Business
Bloomin’ Brands Announces 2022 Q1 Financial Results
Q1 Combined U.S. Comparable Restaurant Sales Growth of 14.0% Q1 Diluted EPS of $0.73 and Adjusted Diluted EPS of $0.80 Raises Full Year Guidance for Revenue,
About this update from Bloomin' Brands, Inc.
[{"type":"text","content":"\nQ1 Combined U.S. Comparable Restaurant Sales Growth of 14.0%\n\nQ1 Diluted EPS of $0.73 and Adjusted Diluted EPS of $0.80\n\nRaises Full Year Guidance for Revenue, Profit and EPS Expectations\n\nDeclares Quarterly Cash Dividend of $0.14 per share\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nBloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2022 (“Q1 2022”) compared to the first quarter 2021 (“Q1 2021”).\n\nCEO Comments\n\n“The first quarter was a strong start to the year and sets us up well to achieve our 2022 goals,” said David Deno, CEO. “Our Q1 results reflect both our customer’s positive response to investments we have made in quality and service as well as the ongoing execution against our growth strategy. This strategy has produced sustainable gains in off-premises, higher digital engagement, and improved operational efficiencies in the restaurant. These efforts have resulted in enhanced sales and profits, which have enabled us to increase full year guidance.”\n\nDiluted EPS and Adjusted Diluted EPS\n\nThe following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated (unaudited):\n\n\n\n \n\n\n\nQ1\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\nCHANGE\n\n\n\n\n\nDiluted earnings per share\n\n\n\n$\n\n\n\n0.73\n\n\n\n \n\n\n\n$\n\n\n\n0.63\n\n\n\n \n\n\n\n$\n\n\n\n0.10\n\n\n\n \n\n\n\n\n\nAdjustments (1)\n\n\n\n \n\n\n\n0.07\n\n\n\n \n\n\n\n \n\n\n\n0.09\n\n\n\n \n\n\n\n \n\n\n\n(0.02\n\n\n\n)\n\n\n\n\n\nAdjusted diluted earnings per share (1)\n\n\n\n$\n\n\n\n0.80\n\n\n\n \n\n\n\n$\n\n\n\n0.72\n\n\n\n \n\n\n\n$\n\n\n\n0.08\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\n\n(1) Adjustments for the periods presented primarily include the exclusion of shares from our calculation of diluted weighted average common shares outstanding due to: (i) our convertible note hedge which offsets the dilutive impact of the shares underlying the 2025 Notes and (ii) our February 2021 election to settle the principal portion of the 2025 Notes in cash. There were no adjustments to Income from operations during the periods presented. See Non-GAAP Measures later in this release.\n\n\n\n\nFirst Quarter Financial Results\n\n\n\n(dollars in millions, unaudited)\n\n\n\nQ1 2022\n...