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Jun 27, 2021
Bloomin' Brands Q2 2021 Earnings Report
Bloomin' Brands reported strong Q2 2021 results with significant operating margin expansion.
Key Takeaways
Bloomin' Brands announced strong Q2 2021 financial results, with diluted EPS of $0.75 and adjusted diluted EPS of $0.81. The company saw comparable restaurant sales growth of 65.8% at Outback Steakhouse and 84.6% combined in the U.S. Sales momentum continued into the third quarter, with U.S. comp sales up 15.2% on a two-year basis versus 2019.
Q2 represented another quarter of strong results.
Company is well positioned to grow sales and capture additional market share.
Company is making great progress improving margins, increasing cash flow and retaining off-premises sales as dining rooms have reopened.
Sales momentum has continued through the first four weeks of the third quarter with U.S. comp sales up 15.2% on a two-year basis versus 2019.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Bloomin' Brands expects Q3 2021 total revenues to be at least $1.015 billion and EBITDA to be at least $115 million. GAAP diluted earnings per share are expected to be at least $0.45, and adjusted diluted earnings per share are expected to be at least $0.50.
Positive Outlook
- Continuing momentum in U.S. sales trends
- Includes a level of traditional Q3 seasonality
- Achieving ongoing operating efficiencies from simplification efforts
- Achieving ongoing operating efficiencies from waste reduction
- Achieving ongoing operating efficiencies from lower advertising
Challenges Ahead
- Increased commodity inflation reflects increases in protein costs, primarily chicken and seafood, as we acquired additional supply outside of our contracted terms due to higher sales volumes
- Higher general and administrative expenses from additional incentive compensation as a result of strong financial performance
- A reduction in capital expenditures due to raw material constraints delaying relocations
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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