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Apr 26, 2017

Bloomin' Brands Announces 2017 Q1 Diluted EPS of $0.41 and Adjusted Diluted EPS of $0.54; Posts Comparable Sales at Outback Steakhouse of 1.4%; Reaffirms Full Year 2017 Guidance Including Adjusted Diluted EPS and U.S. Comparable Sales; and Repurchases $78

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.

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