Business
Bloomin’ Brands Announces 2024 Q2 Financial Results
Q2 Diluted EPS of $0.32 and Q2 Adjusted Diluted EPS of $0.51 Updates Full Year 2024 Guidance TAMPA, Fla.--(BUSINESS WIRE)-- Bloomin’ Brands, Inc. (Nasdaq:
About this update from Bloomin' Brands, Inc.
[{"type":"text","content":"\nQ2 Diluted EPS of $0.32 and Q2 Adjusted Diluted EPS of $0.51\n\n\nUpdates Full Year 2024 Guidance\n\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nBloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the second quarter 2024 (“Q2 2024”) compared to the second quarter 2023 (“Q2 2023”).\n\n\nCEO Comments\n“In the second quarter, the casual dining industry was softer than anticipated,” said David Deno, CEO. “While our comparable sales growth outpaced the industry in Q2, we did not meet our expectations. We are very focused on developing a path to sustainable growth at Outback and are making progress in improving the guest experience, providing meaningful value, and enhancing customer and digital capabilities. Our full year guidance has been updated to reflect current industry trends and our teams remain focused on delivering long-term sustainable growth.”\n\n\nDiluted EPS and Adjusted Diluted EPS\nThe following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated (unaudited):\n\n\n\n\n \n\n\n\n\n\n\nQ2\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nCHANGE\n\n\n\n\n\n\n\n\nDiluted earnings per share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.32\n\n\n\n\n\n\n \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(0.38\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\n0.19\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\n0.19\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$\n\n\n\n\n\n\n0.51\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\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(0.19\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) Adjusted diluted earnings per share for the thirteen weeks ended June 25, 2023 has been recast to remove the previously included non-GAAP adjustment of 5.0 million diluted weighted average common shares outstanding related to the convertible note hedge contracts entered into at the issuance of the 2025 Notes. See non-GAAP Measures later in this release. Also see Tables Four, Six and Seven for details regarding the nature of diluted earnings per s...