TAMPA, Fla., April 26,
2017 /PRNewswire/ -- Bloomin' Brands, Inc. (Nasdaq: BLMN)
today reported results for the first quarter 2017 ("Q1 2017")
compared to the first quarter 2016 ("Q1 2016").
Highlights for Q1 2017 include the following:
- Reported combined U.S. comparable restaurant sales down 0.2%
including up 1.4% at Outback Steakhouse;
- Reported comparable restaurant sales for Outback Steakhouse in
Brazil up 3.6%;
- Generated $46 million in gross
sale-leaseback proceeds; and
- Opened 11 new restaurants, including eight in international
markets.
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.
|
Q1
|
|
|
|
2017
|
|
2016
|
|
CHANGE
|
Diluted earnings per
share
|
$
|
0.41
|
|
|
$
|
0.29
|
|
|
$
|
0.12
|
|
Adjustments
|
0.13
|
|
|
0.18
|
|
|
(0.05)
|
|
Adjusted diluted
earnings per share
|
$
|
0.54
|
|
|
$
|
0.47
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
___________________
|
See Non-GAAP Measures
later in this release.
|
CEO Comments
"The first quarter was a strong start to the year, and set us up
well to achieve our 2017 goals," said Liz
Smith, CEO. "We were pleased with our performance,
particularly at Outback where our investments are gaining
traction. We continue to make progress domestically,
reallocating spending away from discounting toward investments that
strengthen brand health. In addition, our International
businesses are performing well and poised for growth."
First Quarter Financial Results
(dollars in
millions)
|
Q1
2017
|
|
Q1
2016
|
|
%
Change
|
Total
revenues
|
$
|
1,143.8
|
|
|
$
|
1,164.2
|
|
|
(1.7)%
|
|
|
|
|
|
|
U.S. GAAP
restaurant-level operating margin
|
17.5
|
%
|
|
17.8
|
%
|
|
(0.3)%
|
Adjusted
restaurant-level operating margin (1)
|
17.0
|
%
|
|
17.6
|
%
|
|
(0.6)%
|
|
|
|
|
|
|
U.S. GAAP operating
income margin
|
6.0
|
%
|
|
7.4
|
%
|
|
(1.4)%
|
Adjusted operating
income margin (1)
|
7.6
|
%
|
|
7.8
|
%
|
|
(0.2)%
|
___________________
|
(1) See Non-GAAP Measures later in
this release.
|
- The decrease in Total revenues was primarily due to the sale of
Outback Steakhouse South Korea restaurants in July 2016, partially offset by the effect of
foreign currency translation and the net benefit of new restaurant
openings and closings.
- The decrease in U.S. GAAP restaurant-level operating margin was
primarily due to: (i) higher labor costs due to higher wage rates
and investments in our service model, (ii) higher net rent expense
due to the sale-leaseback of certain properties and (iii) operating
expense inflation. These decreases were partially offset by: (i)
increases in average check, (ii) lower advertising expense and
(iii) productivity savings.
- Adjusted restaurant-level operating margin excludes the impact
of the write-off of deferred rent in connection with the 2017
Closure Initiative and our 2016 Bonefish Restructuring.
- The decrease in U.S. GAAP operating margin was primarily due to
restaurant closing costs related to the 2017 Closure Initiative and
lower U.S. GAAP restaurant-level margin. These decreases were
partially offset by the timing of our annual partner's conference
which occurred in Q1 of 2016, but will not occur until Q2 of
2017.
- Also included in U.S. GAAP and Adjusted operating income is
$3.4 million of certain legal and tax
contingencies related to our Brazilian operation.
- Adjusted operating margin excludes the impact of our 2017
Closure Initiative and certain other adjustments. See table five
later in this release for more information.
First Quarter Comparable Restaurant Sales
THIRTEEN WEEKS
ENDED MARCH 26, 2017
|
|
COMPANY-OWNED
|
Comparable restaurant
sales (stores open 18 months or more):
|
|
|
U.S.
|
|
|
Outback Steakhouse
|
|
1.4
|
%
|
Carrabba's
Italian Grill
|
|
(3.8)
|
%
|
Bonefish
Grill
|
|
(0.8)
|
%
|
Fleming's
Prime Steakhouse & Wine Bar
|
|
(2.9)
|
%
|
Combined
U.S.
|
|
(0.2)
|
%
|
|
|
|
International
|
|
|
Outback
Steakhouse - Brazil
|
|
3.6
|
%
|
Sale Leaseback Initiative
In Q1 2017, we sold 12 restaurant properties for gross proceeds
of $46 million. We used a portion of
these proceeds to repurchase shares of common stock and pay down
the remaining balance of our bridge loan in April 2017.
Dividend Declaration and Share Repurchases
In April 2017, our Board of
Directors declared a quarterly cash dividend of $0.08 per share to be paid on May 19, 2017
to all stockholders of record as of the close of business on
May 8, 2017.
We repurchased 4.2 million shares of common stock year-to-date
for a total of $78 million, which
left $52 million remaining under our
existing repurchase authorization. On April 21, 2017, our
Board of Directors canceled the remaining authorization and
approved a new $250 million
authorization. The authorization will expire on October 21, 2018.
2017 Closure Initiative
In our February 17, 2017 earnings
release we announced our decision to close 43 underperforming
restaurants. In connection with these closures, we recognized
$15.5 million of restaurant closing
costs in the first fiscal quarter of 2017. These expenses are not
included in our adjusted results.
Non-GAAP Financial Measures Update
Commencing with our results for the first fiscal quarter of
2017, when presenting non-GAAP measures, we are no longer including
adjustments for the following:
- Expenses incurred in connection with our remodel program;
and
- Intangible amortization recorded as a result of the 2013
acquisition of our Brazil
operations.
We are making these changes after reviewing our non-GAAP
measures in light of recent SEC guidance. Our 2016 first
fiscal quarter results have been recast to conform with this
revised methodology.
Fiscal 2017 Financial Outlook
We are reaffirming all aspects of our full-year guidance as
previously communicated in our February 17,
2017 earnings release.
Conference Call
The Company will host a conference call today, April 26th at 9:00 AM
ET. 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 (844)
512-2921 or (412) 317-6671 for international callers. The replay
will be available through Wednesday, May 3,
2017. The conference ID for the live call and replay is
13658186. 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 in a period,
and those that may 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.
For reconciliations of the non-GAAP measures used in this
release, refer to tables four, five and six included later in this
release.
As indicated above and in the Form 8-K we furnished to the SEC
on February 17, 2017, based on a
review of our non-GAAP presentations, we determined that,
commencing with our results for the first fiscal quarter of 2017,
when presenting non-GAAP measures, we will no longer adjust for
expenses incurred in connection with our remodel program or
intangible amortization recorded as a result of the acquisition of
our Brazil operations. In today's
earnings release and in future earnings releases that report
non-GAAP measures in accordance with the revised methodology, the
prior comparable periods presented will be recast to conform to the
revised methodology.
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 www.bloominbrands.com.
Forward-Looking Statements
Certain statements contained herein, including statements under
the headings "CEO Comments" and "Fiscal 2017 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; 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
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands, except per share data)
|
MARCH 26,
2017
|
|
MARCH 27,
2016
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
1,135,488
|
|
|
$
|
1,158,052
|
|
Franchise and other
revenues
|
8,335
|
|
|
6,136
|
|
Total
revenues
|
1,143,823
|
|
|
1,164,188
|
|
Costs and
expenses
|
|
|
|
Cost of
sales
|
364,748
|
|
|
375,288
|
|
Labor and other
related
|
324,398
|
|
|
322,805
|
|
Other restaurant
operating
|
247,940
|
|
|
253,571
|
|
Depreciation and
amortization
|
46,590
|
|
|
47,651
|
|
General and
administrative
|
71,941
|
|
|
75,025
|
|
Provision for
impaired assets and restaurant closings
|
19,076
|
|
|
3,164
|
|
Total costs and
expenses
|
1,074,693
|
|
|
1,077,504
|
|
Income from
operations
|
69,130
|
|
|
86,684
|
|
Loss on defeasance,
extinguishment and modification of debt
|
—
|
|
|
(26,580)
|
|
Other expense,
net
|
(51)
|
|
|
(19)
|
|
Interest expense,
net
|
(9,141)
|
|
|
(12,875)
|
|
Income before
provision for income taxes
|
59,938
|
|
|
47,210
|
|
Provision for income
taxes
|
15,015
|
|
|
11,327
|
|
Net income
|
44,923
|
|
|
35,883
|
|
Less: net income
attributable to noncontrolling interests
|
1,013
|
|
|
1,408
|
|
Net income
attributable to Bloomin' Brands
|
$
|
43,910
|
|
|
$
|
34,475
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
|
0.43
|
|
|
$
|
0.29
|
|
Diluted
|
$
|
0.41
|
|
|
$
|
0.29
|
|
Weighted average
common shares outstanding:
|
|
|
|
Basic
|
103,074
|
|
|
117,930
|
|
Diluted
|
106,413
|
|
|
120,776
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.08
|
|
|
$
|
0.07
|
|
TABLE
TWO
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT
RESULTS
|
(UNAUDITED)
|
(dollars in
thousands)
|
THIRTEEN WEEKS
ENDED
|
U.S.
Segment
|
MARCH 26,
2017
|
|
MARCH 27,
2016
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
1,027,212
|
|
|
$
|
1,038,749
|
|
Franchise and other
revenues
|
5,406
|
|
|
5,030
|
|
Total
revenues
|
$
|
1,032,618
|
|
|
$
|
1,043,779
|
|
Restaurant-level operating margin
|
17.2
|
%
|
|
17.3
|
%
|
Income from
operations
|
$
|
100,946
|
|
|
$
|
117,839
|
|
Operating
income margin
|
9.8
|
%
|
|
11.3
|
%
|
International
Segment
|
|
|
|
Revenues
|
|
|
|
Restaurant
sales
|
$
|
108,276
|
|
|
$
|
119,303
|
|
Franchise and other
revenues
|
2,929
|
|
|
1,106
|
|
Total
revenues
|
$
|
111,205
|
|
|
$
|
120,409
|
|
Restaurant-level operating margin
|
20.3
|
%
|
|
19.5
|
%
|
Income from
operations
|
$
|
8,802
|
|
|
$
|
11,349
|
|
Operating
income margin
|
7.9
|
%
|
|
9.4
|
%
|
Reconciliation of
Segment Income from Operations to Consolidated Income from
Operations
|
|
|
|
Segment income from
operations
|
|
|
|
U.S.
|
$
|
100,946
|
|
|
$
|
117,839
|
|
International
|
8,802
|
|
|
11,349
|
|
Total segment income
from operations
|
109,748
|
|
|
129,188
|
|
Unallocated
corporate operating expense
|
(40,618)
|
|
|
(42,504)
|
|
Total income from
operations
|
$
|
69,130
|
|
|
$
|
86,684
|
|
TABLE
THREE
|
BLOOMIN' BRANDS,
INC.
|
SUPPLEMENTAL
BALANCE SHEET INFORMATION
|
(UNAUDITED)
|
(dollars in
thousands)
|
MARCH 26,
2017
|
|
DECEMBER 25,
2016
|
Cash and cash
equivalents (1)
|
$
|
98,383
|
|
|
$
|
127,176
|
|
Net working capital
(deficit) (2)
|
$
|
(505,488)
|
|
|
$
|
(432,889)
|
|
Total
assets
|
$
|
2,510,976
|
|
|
$
|
2,642,279
|
|
Total debt,
net
|
$
|
1,002,376
|
|
|
$
|
1,089,485
|
|
Total stockholders'
equity
|
$
|
219,148
|
|
|
$
|
195,353
|
|
_________________
|
(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 26,
2017
|
|
MARCH 27,
2016
|
|
Consolidated:
|
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
|
32.1
|
%
|
|
32.1
|
%
|
|
32.4
|
%
|
|
32.4
|
%
|
|
0.3
|
%
|
Labor and other
related
|
28.6
|
%
|
|
28.6
|
%
|
|
27.9
|
%
|
|
27.9
|
%
|
|
(0.7)
|
%
|
Other restaurant
operating
|
21.8
|
%
|
|
22.3
|
%
|
|
21.9
|
%
|
|
22.1
|
%
|
|
(0.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin
|
17.5
|
%
|
|
17.0
|
%
|
|
17.8
|
%
|
|
17.6
|
%
|
|
(0.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
Segments:
|
|
|
|
|
|
|
|
|
|
Restaurant-level
operating margin - U.S.
|
17.2
|
%
|
|
16.7
|
%
|
|
17.3
|
%
|
|
17.1
|
%
|
|
(0.4)
|
%
|
Restaurant-level
operating margin -
International
|
20.3
|
%
|
|
20.3
|
%
|
|
19.5
|
%
|
|
19.5
|
%
|
|
0.8
|
%
|
_________________
|
(1)
|
Includes adjustments
for the write-off of $5.1 million of deferred rent liabilities
primarily associated with the 2017 Closure Initiative, in the U.S.
segment.
|
(2)
|
Includes adjustments
for the write-off of $1.9 million of deferred rent liabilities
primarily associated with the Bonefish Restructuring, in the U.S.
segment.
|
TABLE
FIVE
|
BLOOMIN' BRANDS,
INC.
|
INCOME FROM
OPERATIONS, NET INCOME AND DILUTED EARNINGS PER SHARE NON-GAAP
RECONCILIATIONS
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
(in thousands,
except per share data)
|
MARCH 26,
2017
|
|
MARCH 27,
2016
|
Income from
operations
|
$
|
69,130
|
|
|
$
|
86,684
|
|
Operating income
margin
|
6.0
|
%
|
|
7.4
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (1)
|
15,497
|
|
|
2,131
|
|
Restaurant
relocations and related costs (2)
|
2,107
|
|
|
356
|
|
Transaction-related
expenses (3)
|
207
|
|
|
572
|
|
Severance
(4)
|
—
|
|
|
1,135
|
|
Total income from
operations adjustments
|
17,811
|
|
|
4,194
|
|
Adjusted income from
operations
|
$
|
86,941
|
|
|
$
|
90,878
|
|
Adjusted operating
income margin
|
7.6
|
%
|
|
7.8
|
%
|
|
|
|
|
Net income
attributable to Bloomin' Brands
|
$
|
43,910
|
|
|
$
|
34,475
|
|
Adjustments:
|
|
|
|
Income from
operations adjustments
|
17,811
|
|
|
4,194
|
|
Loss on defeasance,
extinguishment and modification of debt (5)
|
—
|
|
|
26,580
|
|
Total adjustments,
before income taxes
|
17,811
|
|
|
30,774
|
|
Adjustment to
provision for income taxes (6)
|
(4,419)
|
|
|
(9,076)
|
|
Net
adjustments
|
13,392
|
|
|
21,698
|
|
Adjusted net
income
|
$
|
57,302
|
|
|
$
|
56,173
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
0.41
|
|
|
$
|
0.29
|
|
Adjusted diluted
earnings per share
|
$
|
0.54
|
|
|
$
|
0.47
|
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
106,413
|
|
|
120,776
|
|
_________________
|
(1)
|
Represents expenses
incurred for the 2017 Closure Initiative, Bonefish Restructuring
and International Restaurant Closure Initiative.
|
(2)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation program.
|
(3)
|
Represents costs
incurred in connection with our sale-leaseback
initiative.
|
(4)
|
Relates to severance
expense incurred as a result of the relocation of our Fleming's
operations center to the corporate home office in 2016.
|
(5)
|
Relates to the
defeasance of the 2012 CMBS loan in 2016.
|
(6)
|
Represents income tax
effect of the adjustments for the thirteen weeks ended March 26,
2017 and March 27, 2016.
|
Following is a summary of the financial statement line item
classification of the net income adjustments:
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands)
|
MARCH 26,
2017
|
|
MARCH 27,
2016
|
Other restaurant
operating
|
$
|
(5,139)
|
|
|
$
|
(2,013)
|
|
Depreciation and
amortization
|
1,593
|
|
|
444
|
|
General and
administrative
|
2,389
|
|
|
2,652
|
|
Provision for
impaired assets and restaurant closings
|
18,968
|
|
|
3,111
|
|
Loss on defeasance,
extinguishment and modification of debt
|
—
|
|
|
26,580
|
|
Provision for income
taxes
|
(4,419)
|
|
|
(9,076)
|
|
Net
adjustments
|
$
|
13,392
|
|
|
$
|
21,698
|
|
TABLE
SIX
|
BLOOMIN' BRANDS,
INC.
|
SEGMENT INCOME
FROM OPERATIONS NON-GAAP RECONCILIATION
|
(UNAUDITED)
|
U.S.
Segment
|
THIRTEEN WEEKS
ENDED
|
(dollars in
thousands)
|
MARCH 26,
2017
|
|
MARCH 27,
2016
|
Income from
operations
|
$
|
100,946
|
|
|
$
|
117,839
|
|
Operating income
margin
|
9.8
|
%
|
|
11.3
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (1)
|
15,497
|
|
|
2,224
|
|
Restaurant
relocations and related costs (2)
|
2,107
|
|
|
356
|
|
Transaction-related
expenses (3)
|
207
|
|
|
334
|
|
Severance
(4)
|
—
|
|
|
539
|
|
Adjusted income from
operations
|
$
|
118,757
|
|
|
$
|
121,292
|
|
Adjusted operating
income margin
|
11.5
|
%
|
|
11.6
|
%
|
|
|
|
|
International
Segment
|
|
|
|
(dollars in
thousands)
|
|
|
|
Income from
operations
|
$
|
8,802
|
|
|
$
|
11,349
|
|
Operating income
margin
|
7.9
|
%
|
|
9.4
|
%
|
Adjustments:
|
|
|
|
Restaurant
impairments and closing costs (5)
|
—
|
|
|
(433)
|
|
Adjusted income from
operations
|
$
|
8,802
|
|
|
$
|
10,916
|
|
Adjusted operating
income margin
|
7.9
|
%
|
|
9.1
|
%
|
_________________
|
(1)
|
Represents expenses
incurred for the 2017 Closure Initiative and Bonefish
Restructuring.
|
(2)
|
Represents asset
impairment charges and accelerated depreciation incurred in
connection with our relocation program.
|
(3)
|
Represents costs
incurred in connection with our sale-leaseback
initiative.
|
(4)
|
Relates primarily to
the relocation of our Fleming's operations center to the corporate
home office in 2016.
|
(5)
|
Represents expenses
incurred primarily for the International Restaurant Closure
Initiative.
|
TABLE
SEVEN
|
BLOOMIN' BRANDS,
INC.
|
COMPARATIVE
RESTAURANT INFORMATION
|
(UNAUDITED)
|
|
DECEMBER 25,
2016
|
|
OPENINGS
|
|
CLOSURES
|
|
MARCH 26,
2017
|
U.S.
|
|
|
|
|
|
|
|
Outback
Steakhouse
|
|
|
|
|
|
|
|
Company-owned
|
650
|
|
|
—
|
|
|
(13)
|
|
|
637
|
|
Franchised
|
105
|
|
|
1
|
|
|
(1)
|
|
|
105
|
|
Total
|
755
|
|
|
1
|
|
|
(14)
|
|
|
742
|
|
Carrabba's Italian
Grill
|
|
|
|
|
|
|
|
Company-owned
|
242
|
|
|
—
|
|
|
(14)
|
|
|
228
|
|
Franchised
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Total
|
244
|
|
|
—
|
|
|
(14)
|
|
|
230
|
|
Bonefish
Grill
|
|
|
|
|
|
|
|
Company-owned
|
204
|
|
|
1
|
|
|
(9)
|
|
|
196
|
|
Franchised
|
6
|
|
|
1
|
|
|
—
|
|
|
7
|
|
Total
|
210
|
|
|
2
|
|
|
(9)
|
|
|
203
|
|
Fleming's Prime
Steakhouse & Wine Bar
|
|
|
|
|
|
|
|
Company-owned
|
68
|
|
|
—
|
|
|
(1)
|
|
|
67
|
|
International
|
|
|
|
|
|
|
|
Company-owned
|
|
|
|
|
|
|
|
Outback
Steakhouse—Brazil (1)
|
83
|
|
|
—
|
|
|
—
|
|
|
83
|
|
Other
|
29
|
|
|
2
|
|
|
—
|
|
|
31
|
|
Franchised
|
|
|
|
|
|
|
|
Outback
Steakhouse - South Korea
|
73
|
|
|
4
|
|
|
(2)
|
|
|
75
|
|
Other
|
54
|
|
|
2
|
|
|
(1)
|
|
|
55
|
|
Total
|
239
|
|
|
8
|
|
|
(3)
|
|
|
244
|
|
System-wide
total
|
1,516
|
|
|
11
|
|
|
(41)
|
|
|
1,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
|
(1)
|
The restaurant counts
for Brazil are reported as of November 30, 2016 and February 28,
2017, respectively, to correspond with the balance sheet dates of
this subsidiary.
|
TABLE
EIGHT
|
BLOOMIN' BRANDS,
INC.
|
COMPARABLE
RESTAURANT SALES INFORMATION
|
(UNAUDITED)
|
|
THIRTEEN WEEKS
ENDED
|
|
MARCH 26,
2017
|
|
MARCH 27,
2016
|
Year over year
percentage change:
|
|
|
|
Comparable restaurant
sales (stores open 18 months or more) (1):
|
|
|
|
U.S.
|
|
|
|
Outback
Steakhouse
|
1.4
|
%
|
|
(1.3)
|
%
|
Carrabba's Italian
Grill
|
(3.8)
|
%
|
|
(2.0)
|
%
|
Bonefish
Grill
|
(0.8)
|
%
|
|
(2.7)
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
(2.9)
|
%
|
|
1.3
|
%
|
Combined
U.S.
|
(0.2)
|
%
|
|
(1.5)
|
%
|
International
|
|
|
|
Outback Steakhouse -
Brazil (2)
|
3.6
|
%
|
|
8.8
|
%
|
|
|
|
|
Traffic:
|
|
|
|
U.S.
|
|
|
|
Outback
Steakhouse
|
(2.1)
|
%
|
|
(3.0)
|
%
|
Carrabba's Italian
Grill
|
(7.2)
|
%
|
|
1.5
|
%
|
Bonefish
Grill
|
(2.2)
|
%
|
|
(5.2)
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
(7.5)
|
%
|
|
1.2
|
%
|
Combined
U.S.
|
(3.3)
|
%
|
|
(2.2)
|
%
|
International
|
|
|
|
Outback Steakhouse -
Brazil
|
(1.8)
|
%
|
|
0.3
|
%
|
|
|
|
|
Average check per
person increases (decreases) (3):
|
|
|
|
U.S.
|
|
|
|
Outback
Steakhouse
|
3.5
|
%
|
|
1.7
|
%
|
Carrabba's Italian
Grill
|
3.4
|
%
|
|
(3.5)
|
%
|
Bonefish
Grill
|
1.4
|
%
|
|
2.5
|
%
|
Fleming's Prime
Steakhouse & Wine Bar
|
4.6
|
%
|
|
0.1
|
%
|
Combined
U.S.
|
3.1
|
%
|
|
0.7
|
%
|
International
|
|
|
|
Outback Steakhouse -
Brazil
|
6.2
|
%
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
|
(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 (0.8)% and 1.3% for
the thirteen weeks ended March 26, 2017 and March 27, 2016,
respectively.
|
(3)
|
Average check per
person increases (decreases) includes the impact of menu pricing
changes, product mix and discounts.
|
Mark Graff
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-2017-q1-diluted-eps-of-041-and-adjusted-diluted-eps-of-054-posts-comparable-sales-at-outback-steakhouse-of-14-reaffirms-full-year-2017-guidance-including-adjusted-diluted-eps-and-us-comparable-s-300445618.html
SOURCE Bloomin' Brands, Inc.