Bloomin’ Brands Provides Business Update Related to the COVID-19 Pandemic
Statement from
The priorities for Bloomin’ Brands remain unchanged as we navigate these challenging times. We are focused on taking care of our people and serving food in a safe environment that protects both our Team Members and customers.
Since the onset of the pandemic, we have been nimble in adapting our business. This included a pivot to an off-premises model as dining rooms were forced to close. We were able to triple our off-premises sales per restaurant while our dining rooms were closed. Starting in early May states began the process of partially re-opening their economies. Our decision to not furlough any employees during this pandemic has allowed us to quickly prepare our restaurants for the reopening of dining rooms in a safe and efficient manner.
As of
We continue to adhere to the strongest of safety measures as we open dining rooms. These measures include additional sanitation and disinfecting practices, enhanced hand-washing protocols, use of gloves and facial protection for our employees, and we are also providing contactless payment options for our customers. In addition, each dining room seating configuration has been modified to adhere to social distancing and reduced capacity standards, and we are leveraging our table management notification system to allow guests to wait in their cars for their table.
We are tightly managing our cash usage and the recent convertible note transaction has further enhanced our liquidity position. We believe we are well positioned to build upon our recent success and emerge a stronger company as we navigate the ongoing crisis.
Cash Utilization and Liquidity Update
As of this morning, our total liquidity position was
Recent Sales Results
The following table includes estimated comparable restaurant sales by concept for our
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WEEK ENDED |
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Comparable restaurant sales (stores open 18 months or more): |
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(32.8)% |
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(30.6)% |
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(27.1)% |
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(24.8)% |
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(24.7)% |
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Carrabba’s |
(39.0)% |
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(35.2)% |
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(31.2)% |
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(24.1)% |
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(21.4)% |
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(62.4)% |
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(61.8)% |
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(55.9)% |
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(48.6)% |
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(40.5)% |
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Fleming’s |
(66.9)% |
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(61.5)% |
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(51.8)% |
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(36.9)% |
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(45.2)% |
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Combined |
(42.2)% |
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(39.1)% |
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(34.7)% |
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(29.5)% |
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(28.3)% |
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__________ | ||||||||||||||||||||||||||||||||
(1) The week ended |
- For the fiscal second quarter 2020,
Brazil comparable restaurant sales were (63.9)%. Following the onset of the pandemic, most of ourBrazil restaurants were open for off-premises only.Brazil comparable restaurant sales are on a one-month lag and are presented on a calendar basis. Represents results FromMarch 1, 2020 throughMay 31, 2020 .
The following table includes
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RESTAURANTS WITH |
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RESTAURANTS WITH |
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OPEN IN-RESTAURANT DINING |
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OFF-PREMISES DINING ONLY |
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WEEK ENDED |
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WEEK ENDED |
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Comparable restaurant sales (stores open 18 months or more): |
MAY 10, 2020(1) |
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MAY 17, 2020 |
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MAY 24, 2020 |
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MAY 31, 2020 |
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JUNE 6, 2020 |
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MAY 10, 2020(1) |
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MAY 17, 2020 |
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MAY 24, 2020 |
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MAY 31, 2020 |
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JUNE 6, 2020 |
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Average sales volumes |
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Comparable restaurant sales |
(22.2)% |
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(16.9)% |
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(17.1)% |
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(13.2)% |
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(13.6)% |
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(37.6)% |
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(40.1)% |
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(36.8)% |
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(44.7)% |
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(45.5)% |
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Number of Restaurants |
178 |
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239 |
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277 |
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360 |
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373 |
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393 |
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332 |
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294 |
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211 |
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198 |
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Carrabba’s |
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Average sales volumes |
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Comparable restaurant sales |
(30.0)% |
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(26.5)% |
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(24.2)% |
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(16.1)% |
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(13.3)% |
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(47.8)% |
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(48.2)% |
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(44.3)% |
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(49.1)% |
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(48.0)% |
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Number of Restaurants |
92 |
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114 |
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125 |
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150 |
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153 |
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112 |
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90 |
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79 |
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54 |
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51 |
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Average sales volumes |
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Comparable restaurant sales |
(51.4)% |
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(48.4)% |
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(44.4)% |
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(38.0)% |
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(30.7)% |
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(67.8)% |
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(72.6)% |
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(69.4)% |
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(68.4)% |
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(64.5)% |
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Number of Restaurants |
61 |
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83 |
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99 |
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123 |
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133 |
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128 |
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106 |
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90 |
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66 |
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56 |
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Fleming’s |
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Average sales volumes |
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Comparable restaurant sales |
(52.8)% |
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(32.2)% |
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(31.1)% |
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(17.0)% |
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(30.2)% |
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(67.4)% |
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(77.1)% |
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(69.1)% |
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(62.3)% |
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(78.9)% |
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Number of Restaurants |
2 |
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28 |
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33 |
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42 |
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48 |
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63 |
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37 |
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32 |
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23 |
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17 |
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Combined |
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Average sales volumes |
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Comparable restaurant sales |
(29.8)% |
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(25.4)% |
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(24.4)% |
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(18.1)% |
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(17.7)% |
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(48.0)% |
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(50.0)% |
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(46.1)% |
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(50.7)% |
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(51.1)% |
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Number of Restaurants |
333 |
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464 |
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534 |
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675 |
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707 |
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696 |
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565 |
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495 |
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354 |
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322 |
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__________ | ||||||||||||||||||||
(1) The week ended |
Preliminary Data
The unaudited data presented in this release is preliminary, based upon certain management estimates and subject to the completion of our quarter end procedures for the preparation and review of our quarterly financial statements. In addition, estimated weekly sales data has been provided to help investors understand and assess the near-term impacts of the COVID-19 pandemic, but is subject to variability and may not be indicative of our results or trends for any full reporting period.
About Bloomin’
Bloomin’
Forward-Looking Statements
Certain statements contained herein, including statements under the headings “Statement from
Note: Numerical figures included in this release have been subject to rounding adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200611005179/en/
Group Vice President, IR & Finance
(813) 830-5311
Source: Bloomin’