Bloomin' Brands Inc

Latest Results (14.08.2024):

Diluted EPS and Adjusted Diluted EPS

Bloomin' Brands Inc. reported a diluted earnings per share (EPS) of $0.32 for Q2 2024, a significant decrease from $0.70 in Q2 2023. Adjusted diluted EPS for Q2 2024 was $0.51, down from $0.70 in the same quarter last year. The adjustments primarily reflect the removal of non-GAAP adjustments related to convertible note hedge contracts.

Total Revenues

For Q2 2024, Bloomin' Brands Inc. reported total revenues of $1,118.9 million, a 2.9% decrease compared to $1,152.7 million in Q2 2023. The decline in revenue was attributed to lower comparable restaurant sales, the net impact of restaurant closures and openings, and the benefit from Brazil value-added tax exemptions during 2023.

Operating Income Margin

Bloomin' Brands Inc.'s GAAP operating income margin for Q2 2024 was 4.1%, down from 7.8% in Q2 2023. The adjusted operating income margin also decreased to 5.7% from 7.8% in the previous year. The decline was primarily due to lower restaurant-level operating margins, higher impairment and closure costs, and increased depreciation and amortization expenses.

Comparable Restaurant Sales

In Q2 2024, Bloomin' Brands Inc. saw mixed results in comparable restaurant sales. Outback Steakhouse in the U.S. experienced a slight decline of 0.1%, while Carrabba’s Italian Grill saw a 2.0% increase. Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar reported declines of 2.0% and 1.1%, respectively. Internationally, Outback Steakhouse in Brazil saw a 1.1% decrease.

Dividend Declaration and Share Repurchases

On July 23, 2024, Bloomin' Brands Inc.'s Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on September 4, 2024. Additionally, the company repurchased 9.9 million shares for a total of $263.1 million year-to-date through August 2, 2024, with $99.4 million of share repurchase authorization remaining under the 2024 Share Repurchase Program.