TAMPA, Fla., July 29, 2016 /PRNewswire/ -- Bloomin'
Brands, Inc. (Nasdaq:BLMN) today reported results for the second
quarter ("Q2 2016") ended June 26, 2016 compared to the second
quarter ("Q2 2015") ended June 28, 2015.
Key highlights for Q2 2016 include the following:
- Repurchased 3.4 million shares of common stock for a total of
$65 million;
- Reported combined U.S. comparable restaurant sales down
2.3%;
- Reported comparable restaurant sales for Outback Steakhouse in
Brazil up 3.9%;
- Opened six new restaurants, including four in international
markets; and
- Updated 2016 financial outlook, including updated U.S. GAAP
diluted earnings per share guidance of "At Least $0.75" and Adjusted diluted earnings per share
guidance of "At Least $1.35"
Subsequent to Q2 2016, the Company sold the Outback South Korea
business for approximately $50.0
million.
Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted earnings per share to
Adjusted Diluted earnings per share for the periods as indicated
below.
|
Q2
|
|
|
|
2016
|
|
2015
|
|
CHANGE
|
Diluted (loss)
earnings per share
|
$
|
(0.08)
|
|
|
$
|
0.26
|
|
|
$
|
(0.34)
|
|
Adjustments
|
0.38
|
|
|
0.02
|
|
|
0.36
|
|
Adjusted diluted
earnings per share
|
$
|
0.30
|
|
|
$
|
0.28
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
See Non-GAAP Measures
later in this release.
|
CEO Comments
"Q2 performance for our brands and the industry was softer than
expected," said Liz Smith, CEO.
"However, we made significant progress elevating the core guest
experience, which will return the portfolio to sales growth in the
second half of 2016. In addition, we made meaningful advances to
optimize our portfolio for long-term growth and improve total
shareholder return. These actions included the sale of Outback
South Korea, progress on our sale-leaseback program and investing
ahead of growth internationally."
Second Quarter Financial Results
(dollars in
millions)
|
Q2
2016
|
|
Q2
2015
|
|
%
Change
|
Total
revenues
|
$
|
1,078.6
|
|
|
$
|
1,099.6
|
|
|
(1.9)%
|
|
|
|
|
|
|
|
|
U.S. GAAP
restaurant-level operating margin
|
15.5%
|
|
|
16.5%
|
|
|
(1.0)%
|
|
Adjusted
restaurant-level operating margin (1)
|
15.5%
|
|
|
16.2%
|
|
|
(0.7)%
|
|
|
|
|
|
|
|
U.S. GAAP operating
income margin
|
1.2%
|
|
|
5.7%
|
|
|
(4.5)%
|
|
Adjusted operating
income margin (1)
|
5.2%
|
|
|
5.6%
|
|
|
(0.4)%
|
|
|
|
|
|
|
|
|
|
|
(1) See Non-GAAP
Measures later in this release.
|
|
- The decrease in Total revenues was primarily due to lower
comparable restaurant sales and the effect of foreign currency
translation, partially offset by the net benefit of new restaurant
openings and closings.
- The decreases in U.S. GAAP and Adjusted restaurant-level
operating margin were primarily due to: (i) higher labor expense
resulting from wage inflation and investments in our service model,
(ii) unfavorable product mix and (iii) higher commodity costs
driven by product enhancements at Outback and inflation in
Brazil. These decreases were
partially offset by productivity savings and menu pricing.
- The decrease in U.S. GAAP operating income margin was due to:
(i) $39.6 million of asset impairment
charges in connection with the decision to sell our South Korean
business and (ii) lower restaurant-level operating margin as
described above. This decrease was partially offset by lower
expense associated with the timing of the Company's annual managing
partner conference.
- The difference between U.S. GAAP and Adjusted operating income
margin was primarily due to the $39.6
million of pre-tax asset impairment charges described
above.
Second Quarter Comparable Restaurant Sales
THIRTEEN WEEKS
ENDED JUNE 26, 2016
|
|
COMPANY-OWNED
|
Comparable restaurant
sales (stores open 18 months or more) (1) (2):
|
|
|
U.S.
|
|
|
Outback
Steakhouse
|
|
(2.5)%
|
|
Carrabba's Italian
Grill
|
|
(4.8)%
|
|
Bonefish
Grill
|
|
0.9%
|
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
(0.8)%
|
|
Combined
U.S.
|
|
(2.3)%
|
|
|
|
|
International
|
|
|
Outback Steakhouse -
Brazil
|
|
3.9%
|
|
Outback Steakhouse -
South Korea
|
|
10.8%
|
|
|
|
|
|
|
(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.
|
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 August 25, 2016 to all stockholders of record as of
the close of business on August 10, 2016.
The Company repurchased 3.4 million shares of common stock in Q2
2016 for a total of $65 million,
which left $110 million remaining
under our existing authorization. On July 26, 2016, the Company's Board of Directors
canceled the remaining authorization and approved a new
$300 million authorization. The
authorization will expire on January 26, 2018.
Outback South Korea
On July 25, 2016, we sold Outback
South Korea for approximately $50.0
million in cash. The Company's restaurant locations in
South Korea will be operated as
franchises under an agreement with the buyer.
We expect the sale to negatively impact Bloomin' Brands diluted
earnings per share by approximately $0.01 in the second half of 2016, excluding the
impact of any additional impairments, fees and expenses related to
the transaction.
Fiscal 2016 Financial Outlook
The Company has updated several of the metrics in its financial
outlook for fiscal 2016 driven primarily by: (i) lower U.S.
comparable restaurant sales and (ii) the impact of the sale of
Outback South Korea, as described above.
The following table presents the Company's updated expectations
for selected fiscal 2016 financial reporting and operating results
as compared to the financial outlook provided in the Company's
February 17, 2016 earnings release.
These updated expectations supersede the previously provided
financial outlook.
Financial Results
(in millions, except per share data or as otherwise
indicated):
|
|
Outlook on Feb.
17
|
|
Current
Outlook
|
U.S. GAAP diluted
earnings per share (1) (2)
|
|
At Least 10%
growth
|
|
At Least
$0.75
|
|
|
|
|
|
Adjusted diluted
earnings per share (2) (3)
|
|
At Least 10%
growth
|
|
At Least
$1.35
|
|
|
|
|
|
U.S. GAAP operating
income margin (4)
|
|
Increase
|
|
Decrease
|
|
|
|
|
|
Adjusted operating
income margin (4) (5)
|
|
Increase
|
|
Flat
|
|
|
|
|
|
Unfavorable foreign
currency translation impact on adjusted operating income
|
|
$10
|
|
$3
|
|
|
|
|
|
U.S. GAAP effective
income tax rate (6)
|
|
26% - 28%
|
|
30% - 31%
|
|
|
|
|
|
Adjusted effective
income tax rate (6)
|
|
26% - 28%
|
|
25% - 26%
|
|
|
|
|
|
|
|
|
|
|
Other Selected
Financial Data (in millions, or as otherwise
indicated):
|
|
|
|
|
Combined U.S.
comparable restaurant sales
|
|
Positive
|
|
Flat
|
|
|
|
|
|
Commodity
inflation
|
|
Approximately
0.5%
|
|
Approximately
0.5%
|
|
|
|
|
|
Capital
expenditures
|
|
$235 -
$255
|
|
$235 -
$255
|
|
|
|
|
|
Number of new
system-wide restaurants
|
|
40 - 50
|
|
40 - 50
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Decrease driven
by $39.6 million of pre-tax asset impairment charges in
connection to the decision to sell our South Korean business and
$26.6 million of costs related to the defeasance of the 2012 CMBS
loan.
|
(2)
|
We expect the South
Korea sale to negatively impact Bloomin' Brands diluted earnings
per share by approximately $0.01 in the second half of 2016,
excluding the impact of any additional impairments, fees and
expenses related to the transaction.
|
(3)
|
The Adjusted diluted
earnings per share outlook includes: (i) adjustments incurred
through June 26, 2016 (as reflected in table six of this release)
and (ii) $4.8 million of forecasted pre-tax adjustments for the
second half of the year, primarily related to anticipated expenses
associated with the remodel and relocation programs, the Bonefish
Grill Restructuring Initiative and amortization for intangibles
acquired in connection with the Brazil acquisition. Refer to
"Non-GAAP Measures" for additional information.
|
(4)
|
The primary
difference between U.S. GAAP and adjusted operating income margin
is due to the South Korea impairment charges in Q2.
|
(5)
|
Excludes the impact
of any additional rent increases resulting from future
sale-leasebacks.
|
(6)
|
The primary
differences between U.S. GAAP and adjusted effective income tax are
due to lower U.S. GAAP pre-tax income from the South Korea
impairment charges noted in footnote 1 and $3.5 million of tax
expense associated with the repatriation of proceeds from the
sale.
|
|
|
Conference Call
The Company will host a conference call today, July 29th at 9:00 AM
EDT. 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 13640047. The replay will be available through
Friday, August 5, 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.
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 and (vi)
Adjusted segment income from operations and the corresponding
margin.
We believe that our 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 may 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 or will not recur. We believe that the disclosure of
these non-GAAP measures is useful to investors as they form part of
the basis for how our management team and Board of Directors
evaluate our operating performance, allocate resources and
establish employee incentive plans.
These non-GAAP financial measures are not intended to replace
U.S. GAAP financial measures, and they are not necessarily
standardized or comparable to similarly titled measures used by
other companies. We maintain internal guidelines with respect to
the types of adjustments we include in our non-GAAP measures. These
guidelines endeavor to differentiate between types of gains and
expenses that are reflective of our core operations, and those that
vary from period to period without correlation to our core
performance in that period. However, implementation of these
guidelines necessarily involves the application of judgment, and
the treatment of any items not directly addressed by, or changes
to, our guidelines will be considered by our disclosure committee.
You should refer to the reconciliations of non-GAAP measures later
in this release for descriptions of the actual adjustments made in
the current period and the corresponding prior period.
In this release, we have also included forward-looking non-GAAP
information under the caption "Fiscal 2016 Financial Outlook." This
information relates to our current expectations for fiscal 2016
adjusted operating income margin, adjusted diluted EPS growth and
adjusted effective income tax rate. We have also provided
information with respect to our expectations for the corresponding
GAAP measures.
The differences between our disclosed GAAP and non-GAAP
expectations are described and quantified to the extent practicable
under "Fiscal 2016 Financial Outlook". However, in addition
to the general cautionary language regarding all forward-looking
statements included elsewhere in this release, we note that,
because the items we adjust for in our non-GAAP measures may vary
from period to period without correlation to our core performance,
they are by nature more difficult to predict and estimate, so we
cannot guarantee that additional adjustments will not occur in the
remainder of the fiscal year or that they will not significantly
impact our GAAP results.
For reconciliations of the non-GAAP measures used in this
release, refer to tables four, five, six and seven included later
in this release.
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 20
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: our ability to preserve the value of and
grow our brands; 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; 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
|
|
TWENTY-SIX WEEKS
ENDED
|
(dollars in
thousands, except per share data)
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
Revenues
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
1,072,519
|
|
|
$
|
1,092,759
|
|
|
$
|
2,230,571
|
|
|
$
|
2,287,569
|
|
Other
revenues
|
6,069
|
|
|
6,838
|
|
|
12,205
|
|
|
14,087
|
|
Total
revenues
|
1,078,588
|
|
|
1,099,597
|
|
|
2,242,776
|
|
|
2,301,656
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of
sales
|
346,811
|
|
|
357,455
|
|
|
722,099
|
|
|
744,923
|
|
Labor and other
related
|
309,155
|
|
|
301,039
|
|
|
631,960
|
|
|
625,025
|
|
Other restaurant
operating
|
250,443
|
|
|
254,281
|
|
|
504,014
|
|
|
518,319
|
|
Depreciation and
amortization
|
49,004
|
|
|
47,375
|
|
|
96,655
|
|
|
93,861
|
|
General and
administrative
|
68,566
|
|
|
75,962
|
|
|
143,591
|
|
|
149,209
|
|
Provision for
impaired assets and restaurant closings
|
41,276
|
|
|
900
|
|
|
44,440
|
|
|
10,033
|
|
Total costs and
expenses
|
1,065,255
|
|
|
1,037,012
|
|
|
2,142,759
|
|
|
2,141,370
|
|
Income from
operations
|
13,333
|
|
|
62,585
|
|
|
100,017
|
|
|
160,286
|
|
Loss on defeasance,
extinguishment and modification of debt
|
—
|
|
|
(2,638)
|
|
|
(26,580)
|
|
|
(2,638)
|
|
Other (expense)
income, net
|
(1)
|
|
|
57
|
|
|
(20)
|
|
|
(1,090)
|
|
Interest expense,
net
|
(10,302)
|
|
|
(12,867)
|
|
|
(23,177)
|
|
|
(26,065)
|
|
Income before
provision for income taxes
|
3,030
|
|
|
47,137
|
|
|
50,240
|
|
|
130,493
|
|
Provision for income
taxes
|
11,095
|
|
|
14,081
|
|
|
22,422
|
|
|
35,355
|
|
Net (loss)
income
|
(8,065)
|
|
|
33,056
|
|
|
27,818
|
|
|
95,138
|
|
Less: net income
attributable to noncontrolling interests
|
1,112
|
|
|
830
|
|
|
2,520
|
|
|
2,324
|
|
Net (loss) income
attributable to Bloomin' Brands
|
$
|
(9,177)
|
|
|
$
|
32,226
|
|
|
$
|
25,298
|
|
|
$
|
92,814
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
|
(8,065)
|
|
|
$
|
33,056
|
|
|
$
|
27,818
|
|
|
$
|
95,138
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
19,965
|
|
|
(26,182)
|
|
|
12,680
|
|
|
(51,644)
|
|
Unrealized (losses)
gains on derivatives, net of tax
|
(2,187)
|
|
|
844
|
|
|
(4,922)
|
|
|
(3,168)
|
|
Reclassification of
adjustment for loss on derivatives included in net income, net of
tax
|
967
|
|
|
—
|
|
|
1,955
|
|
|
—
|
|
Comprehensive
income
|
10,680
|
|
|
7,718
|
|
|
37,531
|
|
|
40,326
|
|
Less: comprehensive
income attributable to noncontrolling interests
|
2,820
|
|
|
830
|
|
|
4,926
|
|
|
2,324
|
|
Comprehensive income
attributable to Bloomin' Brands
|
$
|
7,860
|
|
|
$
|
6,888
|
|
|
$
|
32,605
|
|
|
$
|
38,002
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.08)
|
|
|
$
|
0.26
|
|
|
$
|
0.22
|
|
|
$
|
0.75
|
|
Diluted
|
$
|
(0.08)
|
|
|
$
|
0.26
|
|
|
$
|
0.21
|
|
|
$
|
0.73
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
113,330
|
|
|
123,046
|
|
|
115,630
|
|
|
124,174
|
|
Diluted
|
113,330
|
|
|
126,242
|
|
|
118,560
|
|
|
127,501
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.07
|
|
|
$
|
0.06
|
|
|
$
|
0.14
|
|
|
$
|
0.12
|
|
TABLE
TWO
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESULTS
|
(UNAUDITED)
|
(dollars in
thousands)
|
THIRTEEN WEEKS
ENDED
|
|
TWENTY-SIX WEEKS
ENDED
|
U.S.
Segment
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
Revenues
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
953,992
|
|
|
$
|
977,260
|
|
|
$
|
1,992,741
|
|
|
$
|
2,033,364
|
|
Other
revenues
|
4,989
|
|
|
5,718
|
|
|
10,019
|
|
|
11,628
|
|
Total
revenues
|
$
|
958,981
|
|
|
$
|
982,978
|
|
|
$
|
2,002,760
|
|
|
$
|
2,044,992
|
|
Restaurant-level
operating margin
|
15.5%
|
|
|
15.9%
|
|
|
16.5%
|
|
|
17.0%
|
|
Income from
operations
|
$
|
89,010
|
|
|
$
|
96,192
|
|
|
$
|
206,849
|
|
|
$
|
224,460
|
|
Operating income
margin
|
9.3%
|
|
|
9.8%
|
|
|
10.3%
|
|
|
11.0%
|
|
International
Segment
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Restaurant
sales
|
$
|
118,527
|
|
|
$
|
115,499
|
|
|
$
|
237,830
|
|
|
$
|
254,205
|
|
Other
revenues
|
1,080
|
|
|
1,120
|
|
|
2,186
|
|
|
2,459
|
|
Total
revenues
|
$
|
119,607
|
|
|
$
|
116,619
|
|
|
$
|
240,016
|
|
|
$
|
256,664
|
|
Restaurant-level
operating margin
|
16.2%
|
|
|
16.8%
|
|
|
17.8%
|
|
|
19.5%
|
|
(Loss) income from
operations
|
$
|
(34,573)
|
|
|
$
|
5,727
|
|
|
$
|
(23,224)
|
|
|
$
|
14,606
|
|
Operating (loss)
income margin
|
(28.9)%
|
|
|
4.9%
|
|
|
(9.7)%
|
|
|
5.7%
|
|
Reconciliation of
Segment Income (Loss) from Operations to Consolidated Income from
Operations
|
|
|
|
|
|
|
|
Segment income (loss)
from operations
|
|
|
|
|
|
|
|
U.S.
|
$
|
89,010
|
|
|
$
|
96,192
|
|
|
$
|
206,849
|
|
|
$
|
224,460
|
|
International
|
(34,573)
|
|
|
5,727
|
|
|
(23,224)
|
|
|
14,606
|
|
Total segment income
from operations
|
54,437
|
|
|
101,919
|
|
|
183,625
|
|
|
239,066
|
|
Unallocated corporate
operating expense
|
(41,104)
|
|
|
(39,334)
|
|
|
(83,608)
|
|
|
(78,780)
|
|
Total income from
operations
|
$
|
13,333
|
|
|
$
|
62,585
|
|
|
$
|
100,017
|
|
|
$
|
160,286
|
|
TABLE
THREE
|
BLOOMIN' BRANDS,
INC.
|
SUPPLEMENTAL
BALANCE SHEET INFORMATION
|
(UNAUDITED)
|
(dollars in
thousands)
|
JUNE 26,
2016
|
|
DECEMBER 27,
2015
|
Cash and cash
equivalents (1)
|
$
|
102,074
|
|
|
$
|
132,337
|
|
Net working capital
(deficit) (2)
|
$
|
(428,697)
|
|
|
$
|
(395,522)
|
|
Total
assets
|
$
|
2,784,379
|
|
|
$
|
3,032,569
|
|
Total debt,
net
|
$
|
1,238,658
|
|
|
$
|
1,316,864
|
|
Total stockholders'
equity
|
$
|
309,264
|
|
|
$
|
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
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
|
U.S.
GAAP
|
|
ADJUSTED
(1)
|
|
U.S.
GAAP
|
|
ADJUSTED
(3)
|
|
QUARTER TO
DATE
|
Restaurant
sales
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
32.3%
|
|
32.3%
|
|
32.7%
|
|
32.7%
|
|
0.4%
|
Labor and other
related
|
28.8%
|
|
28.8%
|
|
27.5%
|
|
27.8%
|
|
(1.0)%
|
Other restaurant
operating
|
23.4%
|
|
23.3%
|
|
23.3%
|
|
23.3%
|
|
—%
|
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin
|
15.5%
|
|
15.5%
|
|
16.5%
|
|
16.2%
|
|
(0.7)%
|
|
|
|
|
|
|
|
|
|
|
|
TWENTY-SIX WEEKS
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE IN ADJUSTED
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
|
U.S.
GAAP
|
|
ADJUSTED
(1,2)
|
|
U.S.
GAAP
|
|
ADJUSTED
(3)
|
|
YEAR TO
DATE
|
Restaurant
sales
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
32.4%
|
|
32.4%
|
|
32.6%
|
|
32.6%
|
|
0.2%
|
Labor and other
related
|
28.3%
|
|
28.3%
|
|
27.3%
|
|
27.4%
|
|
(0.9)%
|
Other restaurant
operating
|
22.6%
|
|
22.7%
|
|
22.7%
|
|
22.7%
|
|
—%
|
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin
|
16.7%
|
|
16.6%
|
|
17.5%
|
|
17.3%
|
|
(0.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes adjustments,
primarily for a loss of $0.3 million on the sale of certain
properties related to our sale lease-back initiative, recorded in
Other restaurant operating for the thirteen and twenty-six weeks
ended June 26, 2016.
|
(2)
|
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 for the twenty-six weeks ended June 26,
2016.
|
(3)
|
Includes a $2.7
million adjustment for payroll tax audit contingencies, which was
recorded in Labor and other related for the thirteen and twenty-six
weeks ended June 28, 2015.
|
TABLE
FIVE
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESTAURANT-LEVEL OPERATING MARGIN NON-GAAP
RECONCILIATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE IN ADJUSTED
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
Restaurant-level
operating margin:
|
U.S.
GAAP
|
|
ADJUSTED
|
|
U.S.
GAAP
|
|
ADJUSTED
|
|
QUARTER TO
DATE
|
U.S.
|
15.5%
|
|
15.5%
|
|
15.9%
|
|
15.9%
|
|
(0.4)%
|
International
(1)
|
16.2%
|
|
16.2%
|
|
16.8%
|
|
16.9%
|
|
(0.7)%
|
|
|
|
|
|
|
|
|
|
|
|
TWENTY-SIX WEEKS
ENDED
|
|
(UNFAVORABLE)
FAVORABLE CHANGE IN ADJUSTED
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
Restaurant-level
operating margin:
|
U.S.
GAAP
|
|
ADJUSTED
|
|
U.S.
GAAP
|
|
ADJUSTED
|
|
YEAR TO
DATE
|
U.S. (2)
|
16.5%
|
|
16.4%
|
|
17.0%
|
|
17.0%
|
|
(0.6)%
|
International
(1)
|
17.8%
|
|
17.9%
|
|
19.5%
|
|
19.5%
|
|
(1.6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes adjustments
of $0.1 million of Brazil amortization for the thirteen weeks
ended June 28, 2015 and the twenty-six weeks ended June
26, 2016, respectively.
|
(2)
|
Includes adjustments
primarily for losses of $0.3 million on the sale of certain
properties related to our sale lease-back initiative for the
thirteen weeks ended June 26, 2016.
|
TABLE
SIX
|
BLOOMIN' BRANDS,
INC.
|
INCOME FROM
OPERATIONS, NET (LOSS) INCOME AND DILUTED EARNINGS PER SHARE
NON-GAAP RECONCILIATIONS
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
TWENTY-SIX WEEKS
ENDED
|
(in thousands,
except per share data)
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
Income from
operations
|
$
|
13,333
|
|
|
$
|
62,585
|
|
|
$
|
100,017
|
|
|
$
|
160,286
|
|
Operating income
margin
|
1.2%
|
|
|
5.7%
|
|
|
4.5%
|
|
|
7.0%
|
|
Adjustments:
|
|
|
|
|
|
|
|
Asset impairments and
related costs (1)
|
39,677
|
|
|
746
|
|
|
40,023
|
|
|
746
|
|
Restaurant
relocations, remodels and related costs (2)
|
1,124
|
|
|
122
|
|
|
1,764
|
|
|
1,291
|
|
Purchased intangibles
amortization (3)
|
949
|
|
|
1,123
|
|
|
1,809
|
|
|
2,406
|
|
Severance
(4)
|
737
|
|
|
—
|
|
|
1,872
|
|
|
—
|
|
Restaurant
impairments and closing costs (5)
|
335
|
|
|
(63)
|
|
|
2,120
|
|
|
8,807
|
|
Transaction-related
expenses (6)
|
242
|
|
|
40
|
|
|
814
|
|
|
315
|
|
Payroll tax audit
contingency (7)
|
—
|
|
|
(2,671)
|
|
|
—
|
|
|
(2,671)
|
|
Amortization of
deferred gains from sale-leaseback transactions (8)
|
(348)
|
|
|
—
|
|
|
(348)
|
|
|
—
|
|
Total income from
operations adjustments
|
42,716
|
|
|
(703)
|
|
|
48,054
|
|
|
10,894
|
|
Adjusted income from
operations
|
$
|
56,049
|
|
|
$
|
61,882
|
|
|
$
|
148,071
|
|
|
$
|
171,180
|
|
Adjusted operating
income margin
|
5.2%
|
|
|
5.6%
|
|
|
6.6%
|
|
|
7.4%
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Bloomin' Brands
|
$
|
(9,177)
|
|
|
$
|
32,226
|
|
|
$
|
25,298
|
|
|
$
|
92,814
|
|
Adjustments:
|
|
|
|
|
|
|
|
Income from
operations adjustments
|
42,716
|
|
|
(703)
|
|
|
48,054
|
|
|
10,894
|
|
Loss on defeasance,
extinguishment and modification of debt (9)
|
—
|
|
|
2,638
|
|
|
26,580
|
|
|
2,638
|
|
Loss on disposal of
business and disposal of assets (10)
|
—
|
|
|
(121)
|
|
|
—
|
|
|
1,030
|
|
Total adjustments,
before income taxes
|
42,716
|
|
|
1,814
|
|
|
74,634
|
|
|
14,562
|
|
Adjustment to
provision for income taxes (11)
|
1,525
|
|
|
1,047
|
|
|
(8,177)
|
|
|
(2,580)
|
|
Net
adjustments
|
44,241
|
|
|
2,861
|
|
|
66,457
|
|
|
11,982
|
|
Adjusted net
income
|
$
|
35,064
|
|
|
$
|
35,087
|
|
|
$
|
91,755
|
|
|
$
|
104,796
|
|
|
|
|
|
|
|
|
|
Diluted (loss)
earnings per share
|
$
|
(0.08)
|
|
|
$
|
0.26
|
|
|
$
|
0.21
|
|
|
$
|
0.73
|
|
Adjusted diluted
earnings per share
|
$
|
0.30
|
|
|
$
|
0.28
|
|
|
$
|
0.77
|
|
|
$
|
0.82
|
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares outstanding
|
113,330
|
|
|
123,046
|
|
|
115,630
|
|
|
124,174
|
|
Diluted weighted
average common shares outstanding (12)
|
116,343
|
|
|
126,242
|
|
|
118,560
|
|
|
127,501
|
|
|
|
|
|
|
(1)
|
Represents asset
impairment charges and related costs associated with the decision
to sell our Outback South Korea subsidiary in 2016 and our
corporate aircraft in 2015.
|
(2)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation and remodel programs.
|
(3)
|
Represents intangible
amortization recorded as a result of the acquisition of our Brazil
operations.
|
(4)
|
Relates to severance
expense incurred primarily as a result of the relocation of our
Fleming's operations center to the corporate home
office.
|
(5)
|
Represents expenses
incurred for the Bonefish Restructuring and the International and
Domestic Restaurant Closure Initiatives.
|
(6)
|
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.
|
(7)
|
Relates to a payroll
tax audit contingency adjustment for the employer's share of FICA
taxes related to cash tips allegedly received and unreported by our
employees during calendar year 2011, which is recorded in Labor and
other related expenses. In addition, a deferred income tax
adjustment has been recorded for the allowable income tax credits
for the employer's share of FICA taxes expected to be paid, which
is included in Provision for income taxes and offsets the
adjustment to Labor and other related expenses. As a result, there
is no impact to Net income from this adjustment.
|
(8)
|
Represents
amortization of deferred gains related to our sale-leaseback
initiative.
|
(9)
|
Relates to the
defeasance of the 2012 CMBS loan in 2016 and the refinancing of our
Senior Secured Credit Facility in 2015.
|
(10)
|
Primarily represents
loss on the sale of our Roy's business in 2015.
|
(11)
|
Represents income tax
effect of the adjustments, on a jurisdiction basis, for the
thirteen and twenty-six weeks ended June 26, 2016 and June 28,
2015, respectively. Included in the adjustments for the thirteen
weeks and twenty-six weeks ended June 26, 2016 is $3.5 million
related to deferred tax liabilities for the Outback South Korea
sale.
|
(12)
|
Due to the GAAP net
loss, the effect of dilutive securities was excluded from the
calculation of GAAP diluted (loss) earnings per share for the
thirteen weeks ended June 26, 2016. For adjusted diluted earnings
per share, the calculation includes dilutive shares of 3,013 for
the thirteen weeks ended June 26, 2016.
|
Following is a summary of the financial statement line item
classification of the net (loss) income adjustments:
|
THIRTEEN WEEKS
ENDED
|
|
TWENTY-SIX WEEKS
ENDED
|
(dollars in
thousands)
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
Labor and other
related
|
$
|
—
|
|
|
$
|
(2,671)
|
|
|
$
|
—
|
|
|
$
|
(2,671)
|
|
Other restaurant
operating expense
|
199
|
|
|
20
|
|
|
(1,771)
|
|
|
(116)
|
|
Depreciation and
amortization
|
2,286
|
|
|
1,226
|
|
|
3,831
|
|
|
2,492
|
|
General and
administrative
|
259
|
|
|
286
|
|
|
2,911
|
|
|
1,888
|
|
Provision for
impaired assets and restaurant closings
|
39,972
|
|
|
436
|
|
|
43,083
|
|
|
9,301
|
|
Other expense,
net
|
—
|
|
|
(121)
|
|
|
—
|
|
|
1,030
|
|
Provision for income
taxes
|
1,525
|
|
|
1,047
|
|
|
(8,177)
|
|
|
(2,580)
|
|
Loss on defeasance,
extinguishment and modification of debt
|
—
|
|
|
2,638
|
|
|
26,580
|
|
|
2,638
|
|
Net
adjustments
|
$
|
44,241
|
|
|
$
|
2,861
|
|
|
$
|
66,457
|
|
|
$
|
11,982
|
|
TABLE
SEVEN
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT INCOME
FROM OPERATIONS NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
U.S.
Segment
|
THIRTEEN WEEKS
ENDED
|
|
TWENTY-SIX WEEKS
ENDED
|
(dollars in
thousands)
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
Income from
operations
|
$
|
89,010
|
|
|
$
|
96,192
|
|
|
$
|
206,849
|
|
|
$
|
224,460
|
|
Operating income
margin
|
9.3%
|
|
|
9.8%
|
|
|
10.3%
|
|
|
11.0%
|
|
Adjustments:
|
|
|
|
|
|
|
|
Restaurant
relocations, remodels and related costs (1)
|
1,124
|
|
|
122
|
|
|
1,764
|
|
|
1,291
|
|
Severance
(2)
|
737
|
|
|
—
|
|
|
1,276
|
|
|
—
|
|
Transaction-related
expenses (3)
|
159
|
|
|
—
|
|
|
493
|
|
|
—
|
|
Restaurant
impairments and closing costs (4)
|
—
|
|
|
—
|
|
|
2,224
|
|
|
1,336
|
|
Amortization of
deferred gains from sale-leaseback transactions (5)
|
(348)
|
|
|
—
|
|
|
(348)
|
|
|
—
|
|
Adjusted income from
operations
|
$
|
90,682
|
|
|
$
|
96,314
|
|
|
$
|
212,258
|
|
|
$
|
227,087
|
|
Adjusted operating
income margin
|
9.5%
|
|
|
9.8%
|
|
|
10.6%
|
|
|
11.1%
|
|
|
|
|
|
|
|
|
|
International
Segment
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
(Loss) income from
operations
|
$
|
(34,573)
|
|
|
$
|
5,727
|
|
|
$
|
(23,224)
|
|
|
$
|
14,606
|
|
Operating (loss)
income margin
|
(28.9)%
|
|
|
4.9%
|
|
|
(9.7)%
|
|
|
5.7%
|
|
Adjustments:
|
|
|
|
|
|
|
|
Asset impairments and
related costs (6)
|
39,677
|
|
|
—
|
|
|
40,023
|
|
|
—
|
|
Purchased intangibles
amortization (7)
|
949
|
|
|
1,123
|
|
|
1,809
|
|
|
2,406
|
|
Restaurant
impairments and closing costs (8)
|
335
|
|
|
(63)
|
|
|
(103)
|
|
|
7,471
|
|
Adjusted income from
operations
|
$
|
6,388
|
|
|
$
|
6,787
|
|
|
$
|
18,505
|
|
|
$
|
24,483
|
|
Adjusted operating
income margin
|
5.3%
|
|
|
5.8%
|
|
|
7.7%
|
|
|
9.5%
|
|
|
|
|
|
|
(1)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation and remodel programs.
|
(2)
|
Relates to severance
expense incurred primarily as a result of the relocation of our
Fleming's operations center to the corporate home
office.
|
(3)
|
Relates to costs
incurred with our sale-leaseback initiative.
|
(4)
|
Represents expenses
incurred for the Bonefish Restructuring in 2016 and the Domestic
Restructuring Initiative in 2015.
|
(5)
|
Represents
amortization of deferred gains related to our sale-leaseback
initiative.
|
(6)
|
Represents asset
impairment charges and related costs associated with the decision
to sell Outback South Korea.
|
(7)
|
Represents intangible
amortization recorded as a result of the acquisition of our Brazil
operations.
|
(8)
|
Represents expenses
incurred primarily for the International Restaurant Closure
Initiative.
|
TABLE
EIGHT
|
BLOOMIN' BRANDS,
INC.
|
COMPARATIVE
RESTAURANT INFORMATION
|
(UNAUDITED)
|
Number of
restaurants (at end of the period):
|
MARCH 27,
2016
|
|
OPENINGS
|
|
CLOSURES
|
|
JUNE 26,
2016
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
|
|
|
|
|
|
|
Company-owned
|
649
|
|
|
1
|
|
|
—
|
|
|
650
|
|
Franchised
|
105
|
|
|
1
|
|
|
(1)
|
|
|
105
|
|
Total
|
754
|
|
|
2
|
|
|
(1)
|
|
|
755
|
|
Carrabba's Italian
Grill
|
|
|
|
|
|
|
|
Company-owned
|
244
|
|
|
—
|
|
|
—
|
|
|
244
|
|
Franchised
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
Total
|
247
|
|
|
—
|
|
|
—
|
|
|
247
|
|
Bonefish
Grill
|
|
|
|
|
|
|
|
Company-owned
|
205
|
|
|
—
|
|
|
(1)
|
|
|
204
|
|
Franchised
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
Total
|
211
|
|
|
—
|
|
|
(1)
|
|
|
210
|
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
|
|
|
|
|
|
Company-owned
|
66
|
|
|
—
|
|
|
—
|
|
|
66
|
|
International
|
|
|
|
|
|
|
|
Company-owned
|
|
|
|
|
|
|
|
Outback
Steakhouse—Brazil (1)
|
76
|
|
|
2
|
|
|
—
|
|
|
78
|
|
Outback
Steakhouse—South Korea (2)
|
74
|
|
|
1
|
|
|
(1)
|
|
|
74
|
|
Other
|
17
|
|
|
1
|
|
|
—
|
|
|
18
|
|
Franchised
|
57
|
|
|
—
|
|
|
(5)
|
|
|
52
|
|
Total
|
224
|
|
|
4
|
|
|
(6)
|
|
|
222
|
|
System-wide
total
|
1,502
|
|
|
6
|
|
|
(8)
|
|
|
1,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The restaurant counts
for Brazil are reported as of May 31, 2016 and 2015, respectively,
to correspond with the balance sheet dates of this
subsidiary.
|
(2)
|
Subsequent to June
26, 2016, we entered into an agreement to sell our restaurant
locations in South Korea, converting all restaurants in that market
to franchised locations.
|
TABLE
NINE
|
BLOOMIN' BRANDS,
INC.
|
COMPARABLE
RESTAURANT SALES INFORMATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
TWENTY-SIX WEEKS
ENDED
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
|
JUNE 26,
2016
|
|
JUNE 28,
2015
|
Year over year
percentage change:
|
|
|
|
|
|
|
|
Comparable restaurant
sales (stores open 18 months or more) (1):
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
(2.5)%
|
|
4.0%
|
|
(1.9)%
|
|
4.5%
|
Carrabba's Italian
Grill
|
(4.8)%
|
|
0.9%
|
|
(3.3)%
|
|
1.4%
|
Bonefish
Grill
|
0.9%
|
|
(4.6)%
|
|
(1.0)%
|
|
(1.7)%
|
Fleming's Prime
Steakhouse & Wine Bar
|
(0.8)%
|
|
3.2%
|
|
0.3%
|
|
3.1%
|
Combined
U.S.
|
(2.3)%
|
|
2.0%
|
|
(1.9)%
|
|
2.9%
|
International
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil (2)
|
3.9%
|
|
3.4%
|
|
6.4%
|
|
4.8%
|
Outback Steakhouse -
South Korea
|
10.8%
|
|
(11.8)%
|
|
1.4%
|
|
(7.0)%
|
|
|
|
|
|
|
|
|
Traffic:
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
(5.9)%
|
|
(0.8)%
|
|
(4.4)%
|
|
(0.1)%
|
Carrabba's Italian
Grill
|
(4.8)%
|
|
1.4%
|
|
(1.6)%
|
|
2.4%
|
Bonefish
Grill
|
(2.8)%
|
|
(7.8)%
|
|
(4.0)%
|
|
(4.8)%
|
Fleming's Prime
Steakhouse & Wine Bar
|
(3.7)%
|
|
3.1%
|
|
(1.2)%
|
|
1.9%
|
Combined
U.S.
|
(5.2)%
|
|
(1.1)%
|
|
(3.7)%
|
|
(0.2)%
|
International
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil
|
(1.5)%
|
|
(0.7)%
|
|
(0.4)%
|
|
0.3%
|
Outback Steakhouse -
South Korea
|
20.7%
|
|
(12.6)%
|
|
6.8%
|
|
(8.3)%
|
|
|
|
|
|
|
|
|
Average check per
person increases (decreases) (3):
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
3.4%
|
|
4.8%
|
|
2.5%
|
|
4.6%
|
Carrabba's Italian
Grill
|
—%
|
|
(0.5)%
|
|
(1.7)%
|
|
(1.0)%
|
Bonefish
Grill
|
3.7%
|
|
3.2%
|
|
3.0%
|
|
3.1%
|
Fleming's Prime
Steakhouse & Wine Bar
|
2.9%
|
|
0.1%
|
|
1.5%
|
|
1.2%
|
Combined
U.S.
|
2.9%
|
|
3.1%
|
|
1.8%
|
|
3.1%
|
International
|
|
|
|
|
|
|
|
Outback Steakhouse -
Brazil
|
6.3%
|
|
4.5%
|
|
6.7%
|
|
4.6%
|
Outback Steakhouse -
South Korea
|
(9.9)%
|
|
0.8%
|
|
(5.4)%
|
|
1.3%
|
|
|
|
|
(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 (0.9%) and (0.4%) for
the thirteen weeks ended June 26, 2016 and June 28, 2015,
respectively and 0.1% and (0.1%) for the twenty-six weeks
ended June 26, 2016 and June 28, 2015, respectively.
|
(3)
|
Average check per
person increases (decreases) includes the impact of menu pricing
changes, product mix and discounts.
|
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-q2-diluted-eps-of-008-and-adjusted-diluted-eps-of-030-300306096.html
SOURCE Bloomin' Brands, Inc.