Business
Bloomin’ Brands Announces Q2 2023 Financial Results
Q2 Diluted EPS of $0.70 and Adjusted Diluted EPS of $0.74 Reaffirms 2023 Guidance for U.S. Comparable Restaurant Sales and EPS TAMPA, Fla.--(BUSINESS WIRE)--
About this update from Bloomin' Brands, Inc.
[{"type":"text","content":"\nQ2 Diluted EPS of $0.70 and Adjusted Diluted EPS of $0.74\nReaffirms 2023 Guidance for U.S. Comparable Restaurant Sales and EPS\n\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nBloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the second quarter 2023 (“Q2 2023”) compared to the second quarter 2022 (“Q2 2022”).\n\n\nCEO Comments\n“We delivered another strong quarter of results that continues to highlight the benefits of our portfolio,” said David Deno, CEO. “Earnings for the quarter were above expectations and revenues were in line. Our results reflect the investments we are making to elevate the customer experience as well as the ongoing execution of our growth strategy. We remain well positioned to deliver on our long-term goals of growing sustainable sales and profits while maximizing total shareholder return.”\n\n\nDiluted EPS and Adjusted Diluted EPS\nThe following table reconciles Diluted earnings (loss) per share to Adjusted diluted earnings per share for the periods indicated (unaudited):\n\n\n\n\n \n\n\n\n\n\n\nQ2\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nCHANGE\n\n\n\n\n\n\n\n\nDiluted earnings (loss) per share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.70\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(0.72\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1.42\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\n0.04\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n1.40\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(1.36\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$\n\n\n\n\n\n\n0.74\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.68\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\n0.06\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\n\n \n\n\n\n(1) Adjustments for Q2 2022 include losses in connection with the repurchase of the $125 million of our outstanding convertible notes (the “2025 Notes”) as well as the settlements of the related convertible senior note hedges and warrants (the “2025 Notes Partial Repurchase”). See Non-GAAP Measures later in this release.\n\n\n\n\n\n\n\nSecond Quarter Financial Results\n\n\n\n\n(dollars in millio...