TAMPA, Fla., April 26,
2016 /PRNewswire/ -- Bloomin' Brands, Inc. (Nasdaq: BLMN) today
reported results for the first quarter ("Q1 2016") ended
March 27, 2016 compared to the first quarter ("Q1 2015") ended
March 29, 2015.
Key highlights for Q1 2016 include the following:
- The Company repurchased approximately 4.4 million shares of
common stock for a total of $75.0
million;
- Comparable sales for Company-owned U.S. concepts declined
1.5%;
- Comparable sales for Outback Steakhouse in Brazil increased 8.8%; and
- Added eight new restaurants, including six in international
markets
Subsequent to Q1 2016, the Company entered into a
sale-leaseback transaction in which it sold 41 restaurant
properties for gross proceeds of $141.4
million.
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.
|
Q1
|
|
|
|
2016
|
|
2015
|
|
CHANGE
|
Adjusted diluted
earnings per share
|
$
|
0.47
|
|
|
$
|
0.54
|
|
|
$
|
(0.07)
|
|
Adjustments
|
(0.18)
|
|
|
(0.07)
|
|
|
(0.11)
|
|
Diluted earnings per
share
|
$
|
0.29
|
|
|
$
|
0.47
|
|
|
$
|
(0.18)
|
|
|
|
|
|
|
|
____________________
See Non-GAAP Measures
later in this release.
|
CEO Comments
"Our first quarter earnings were in line with our expectations,"
said Liz Smith, CEO. "As we
indicated in February, we expect our performance to strengthen in
the back half of the year. This cadence was contemplated in
our annual guidance and is driven by the timing of investments and
their related benefits, lapping a very strong first half in 2015
and the pacing of foreign currency impact."
Smith continued, "In addition, we repurchased $75.0 million worth of stock in the first
quarter. This was enabled by our strong free cash flow and
the great progress we are making in our efforts to sell our owned
real estate. We will continue to explore additional opportunities
within our portfolio to maximize shareholder value."
First Quarter Financial Results
(dollars in
millions)
|
Q1
2016
|
|
Q1
2015
|
|
%
Change
|
Total
revenues
|
$
|
1,164.2
|
|
|
$
|
1,202.1
|
|
|
(3.2)
|
%
|
|
|
|
|
|
|
Adjusted
restaurant-level operating margin
|
17.7
|
%
|
|
18.3
|
%
|
|
(0.6)
|
%
|
U.S. GAAP
restaurant-level operating margin
|
17.8
|
%
|
|
18.4
|
%
|
|
(0.6)
|
%
|
|
|
|
|
|
|
Adjusted operating
income margin
|
7.9
|
%
|
|
9.1
|
%
|
|
(1.2)
|
%
|
U.S. GAAP operating
income margin
|
7.4
|
%
|
|
8.1
|
%
|
|
(0.7)
|
%
|
- The decrease in Total revenues was primarily due to the effect
of foreign currency translation and lower comparable restaurant
sales, partially offset by the net benefit of new restaurant
openings and closings.
- The decreases in Adjusted and U.S. GAAP restaurant-level
operating margin were primarily due to wage inflation and
unfavorable product mix. These decreases were partially offset by
productivity savings and menu pricing.
- The decrease in Adjusted operating income margin was due to
lower restaurant-level operating margin as described above and
higher expense associated with the timing of the Company's annual
managing partner conference, partially offset by lower deferred
compensation expenses and a reduction in professional fees.
- The differences between Adjusted and U.S. GAAP operating income
margin were primarily due to restaurant closing costs related to
our Bonefish Restructuring in 2016 and our International Restaurant
Closure Initiative in 2015.
First Quarter Comparable Restaurant Sales
THIRTEEN WEEKS
ENDED MARCH 27, 2016
|
|
COMPANY-
OWNED
|
Comparable restaurant
sales (stores open 18 months or more) (1) (2):
|
|
|
U.S.
|
|
|
Outback
Steakhouse
|
|
(1.3)
|
%
|
Carrabba's Italian
Grill
|
|
(2.0)
|
%
|
Bonefish
Grill
|
|
(2.7)
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
1.3
|
%
|
Combined
U.S.
|
|
(1.5)
|
%
|
|
|
|
International
|
|
|
Outback Steakhouse -
Brazil
|
|
8.8
|
%
|
Outback Steakhouse -
South Korea
|
|
(5.6)
|
%
|
_________________
(1)
|
Comparable restaurant
sales exclude the effect of fluctuations in foreign currency
rates.
|
(2)
|
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
2016
|
|
Q1
2015
|
|
%
Change
|
U.S.
|
|
|
|
|
|
Total
revenues
|
$
|
1,043.8
|
|
|
$
|
1,062.0
|
|
|
(1.7)
|
%
|
|
|
|
|
|
|
Adjusted
restaurant-level operating margin (1)
|
17.1
|
%
|
|
18.0
|
%
|
|
(0.9)
|
%
|
U.S. GAAP
restaurant-level operating margin (1)
|
17.3
|
%
|
|
18.0
|
%
|
|
(0.7)
|
%
|
|
|
|
|
|
|
Adjusted operating
income margin (1)
|
11.6
|
%
|
|
12.3
|
%
|
|
(0.7)
|
%
|
U.S. GAAP operating
income margin (1)
|
11.3
|
%
|
|
12.1
|
%
|
|
(0.8)
|
%
|
_________________
(1)
|
During the first
quarter of 2016, we recast our segment reporting. See the "Segment
Recast" discussion below for additional details.
|
- The decrease in Total revenues was primarily due to lower
comparable restaurant sales.
- The decreases in Adjusted and U.S. GAAP restaurant-level
operating margin were primarily due to wage inflation and
unfavorable product mix. These increases were partially offset by
productivity savings and menu pricing.
- The decrease in Adjusted operating income margin was due to
lower restaurant-level operating margin as described above
partially offset by lower deferred compensation expenses and a
reduction in professional fees.
- The differences between Adjusted and U.S. GAAP operating income
margin were primarily due to restaurant closing costs related to
our Bonefish Restructuring in 2016 and our Domestic Restaurant
Closure Initiative in 2015.
International Segment Operating Results
(dollars in
millions)
|
Q1
2016
|
|
Q1
2015
|
|
%
Change
|
International
|
|
|
|
|
|
Total
revenues
|
$
|
120.4
|
|
|
$
|
140.0
|
|
|
(14.0)
|
%
|
|
|
|
|
|
|
Adjusted
restaurant-level operating margin
|
19.5
|
%
|
|
21.7
|
%
|
|
(2.2)
|
%
|
U.S. GAAP
restaurant-level operating margin
|
19.5
|
%
|
|
21.7
|
%
|
|
(2.2)
|
%
|
|
|
|
|
|
|
Adjusted operating
income margin
|
9.8
|
%
|
|
12.6
|
%
|
|
(2.8)
|
%
|
U.S. GAAP operating
income margin
|
9.4
|
%
|
|
6.3
|
%
|
|
3.1
|
%
|
- The decrease in Total revenues is primarily due to $36.3 million of foreign currency translation,
partially offset by new restaurant openings and higher comparable
restaurant sales.
- The decreases in Adjusted and U.S. GAAP restaurant-level
operating margin were primarily due to higher commodity inflation,
wage inflation and advertising expense partially offset by menu
pricing, productivity savings and higher average unit volumes.
- The decrease in Adjusted operating income margin was primarily
due to the change in restaurant-level operating margin and higher
depreciation and amortization expense.
- The increase in U.S. GAAP operating income margin was driven by
the lapping of expenses related to our International Restaurant
Closure Initiative.
- Foreign currency translation negatively impacted adjusted
operating income by $4.2
million.
System-wide Development
The following summarizes the Company's system-wide development
for the thirteen weeks ended March 27, 2016:
|
DECEMBER 27,
2015
|
|
OPENINGS
|
|
CLOSURES
|
|
MARCH 27,
2016
|
U.S.:
|
|
|
|
|
|
|
|
Outback
Steakhouse—Company-owned
|
650
|
|
|
—
|
|
|
(1)
|
|
|
649
|
|
Bonefish
Grill—Company-owned
|
210
|
|
|
1
|
|
|
(6)
|
|
|
205
|
|
Bonefish
Grill—Franchised
|
5
|
|
|
1
|
|
|
—
|
|
|
6
|
|
|
|
|
|
|
|
|
|
International:
|
|
|
|
|
|
|
|
Company-owned
|
|
|
|
|
|
|
|
Outback
Steakhouse—Brazil
|
75
|
|
|
2
|
|
|
(1)
|
|
|
76
|
|
Outback
Steakhouse—South Korea
|
75
|
|
|
2
|
|
|
(3)
|
|
|
74
|
|
Other
|
16
|
|
|
1
|
|
|
—
|
|
|
17
|
|
Franchised
|
58
|
|
|
1
|
|
|
(2)
|
|
|
57
|
|
System-wide
development
|
|
|
8
|
|
|
(13)
|
|
|
|
Dividend Declaration and Share Repurchases
The Company's Board of Directors declared a quarterly cash
dividend of $0.07 per share to be
paid on May 19, 2016 to all stockholders of record as of the
close of business on May 6, 2016.
The Company repurchased approximately 4.4 million shares of
common stock for a total of $75.0
million.
Sale-leaseback
Subsequent to Q1, the Company entered into a
sale-leaseback transaction with a third-party in which the
Company sold 41 restaurant properties at fair market value for
gross proceeds of $141.4
million. We used a portion of these proceeds to
pay down $87.6 million on our bridge
loan.
Fiscal 2016 Financial Outlook
We are reaffirming our full-year guidance, including positive
combined U.S. comparable sales and Adjusted diluted earnings per
share growth of at least 10% as previously communicated in our
February 17, 2016 earnings
release.
Segment Recast
Prior to 2016, certain insurance expenses were not allocated to
our concepts as these expenses were reviewed and evaluated on a
Company-wide basis and therefore, these costs were excluded from
segment restaurant-level operating margin and income from
operations. In 2016, we changed how we review and assess
insurance expenses related to our restaurants and now consider
those costs when evaluating the operating performance of our
concepts. Accordingly, we have recast all prior period segment
information to reflect this change. For reconciliations
related to the recast of prior period segment information, refer to
tables twelve, thirteen and fourteen included later in this
release.
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 margin, (ii)
Adjusted income from operations and the corresponding margin, (iii)
Adjusted net income, (iv) Adjusted diluted earnings per share, (v)
Adjusted segment restaurant-level operating margin, (vi) Adjusted
segment income from operations and the corresponding margin and
(vii) constant currency.
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 U.S. GAAP financial
measures. These metrics are not necessarily comparable to similarly
titled measures used by other companies. The use of 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, eight, thirteen
and fourteen included later in this release.
Conference Call
The Company will host a conference call today, April 26,
2016 at 9:00 AM EST. The conference
call can be accessed live over the telephone by dialing (877)
407-9039, or (201) 689-8470 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 13633819. The replay
will be available through Tuesday, May 3,
2016. 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 headings "CEO Comments," and "Fiscal 2016 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 "guidance," "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; the
cost and availability of credit; interest rate changes;
competition; consumer reaction to public health and food safety
issues; government actions and policies; increases in unemployment
rates and taxes; increases in labor costs; price and availability
of commodities; challenges associated with our expansion,
remodeling and relocation plans; interruption or breach of our
systems or loss of consumer or employee information; foreign
currency exchange rates; our ability to preserve the value of and
grow our brands; the seasonality of the Company's business;
weather, acts of God and other disasters; changes in patterns of
consumer traffic, consumer tastes and dietary habits; the
effectiveness of our strategic actions, including acquisitions and
dispositions; compliance with debt covenants and the Company's
ability to make debt payments and planned investments; and our
ability to continue to pay dividends and repurchase shares of our
common stock. 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 and subsequent
filings 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 27,
2016
|
|
MARCH 29,
2015
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
1,158,052
|
|
|
$
|
1,194,810
|
|
Other
revenues
|
6,136
|
|
|
7,249
|
|
Total
revenues
|
1,164,188
|
|
|
1,202,059
|
|
Costs and
expenses
|
|
|
|
Cost of
sales
|
375,288
|
|
|
387,468
|
|
Labor and other
related
|
322,805
|
|
|
323,986
|
|
Other restaurant
operating
|
253,571
|
|
|
264,038
|
|
Depreciation and
amortization
|
47,651
|
|
|
46,486
|
|
General and
administrative
|
75,025
|
|
|
73,247
|
|
Provision for
impaired assets and restaurant closings
|
3,164
|
|
|
9,133
|
|
Total costs and
expenses
|
1,077,504
|
|
|
1,104,358
|
|
Income from
operations
|
86,684
|
|
|
97,701
|
|
Loss on defeasance,
extinguishment and modification of debt
|
(26,580)
|
|
|
—
|
|
Other expense,
net
|
(19)
|
|
|
(1,147)
|
|
Interest expense,
net
|
(12,875)
|
|
|
(13,198)
|
|
Income before
provision for income taxes
|
47,210
|
|
|
83,356
|
|
Provision for income
taxes
|
11,327
|
|
|
21,274
|
|
Net income
|
35,883
|
|
|
62,082
|
|
Less: net income
attributable to noncontrolling interests
|
1,408
|
|
|
1,494
|
|
Net income
attributable to Bloomin' Brands
|
$
|
34,475
|
|
|
$
|
60,588
|
|
|
|
|
|
Net income
|
$
|
35,883
|
|
|
$
|
62,082
|
|
Other comprehensive
income:
|
|
|
|
Foreign currency
translation adjustment
|
(7,285)
|
|
|
(25,462)
|
|
Unrealized losses on
derivatives, net of tax
|
(2,735)
|
|
|
(4,012)
|
|
Reclassification of
adjustment for loss on derivatives included in net income, net of
tax
|
988
|
|
|
—
|
|
Comprehensive
income
|
26,851
|
|
|
32,608
|
|
Less: comprehensive
income attributable to noncontrolling interests
|
2,106
|
|
|
1,494
|
|
Comprehensive income
attributable to Bloomin' Brands
|
$
|
24,745
|
|
|
$
|
31,114
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
|
0.29
|
|
|
$
|
0.48
|
|
Diluted
|
$
|
0.29
|
|
|
$
|
0.47
|
|
Weighted average
common shares outstanding:
|
|
|
|
Basic
|
117,930
|
|
|
125,302
|
|
Diluted
|
120,776
|
|
|
128,759
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.07
|
|
|
$
|
0.06
|
|
TABLE
TWO
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESULTS
|
(UNAUDITED)
|
(dollars in
thousands)
|
THIRTEEN WEEKS
ENDED
|
U.S.
Segment
|
MARCH 27,
2016
|
|
MARCH 29,
2015
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
1,038,749
|
|
|
$
|
1,056,104
|
|
Other
revenues
|
5,030
|
|
|
5,910
|
|
Total
revenues
|
$
|
1,043,779
|
|
|
$
|
1,062,014
|
|
Restaurant-level
operating margin (1)
|
17.3
|
%
|
|
18.0
|
%
|
Income from
operations (1)
|
$
|
117,839
|
|
|
$
|
128,268
|
|
Operating income
margin (1)
|
11.3
|
%
|
|
12.1
|
%
|
International
Segment
|
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
119,303
|
|
|
$
|
138,706
|
|
Other
revenues
|
1,106
|
|
|
1,339
|
|
Total
revenues
|
$
|
120,409
|
|
|
$
|
140,045
|
|
Restaurant-level
operating margin
|
19.5
|
%
|
|
21.7
|
%
|
Income from
operations
|
$
|
11,349
|
|
|
$
|
8,879
|
|
Operating income
margin
|
9.4
|
%
|
|
6.3
|
%
|
Reconciliation of
Segment Income from Operations to Consolidated Income from
Operations
|
|
|
|
Segment income from
operations
|
|
|
|
U.S. (1)
|
$
|
117,839
|
|
|
$
|
128,268
|
|
International
|
11,349
|
|
|
8,879
|
|
Total segment income
from operations
|
129,188
|
|
|
137,147
|
|
Unallocated corporate
operating expense (1)
|
(42,504)
|
|
|
(39,446)
|
|
Total income from
operations
|
$
|
86,684
|
|
|
$
|
97,701
|
|
_________________
(1)
|
During the first
quarter of 2016, we recast our segment reporting. See the "Segment
Recast" discussion above for additional details.
|
TABLE
THREE
|
BLOOMIN' BRANDS,
INC.
|
SUPPLEMENTAL
BALANCE SHEET INFORMATION
|
(UNAUDITED)
|
(dollars in
thousands)
|
MARCH 27,
2016
|
|
DECEMBER 27,
2015
|
Cash and cash
equivalents (1)
|
$
|
128,834
|
|
|
$
|
132,337
|
|
Net working capital
(deficit) (2)
|
$
|
(502,428)
|
|
|
$
|
(395,522)
|
|
Total
assets
|
$
|
2,885,454
|
|
|
$
|
3,032,569
|
|
Total debt,
net
|
$
|
1,325,762
|
|
|
$
|
1,316,864
|
|
Total stockholders'
equity
|
$
|
367,202
|
|
|
$
|
421,900
|
|
_________________
(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 27,
2016
|
|
MARCH 29,
2015
|
|
|
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
|
%
|
|
32.4
|
%
|
|
32.4
|
%
|
|
—
|
%
|
Labor and other
related
|
27.9
|
%
|
|
27.9
|
%
|
|
27.1
|
%
|
|
27.1
|
%
|
|
(0.8)%
|
|
Other restaurant
operating
|
21.9
|
%
|
|
22.1
|
%
|
|
22.1
|
%
|
|
22.1
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin
|
17.8
|
%
|
|
17.7
|
%
|
|
18.4
|
%
|
|
18.3
|
%
|
|
(0.6)%
|
|
_________________
(1)
|
Includes adjustments
primarily for the write-off of $1.9 million of deferred rent
liabilities associated with the Bonefish Restructuring recorded in
Other restaurant operating.
|
(2)
|
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.
|
TABLE
FIVE
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESTAURANT-LEVEL OPERATING MARGIN NON-GAAP
RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE
IN ADJUSTED
|
|
MARCH 27,
2016
|
|
MARCH 29,
2015
|
|
Restaurant-level
operating margin:
|
U.S.
GAAP
|
|
ADJUSTED
|
|
U.S.
GAAP
|
|
ADJUSTED
|
|
QUARTER TO
DATE
|
U.S.
(1)(2)
|
17.3
|
%
|
|
17.1
|
%
|
|
18.0
|
%
|
|
18.0
|
%
|
|
(0.9)%
|
|
International
(3)
|
19.5
|
%
|
|
19.5
|
%
|
|
21.7
|
%
|
|
21.7
|
%
|
|
(2.2)%
|
|
_________________
(1)
|
During the first
quarter of 2016, we recast our segment reporting. See the "Segment
Recast" discussion above for additional details.
|
(2)
|
Includes adjustments
primarily for the write-off of $1.9 million of deferred rent
liabilities associated with the Bonefish Restructuring for the
thirteen weeks ended March 27, 2016.
|
(3)
|
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 for the thirteen weeks ended March 29,
2015.
|
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 27,
2016
|
|
MARCH 29,
2015
|
Income from
operations
|
$
|
86,684
|
|
|
$
|
97,701
|
|
Operating income
margin
|
7.4
|
%
|
|
8.1
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (1)
|
2,131
|
|
|
8,870
|
|
Purchased intangibles
amortization (2)
|
860
|
|
|
1,283
|
|
Restaurant
relocations, remodels and related costs (3)
|
640
|
|
|
1,169
|
|
Transaction-related
expenses (4)
|
572
|
|
|
275
|
|
Severance
(5)
|
1,135
|
|
|
—
|
|
Total income from
operations adjustments
|
5,338
|
|
|
11,597
|
|
Adjusted income from
operations
|
$
|
92,022
|
|
|
$
|
109,298
|
|
Adjusted operating
income margin
|
7.9
|
%
|
|
9.1
|
%
|
|
|
|
|
Net income
attributable to Bloomin' Brands
|
$
|
34,475
|
|
|
$
|
60,588
|
|
Adjustments:
|
|
|
|
Income from
operations adjustments
|
5,338
|
|
|
11,597
|
|
Loss
on defeasance, extinguishment and modification of debt
(6)
|
26,580
|
|
|
—
|
|
Loss on disposal of
business and disposal of assets (7)
|
—
|
|
|
1,151
|
|
Total adjustments,
before income taxes
|
31,918
|
|
|
12,748
|
|
Adjustment to
provision for income taxes (8)
|
(9,702)
|
|
|
(3,627)
|
|
Net
adjustments
|
22,216
|
|
|
9,121
|
|
Adjusted net
income
|
$
|
56,691
|
|
|
$
|
69,709
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.29
|
|
|
$
|
0.47
|
|
Adjusted diluted
earnings per share
|
$
|
0.47
|
|
|
$
|
0.54
|
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
120,776
|
|
|
128,759
|
|
_________________
(1)
|
Represents expenses
incurred for the Bonefish Restructuring and the International and
Domestic Restaurant Closure Initiatives.
|
(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 our relocation and remodel programs.
|
(4)
|
Relates primarily to
the following: (i) costs incurred with our sale-leaseback
initiative in 2016 and (ii) costs incurred with the secondary
offering of our common stock in March 2015.
|
(5)
|
Relates to severance
expense incurred as a result of an organizational
realignment.
|
(6)
|
Relates to
the defeasance of the 2012 CMBS loan in 2016.
|
(7)
|
Primarily represents
loss on the sale of our Roy's business in 2015.
|
(8)
|
Represents income tax
effect of the adjustments for the thirteen weeks ended March 27,
2016 and March 29, 2015.
|
Following is a summary of the financial statement line item
classification of the net income adjustments:
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands)
|
MARCH 27,
2016
|
|
MARCH 29,
2015
|
Other restaurant
operating expense
|
$
|
(1,970)
|
|
|
$
|
(136)
|
|
Depreciation and
amortization
|
1,545
|
|
|
1,266
|
|
General and
administrative
|
2,652
|
|
|
1,602
|
|
Provision for
impaired assets and restaurant closings
|
3,111
|
|
|
8,865
|
|
Other expense,
net
|
—
|
|
|
1,151
|
|
Provision for income
taxes
|
(9,702)
|
|
|
(3,627)
|
|
Loss
on defeasance, extinguishment and modification of
debt
|
26,580
|
|
|
—
|
|
Net
adjustments
|
$
|
22,216
|
|
|
$
|
9,121
|
|
TABLE
SEVEN
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT INCOME
FROM OPERATIONS NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
U.S.
Segment
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands)
|
MARCH 27,
2016
|
|
MARCH 29,
2015
|
Income from
operations (1)
|
$
|
117,839
|
|
|
$
|
128,268
|
|
Operating income
margin (1)
|
11.3
|
%
|
|
12.1
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (2)
|
2,224
|
|
|
1,336
|
|
Restaurant
relocations, remodels and related costs (3)
|
640
|
|
|
1,169
|
|
Severance
(4)
|
539
|
|
|
—
|
|
Transaction-related
expenses (5)
|
334
|
|
|
—
|
|
Adjusted income from
operations (1)
|
$
|
121,576
|
|
|
$
|
130,773
|
|
Adjusted operating
income margin (1)
|
11.6
|
%
|
|
12.3
|
%
|
|
|
|
|
|
|
|
|
International
Segment
|
|
|
|
(dollars in
thousands)
|
|
|
|
Income from
operations
|
$
|
11,349
|
|
|
$
|
8,879
|
|
Operating income
margin
|
9.4
|
%
|
|
6.3
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (6)
|
(433)
|
|
|
7,534
|
|
Purchased intangibles
amortization (7)
|
860
|
|
|
1,283
|
|
Adjusted income from
operations
|
$
|
11,776
|
|
|
$
|
17,696
|
|
Adjusted operating
income margin
|
9.8
|
%
|
|
12.6
|
%
|
_________________
(1)
|
During the first
quarter of 2016 we recast our segment reporting. See the "Segment
Recast" discussion above for additional details.
|
(2)
|
Represents expenses
incurred for the Bonefish Restructuring in 2016 and the Domestic
Restructuring Initiative in 2015.
|
(3)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation and remodel programs.
|
(4)
|
Relates to severance
expense incurred as a result of our organizational
realignment.
|
(5)
|
Relates to costs
incurred with our sale-leaseback initiative.
|
(6)
|
Represents expenses
incurred primarily for the International Restaurant Closure
Initiative.
|
(7)
|
Represents non-cash
intangible amortization recorded as a result of the acquisition of
our Brazil operations.
|
TABLE
EIGHT
|
BLOOMIN' BRANDS,
INC.
|
IMPACT OF FOREIGN
CURRENCY
|
(UNAUDITED)
|
|
Q1
2016
|
|
ADJUSTED
(1)
|
|
CONSTANT CURRENCY
(2)
|
Adjusted income from
operations growth
|
(15.8)
|
%
|
|
(12.0)
|
%
|
Adjusted net income
growth
|
(18.7)
|
%
|
|
(14.7)
|
%
|
Adjusted Diluted
earnings per share growth
|
(13.0)
|
%
|
|
(9.3)
|
%
|
_________________
(1)
|
See reconciliation to
U.S. GAAP results in Table Six of this release.
|
(2)
|
Results excluding the
effect of foreign currency translation, also referred to as
constant currency, are calculated by translating current year
results at prior year average exchange rates. The Company is
primarily exposed to foreign currency fluctuations for the Brazil
Real and South Korea Won.
|
TABLE
NINE
|
BLOOMIN' BRANDS,
INC.
|
COMPARATIVE
RESTAURANT INFORMATION
|
(UNAUDITED)
|
Number of
restaurants (at end of the period):
|
MARCH 27,
2016
|
|
MARCH 29,
2015
|
U.S.
|
|
|
|
Outback
Steakhouse
|
|
|
|
Company-owned
|
649
|
|
|
649
|
|
Franchised
|
105
|
|
|
105
|
|
Total
|
754
|
|
|
754
|
|
Carrabba's Italian
Grill
|
|
|
|
Company-owned
|
244
|
|
|
244
|
|
Franchised
|
3
|
|
|
2
|
|
Total
|
247
|
|
|
246
|
|
Bonefish
Grill
|
|
|
|
Company-owned
|
205
|
|
|
204
|
|
Franchised
|
6
|
|
|
5
|
|
Total
|
211
|
|
|
209
|
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
|
|
Company-owned
|
66
|
|
|
66
|
|
International
|
|
|
|
Company-owned
|
|
|
|
Outback Steakhouse -
Brazil (1)
|
76
|
|
|
64
|
|
Outback Steakhouse -
South Korea
|
74
|
|
|
75
|
|
Other
|
17
|
|
|
10
|
|
Franchised
|
57
|
|
|
57
|
|
Total
|
224
|
|
|
206
|
|
System-wide
total
|
1,502
|
|
|
1,481
|
|
____________________
(1)
|
The restaurant counts
for Brazil are reported as of February 29, 2016 and February 28,
2015, respectively, to correspond with the balance sheet dates of
this subsidiary.
|
TABLE
TEN
|
BLOOMIN' BRANDS,
INC.
|
COMPARABLE
RESTAURENT SALES INFORMATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
MARCH 27,
2016
|
|
MARCH 29,
2015
|
Year over year
percentage change:
|
|
|
|
Comparable restaurant
sales (stores open 18 months or more) (1):
|
|
|
|
U.S.
|
|
|
|
Outback
Steakhouse
|
(1.3)
|
%
|
|
5.0
|
%
|
Carrabba's Italian
Grill
|
(2.0)
|
%
|
|
1.9
|
%
|
Bonefish
Grill
|
(2.7)
|
%
|
|
0.9
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
1.3
|
%
|
|
3.0
|
%
|
Combined
U.S.
|
(1.5)
|
%
|
|
3.6
|
%
|
International
|
|
|
|
Outback Steakhouse -
Brazil (2)
|
8.8
|
%
|
|
6.2
|
%
|
Outback Steakhouse -
South Korea
|
(5.6)
|
%
|
|
(3.0)
|
%
|
|
|
|
|
Traffic:
|
|
|
|
U.S.
|
|
|
|
Outback
Steakhouse
|
(3.0)
|
%
|
|
0.5
|
%
|
Carrabba's Italian
Grill
|
1.5
|
%
|
|
3.3
|
%
|
Bonefish
Grill
|
(5.2)
|
%
|
|
(1.8)
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
1.2
|
%
|
|
0.7
|
%
|
Combined
U.S.
|
(2.2)
|
%
|
|
0.7
|
%
|
International
|
|
|
|
Outback Steakhouse -
Brazil
|
0.3
|
%
|
|
1.1
|
%
|
Outback Steakhouse -
South Korea
|
(3.9)
|
%
|
|
(4.6)
|
%
|
|
|
|
|
Average check per
person increases (decreases) (3):
|
|
|
|
U.S.
|
|
|
|
Outback
Steakhouse
|
1.7
|
%
|
|
4.5
|
%
|
Carrabba's Italian
Grill
|
(3.5)
|
%
|
|
(1.4)
|
%
|
Bonefish
Grill
|
2.5
|
%
|
|
2.7
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
0.1
|
%
|
|
2.3
|
%
|
Combined
U.S.
|
0.7
|
%
|
|
2.9
|
%
|
International
|
|
|
|
Outback Steakhouse -
Brazil
|
7.3
|
%
|
|
4.9
|
%
|
Outback Steakhouse -
South Korea
|
(1.7)
|
%
|
|
1.6
|
%
|
____________________
(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)
|
Includes the trading
day impact from calendar period reporting of 1.3% and 0.2% for the
thirteen weeks ended March 27, 2016 and March 29, 2015,
respectively.
|
(3)
|
Average check per
person increases (decreases) includes the impact of menu pricing
changes, product mix and discounts.
|
TABLE
ELEVEN
|
BLOOMIN' BRANDS,
INC.
|
COMPARABLE
RESTAURENT SALES INFORMATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
|
MARCH 29,
2015
|
|
JUNE 28,
2015
|
|
SEPTEMBER 27,
2015
|
|
DECEMBER 27,
2015
|
|
FISCAL
YEAR
2015
|
Year over year
percentage change:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales
(stores open 18
months or more) (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
5.0
|
%
|
|
4.0
|
%
|
|
0.1
|
%
|
|
(2.2)
|
%
|
|
1.8
|
%
|
Carrabba's Italian
Grill
|
1.9
|
%
|
|
0.9
|
%
|
|
(2.0)
|
%
|
|
(4.0)
|
%
|
|
(0.7)
|
%
|
Bonefish
Grill
|
0.9
|
%
|
|
(4.6)
|
%
|
|
(6.1)
|
%
|
|
(5.4)
|
%
|
|
(3.3)
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
3.0
|
%
|
|
3.2
|
%
|
|
(0.6)
|
%
|
|
(0.3)
|
%
|
|
1.3
|
%
|
Combined
U.S.
|
3.6
|
%
|
|
2.0
|
%
|
|
(1.3)
|
%
|
|
(2.8)
|
%
|
|
0.5
|
%
|
International
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil (2)
|
6.2
|
%
|
|
3.4
|
%
|
|
6.1
|
%
|
|
7.3
|
%
|
|
6.3
|
%
|
Outback Steakhouse -
South Korea
|
(3.0)
|
%
|
|
(11.8)
|
%
|
|
6.0
|
%
|
|
0.0
|
%
|
|
(2.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
0.5
|
%
|
|
(0.8)
|
%
|
|
(0.9)
|
%
|
|
(4.9)
|
%
|
|
(1.5)
|
%
|
Carrabba's Italian
Grill
|
3.3
|
%
|
|
1.4
|
%
|
|
(3.7)
|
%
|
|
(1.9)
|
%
|
|
(0.1)
|
%
|
Bonefish
Grill
|
(1.8)
|
%
|
|
(7.8)
|
%
|
|
(8.5)
|
%
|
|
(8.4)
|
%
|
|
(6.2)
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
0.7
|
%
|
|
3.1
|
%
|
|
(2.3)
|
%
|
|
(2.6)
|
%
|
|
(0.2)
|
%
|
Combined
U.S.
|
0.7
|
%
|
|
(1.1)
|
%
|
|
(2.6)
|
%
|
|
(4.6)
|
%
|
|
(1.8)
|
%
|
International
|
|
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil
|
1.1
|
%
|
|
(0.7)
|
%
|
|
0.6
|
%
|
|
(0.6)
|
%
|
|
0.5
|
%
|
Outback Steakhouse -
South Korea
|
(4.6)
|
%
|
|
(12.6)
|
%
|
|
13.8
|
%
|
|
4.0
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average check per
person increases (decreases) (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
4.5
|
%
|
|
4.8
|
%
|
|
1.0
|
%
|
|
2.7
|
%
|
|
3.3
|
%
|
Carrabba's Italian
Grill
|
(1.4)
|
%
|
|
(0.5)
|
%
|
|
1.7
|
%
|
|
(2.1)
|
%
|
|
(0.6)
|
%
|
Bonefish
Grill
|
2.7
|
%
|
|
3.2
|
%
|
|
2.4
|
%
|
|
3.0
|
%
|
|
2.9
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
2.3
|
%
|
|
0.1
|
%
|
|
1.7
|
%
|
|
2.3
|
%
|
|
1.5
|
%
|
Combined
U.S.
|
2.9
|
%
|
|
3.1
|
%
|
|
1.3
|
%
|
|
1.8
|
%
|
|
2.3
|
%
|
International
|
|
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil
|
4.9
|
%
|
|
4.5
|
%
|
|
6.2
|
%
|
|
7.8
|
%
|
|
6.0
|
%
|
Outback Steakhouse -
South Korea
|
1.6
|
%
|
|
0.8
|
%
|
|
(7.8)
|
%
|
|
(4.0)
|
%
|
|
(2.3)
|
%
|
____________________
(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)
|
Includes the trading
day impact from calendar period reporting of 0.2%, (0.4)%, (0.7)%,
0.1% and (0.2)% for the thirteen weeks ended March 29, 2015,
June 28, 2015, September 27, 2015, December 27, 2015 and fiscal
year 2015, respectively.
|
(3)
|
Average check per
person increases (decreases) includes the impact of menu pricing
changes, product mix and discounts.
|
TABLE
TWELVE
|
BLOOMIN' BRANDS,
INC.
|
SELECTED SEGMENT
INFORMATION (1)
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
|
|
MARCH 29,
2015
|
|
JUNE 28,
2015
|
|
SEPTEMBER 27,
2015
|
|
DECEMBER 27,
2015
|
|
FISCAL YEAR
2015
|
Selected Financial
Data
(dollars in
thousands):
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
1,056,104
|
|
|
$
|
977,260
|
|
|
$
|
897,280
|
|
|
$
|
926,518
|
|
|
$
|
3,857,162
|
|
Other
revenues
|
5,910
|
|
|
5,718
|
|
|
5,173
|
|
|
5,780
|
|
|
22,581
|
|
Total
revenues
|
$
|
1,062,014
|
|
|
$
|
982,978
|
|
|
$
|
902,453
|
|
|
$
|
932,298
|
|
|
$
|
3,879,743
|
|
Restaurant-level
operating margin
|
18.0
|
%
|
|
15.9
|
%
|
|
13.8
|
%
|
|
15.8
|
%
|
|
16.0
|
%
|
Income from
operations
|
$
|
128,268
|
|
|
$
|
96,192
|
|
|
$
|
63,476
|
|
|
60,795
|
|
|
$
|
348,731
|
|
Operating income
margin
|
12.1
|
%
|
|
9.8
|
%
|
|
7.0
|
%
|
|
6.5
|
%
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Segment income from
operations
|
|
|
|
|
|
|
|
|
|
U.S.
|
$
|
128,268
|
|
|
$
|
96,192
|
|
|
$
|
63,476
|
|
|
$
|
60,795
|
|
|
$
|
348,731
|
|
International
|
8,879
|
|
|
5,727
|
|
|
9,770
|
|
|
10,221
|
|
|
34,597
|
|
Total segment income
from operations
|
|
137,147
|
|
|
|
101,919
|
|
|
|
73,246
|
|
|
|
71,016
|
|
|
|
383,328
|
|
Unallocated corporate
operating expense
|
(39,446)
|
|
|
(39,334)
|
|
|
(34,522)
|
|
|
(39,101)
|
|
|
(152,403)
|
|
Total income from
operations
|
$
|
97,701
|
|
|
$
|
62,585
|
|
|
$
|
38,724
|
|
|
$
|
31,915
|
|
|
$
|
230,925
|
|
_________________
(1)
|
During the first
quarter of 2016, we recast our segment reporting. See the "Segment
Recast" discussion above for additional details.
|
TABLE
THIRTEEN
|
BLOOMIN' BRANDS,
INC.
|
SELECTED SEGMENT
INFORMATION - NON-GAAP RECONCILIATION (1)
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
|
(dollars in
thousands)
|
MARCH 29,
2015
|
|
JUNE 28,
2015
|
|
SEPTEMBER 27,
2015
|
|
DECEMBER 27,
2015
|
|
FISCAL YEAR
2015
|
Reconciliation of
adjusted income
from operations:
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
128,268
|
|
|
$
|
96,192
|
|
|
$
|
63,476
|
|
|
$
|
60,795
|
|
|
$
|
348,731
|
|
Operating income
margin
|
12.1
|
%
|
|
9.8
|
%
|
|
7.0
|
%
|
|
6.5
|
%
|
|
9.0
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Restaurant
impairments and closing costs (2)
|
1,336
|
|
|
—
|
|
|
(20)
|
|
|
24,632
|
|
|
25,948
|
|
Restaurant
relocations, remodels and related costs (3)
|
1,169
|
|
|
122
|
|
|
1,872
|
|
|
462
|
|
|
3,625
|
|
Adjusted income from
operations
|
$
|
130,773
|
|
|
$
|
96,314
|
|
|
$
|
65,328
|
|
|
$
|
85,889
|
|
|
$
|
378,304
|
|
Adjusted operating
income margin
|
12.3
|
%
|
|
9.8
|
%
|
|
7.2
|
%
|
|
9.2
|
%
|
|
9.8
|
%
|
_________________
(1)
|
During the first
quarter of 2016, we recast our segment reporting. See the "Segment
Recast" discussion above for additional details.
|
(2)
|
Represents
impairments and expenses incurred for the Domestic Restaurant
Closure Initiative and Bonefish Restructuring.
|
(3)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation and remodel programs.
|
TABLE
FOURTEEN
|
BLOOMIN' BRANDS,
INC.
|
SELECTED SEGMENT
INFORMATION - NON-GAAP RECONCILIATION (1)
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
FISCAL
YEAR
|
|
MARCH 29,
2015
|
|
JUNE 28,
2015
|
|
SEPTEMBER 27,
2015
|
|
DECEMBER 27,
2015
|
|
2015
|
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.
|
18.0
|
%
|
|
18.0
|
%
|
|
15.9
|
%
|
|
15.9
|
%
|
|
13.8
|
%
|
|
13.8
|
%
|
|
15.8
|
%
|
|
15.8
|
%
|
|
16.0
|
%
|
|
16.0
|
%
|
_________________
(1)
|
During the first
quarter of 2016, we recast our segment reporting. See the "Segment
Recast" discussion above for additional details.
|
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-2016-first-quarter-adjusted-diluted-eps-of-047-and-diluted-eps-of-029-300257248.html
SOURCE Bloomin' Brands, Inc.