Business
Bloomin’ Brands Announces 2021 Q3 Financial Results and Strong Operating Margin Expansion
Q3 Diluted EPS of $0.03 and Adjusted Diluted EPS of $0.57 Q3 Comparable Restaurant Sales Growth of 18.3% at Outback Steakhouse and 25.5% Combined U.S. Fourth
About this update from Bloomin' Brands, Inc.
[{"type":"text","content":"\nQ3 Diluted EPS of $0.03 and Adjusted Diluted EPS of $0.57\n\nQ3 Comparable Restaurant Sales Growth of 18.3% at Outback Steakhouse and 25.5% Combined U.S.\n\nFourth Quarter-to-Date U.S. Comp Sales Trends Ahead of Industry\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nBloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2021 (“Q3 2021”) compared to the third quarter 2020 (“Q3 2020”).\n\nCEO Comments\n\n“Q3 represented another quarter of strong results with significant sales, margin and earnings growth,” said David Deno, Chief Executive Officer. “This performance is a result of the great work by our employees in the restaurants and the restaurant support center. Recently, we have seen inflationary pressures in our business and have levers available to combat these headwinds and achieve our margin targets. We remain confident in our strategy and are well positioned to deliver our long-term goals of growing healthy sales, optimizing margins, and increasing cash flow.”\n\nDiluted EPS and Adjusted Diluted EPS\n\nThe following table reconciles Diluted earnings (loss) per share attributable to common stockholders to Adjusted diluted earnings (loss) per share for the periods indicated:\n\n\n\n\n\nQ3\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\nCHANGE\n\n\n\n \n\n\n\n \n\n\n\nQ3 2019 (1)\n\n\n\n\nDiluted earnings (loss) per share attributable to common stockholders\n\n\n$\n\n\n\n0.03\n\n\n\n\n$\n\n\n\n(0.20\n\n\n\n)\n\n\n\n\n$\n\n\n\n0.23\n\n\n\n\n\n$\n\n\n\n0.11\n\n\n\n \n\n\n\n\nAdjustments (2)\n\n\n \n\n\n\n0.54\n\n\n\n\n \n\n\n\n0.08\n\n\n\n \n\n\n\n\n \n\n\n\n0.46\n\n\n\n\n\n \n\n\n\n(0.01\n\n\n\n)\n\n\n\n\nAdjusted diluted earnings (loss) per share (2)\n\n\n$\n\n\n\n0.57\n\n\n\n\n$\n\n\n\n(0.12\n\n\n\n)\n\n\n\n\n$\n\n\n\n0.69\n\n\n\n\n\n$\n\n\n\n0.10\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n___________________\n\n\n\n(1) Presented for improved comparability.\n\n\n\n\n\n(2) Includes a $61.9 million payment made to the founders of our Carrabba’s Italian Grill concept in the third quarter of 2021 in connection with an agreement to terminate future royalty payments. See Non-GAAP Measures later in this release.\n\n\n\n\nThird Quarter Financial Results\n\n\n\n(dollars in millions)\n\n\n\n\nQ3 2021\n\n\n\n \n\n\n\nQ3 2020\n\n\n\n \n\n\...