Business
Bloomin’ Brands Announces 2024 Q1 Financial Results
Q1 Diluted EPS of $(0.96) and Q1 Adjusted Diluted EPS of $0.70 Retired $83.6M of Convertible Notes TAMPA, Fla.--(BUSINESS WIRE)-- Bloomin’ Brands, Inc.
About this update from Bloomin' Brands, Inc.
[{"type":"text","content":"\nQ1 Diluted EPS of $(0.96) and Q1 Adjusted Diluted EPS of $0.70\n\n\nRetired $83.6M of Convertible Notes\n\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nBloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2024 (“Q1 2024”) compared to the first quarter 2023 (“Q1 2023”).\n\n\nCEO Comments\n“The first quarter was a solid start to the year, as sales and profit met our expectations,” said David Deno, CEO. “After a slower start, sales trends strengthened throughout the quarter. Our sales performance is well ahead of the casual dining industry as our marketing and operations initiatives are paying off, especially at Outback.”\n\n\nDiluted EPS and Adjusted Diluted EPS\nThe following table reconciles Diluted (loss) earnings per share to Adjusted diluted earnings per share for the periods indicated (unaudited):\n\n\n\n\n \n\n\n\n\n\n\nQ1\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nCHANGE\n\n\n\n\n\n\n\n\nDiluted (loss) earnings per share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(0.96\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.93\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(1.89\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\n1.66\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\n0.05\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n1.61\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$\n\n\n\n\n\n\n0.70\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.98\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(0.28\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 Q1 2024 primarily include losses in connection with the retirement of $83.6 million of our outstanding convertible notes and charges in connection with the 2023 Closure Initiative, as further discussed below. See non-GAAP Measures later in this release.\n\n\n\n\n\n\n\nFirst Quarter Financial Results\n\n\n\n\n(dollars in millions, unaudited)\n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nCHANGE\n\n\n\n\n\n\n\n\nTotal revenues\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,195.3\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\n1,244.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n(4.0...