Q2 Diluted EPS of $0.70 and Adjusted Diluted
EPS of $0.74 Reaffirms 2023 Guidance for U.S. Comparable
Restaurant Sales and EPS
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for
the second quarter 2023 (“Q2 2023”) compared to the second quarter
2022 (“Q2 2022”).
CEO Comments “We delivered
another strong quarter of results that continues to highlight the
benefits of our portfolio,” said David Deno, CEO. “Earnings for the
quarter were above expectations and revenues were in line. Our
results reflect the investments we are making to elevate the
customer experience as well as the ongoing execution of our growth
strategy. We remain well positioned to deliver on our long-term
goals of growing sustainable sales and profits while maximizing
total shareholder return.”
Diluted EPS and Adjusted Diluted
EPS The following table reconciles Diluted earnings
(loss) per share to Adjusted diluted earnings per share for the
periods indicated (unaudited):
Q2
2023
2022
CHANGE
Diluted earnings (loss) per share
$
0.70
$
(0.72
)
$
1.42
Adjustments (1)
0.04
1.40
(1.36
)
Adjusted diluted earnings per share
(1)
$
0.74
$
0.68
$
0.06
___________________
(1) Adjustments for Q2 2022 include losses
in connection with the repurchase of the $125 million of our
outstanding convertible notes (the “2025 Notes”) as well as the
settlements of the related convertible senior note hedges and
warrants (the “2025 Notes Partial Repurchase”). See Non-GAAP
Measures later in this release.
Second Quarter Financial
Results
(dollars in millions,
unaudited)
Q2 2023
Q2 2022
CHANGE
Total revenues
$
1,152.7
$
1,125.2
2.4
%
Operating income margin
7.8
%
7.8
%
—
%
Restaurant-level operating margin (1)
16.4
%
15.5
%
0.9
%
___________________
(1) See Non-GAAP Measures later in this release.
- The increase in Total revenues was primarily due to: (i) higher
comparable restaurant sales, (ii) the net impact of restaurant
openings and closures and (iii) the benefit of Brazil value added
tax exemptions.
- Operating income margin was flat compared to Q2 2022 primarily
due to an increase in restaurant-level operating margin as
described below offset primarily by higher depreciation
expense.
- Restaurant level operating margin improved from Q2 2022
primarily due to: (i) leveraging increased comparable restaurant
sales, (ii) the impact of certain cost saving initiatives and (iii)
the benefit of Brazil value added tax exemptions. These increases
were partially offset by: (i) labor, operating expenses and
commodity inflation and (ii) higher advertising expense.
Second Quarter Comparable Restaurant
Sales
THIRTEEN WEEKS ENDED JUNE 25,
2023
COMPANY-OWNED
Comparable restaurant sales (stores open
18 months or more):
U.S.
Outback Steakhouse
0.6
%
Carrabba’s Italian Grill
3.5
%
Bonefish Grill
0.5
%
Fleming’s Prime Steakhouse & Wine
Bar
(2.5
)%
Combined U.S.
0.8
%
International
Outback Steakhouse - Brazil (1)
4.1
%
___________________
(1) Excludes the effect of fluctuations in foreign currency
rates and the benefit of Brazil value added tax exemptions.
Includes trading day impact from calendar period reporting.
Dividend Declaration and Share
Repurchases On July 18, 2023, our Board of Directors
declared a quarterly cash dividend of $0.24 per share, payable on
August 25, 2023 to stockholders of record at the close of business
on August 14, 2023.
During 2023, we repurchased 1.8 million shares for a total of
$43 million through the date of this release. On February 7, 2023,
our Board of Directors approved a $125 million authorization (the
“2023 Share Repurchase Program”) that will expire on August 7,
2024. We have $97 million of share repurchase authorization
remaining under the 2023 Share Repurchase Program.
Brazil Tax Legislation In
our second fiscal quarter, Brazil enacted tax legislation that
prospectively limits our ability to benefit from the 100% exemption
from income tax and federal value added taxes (PIS and COFINS) for
the full five-year period. As a result of this legislation, we
expect to be subject to PIS and COFINS and a portion of income tax
beginning in the fourth quarter of 2023 and the remainder of income
tax beginning in 2024. Despite this new legislation, we expect to
realize an approximate $0.25 EPS benefit in 2023 as discussed in
our February 16, 2023 earnings release. This is included within our
Fiscal 2023 guidance described below.
Fiscal 2023 Financial
Outlook The table below presents our updated
expectations for the 2023 effective income tax rate. We are
reaffirming all other aspects of our full-year financial guidance
as previously communicated in our February 16, 2023 earnings
release.
Financial Results:
Prior Outlook
Current Outlook
Effective income tax rate
13% to 15%
12% to 13%
Q3 2023 Financial Outlook
The table below presents our expectations for selected fiscal Q3
2023 operating results:
Financial Results:
Q3 2023 Outlook
U.S. comparable restaurant sales
0.5% to 1.5%
GAAP diluted earnings per share (1)
$0.39 to $0.44
Adjusted diluted earnings per share
(2)
$0.41 to $0.46
___________________
(1) For GAAP purposes assumes weighted average diluted
shares of approximately 98 million. (2) Assumes weighted average
adjusted diluted shares of approximately 93 million, which includes
the benefit of the convertible note hedge entered into in May 2020.
Conference Call The Company
will host a conference call today, August 1, 2023 at 8:15 AM EDT.
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 has four
founder-inspired brands: 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
47 states, Guam and 13 countries, some of which are franchise
locations. For more information, please visit
www.bloominbrands.com.
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 and the corresponding margin, (ii) Adjusted net
income and (iii) 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 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 2023 Financial Outlook” and “Q3
2023 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; the
effects of a health pandemic and uncertainties about its depth and
duration, as well as the impacts to economic conditions, the
responses of domestic and foreign federal, state and local
governments to a pandemic and consumer behavior; political, social
and legal conditions in international markets and their effects on
foreign operations and foreign currency exchange rates; our ability
to address environmental, social and governance matters; local,
regional, national and international economic conditions; changes
in patterns of consumer traffic, consumer tastes and dietary
habits; the effects of changes in tax laws; costs, diversion of
management attention and reputational damage from any claims or
litigation; government actions and policies; challenges associated
with our remodeling, relocation and expansion plans; our ability to
preserve the value of and grow our brands; consumer confidence and
spending patterns; weather, acts of God and other disasters and the
ability or success in executing related business continuity plans;
the Company’s ability to make debt payments and planned investments
and the Company’s compliance with debt covenants; the cost and
availability of credit; interest rate changes; and any impairments
in the carrying value of goodwill and other assets. Further
information on potential factors that could affect the financial
results of the Company and its forward-looking statements is
included in its most recent Form 10-K and subsequent filings with
the Securities and Exchange Commission. The Company assumes no
obligation to update any forward-looking statement, except as may
be required by law. These forward-looking statements speak only as
of the date of this release. All forward-looking statements are
qualified in their entirety by this cautionary statement.
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
TWENTY-SIX WEEKS ENDED
(in thousands, except per share
data)
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Revenues
Restaurant sales
$
1,137,330
$
1,108,918
$
2,365,564
$
2,232,493
Franchise and other revenues
15,364
16,244
31,876
33,204
Total revenues
1,152,694
1,125,162
2,397,440
2,265,697
Costs and expenses
Food and beverage
351,226
364,459
735,440
723,829
Labor and other related
325,934
308,759
667,476
621,270
Other restaurant operating
273,338
263,529
556,265
522,639
Depreciation and amortization
47,565
41,257
93,867
83,032
General and administrative
63,358
59,246
129,162
117,920
Provision for impaired assets and
restaurant closings
1,827
193
5,151
2,032
Total costs and expenses
1,063,248
1,037,443
2,187,361
2,070,722
Income from operations
89,446
87,719
210,079
194,975
Loss on extinguishment and modification of
debt
—
(107,630
)
—
(107,630
)
Loss on fair value adjustment of
derivatives, net
—
(17,685
)
—
(17,685
)
Interest expense, net
(12,961
)
(12,548
)
(25,405
)
(26,181
)
Income (loss) before provision for income
taxes
76,485
(50,144
)
184,674
43,479
Provision for income taxes
6,483
11,536
21,244
27,465
Net income (loss)
70,002
(61,680
)
163,430
16,014
Less: net income attributable to
noncontrolling interests
1,725
1,955
3,842
4,138
Net income (loss) attributable to Bloomin’
Brands
$
68,277
$
(63,635
)
$
159,588
$
11,876
Earnings (loss) per share:
Basic
$
0.77
$
(0.72
)
$
1.80
$
0.13
Diluted
$
0.70
$
(0.72
)
$
1.63
$
0.12
Weighted average common shares
outstanding:
Basic
88,559
88,898
88,838
89,127
Diluted
97,401
88,898
97,706
102,045
TABLE TWO
BLOOMIN’ BRANDS, INC.
SEGMENT RESULTS
(UNAUDITED)
(dollars in thousands)
THIRTEEN WEEKS ENDED
TWENTY-SIX WEEKS ENDED
U.S. Segment
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Revenues
Restaurant sales
$
993,438
$
985,927
$
2,074,007
$
2,009,562
Franchise and other revenues
11,791
12,700
24,218
25,472
Total revenues
$
1,005,229
$
998,627
$
2,098,225
$
2,035,034
International Segment
Revenues
Restaurant sales (1)
$
143,892
$
122,991
$
291,557
$
222,931
Franchise and other revenues
3,573
3,544
7,658
7,732
Total revenues
$
147,465
$
126,535
$
299,215
$
230,663
Reconciliation of Segment Income from
Operations to Consolidated Income from Operations
Segment income from operations
U.S.
$
103,008
$
104,620
$
236,251
$
236,846
International
20,486
14,126
44,994
23,010
Total segment income from operations
123,494
118,746
281,245
259,856
Unallocated corporate operating
expense
(34,048
)
(31,027
)
(71,166
)
(64,881
)
Total income from operations
$
89,446
$
87,719
$
210,079
$
194,975
________________
(1) Restaurant sales in Brazil increased $9.6 million and $19.2
million during the thirteen and twenty-six weeks ended June 25,
2023, respectively, in connection with value added tax exemptions
resulting from tax legislation.
TABLE THREE
BLOOMIN’ BRANDS, INC.
SUPPLEMENTAL BALANCE SHEET
INFORMATION
JUNE 25, 2023
DECEMBER 25, 2022
(dollars in thousands)
(UNAUDITED)
Cash and cash equivalents
$
88,794
$
84,735
Net working capital (deficit) (1)
$
(663,715
)
$
(632,290
)
Total assets
$
3,273,132
$
3,320,425
Total debt, net
$
763,998
$
828,507
Total stockholders’ equity
$
371,868
$
273,909
_________________
(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 OPERATING
INCOME AND MARGIN NON-GAAP RECONCILIATIONS
(UNAUDITED)
Consolidated
THIRTEEN WEEKS ENDED
TWENTY-SIX WEEKS ENDED
(dollars in thousands)
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Income from operations
$
89,446
$
87,719
$
210,079
$
194,975
Operating income margin
7.8
%
7.8
%
8.8
%
8.6
%
Less:
Franchise and other revenues
15,364
16,244
31,876
33,204
Plus:
Depreciation and amortization
47,565
41,257
93,867
83,032
General and administrative
63,358
59,246
129,162
117,920
Provision for impaired assets and
restaurant closings
1,827
193
5,151
2,032
Restaurant-level operating income (1)
$
186,832
$
172,171
$
406,383
$
364,755
Restaurant-level operating margin
16.4
%
15.5
%
17.2
%
16.3
%
_________________
(1) The following categories of revenue and operating expenses are
not included in restaurant-level operating 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.
U.S.
THIRTEEN WEEKS ENDED
TWENTY-SIX WEEKS ENDED
(dollars in thousands)
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Income from operations
$
103,008
$
104,620
$
236,251
$
236,846
Operating income margin
10.2
%
10.5
%
11.3
%
11.6
%
Less:
Franchise and other revenues
11,791
12,700
24,218
25,472
Plus:
Depreciation and amortization
39,376
33,545
77,539
68,303
General and administrative
22,436
23,648
47,941
47,093
Provision for impaired assets and
restaurant closings
1,827
191
5,151
249
Restaurant-level operating income
$
154,856
$
149,304
$
342,664
$
327,019
Restaurant-level operating margin
15.6
%
15.1
%
16.5
%
16.3
%
International
THIRTEEN WEEKS ENDED
TWENTY-SIX WEEKS ENDED
(dollars in thousands)
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Income from operations
$
20,486
$
14,126
$
44,994
$
23,010
Operating income margin
13.9
%
11.2
%
15.0
%
10.0
%
Less:
Franchise and other revenues
3,573
3,544
7,658
7,732
Plus:
Depreciation and amortization
6,125
6,020
12,044
11,556
General and administrative
6,635
5,331
14,308
10,259
Provision for impaired assets and
restaurant closings
—
—
—
1,775
Restaurant-level operating income
$
29,673
$
21,933
$
63,688
$
38,868
Restaurant-level operating margin
20.6
%
17.8
%
21.8
%
17.4
%
TABLE FIVE
BLOOMIN’ BRANDS, INC.
CONSOLIDATED RESTAURANT-LEVEL
OPERATING MARGIN NON-GAAP RECONCILIATIONS
(UNAUDITED)
THIRTEEN WEEKS ENDED
FAVORABLE
(UNFAVORABLE) CHANGE QUARTER
TO DATE
JUNE 25, 2023
JUNE 26, 2022
Restaurant sales
100.0
%
100.0
%
Food and beverage
30.9
%
32.9
%
2.0
%
Labor and other related
28.7
%
27.8
%
(0.9
)%
Other restaurant operating
24.0
%
23.8
%
(0.2
)%
Restaurant-level operating margin
16.4
%
15.5
%
0.9
%
TWENTY-SIX WEEKS ENDED
FAVORABLE (UNFAVORABLE) CHANGE
YEAR TO DATE
JUNE 25, 2023
JUNE 26, 2022
Restaurant sales
100.0
%
100.0
%
Food and beverage
31.1
%
32.4
%
1.3
%
Labor and other related
28.2
%
27.8
%
(0.4
)%
Other restaurant operating
23.5
%
23.4
%
(0.1
)%
Restaurant-level operating margin
17.2
%
16.3
%
0.9
%
TABLE SIX
BLOOMIN’ BRANDS, INC.
ADJUSTED NET INCOME AND
ADJUSTED DILUTED EARNINGS PER SHARE NON-GAAP
RECONCILIATIONS
(UNAUDITED)
THIRTEEN WEEKS ENDED
TWENTY-SIX WEEKS ENDED
(in thousands, except per share
data)
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Net income (loss) attributable to Bloomin’
Brands
$
68,277
$
(63,635
)
$
159,588
$
11,876
Adjustments:
Loss on extinguishment and modification of
debt (1)
—
107,630
—
107,630
Loss on fair value adjustment of
derivatives, net (1)
—
17,685
—
17,685
Total adjustments, before income taxes
—
125,315
—
125,315
Adjustment to provision for income taxes
(2)
—
1,322
—
1,322
Net adjustments
—
126,637
—
126,637
Adjusted net income
$
68,277
$
63,002
$
159,588
$
138,513
Diluted earnings (loss) per share (3)
$
0.70
$
(0.72
)
$
1.63
$
0.12
Adjusted diluted earnings per share
(4)
$
0.74
$
0.68
$
1.72
$
1.48
Diluted weighted average common shares
outstanding (3)
97,401
88,898
97,706
102,045
Adjusted diluted weighted average common
shares outstanding (4)
92,399
92,863
92,789
93,792
_________________
(1) For 2022, includes losses primarily in connection with
the 2025 Notes Partial Repurchase, including the settlements of the
related convertible senior note hedges and warrants. (2) The
tax effects of non-GAAP adjustments were determined based on the
nature of the underlying non-GAAP adjustments and their relevant
jurisdictional tax rates. For 2022, the primary difference between
GAAP and adjusted effective income tax rates relates to certain
non-deductible losses and other tax costs associated with the 2025
Notes Partial Repurchase. (3) Due to the GAAP net loss, the
effect of dilutive securities was excluded from the calculation of
GAAP diluted loss per share for the thirteen weeks ended June 26,
2022 as their effect would be antidilutive. (4) Adjusted
diluted weighted average common shares outstanding was calculated
excluding the dilutive effect of 5,002 and 7,774 shares for the
thirteen weeks ended June 25, 2023 and June 26, 2022, respectively,
and 4,917 and 8,253 shares for the twenty-six weeks ended June 25,
2023 and June 26, 2022, respectively, to be issued upon conversion
of the 2025 Notes to satisfy the amount in excess of the principal
since our convertible note hedge offsets the dilutive impact of the
shares underlying the 2025 Notes. For adjusted diluted earnings per
share, the calculation includes 3,965 dilutive shares for the
thirteen weeks ended June 26, 2022, primarily related to
outstanding warrants. These shares were excluded from the
calculation of GAAP diluted loss per share during the period as
their effect would be antidilutive.
Following is a summary of the financial statement line item
classification of the net income adjustments:
THIRTEEN WEEKS ENDED
TWENTY-SIX WEEKS ENDED
(dollars in thousands)
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Loss on extinguishment and modification of
debt
$
—
$
107,630
$
—
$
107,630
Loss on fair value adjustment of
derivatives, net
—
17,685
—
17,685
Provision for income taxes
—
1,322
—
1,322
Net adjustments
$
—
$
126,637
$
—
$
126,637
TABLE SEVEN
BLOOMIN’ BRANDS, INC.
COMPARATIVE RESTAURANT AND
OFF-PREMISES ONLY KITCHEN INFORMATION
(UNAUDITED)
Number of restaurants:
MARCH 26, 2023
OPENINGS
CLOSURES
JUNE 25, 2023
U.S.
Outback Steakhouse
Company-owned
564
—
(2
)
562
Franchised
127
—
—
127
Total
691
—
(2
)
689
Carrabba’s Italian Grill
Company-owned
199
—
—
199
Franchised
19
—
—
19
Total
218
—
—
218
Bonefish Grill
Company-owned
172
—
(2
)
170
Franchised
5
—
—
5
Total
177
—
(2
)
175
Fleming’s Prime Steakhouse & Wine
Bar
Company-owned
65
—
(1
)
64
Aussie Grill
Company-owned
7
—
—
7
U.S. total
1,158
—
(5
)
1,153
International
Company-owned
Outback Steakhouse - Brazil (1)
140
8
—
148
Other (1)(2)
36
—
—
36
Franchised
Outback Steakhouse - South Korea
90
5
(3
)
92
Other (2)
47
1
(2
)
46
International total
313
14
(5
)
322
System-wide total
1,471
14
(10
)
1,475
System-wide total - Company-owned
1,183
8
(5
)
1,186
System-wide total - Franchised
288
6
(5
)
289
____________________
(1) The restaurant counts for Brazil, including Abbraccio
and Aussie Grill restaurants within International Company-owned
Other, are reported as of February 28, 2023 and May 31, 2023,
respectively, to correspond with the balance sheet dates of this
subsidiary. (2) International Company-owned Other and
International Franchised Other included four and three Aussie Grill
locations, respectively, as of June 25, 2023.
Number of kitchens (1):
MARCH 26, 2023
OPENINGS
CLOSURES
JUNE 25, 2023
U.S.
Company-owned
1
—
—
1
International
Franchised - South Korea
25
—
(16
)
9
System-wide total
26
—
(16
)
10
____________________
(1) Excludes virtual concepts that operate out of existing
restaurants and sports venue locations.
TABLE EIGHT
BLOOMIN’ BRANDS, INC.
COMPARABLE RESTAURANT SALES
INFORMATION
(UNAUDITED)
THIRTEEN WEEKS ENDED
TWENTY-SIX WEEKS ENDED
JUNE 25, 2023
JUNE 26, 2022
JUNE 25, 2023
JUNE 26, 2022
Year over year percentage change:
Comparable restaurant sales (restaurants
open 18 months or more):
U.S. (1)
Outback Steakhouse
0.6
%
(1.1
)%
2.8
%
3.9
%
Carrabba’s Italian Grill
3.5
%
(1.0
)%
5.1
%
5.0
%
Bonefish Grill
0.5
%
(1.1
)%
3.4
%
9.2
%
Fleming’s Prime Steakhouse & Wine
Bar
(2.5
)%
6.0
%
0.4
%
23.1
%
Combined U.S.
0.8
%
(0.4
)%
3.1
%
6.4
%
International
Outback Steakhouse - Brazil (2)
4.1
%
95.7
%
9.1
%
61.1
%
Traffic:
U.S.
Outback Steakhouse
(5.4
)%
(8.7
)%
(3.5
)%
(5.0
)%
Carrabba’s Italian Grill
(0.8
)%
(7.5
)%
0.5
%
(2.5
)%
Bonefish Grill
(4.4
)%
(8.6
)%
(2.0
)%
(1.0
)%
Fleming’s Prime Steakhouse & Wine
Bar
(2.3
)%
(2.9
)%
(1.1
)%
11.1
%
Combined U.S.
(4.2
)%
(8.3
)%
(2.4
)%
(3.5
)%
International
Outback Steakhouse - Brazil
(4.0
)%
57.8
%
(0.9
)%
42.0
%
Average check per person (3):
U.S.
Outback Steakhouse
6.0
%
7.6
%
6.3
%
8.9
%
Carrabba’s Italian Grill
4.3
%
6.5
%
4.6
%
7.5
%
Bonefish Grill
4.9
%
7.5
%
5.4
%
10.2
%
Fleming’s Prime Steakhouse & Wine
Bar
(0.2
)%
8.9
%
1.5
%
12.0
%
Combined U.S.
5.0
%
7.9
%
5.5
%
9.9
%
International
Outback Steakhouse - Brazil
8.5
%
37.3
%
10.0
%
19.2
%
____________________
(1) Relocated restaurants closed more than 60 days are excluded
from comparable restaurant sales until at least 18 months after
reopening. (2) Includes trading day impact from calendar period
reporting. Excludes the effect of fluctuations in foreign currency
rates and the benefit of the Brazil value added tax exemptions. (3)
Includes the impact of menu pricing changes, product mix and
discounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230730326615/en/
Tara Kurian VP, Corporate Finance and Investor Relations (813)
830-5311
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