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Mar 31, 2024
Bloomin' Brands Q1 2024 Earnings Report
Bloomin' Brands' Q1 2024 financial results were announced, with sales and profit meeting expectations, driven by strengthened sales trends throughout the quarter.
Key Takeaways
Bloomin' Brands reported a solid start to the year with sales and profit meeting expectations in Q1 2024. Diluted EPS was reported at $(0.96), while adjusted diluted EPS was $0.70. The company retired $83.6 million of convertible notes during the quarter. Total revenues were $1,195.3 million, a decrease of 4.0% compared to Q1 2023.
Q1 2024 diluted EPS was $(0.96), and adjusted diluted EPS was $0.70.
The company retired $83.6M of convertible notes.
Total revenues decreased by 4.0% to $1,195.3 million.
Comparable restaurant sales in the U.S. decreased by 1.6%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Bloomin' Brands updated its expectations for selected 2024 and Q2 2024 financial operating results.
Positive Outlook
- Reaffirming full-year financial guidance as previously communicated in the February 23, 2024 earnings release.
- Commodity inflation is expected to be 2% to 3% for 2024.
- Adjusted effective tax rate is expected to be 14% to 16% for 2024.
- Adjusted diluted earnings per share are expected to be $2.51 to $2.66 for 2024.
- U.S. comparable restaurant sales are expected to be flat to 1.5% for Q2 2024.
Challenges Ahead
- GAAP effective tax rate is expected to be 29% to 31% for 2024, up from the prior outlook of 14% to 16%.
- GAAP diluted earnings per share are expected to be $0.79 to $0.94 for 2024, down from the prior outlook of $2.27 to $2.46.
- GAAP diluted earnings per share are expected to be $0.53 to $0.58 for Q2 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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