Business
Bloomin’ Brands Announces 2023 Q1 Financial Results
Q1 Diluted EPS of $0.93 and Adjusted Diluted EPS of $0.98 Q1 Combined U.S. Comparable Restaurant Sales Growth of 5.1% Reaffirms All Fiscal Year 2023 Guidance
About this update from Bloomin' Brands, Inc.
[{"type":"text","content":"\nQ1 Diluted EPS of $0.93 and Adjusted Diluted EPS of $0.98\nQ1 Combined U.S. Comparable Restaurant Sales Growth of 5.1%\nReaffirms All Fiscal Year 2023 Guidance\n\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nBloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2023 (“Q1 2023”) compared to the first quarter 2022 (“Q1 2022”).\n\n\nCEO Comments\n“The first quarter was a strong start to the year, and I am pleased with the progress of all our brands,” said David Deno, CEO. “Our Q1 results reflected the work we are doing to elevate the customer experience and drive healthy top-line growth. These efforts have resulted in enhanced sales and profits, which set us up well to achieve our 2023 goals.”\n\n\nDiluted EPS and Adjusted Diluted EPS\nThe following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated:\n\n\n\n\n \n\n\n\n\n\n \n\nQ1\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n \n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nCHANGE\n\n\n\n\n\n\n\n\nDiluted earnings per share\n\n\n\n\n\n \n\n$\n\n\n\n\n\n\n0.93\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.73\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.20\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nAdjustments (1)\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n0.05\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n0.07\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n(0.02\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n\nAdjusted diluted earnings per share (1)\n\n\n\n\n\n \n\n$\n\n\n\n\n\n\n0.98\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.80\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.18\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n \n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n___________________\n\n\n\n\n\n\n\n\n(1) Adjustments for the periods presented reflect consideration of our convertible note hedge, which offsets the dilutive impact of the shares underlying the 2025 Notes. There were no adjustments to Net income during the periods presented. See Non-GAAP Measures later in this release.\n\n\n\n\n\n\n\nFirst Quarter Financial Results\n\n\n\n\n(dollars in millions, unaudited)\n\n\n\n\n\n \n\nQ1 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nCHANGE\n\n\n\n\n\n\n\n\nTotal revenues\n\n\n\n\n\n \n\n$\n\n\n\n\n\n\n1,244.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n...