Business
Bloomin’ Brands Announces 2022 Q3 Financial Results
Q3 Combined U.S. Comparable Restaurant Sales Growth of 1.4% Q3 Diluted EPS of $0.34 and Adjusted Diluted EPS of $0.35 Reiterates Full Year Adjusted EPS
About this update from Bloomin' Brands, Inc.
[{"type":"text","content":"\nQ3 Combined U.S. Comparable Restaurant Sales Growth of 1.4%\n\nQ3 Diluted EPS of $0.34 and Adjusted Diluted EPS of $0.35\n\nReiterates Full Year Adjusted EPS Expectations\n\nDeclares Quarterly Cash Dividend of $0.14 per share\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nBloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2022 (“Q3 2022”) compared to the third quarter 2021 (“Q3 2021”).\n\nCEO Comments\n\n“We are pleased with the consistent performance of our brands as Q3 represented another quarter of strong results. U.S. comparable sales improved throughout the quarter while our margins remain well above pre-pandemic levels” said David Deno, CEO. “Importantly, we achieved this performance despite persistent inflationary pressures that were well ahead of menu price increases. We remain focused on executing our strategy to elevate the customer experience and drive innovation while achieving sustainable sales and profits.”\n\nDiluted EPS and Adjusted Diluted EPS\n\nThe following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated (unaudited):\n\n\n\n \n\n\n\nQ3\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\nCHANGE\n\n\n\n\n\nDiluted earnings per share\n\n\n\n$\n\n\n\n0.34\n\n\n\n \n\n\n\n$\n\n\n\n0.03\n\n\n\n \n\n\n\n$\n\n\n\n0.31\n\n\n\n \n\n\n\n\n\nAdjustments (1)\n\n\n\n \n\n\n\n0.01\n\n\n\n \n\n\n\n \n\n\n\n0.54\n\n\n\n \n\n\n\n \n\n\n\n(0.53\n\n\n\n)\n\n\n\n\n\nAdjusted diluted earnings per share (1)\n\n\n\n$\n\n\n\n0.35\n\n\n\n \n\n\n\n$\n\n\n\n0.57\n\n\n\n \n\n\n\n$\n\n\n\n(0.22\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\n(1) Q3 2021 includes a $61.9 million charge in connection with the Carrabba’s Italian Grill royalty termination. See Non-GAAP Measures later in this release.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nThird Quarter Financial Results\n\n\n\n\n\n\n\n\n\n \n\n\n\n(dollars in millions, unaudited)\n\n\n\nQ3 2022\n\n\n\n \n\n\n\nQ3 2021\n\n\n\n \n\n\n\nCHANGE\n\n\n\n\n\nTotal revenues\n\n\n\n$\n\n\n\n1,055.8\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1,010.5\n\n\n\n \n\n\n\n \n\n\n\n4.5\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\nGAAP Operating income margin\n\n\n\n \n\n\n\n4.9\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n1.5\n\n\n\n%\...