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
(dollars in thousands) |
THIRTEEN WEEKS ENDED |
|
FOURTEEN WEEKS ENDED |
|
FISCAL YEAR |
||||||||||
Consolidated |
DECEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
|
2024 |
|
2023 |
||||||||
Income from continuing operations |
$ |
16,197 |
|
|
$ |
49,600 |
|
|
$ |
139,808 |
|
|
$ |
282,769 |
|
Operating income margin, continuing operations |
|
1.7 |
% |
|
|
4.6 |
% |
|
|
3.5 |
% |
|
|
6.8 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Total restaurant-level operating income adjustments (1) |
|
— |
|
|
|
(6,100 |
) |
|
|
434 |
|
|
|
(4,206 |
) |
Asset impairments and closure-related charges (2) |
|
30,602 |
|
|
|
34,822 |
|
|
|
63,009 |
|
|
|
28,236 |
|
Executive transition costs (3) |
|
— |
|
|
|
— |
|
|
|
4,121 |
|
|
|
— |
|
Strategic initiative fees (4) |
|
2,500 |
|
|
|
— |
|
|
|
6,500 |
|
|
|
— |
|
Foreign currency hedge gains (5) |
|
(15,728 |
) |
|
|
— |
|
|
|
(15,728 |
) |
|
|
— |
|
Other (6) |
|
— |
|
|
|
4,110 |
|
|
|
— |
|
|
|
7,546 |
|
Total income from operations adjustments |
|
17,374 |
|
|
|
32,832 |
|
|
|
58,336 |
|
|
|
31,576 |
|
Adjusted income from operations, continuing operations |
$ |
33,571 |
|
|
$ |
82,432 |
|
|
$ |
198,144 |
|
|
$ |
314,345 |
|
Adjusted operating income margin, continuing operations |
|
3.5 |
% |
|
|
7.7 |
% |
|
|
5.0 |
% |
|
|
7.5 |
% |
Adjusted income from operations, discontinued operations (7) |
|
14,667 |
|
|
|
7,249 |
|
|
|
34,446 |
|
|
|
42,375 |
|
Adjusted income from operations |
$ |
48,238 |
|
|
$ |
89,681 |
|
|
$ |
232,590 |
|
|
$ |
356,720 |
|
Adjusted operating income margin |
|
4.4 |
% |
|
|
7.5 |
% |
|
|
5.2 |
% |
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
$ |
34,036 |
|
|
$ |
73,269 |
|
|
$ |
250,050 |
|
|
$ |
377,534 |
|
Operating income margin |
|
3.6 |
% |
|
|
7.0 |
% |
|
|
6.5 |
% |
|
|
9.3 |
% |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Total restaurant-level operating income adjustments (1) |
|
— |
|
|
|
(2,450 |
) |
|
|
434 |
|
|
|
(556 |
) |
Strategic initiative fees (4) |
|
2,500 |
|
|
|
— |
|
|
|
6,500 |
|
|
|
— |
|
Asset impairments and closure-related charges (2) |
|
30,071 |
|
|
|
33,360 |
|
|
|
43,929 |
|
|
|
26,774 |
|
Other (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,147 |
|
Total income from operations adjustments |
|
32,571 |
|
|
|
30,910 |
|
|
|
50,863 |
|
|
|
27,365 |
|
Adjusted income from continuing operations |
$ |
66,607 |
|
|
$ |
104,179 |
|
|
$ |
300,913 |
|
|
$ |
404,899 |
|
Adjusted operating income margin |
|
7.0 |
% |
|
|
10.0 |
% |
|
|
7.8 |
% |
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
||||||||
International Franchise Segment |
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
$ |
9,668 |
|
|
$ |
10,040 |
|
|
$ |
37,961 |
|
|
$ |
39,207 |
|
_______________ (1) See Table Four Restaurant-level and Adjusted Restaurant-Level Operating Income and Margins Non-GAAP Reconciliations for details regarding restaurant-level operating income adjustments. (2) The thirteen weeks and fiscal year ended December 29, 2024, include asset impairment related to 41 older, underperforming restaurants, within the (3) Compensation costs and professional fees related to our CEO transition and severance related to other executive level changes. (4) Represents fees incurred in connection with a project-based strategic initiative. The costs incurred represent third-party consulting fees related to a strategic initiative to develop revenue growth management capabilities for Outback Steakhouse and are included in General and administrative expense. Given the magnitude and scope of this initiative and that it is not expected to recur in the foreseeable future after 2024, we consider these incremental expenses to be distinct from other consulting fees that we incur in the ordinary course of business and not reflective of the ongoing costs to operate our business or operating performance in the period. (5) Gains in connection with the foreign currency forward contracts to partially offset the risk associated with the payments from the sale of our (6) Primarily includes professional fees, severance and other costs not correlated to our core operating performance during the period. (7) Includes operating income from our |
TABLE SIX |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
FOURTEEN WEEKS ENDED |
|
FISCAL YEAR |
||||||||||
(in thousands, except per share data) |
DECEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
|
2024 |
|
2023 |
||||||||
Net (loss) income attributable to Bloomin’ Brands |
$ |
(79,461 |
) |
|
$ |
43,270 |
|
|
$ |
(128,018 |
) |
|
$ |
247,386 |
|
Net (loss) income from discontinued operations, net of tax |
|
(90,122 |
) |
|
|
7,529 |
|
|
|
(75,982 |
) |
|
|
41,629 |
|
Net income (loss) attributable to Bloomin' Brands from continuing operations (1) |
|
10,661 |
|
|
|
35,741 |
|
|
|
(52,036 |
) |
|
|
205,757 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Income from operations adjustments (2) |
|
17,374 |
|
|
|
32,832 |
|
|
|
58,336 |
|
|
|
31,576 |
|
Loss on extinguishment of debt (3) |
|
— |
|
|
|
— |
|
|
|
135,797 |
|
|
|
— |
|
Total adjustments, before income taxes |
|
17,374 |
|
|
|
32,832 |
|
|
|
194,133 |
|
|
|
31,576 |
|
Adjustment to provision for income taxes (4) |
|
(9,107 |
) |
|
|
(8,151 |
) |
|
|
(13,001 |
) |
|
|
(7,872 |
) |
Net adjustments, continuing operations |
|
8,267 |
|
|
|
24,681 |
|
|
|
181,132 |
|
|
|
23,704 |
|
Adjusted net income, continuing operations |
|
18,928 |
|
|
|
60,422 |
|
|
129,096 |
|
|
|
229,461 |
|
|
Adjusted net income, discontinued operations (5) |
|
13,723 |
|
|
|
7,529 |
|
|
|
30,246 |
|
|
|
38,700 |
|
Adjusted net income |
$ |
32,651 |
|
|
$ |
67,951 |
|
|
$ |
159,342 |
|
|
$ |
268,161 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.12 |
|
|
$ |
0.37 |
|
|
$ |
(0.61 |
) |
|
$ |
2.13 |
|
Discontinued operations |
|
(1.05 |
) |
|
|
0.08 |
|
|
|
(0.88 |
) |
|
|
0.43 |
|
Diluted (loss) earnings per share |
$ |
(0.93 |
) |
|
$ |
0.45 |
|
|
$ |
(1.49 |
) |
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted diluted earnings per share |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.22 |
|
|
$ |
0.63 |
|
|
$ |
1.45 |
|
|
$ |
2.38 |
|
Discontinued operations |
|
0.16 |
|
|
|
0.08 |
|
|
|
0.34 |
|
|
|
0.40 |
|
Adjusted diluted earnings per share (6)(7) |
$ |
0.38 |
|
|
$ |
0.71 |
|
|
$ |
1.79 |
|
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average common shares outstanding (7) |
|
85,428 |
|
|
|
96,226 |
|
|
|
85,905 |
|
|
|
96,453 |
|
Adjusted diluted weighted average common shares outstanding (6)(7) |
|
85,428 |
|
|
|
96,226 |
|
|
|
88,900 |
|
|
|
96,453 |
|
_______________ (1) Represents net (loss) income from continuing operations less net income attributable to noncontrolling interests. (2) See Table Five Adjusted Income from Operations and Margin Non-GAAP Reconciliations above for details regarding Income from operations adjustments. (3) Includes losses in connection with the partial repurchase of the 2025 Notes, including settlements of the related convertible senior note hedges and warrants. (4) Includes the tax effects of non-GAAP adjustments determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates for all periods presented. For fiscal year 2024, the difference between GAAP and adjusted effective income tax rates primarily relates to nondeductible losses and other tax costs associated with the partial repurchase of the 2025 Notes. (5) Includes net (loss) income from our (6) Adjusted diluted weighted average common shares outstanding for the thirteen weeks ended December 29, 2024 and the fourteen weeks ended December 31, 2023 and the fiscal years 2024 and 2023 were calculated including the effect of 0.5 million, 5.1 million, 1.6 million and 5.1 million dilutive securities, respectively, for outstanding 2025 Notes and the effect of zero, 3.3 million, 1.0 million and 3.4 million dilutive securities, respectively, for the Warrant Transactions, as defined below. In connection with the offering of the 2025 Notes, we entered into convertible note hedge transactions (the “Convertible Note Hedge Transactions”) and concurrently entered into warrant transactions relating to the same number of shares of our common stock (the “Warrant Transactions”). If our stock price is in excess of the conversion price of the 2025 Notes ( (7) Due to a GAAP net loss from continuing operations, antidilutive securities are excluded from diluted weighted average common shares outstanding for the fiscal year 2024. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP. |
Following is a summary of the financial statement line item classification of the net income (loss) adjustments from continuing operations:
|
THIRTEEN WEEKS ENDED |
|
FOURTEEN WEEKS ENDED |
|
FISCAL YEAR |
||||||||||
(dollars in thousands) |
DECEMBER 29, 2024 |
|
DECEMBER 31, 2023 |
|
2024 |
|
2023 |
||||||||
Labor and other related |
$ |
— |
|
|
$ |
— |
|
|
$ |
434 |
|
|
$ |
1,894 |
|
Other restaurant operating |
|
— |
|
|
|
(6,100 |
) |
|
|
— |
|
|
|
(6,100 |
) |
General and administrative |
|
(11,742 |
) |
|
|
4,732 |
|
|
|
748 |
|
|
|
8,266 |
|
Provision for impaired assets and restaurant closings |
|
29,116 |
|
|
|
34,200 |
|
|
|
57,154 |
|
|
|
27,516 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
135,797 |
|
|
|
— |
|
Provision for income taxes |
|
(9,107 |
) |
|
|
(8,151 |
) |
|
|
(13,001 |
) |
|
|
(7,872 |
) |
Net adjustments |
$ |
8,267 |
|
|
$ |
24,681 |
|
|
$ |
181,132 |
|
|
$ |
23,704 |
|
TABLE SEVEN |
|||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||
COMPARATIVE RESTAURANT INFORMATION |
|||||||||||
(UNAUDITED) |
|||||||||||
Number of restaurants: |
SEPTEMBER 29, 2024 |
|
OPENINGS |
|
CLOSURES |
|
DECEMBER 29, 2024 |
||||
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
|
|
|
|
|
|
||||
Company-owned |
550 |
|
3 |
|
— |
|
|
553 |
|||
Franchised |
123 |
|
— |
|
(1 |
) |
|
122 |
|||
Total |
673 |
|
3 |
|
(1 |
) |
|
675 |
|||
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 |
|
— |
|
(4 |
) |
|
2 |
|||
|
1,118 |
|
3 |
|
(5 |
) |
|
1,116 |
|||
International Franchise |
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
94 |
|
2 |
|
— |
|
|
96 |
|||
Other |
49 |
|
— |
|
— |
|
|
49 |
|||
International Franchise total |
143 |
|
2 |
|
— |
|
|
145 |
|||
Other - Company-owned |
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
11 |
|
— |
|
(1 |
) |
|
10 |
|||
Discontinued operations - Company-owned |
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
172 |
|
1 |
|
— |
|
|
173 |
|||
Other - |
19 |
|
— |
|
— |
|
|
19 |
|||
System-wide total |
1,463 |
|
6 |
|
(6 |
) |
|
1,463 |
|||
System-wide total - Company-owned |
1,173 |
|
4 |
|
(5 |
) |
|
1,172 |
|||
System-wide total - Franchised |
290 |
|
2 |
|
(1 |
) |
|
291 |
|||
_______________ (1) The restaurant counts for |
TABLE EIGHT |
||||||||||||
BLOOMIN’ BRANDS, INC. |
||||||||||||
COMPARABLE RESTAURANT SALES INFORMATION |
||||||||||||
(UNAUDITED) |
||||||||||||
|
|
THIRTEEN WEEKS ENDED |
|
FOURTEEN WEEKS ENDED |
|
FISCAL YEAR |
||||||
|
|
DECEMBER 29, 2024 (1) |
|
DECEMBER 31, 2023 (1) |
|
2024 (1) |
|
2023 (1) |
||||
Year over year percentage change: |
|
|
|
|
|
|
|
|
||||
Comparable restaurant sales (restaurants open 18 months or more): |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
(1.8 |
)% |
|
(0.3 |
)% |
|
(1.2 |
)% |
|
1.1 |
% |
Carrabba’s Italian Grill |
|
(0.9 |
)% |
|
2.5 |
% |
|
— |
% |
|
3.9 |
% |
Bonefish Grill |
|
(1.5 |
)% |
|
(3.0 |
)% |
|
(3.2 |
)% |
|
0.8 |
% |
Fleming’s Prime Steakhouse & Wine Bar |
|
3.0 |
% |
|
(0.3 |
)% |
|
0.2 |
% |
|
(0.7 |
)% |
Combined |
|
(1.1 |
)% |
|
(0.2 |
)% |
|
(1.1 |
)% |
|
1.4 |
% |
Discontinued operations |
|
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
|
0.3 |
% |
|
0.6 |
% |
|
(1.4 |
)% |
|
5.5 |
% |
|
|
|
|
|
|
|
|
|
||||
Traffic: |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
(4.7 |
)% |
|
(4.3 |
)% |
|
(4.2 |
)% |
|
(4.3 |
)% |
Carrabba’s Italian Grill |
|
(4.5 |
)% |
|
0.4 |
% |
|
(3.2 |
)% |
|
0.3 |
% |
Bonefish Grill |
|
(8.7 |
)% |
|
(4.0 |
)% |
|
(7.1 |
)% |
|
(3.3 |
)% |
Fleming’s Prime Steakhouse & Wine Bar |
|
(3.5 |
)% |
|
(1.9 |
)% |
|
(5.8 |
)% |
|
(2.0 |
)% |
Combined |
|
(5.1 |
)% |
|
(3.1 |
)% |
|
(4.4 |
)% |
|
(3.1 |
)% |
Discontinued operations |
|
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
|
(2.9 |
)% |
|
(0.9 |
)% |
|
(4.4 |
)% |
|
(1.1 |
)% |
|
|
|
|
|
|
|
|
|
||||
Average check per person (5): |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
2.9 |
% |
|
4.0 |
% |
|
3.0 |
% |
|
5.4 |
% |
Carrabba’s Italian Grill |
|
3.6 |
% |
|
2.1 |
% |
|
3.2 |
% |
|
3.6 |
% |
Bonefish Grill |
|
7.2 |
% |
|
1.0 |
% |
|
3.9 |
% |
|
4.1 |
% |
Fleming’s Prime Steakhouse & Wine Bar |
|
6.5 |
% |
|
1.6 |
% |
|
6.0 |
% |
|
1.3 |
% |
Combined |
|
4.0 |
% |
|
2.9 |
% |
|
3.3 |
% |
|
4.5 |
% |
Discontinued operations |
|
|
|
|
|
|
|
|
||||
Outback Steakhouse - |
|
2.9 |
% |
|
1.2 |
% |
|
2.6 |
% |
|
6.5 |
% |
_______________ (1) For 2024, (2) Relocated restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening.
(3) Excludes the effect of fluctuations in foreign currency rates and the benefit of the (4) Includes trading day impact from calendar period reporting. (5) Includes the impact of menu pricing changes, product mix and discounts. |
TABLE NINE |
|||
BLOOMIN’ BRANDS, INC. |
|||
FISCAL AND COMPARABLE CALENDAR CALCULATION DATES |
|||
(UNAUDITED) |
|||
FISCAL CALENDAR BASIS |
|
|
COMPARABLE CALENDAR BASIS |
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 |
_______________ Note: Financial statements for 2024 are reported on a Fiscal Calendar Basis. Due to the 53rd week in Fiscal Year 2023, our financial statement comparisons are one week different year over year. Comparable restaurant sales are reported on a Comparable Calendar Basis. We believe this provides the most accurate assessment of comparable sales. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226847101/en/
Tara Kurian
VP, Corporate Finance and Investor Relations
(813) 830-5311
Source: Bloomin’ Brands, Inc.