TAMPA, Fla., May 5, 2015
/PRNewswire/ -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today
reported financial results for the first quarter ("Q1 2015") ended
March 29, 2015 compared to the first quarter ("Q1 2014") ended
March 30, 2014.
Key highlights for Q1 2015 include the following:
- Comparable sales for Company-owned U.S. concepts increased 3.6%
with a traffic increase of 0.7%
- Comparable sales for our Brazilian Outback Steakhouse
restaurants increased 6.2%
- System-wide development was 14 new restaurants. In March 2015, we opened our first International
Carrabba's Italian Grill in Brazil, known as Abbraccio
- Adjusted operating income margin was 9.1% versus 8.4% in Q1
2014 and U.S. GAAP operating income margin was 8.1% versus 7.8% in
the Q1 2014
- Adjusted net income was $69.7
million versus $58.5 million
in Q1 2014 and U.S. GAAP Net income attributable to Bloomin' Brands
was $60.6 million versus $53.7 million in Q1 2014
Adjusted Diluted EPS and Diluted EPS
The following table reconciles Adjusted diluted earnings per
share to Diluted earnings per share for the periods as indicated
below. Due to our conversion to a 52-53 week fiscal year in 2014,
there were two more days in the first quarter in fiscal 2015, which
had an impact of $0.04 to adjusted
diluted EPS.
|
Q1
2015
|
|
Q1
2014
|
|
CHANGE
|
Adjusted diluted
earnings per share
|
$
|
0.54
|
|
|
$
|
0.46
|
|
|
$
|
0.08
|
|
Adjustments
|
(0.07)
|
|
|
(0.04)
|
|
|
(0.03)
|
|
Diluted earnings per
share
|
$
|
0.47
|
|
|
$
|
0.42
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
____________________
See Non-GAAP Measures later in this release.
CEO Comments
"The first quarter was a strong start to the year. We were
pleased with our sales performance and margin delivery. These
results set us up to deliver our 2015 goals," said Elizabeth Smith, CEO. "In addition, we continue
to make great progress in our International business as it becomes
a larger part of our portfolio and growth plans."
First Quarter Financial Results
The following summarizes our results for Q1 2015 and Q1
2014:
(dollars in
millions)
|
Q1
2015
|
|
Q1
2014
|
|
%
Change
|
Total
revenues
|
$
|
1,202.1
|
|
|
$
|
1,157.9
|
|
|
3.8
|
%
|
|
|
|
|
|
|
Adjusted restaurant
level operating margin
|
18.3
|
%
|
|
18.0
|
%
|
|
0.3
|
%
|
U.S. GAAP restaurant
level operating margin
|
18.4
|
%
|
|
18.2
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
Adjusted operating
income margin
|
9.1
|
%
|
|
8.4
|
%
|
|
0.7
|
%
|
U.S. GAAP operating
income margin
|
8.1
|
%
|
|
7.8
|
%
|
|
0.3
|
%
|
- The increase in Total revenues was primarily due to additional
revenues from new restaurant openings, an increase in U.S.
comparable restaurant sales and the gain of two operating days due
to the 2014 change to a 52-53 week fiscal year. The increase in
Total revenues was partially offset by the closing of 73
restaurants since December 31, 2013,
the sale of 20 Roy's restaurants and the effect of foreign currency
translation.
- The increases in Adjusted and U.S. GAAP restaurant-level
operating margin were primarily due to productivity savings and
higher U.S. average unit volumes. These increases were partially
offset by commodity and wage rate inflation as well as lunch
expansion rollout costs.
- The increase in Adjusted operating income margin was driven
primarily by higher Adjusted restaurant-level operating margin as
described above and lower compensation expenses due to our
organizational realignment in the second half of fiscal 2014.
- U.S. GAAP operating income margin is lower than Adjusted
operating income margin primarily due to restaurant closing costs
related to our International Restaurant Closure Initiative. This
decrease was partially offset by the lapping of our Domestic
Restaurant Closure Initiative.
First Quarter Comparable Restaurant Sales
THIRTEEN WEEKS
ENDED MARCH 29, 2015
|
|
COMPANY-
OWNED
|
Comparable restaurant
sales (stores open 18 months or more) (1) (2) (3):
|
|
|
U.S.
|
|
|
Outback
Steakhouse
|
|
5.0
|
%
|
Carrabba's Italian
Grill
|
|
1.9
|
%
|
Bonefish
Grill
|
|
0.9
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
3.0
|
%
|
Combined
U.S.
|
|
3.6
|
%
|
|
|
|
International
|
|
|
Outback Steakhouse -
South Korea
|
|
(3.0)
|
%
|
Outback Steakhouse -
Brazil
|
|
6.2
|
%
|
_________________
|
|
|
|
|
|
|
|
(1) Due to our
conversion to a 52-53 week fiscal year in 2014, there were two more
days in Q1 2015 as compared to Q1 2014. These additional days
increased total revenues by $24.3 million and have been excluded
from our comparable restaurant sales calculation.
|
(2) Comparable
restaurant sales exclude the effect of fluctuations in foreign
currency rates.
|
(3) Relocated
international restaurants closed more than 30 days and relocated
U.S. restaurants closed more than 60 days are excluded from
comparable restaurant sales until at least 18 months after
reopening.
|
U.S. Segment Operating Results
(dollars in
millions)
|
Q1
2015
|
|
Q1
2014
|
|
%
Change
|
U.S.
|
|
|
|
|
|
Total
revenues
|
$
|
1,062.0
|
|
|
$
|
1,010.6
|
|
|
5.1
|
%
|
|
|
|
|
|
|
Adjusted
restaurant-level operating margin
|
17.9
|
%
|
|
17.2
|
%
|
|
0.7
|
%
|
U.S. GAAP
restaurant-level operating margin
|
17.9
|
%
|
|
17.4
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
Adjusted operating
income margin
|
12.2
|
%
|
|
11.1
|
%
|
|
1.1
|
%
|
U.S. GAAP operating
income margin
|
12.0
|
%
|
|
10.6
|
%
|
|
1.4
|
%
|
- The increase in U.S. GAAP operating income margin was primarily
due to higher average unit volumes, productivity savings, the
lapping of the Domestic Restaurant Closure Initiative and lower
compensation and benefits driven by our organizational realignment
in the second half of fiscal 2014.
International Segment Operating Results
(dollars in
millions)
|
Q1
2015
|
|
Q1
2014
|
|
%
Change
|
International
|
|
|
|
|
|
Total
revenues
|
$
|
140.0
|
|
|
$
|
147.2
|
|
|
(4.9)
|
%
|
|
|
|
|
|
|
Adjusted
restaurant-level operating margin
|
21.7
|
%
|
|
20.1
|
%
|
|
1.6
|
%
|
U.S. GAAP
restaurant-level operating margin
|
21.7
|
%
|
|
20.0
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
Adjusted operating
income margin
|
12.6
|
%
|
|
12.0
|
%
|
|
0.6
|
%
|
U.S. GAAP operating
income margin
|
6.3
|
%
|
|
11.0
|
%
|
|
(4.7)
|
%
|
- The decrease in Total revenues is primarily due to the impact
of the International Restaurant Closure Initiative and foreign
currency translation.
- The increase in Adjusted operating income margin was primarily
due to higher restaurant-level operating margin, partially offset
by general and administrative expenses due to investment
spending.
- U.S. GAAP operating income margin is lower than Adjusted
operating income margin primarily due to restaurant closing costs
related to our International Restaurant Closure Initiative.
- Foreign currency translation negatively impacted income from
operations by $2.0 million
Unallocated Corporate Operating Expense
Certain expenses are managed centrally and are not allocated to
the U.S. or International segment. In total, Q1 2015 unallocated
expenses were $38.6 million, which
was $5.5 million higher than Q1
2014. $4.9 million of this
variance is primarily due to an increase in insurance
expenses, which are included in consolidated restaurant-level
operating margin.
System-wide Development
The following summarizes our system-wide development for the
thirteen weeks ended March 29, 2015:
|
DECEMBER 28,
2014
|
|
OPENINGS
|
|
CLOSURES
(1)
|
|
MARCH 29,
2015
|
U.S.:
|
|
|
|
|
|
|
|
Outback
Steakhouse—Company-owned
|
648
|
|
1
|
|
—
|
|
649
|
Carrabba's Italian
Grill
|
|
|
|
|
|
|
|
Company-owned
|
242
|
|
2
|
|
—
|
|
244
|
Franchised
|
1
|
|
1
|
|
—
|
|
2
|
Bonefish
Grill—Company-owned
|
201
|
|
4
|
|
(1)
|
|
204
|
|
|
|
|
|
|
|
|
International:
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
|
|
|
|
|
|
|
Company-owned—South
Korea (2)
|
91
|
|
2
|
|
(18)
|
|
75
|
Company-owned—Brazil
|
63
|
|
1
|
|
—
|
|
64
|
Company-owned—Other
|
11
|
|
1
|
|
(2)
|
|
10
|
Franchised
|
55
|
|
2
|
|
—
|
|
57
|
System-wide
development
|
|
|
14
|
|
(21)
|
|
|
____________________
|
|
(1) Excludes 20 Roy's
restaurants sold in January 2015.
|
(2) In Q1 2015, we
adopted a policy that relocated international restaurants closed
more than 30 days and relocated U.S. restaurants closed more than
60 days are considered a closure. Prior periods have been revised
to conform to the current year presentation.
|
Dividend Declaration and Share Repurchases
On April 29, 2015, our Board of
Directors declared a quarterly cash dividend of $0.06 per share to be paid on May 27, 2015 to all stockholders of record as of
the close of business on May 15,
2015.
In December 2014, our Board of
Directors approved a share repurchase program under which we are
authorized to repurchase up to $100.0
million of our outstanding common stock. The authorization
will expire on June 12, 2016. During the thirteen weeks ended
March 29, 2015, $70.0 million of
outstanding stock was repurchased under the program. As of
March 29, 2015, $30.0 million
remains authorized under the share repurchase program.
Other Events
Q1 2015 adjusted results reflect the following items:
- In our November 4, 2014 earnings
release, we announced our intention to close 36 underperforming
international locations as part of the International Restaurant
Closure Initiative. In Q1 2015, we incurred $7.5 million of restaurant closing costs
associated with this initiative.
- In January 2015, we sold our
Roy's business and recognized a loss on sale of $1.1 million.
Fiscal 2015 Financial Outlook
We are reaffirming our full-year guidance for blended domestic
comparable restaurant sales growth of at least 1.5% and Adjusted
diluted earnings per share to be at least $1.27 as previously
communicated in our February 19, 2015
earnings release.
Total Revenues are now expected to be at least $4.43 billion. The reduction from $4.49 billion is due to expected additional
impact from foreign currency translation. All other elements of the
fiscal 2015 guidance included in the February 19, 2015 release
remain intact.
Non-GAAP Measures
In addition to the results provided in accordance with U.S.
GAAP, this press release and related tables include certain
non-GAAP measures which present operating results on an adjusted
basis. These are supplemental measures of performance that are not
required by or presented in accordance with U.S. GAAP and include
the following: (i) Adjusted restaurant-level operating margins,
(ii) Adjusted income from operations and the corresponding margins,
(iii) Adjusted net income, (iv) Adjusted diluted earnings per
share, (v) Adjusted segment restaurant-level operating margins and
(vi) Adjusted segment income from operations and the corresponding
margins.
Although we believe these non-GAAP measures enhance investors'
understanding of our business and performance, these non-GAAP
financial measures are not intended to replace accompanying U.S.
GAAP financial measures. These metrics are not necessarily
comparable to similarly titled measures used by other companies.
The use of other non-GAAP financial measures permits investors to
assess the operating performance of our business relative to our
performance based on U.S. GAAP results and relative to other
companies within the restaurant industry by isolating the effects
of certain items that vary from period to period without
correlation to core operating performance or that vary widely among
similar companies. However, our inclusion of these adjusted
measures should not be construed as an indication that our future
results will be unaffected by unusual or infrequent items or that
the items for which we have made adjustments are unusual or
infrequent. We believe that the disclosure of these non-GAAP
measures is useful to investors as they form the basis for how our
management team and Board of Directors evaluate our operating
performance, allocate resources and establish employee incentive
plans.
For reconciliations of the non-GAAP measures used in this
release, refer to tables four, five, six, seven, ten and eleven
included later in this release.
Conference Call
The Company will host a conference call today, May 5, 2015
at 9:00 AM ET. The conference call
can be accessed live over the telephone by dialing (888) 438-5448,
or (719) 325-2491 for international participants. A replay will be
available beginning two hours after the call and can be accessed by
dialing (877) 870-5176 or (858) 384-5517 for international callers;
the conference ID is 9881887. The replay will be available through
Tuesday, May 12, 2015. The call will
also be webcast live from the Company's website at
http://www.bloominbrands.com under the Investors section. A replay
of this webcast will be available on the Company's website after
the call.
About Bloomin' Brands, Inc.
Bloomin' Brands, Inc. is one of the largest casual dining
restaurant companies in the world with a portfolio of leading,
differentiated restaurant concepts. The Company has four
founder-inspired brands: Outback Steakhouse, Carrabba's Italian
Grill, Bonefish Grill and Fleming's Prime Steakhouse
& Wine Bar. The Company operates approximately 1,500
restaurants in 48 states, Puerto Rico, Guam and 22
countries, some of which are franchise locations. For more
information, please visit bloominbrands.com.
Forward-Looking Statements
Certain statements contained herein, including statements under
the heading "Fiscal 2015 Financial Outlook," are not based on
historical fact and are "forward-looking statements" within the
meaning of applicable securities laws. Generally, these statements
can be identified by the use of words such as "believes,"
"estimates," "anticipates," "expects," "on track," "feels,"
"forecasts," "seeks," "projects," "intends," "plans," "may,"
"will," "should," "could," "would" and similar expressions intended
to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements include all matters that are not
historical facts. By their nature, forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from the Company's forward-looking statements.
These risks and uncertainties include, but are not limited to:
local, regional, national and international economic conditions;
consumer confidence and spending patterns; challenges associated
with new restaurant development; our ability to preserve the value
of our brands; price and availability of commodities; weather, acts
of God and other disasters; the seasonality of the Company's
business; increases in unemployment rates and taxes; increases in
labor costs; competition; changes in patterns of consumer traffic,
consumer tastes and dietary habits; consumer reaction to public
health and food safety issues; government actions and policies;
foreign currency exchange rates; interruption or breach of our
systems or loss of consumer or employee information; interest rate
changes, compliance with debt covenants and the Company's ability
to make debt payments; the cost and availability of credit; and our
ability to continue to pay dividends. Further information on
potential factors that could affect the financial results of the
Company and its forward-looking statements is included in its most
recent Form 10-K filed with the Securities and Exchange Commission.
The Company assumes no obligation to update any forward-looking
statement, except as may be required by law. These forward-looking
statements speak only as of the date of this release. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
Note: Numerical figures included in this release have been
subject to rounding adjustments.
TABLE
ONE
|
BLOOMIN' BRANDS,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands, except per share data)
|
MARCH 29,
2015
|
|
MARCH 30,
2014
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
1,194,810
|
|
|
$
|
1,150,525
|
|
Other
revenues
|
7,249
|
|
|
7,334
|
|
Total
revenues
|
1,202,059
|
|
|
1,157,859
|
|
Costs and
expenses
|
|
|
|
Cost of
sales
|
387,468
|
|
|
373,614
|
|
Labor and other
related
|
323,986
|
|
|
311,418
|
|
Other restaurant
operating
|
264,038
|
|
|
256,518
|
|
Depreciation and
amortization
|
46,486
|
|
|
46,165
|
|
General and
administrative
|
73,247
|
|
|
74,054
|
|
Provision for
impaired assets and restaurant closings
|
9,133
|
|
|
6,064
|
|
Total costs and
expenses
|
1,104,358
|
|
|
1,067,833
|
|
Income from
operations
|
97,701
|
|
|
90,026
|
|
Other expense,
net
|
(1,147)
|
|
|
(164)
|
|
Interest expense,
net
|
(13,198)
|
|
|
(16,598)
|
|
Income before
provision for income taxes
|
83,356
|
|
|
73,264
|
|
Provision for income
taxes
|
21,274
|
|
|
18,164
|
|
Net income
|
62,082
|
|
|
55,100
|
|
Less: net income
attributable to noncontrolling interests
|
1,494
|
|
|
1,367
|
|
Net income
attributable to Bloomin' Brands
|
$
|
60,588
|
|
|
$
|
53,733
|
|
|
|
|
|
Net income
|
$
|
62,082
|
|
|
$
|
55,100
|
|
Other comprehensive
income:
|
|
|
|
Foreign currency
translation adjustment
|
(25,462)
|
|
|
(5,365)
|
|
Unrealized losses on
derivatives, net of tax
|
(4,012)
|
|
|
—
|
|
Comprehensive
income
|
32,608
|
|
|
49,735
|
|
Less: comprehensive
income attributable to noncontrolling interests
|
1,494
|
|
|
1,367
|
|
Comprehensive income
attributable to Bloomin' Brands
|
$
|
31,114
|
|
|
$
|
48,368
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
|
0.48
|
|
|
$
|
0.43
|
|
Diluted
|
$
|
0.47
|
|
|
$
|
0.42
|
|
Weighted average
common shares outstanding:
|
|
|
|
Basic
|
125,302
|
|
|
124,542
|
|
Diluted
|
128,759
|
|
|
127,851
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.06
|
|
|
$
|
—
|
|
TABLE
TWO
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESULTS
|
(UNAUDITED)
|
(dollars in
thousands)
|
THIRTEEN WEEKS
ENDED
|
U.S.
Segment
|
MARCH 29,
2015
|
|
MARCH 30,
2014
|
Revenues
|
|
|
|
Restaurant
Sales
|
$
|
1,056,104
|
|
|
$
|
1,004,875
|
|
Other
Revenues
|
5,910
|
|
|
5,751
|
|
Total
revenues
|
$
|
1,062,014
|
|
|
$
|
1,010,626
|
|
Restaurant-level
operating margin
|
17.9
|
%
|
|
17.4
|
%
|
Income from
operations
|
$
|
127,408
|
|
|
$
|
106,901
|
|
Operating income
margin
|
12.0
|
%
|
|
10.6
|
%
|
International
Segment
|
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
138,706
|
|
|
$
|
145,650
|
|
Other
revenues
|
1,339
|
|
|
1,583
|
|
Total
revenues
|
$
|
140,045
|
|
|
$
|
147,233
|
|
Restaurant-level
operating margin
|
21.7
|
%
|
|
20.0
|
%
|
Income from
operations
|
$
|
8,879
|
|
|
$
|
16,225
|
|
Operating income
margin
|
6.3
|
%
|
|
11.0
|
%
|
Reconciliation of
Segment Income from Operations to Consolidated Income from
Operations
|
|
|
|
Segment income from
operations
|
|
|
|
U.S.
|
$
|
127,408
|
|
|
$
|
106,901
|
|
International
|
8,879
|
|
|
16,225
|
|
Total segment income
from operations
|
136,287
|
|
|
123,126
|
|
Unallocated corporate
operating expense - Cost of sales, Labor and other related and
Other restaurant operating
|
(288)
|
|
|
4,594
|
|
Unallocated corporate
operating expense - Depreciation and amortization and General and
administrative
|
(38,298)
|
|
|
(37,694)
|
|
Unallocated corporate
operating expense
|
(38,586)
|
|
|
(33,100)
|
|
Total income from
operations
|
$
|
97,701
|
|
|
$
|
90,026
|
|
TABLE
THREE
|
BLOOMIN' BRANDS,
INC.
|
SUPPLEMENTAL
BALANCE SHEET INFORMATION
|
(UNAUDITED)
|
(dollars in
thousands)
|
MARCH 29,
2015
|
|
DECEMBER 28,
2014
|
Cash and cash
equivalents (1)
|
$
|
135,648
|
|
|
$
|
165,744
|
|
Net working capital
(deficit) (2)
|
$
|
(251,128)
|
|
|
$
|
(239,559)
|
|
Total
assets
|
$
|
3,198,644
|
|
|
$
|
3,344,286
|
|
Total debt,
net
|
$
|
1,311,310
|
|
|
$
|
1,315,843
|
|
Total stockholders'
equity
|
$
|
518,847
|
|
|
$
|
556,449
|
|
_________________
|
|
(1) Excludes
restricted cash.
|
(2) The Company has,
and in the future may continue to have, negative working capital
balances (as is common for many restaurant companies). The Company
operates successfully with negative working capital because cash
collected on Restaurant sales is typically received before payment
is due on its current liabilities and its inventory turnover rates
require relatively low investment in inventories. Additionally,
ongoing cash flows from restaurant operations and gift card sales
are used to service debt obligations and to make capital
expenditures.
|
TABLE
FOUR
|
BLOOMIN' BRANDS,
INC.
|
RESTAURANT-LEVEL
OPERATING MARGIN NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE
IN
ADJUSTED
|
|
MARCH 29,
2015
|
|
MARCH 30,
2014
|
|
|
U.S.
GAAP
|
|
ADJUSTED
(1)
|
|
U.S.
GAAP
|
|
ADJUSTED
(2)
|
|
QUARTER TO
DATE
|
Restaurant
sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
32.4
|
%
|
|
32.4
|
%
|
|
32.5
|
%
|
|
32.5
|
%
|
|
0.1
|
%
|
Labor and other
related
|
27.1
|
%
|
|
27.1
|
%
|
|
27.1
|
%
|
|
27.1
|
%
|
|
—
|
%
|
Other restaurant
operating
|
22.1
|
%
|
|
22.1
|
%
|
|
22.3
|
%
|
|
22.5
|
%
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin
|
18.4
|
%
|
|
18.3
|
%
|
|
18.2
|
%
|
|
18.0
|
%
|
|
0.3
|
%
|
_________________
|
|
(1) Includes
adjustments of $0.2 million of expenses from the International
Restaurant Closure Initiative, partially offset by $0.1 million of
non-cash intangible amortization recorded as a result of the
acquisition of our Brazil operations. All adjustments were recorded
in Other restaurant operating.
|
(2) Includes
adjustments related to the write-off of deferred rent liabilities
of $2.1 million associated with the Domestic Restaurant Closure
Initiative, partially offset by $0.1 million of non-cash intangible
amortization recorded as a result of the acquisition of our Brazil
operations. All adjustments were recorded in Other restaurant
operating.
|
TABLE
FIVE
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESTAURANT-LEVEL OPERATING MARGIN NON-GAAP
RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE
IN
ADJUSTED
|
|
MARCH 29,
2015
|
|
MARCH 30,
2014
|
|
|
U.S.
GAAP
|
|
ADJUSTED
|
|
U.S.
GAAP
|
|
ADJUSTED
|
|
QUARTER TO
DATE
|
U.S. (1)
|
17.9
|
%
|
|
17.9
|
%
|
|
17.4
|
%
|
|
17.2
|
%
|
|
0.7
|
%
|
International
(2)
|
21.7
|
%
|
|
21.7
|
%
|
|
20.0
|
%
|
|
20.1
|
%
|
|
1.6
|
%
|
_________________
|
|
(1) The thirteen
weeks ended March 30, 2014 includes adjustments for the write-off
of $2.1 million of deferred rent liabilities associated with the
Domestic Restaurant Closure Initiative.
|
(2) The thirteen
weeks ended March 30, 2014 includes an adjustment of $0.1 million
of non-cash intangible amortization recorded as a result of the
acquisition of our Brazil operations.
|
TABLE
SIX
|
BLOOMIN' BRANDS,
INC.
|
INCOME FROM
OPERATIONS, NET INCOME AND DILUTED EARNINGS PER SHARE NON-GAAP
RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
(in thousands,
except per share data)
|
MARCH 29,
2015
|
|
MARCH 30,
2014
|
Income from
operations
|
$
|
97,701
|
|
|
$
|
90,026
|
|
Operating income
margin
|
8.1
|
%
|
|
7.8
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (1)
|
8,870
|
|
|
4,929
|
|
Purchased intangibles
amortization (2)
|
1,283
|
|
|
1,458
|
|
Restaurant
relocations and related costs (3)
|
1,169
|
|
|
—
|
|
Transaction-related
expenses (4)
|
275
|
|
|
1,118
|
|
Total income from
operations adjustments
|
11,597
|
|
|
7,505
|
|
Adjusted income from
operations
|
$
|
109,298
|
|
|
$
|
97,531
|
|
Adjusted operating
income margin
|
9.1
|
%
|
|
8.4
|
%
|
|
|
|
|
Net income
attributable to Bloomin' Brands
|
$
|
60,588
|
|
|
$
|
53,733
|
|
Adjustments:
|
|
|
|
Income from
operations adjustments
|
11,597
|
|
|
7,505
|
|
Loss on disposal of
business (5)
|
1,151
|
|
|
—
|
|
Total adjustments,
before income taxes
|
12,748
|
|
|
7,505
|
|
Adjustment to
provision for income taxes (6)
|
(3,627)
|
|
|
(2,695)
|
|
Net
adjustments
|
9,121
|
|
|
4,810
|
|
Adjusted net
income
|
$
|
69,709
|
|
|
$
|
58,543
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.47
|
|
|
$
|
0.42
|
|
Adjusted diluted
earnings per share
|
$
|
0.54
|
|
|
$
|
0.46
|
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
128,759
|
|
|
127,851
|
|
_________________
|
|
(1) Represents
expenses incurred in the thirteen weeks ended March 29, 2015 for
the International and Domestic Restaurant Closure Initiatives and
expenses incurred for the Domestic Restaurant Closure Initiative
during the thirteen weeks ended March 30, 2014.
|
(2) Represents
non-cash intangible amortization recorded as a result of the
acquisition of our Brazil operations.
|
(3) Represents asset
impairment charges and accelerated depreciation incurred in
connection with the Company's relocation program.
|
(4) Relates primarily
to costs incurred with the secondary offering of our common stock
in March 2015 and March 2014, respectively, and other transaction
costs.
|
(5) Represents loss
on sale of the Roy's business.
|
(6) Income tax effect
of adjustments for the thirteen weeks ended March 29, 2015 and
March 30, 2014, respectively, are calculated based on the statutory
rate applicable to jurisdictions in which the above non-GAAP
adjustments relate.
|
Following is a summary of the financial statement line item
classification of the net income adjustments in the Consolidated
Statements of Operations and Comprehensive Income:
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands)
|
MARCH 29,
2015
|
|
MARCH 30,
2014
|
Other restaurant
operating expense
|
$
|
(136)
|
|
$
|
(1,983)
|
Depreciation and
amortization
|
1,266
|
|
1,363
|
General and
administrative
|
1,602
|
|
2,153
|
Provision for
impaired assets and restaurant closings
|
8,865
|
|
5,972
|
Other expense,
net
|
1,151
|
|
—
|
Provision for income
taxes
|
(3,627)
|
|
(2,695)
|
Net
adjustments
|
$
|
9,121
|
|
$
|
4,810
|
TABLE
SEVEN
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT INCOME
FROM OPERATIONS NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
U.S.
Segment
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands)
|
MARCH 29,
2015
|
|
MARCH 30,
2014
|
Income from
operations
|
$
|
127,408
|
|
|
$
|
106,901
|
|
Operating income
margin
|
12.0
|
%
|
|
10.6
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (1)
|
1,336
|
|
|
4,929
|
|
Restaurant
relocations and related costs (2)
|
1,169
|
|
|
—
|
|
Adjusted income from
operations
|
$
|
129,913
|
|
|
$
|
111,830
|
|
Adjusted operating
income margin
|
12.2
|
%
|
|
11.1
|
%
|
|
|
|
|
International
Segment
|
|
|
|
(dollars in
thousands)
|
|
|
|
Income from
operations
|
$
|
8,879
|
|
|
$
|
16,225
|
|
Operating income
margin
|
6.3
|
%
|
|
11.0
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (3)
|
7,534
|
|
|
—
|
|
Purchased intangibles
amortization (4)
|
1,283
|
|
|
1,458
|
|
Adjusted income from
operations
|
$
|
17,696
|
|
|
$
|
17,683
|
|
Adjusted operating
income margin
|
12.6
|
%
|
|
12.0
|
%
|
_________________
|
|
(1) Represents
expenses incurred for the Domestic Restaurant Closure
Initiative.
|
(2) Represents asset
impairment charges and accelerated depreciation incurred in
connection with the Company's relocation program.
|
(3) Represents
expenses incurred for the International Restaurant Closure
Initiative.
|
(4) Represents
non-cash intangible amortization recorded as a result of the
acquisition of our Brazil operations.
|
TABLE
EIGHT
|
BLOOMIN' BRANDS,
INC.
|
COMPARATIVE STORE
INFORMATION
|
|
MARCH
29,
|
|
MARCH
30,
|
|
2015
|
|
2014
|
Number of restaurants
(at end of the period):
|
|
|
|
U.S.
|
|
|
|
Outback
Steakhouse
|
|
|
|
Company-owned
|
649
|
|
650
|
Franchised
|
105
|
|
104
|
Total
|
754
|
|
754
|
Carrabba's Italian
Grill
|
|
|
|
Company-owned
|
244
|
|
240
|
Franchised
|
2
|
|
1
|
Total
|
246
|
|
241
|
Bonefish
Grill
|
|
|
|
Company-owned
|
204
|
|
192
|
Franchised
|
5
|
|
5
|
Total
|
209
|
|
197
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
|
|
Company-owned
|
66
|
|
66
|
Roy's (1)
|
|
|
|
Company-owned
|
—
|
|
20
|
International
|
|
|
|
Outback
Steakhouse
|
|
|
|
Company-owned - South
Korea
|
75
|
|
108
|
Company-owned -
Brazil (2)
|
64
|
|
51
|
Company-owned -
Other
|
10
|
|
12
|
Franchised
|
57
|
|
51
|
Total
|
206
|
|
222
|
System-wide
total
|
1,481
|
|
1,500
|
____________________
|
|
(1) On January 26,
2015, we sold our Roy's concept.
|
(2) The restaurant
counts for Brazil are reported as of February 2015 and 2014,
respectively, to correspond with the balance sheet dates of this
subsidiary.
|
TABLE
NINE
|
BLOOMIN' BRANDS,
INC.
|
SELECTED SEGMENT
INFORMATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL
YEAR
|
|
MARCH
30,
|
|
JUNE
29,
|
|
SEPTEMBER
28,
|
|
DECEMBER
28,
|
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
Selected Operating
Data:
|
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales
(restaurants open
18 months or more) (1):
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
South Korea
|
(18.8)
|
%
|
|
(14.3)
|
%
|
|
(21.4)
|
%
|
|
(15.8)
|
%
|
|
(17.7)
|
%
|
Outback Steakhouse -
Brazil (2)
|
6.8
|
%
|
|
12.2
|
%
|
|
8.9
|
%
|
|
4.2
|
%
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Menu price
(decreases) increases (3):
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
South Korea
|
(0.1)
|
%
|
|
0.9
|
%
|
|
1.9
|
%
|
|
1.9
|
%
|
|
1.1
|
%
|
Outback Steakhouse -
Brazil
|
6.6
|
%
|
|
7.8
|
%
|
|
7.3
|
%
|
|
6.8
|
%
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Average restaurant
unit volumes (weekly):
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
South Korea (4)
|
$
|
48,102
|
|
|
$
|
40,523
|
|
|
$
|
42,330
|
|
|
$
|
43,528
|
|
|
$
|
43,621
|
|
Outback Steakhouse -
Brazil (5)
|
$
|
111,261
|
|
|
$
|
112,479
|
|
|
$
|
110,982
|
|
|
$
|
100,645
|
|
|
$
|
108,527
|
|
|
|
|
|
|
|
|
|
|
|
Operating
weeks:
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
South Korea
|
1,386
|
|
|
1,387
|
|
|
1,385
|
|
|
1,316
|
|
|
5,474
|
|
Outback Steakhouse -
Brazil
|
638
|
|
|
692
|
|
|
732
|
|
|
797
|
|
|
2,859
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Data (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
1,004,875
|
|
|
$
|
961,608
|
|
|
$
|
910,482
|
|
|
$
|
955,408
|
|
|
$
|
3,832,373
|
|
Other
revenues
|
5,751
|
|
|
5,435
|
|
|
4,953
|
|
|
5,767
|
|
|
21,906
|
|
Total
revenues
|
$
|
1,010,626
|
|
|
$
|
967,043
|
|
|
$
|
915,435
|
|
|
$
|
961,175
|
|
|
$
|
3,854,279
|
|
Restaurant-level
operating margin
|
17.4
|
%
|
|
15.2
|
%
|
|
13.5
|
%
|
|
15.4
|
%
|
|
15.4
|
%
|
Income from
operations
|
$
|
106,901
|
|
|
$
|
81,268
|
|
|
$
|
54,734
|
|
|
77,658
|
|
|
$
|
320,561
|
|
Operating income
margin
|
10.6
|
%
|
|
8.4
|
%
|
|
6.0
|
%
|
|
8.1
|
%
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
145,650
|
|
|
$
|
142,829
|
|
|
$
|
148,735
|
|
|
$
|
146,196
|
|
|
$
|
583,410
|
|
Other
revenues
|
1,583
|
|
|
1,040
|
|
|
1,284
|
|
|
1,115
|
|
|
5,022
|
|
Total
revenues
|
$
|
147,233
|
|
|
$
|
143,869
|
|
|
$
|
150,019
|
|
|
$
|
147,311
|
|
|
$
|
588,432
|
|
Restaurant-level
operating margin
|
20.0
|
%
|
|
17.2
|
%
|
|
16.6
|
%
|
|
20.0
|
%
|
|
18.4
|
%
|
Income (loss) from
operations
|
$
|
16,225
|
|
|
$
|
8,282
|
|
|
$
|
(2,968)
|
|
|
$
|
3,481
|
|
|
$
|
25,020
|
|
Operating income
(loss) margin
|
11.0
|
%
|
|
5.8
|
%
|
|
(2.0)
|
%
|
|
2.4
|
%
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment income (loss)
from operations
|
|
|
|
|
|
|
|
|
|
U.S.
|
$
|
106,901
|
|
|
$
|
81,268
|
|
|
$
|
54,734
|
|
|
$
|
77,658
|
|
|
$
|
320,561
|
|
International
|
16,225
|
|
|
8,282
|
|
|
(2,968)
|
|
|
3,481
|
|
|
25,020
|
|
Total segment income
from operations
|
$
|
123,126
|
|
|
$
|
89,550
|
|
|
$
|
51,766
|
|
|
$
|
81,139
|
|
|
$
|
345,581
|
|
Unallocated corporate
operating expense - Cost of sales, Labor and other related and
Other restaurant operating
|
4,594
|
|
|
6,728
|
|
|
(1,641)
|
|
|
4,770
|
|
|
14,451
|
|
Unallocated corporate
operating expense - Depreciation and amortization, General and
administrative and Provision for impaired assets and restaurant
closings
|
(37,694)
|
|
|
(33,887)
|
|
|
(51,246)
|
|
|
(45,241)
|
|
|
(168,068)
|
|
Total unallocated
corporate operating expense
|
(33,100)
|
|
|
(27,159)
|
|
|
(52,887)
|
|
|
(40,471)
|
|
|
(153,617)
|
|
Total income (loss)
from operations
|
$
|
90,026
|
|
|
$
|
62,391
|
|
|
$
|
(1,121)
|
|
|
$
|
40,668
|
|
|
$
|
191,964
|
|
____________________
|
|
(1) Comparable
restaurant sales exclude the effect of fluctuations in foreign
currency rates. Relocated international restaurants closed more
than 30 days and relocated U.S. restaurants closed more than 60
days are excluded from comparable restaurant sales until at least
18 months after reopening.
|
(2) Prior to November
1, 2013, sales from the acquired restaurants in Brazil were
reported as income from unconsolidated joint ventures. Subsequent
to November 1, 2013, the sales of these restaurants are reported as
Company-owned. Calculation of comparable restaurant sales and
general menu price increases for company-owned operations in Brazil
include all restaurants that were open at least 18 months at the
beginning of each respective period. Brazil results are reported on
a one-month calendar lag.
|
(3) The stated menu
price changes exclude the impact of product mix shifts to new menu
offerings.
|
(4) Translated at an
average exchange rate of 1,069.41, 1,028.98, 1,025.85 and 1,088.53
for the thirteen weeks ended March 30, 2014, June 29, 2014,
September 28, 2014 and December 28, 2014, respectively. Translated
at an average exchange rate of 1,053.78 for the fiscal year ended
December 28, 2014.
|
(5) Translated at an
average exchange rate of 2.37, 2.26, 2.24 and 2.45 for the thirteen
weeks ended March 30, 2014, June 29, 2014, September 28, 2014 and
December 28, 2014, respectively. Translated at an average exchange
rate of 2.33 for the fiscal year ended December 28,
2014.
|
TABLE
TEN
|
BLOOMIN' BRANDS,
INC.
|
SELECTED SEGMENT
INFORMATION - NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
|
|
MARCH
30,
|
|
JUNE
29,
|
|
SEPTEMBER
28,
|
|
DECEMBER
28,
|
|
FISCAL
YEAR
|
(dollars in
thousands)
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
Reconciliation of
adjusted income from operations:
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
106,901
|
|
|
$
|
81,268
|
|
|
$
|
54,734
|
|
|
$
|
77,658
|
|
|
$
|
320,561
|
|
Operating income
margin
|
10.6
|
%
|
|
8.4
|
%
|
|
6.0
|
%
|
|
8.1
|
%
|
|
8.3
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Restaurant
impairments and closing costs (1)
|
4,929
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,929
|
|
Asset impairments and
related costs (2)
|
—
|
|
|
—
|
|
|
6,112
|
|
|
7,396
|
|
|
13,508
|
|
Restaurant
relocations and related costs (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
249
|
|
|
249
|
|
Adjusted income from
operations
|
$
|
111,830
|
|
|
$
|
81,268
|
|
|
$
|
60,846
|
|
|
$
|
85,303
|
|
|
$
|
339,247
|
|
Adjusted operating
income margin
|
11.1
|
%
|
|
8.4
|
%
|
|
6.6
|
%
|
|
8.9
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
$
|
16,225
|
|
|
$
|
8,282
|
|
|
$
|
(2,968)
|
|
|
$
|
3,481
|
|
|
$
|
25,020
|
|
Operating income
margin
|
11.0
|
%
|
|
5.8
|
%
|
|
(2.0)
|
%
|
|
2.4
|
%
|
|
4.3
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Purchased intangibles
amortization (4)
|
1,458
|
|
|
1,532
|
|
|
1,545
|
|
|
1,417
|
|
|
5,952
|
|
Restaurant
impairments and closing costs (5)
|
—
|
|
|
—
|
|
|
11,573
|
|
|
10,339
|
|
|
21,912
|
|
Adjusted income from
operations
|
$
|
17,683
|
|
|
$
|
9,814
|
|
|
$
|
10,150
|
|
|
$
|
15,237
|
|
|
$
|
52,884
|
|
Adjusted operating
income margin
|
12.0
|
%
|
|
6.8
|
%
|
|
6.8
|
%
|
|
10.3
|
%
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Unallocated
corporate operating expense
|
$
|
(33,100)
|
|
|
$
|
(27,159)
|
|
|
$
|
(52,887)
|
|
|
$
|
(40,471)
|
|
|
$
|
(153,617)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Transaction-related
expenses (6)
|
1,118
|
|
|
—
|
|
|
—
|
|
|
229
|
|
|
1,347
|
|
Severance
(7)
|
—
|
|
|
—
|
|
|
5,362
|
|
|
3,683
|
|
|
9,045
|
|
Asset impairments and
related costs (8)
|
—
|
|
|
—
|
|
|
10,840
|
|
|
142
|
|
|
10,982
|
|
Legal
settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,070)
|
|
|
(6,070)
|
|
Adjusted unallocated
corporate operating expense
|
$
|
(31,982)
|
|
|
$
|
(27,159)
|
|
|
$
|
(36,685)
|
|
|
$
|
(42,487)
|
|
|
$
|
(138,313)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment line
item classifications:
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
Other restaurant
operating expense
|
$
|
(2,078)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2,078)
|
|
Depreciation and
amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
249
|
|
|
249
|
|
General and
administrative
|
1,035
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,035
|
|
Provision for
impaired assets and restaurant closings
|
5,972
|
|
|
—
|
|
|
6,112
|
|
|
7,396
|
|
|
19,480
|
|
|
$
|
4,929
|
|
|
$
|
—
|
|
|
$
|
6,112
|
|
|
$
|
7,645
|
|
|
$
|
18,686
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
Other restaurant
operating expense
|
$
|
95
|
|
|
$
|
100
|
|
|
$
|
101
|
|
|
$
|
(741)
|
|
|
$
|
(445)
|
|
Depreciation and
amortization
|
1,363
|
|
|
1,432
|
|
|
1,444
|
|
|
1,324
|
|
|
5,563
|
|
General and
administrative
|
—
|
|
|
—
|
|
|
—
|
|
|
2,855
|
|
|
2,855
|
|
Provision for
impaired assets and restaurant closings
|
—
|
|
|
—
|
|
|
11,573
|
|
|
8,318
|
|
|
19,891
|
|
|
$
|
1,458
|
|
|
$
|
1,532
|
|
|
$
|
13,118
|
|
|
$
|
11,756
|
|
|
$
|
27,864
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
corporate operating expense
|
|
|
|
|
|
|
|
|
|
Other restaurant
operating expense
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(6,070)
|
|
|
$
|
(6,070)
|
|
General and
administrative
|
1,118
|
|
|
—
|
|
|
5,726
|
|
|
4,216
|
|
|
11,060
|
|
Provision for
impaired assets and restaurant closings
|
—
|
|
|
—
|
|
|
10,476
|
|
|
(162)
|
|
|
10,314
|
|
|
$
|
1,118
|
|
|
$
|
—
|
|
|
$
|
16,202
|
|
|
$
|
(2,016)
|
|
|
$
|
15,304
|
|
_________________
|
|
(1) Represents
impairments and expenses incurred for the Domestic Restaurant
Closure Initiative.
|
(2) Represents asset
impairment charges and related costs associated with our decision
to sell the Roy's business.
|
(3) Represents
accelerated depreciation incurred in connection with the Company's
relocation program.
|
(4) Represents
non-cash intangible amortization recorded as a result of the
acquisition of our Brazil operations.
|
(5) Represents
impairments and expenses incurred for the International Restaurant
Closure Initiative.
|
(6)
Transaction-related expenses primarily relate to secondary
offerings of our common stock completed in November 2014 and March
2014, the refinancing of the Senior Secured Credit Facility in May
2014, and other transaction costs.
|
(7) Relates to
severance incurred as a result of our organizational
realignment.
|
(8) Represents asset
impairment charges and related costs associated with our decision
to sell corporate aircraft.
|
TABLE
ELEVEN
|
BLOOMIN' BRANDS,
INC.
|
SELECTED SEGMENT
INFORMATION - NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL
YEAR
ENDED
|
|
MARCH 30,
2014
|
|
JUNE 29,
2014
|
|
SEPTEMBER 28,
2014
|
|
DECEMBER 28,
2014
|
|
DECEMBER 28,
2014
|
Restaurant-level
operating margin:
|
U.S
GAAP
|
|
ADJUSTED
|
|
U.S
GAAP
|
|
ADJUSTED
|
|
U.S
GAAP
|
|
ADJUSTED
|
|
U.S
GAAP
|
|
ADJUSTED
|
|
U.S
GAAP
|
|
ADJUSTED
|
U.S. (1)
|
17.4
|
%
|
|
17.2
|
%
|
|
15.2
|
%
|
|
15.2
|
%
|
|
13.5
|
%
|
|
13.5
|
%
|
|
15.4
|
%
|
|
15.4
|
%
|
|
15.4
|
%
|
|
15.4
|
%
|
International
(2)
|
20.0
|
%
|
|
20.1
|
%
|
|
17.2
|
%
|
|
17.3
|
%
|
|
16.6
|
%
|
|
16.6
|
%
|
|
20.0
|
%
|
|
19.5
|
%
|
|
18.4
|
%
|
|
18.4
|
%
|
_________________
|
|
(1) Includes
adjustments for the write-off of $2.1 million of deferred rent
liabilities associated with the Domestic Restaurant Closure
Initiative for the thirteen weeks ended March 30, 2014 and fiscal
year ended December 28, 2014.
|
(2) Includes: (i) an
adjustment of $0.1 million for each thirteen week period presented
for non-cash intangible amortization recorded as a result of the
acquisition of our Brazil operations and (ii) the write-off of $0.8
million of deferred rent liabilities associated with the
International Restaurant Closure Initiative for the thirteen weeks
and fiscal year ended December 28, 2014.
|
CONTACT:
Chris Meyer
Group Vice President, IR & Finance
(813) 830-5311
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bloomin-brands-announces-2015-first-quarter-adjusted-diluted-eps-of-054-and-diluted-eps-of-047-300077363.html
SOURCE Bloomin' Brands, Inc.