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Jun 30, 2024
Bloomin' Brands Q2 2024 Earnings Report
Reported mixed results with comparable sales growth outpacing the industry but falling short of internal expectations. Full-year guidance was updated to reflect current industry trends, with a focus on long-term sustainable growth.
Key Takeaways
Bloomin' Brands reported Q2 2024 financial results, with diluted EPS at $0.32 and adjusted diluted EPS at $0.51. Total revenues were $1,118.9 million, a decrease of 2.9% compared to Q2 2023. The company updated its full-year 2024 guidance to reflect current industry trends and is focused on sustainable growth.
Total revenues decreased primarily due to lower comparable restaurant sales and the net impact of restaurant closures and openings.
GAAP operating income margin decreased due to a decrease in restaurant-level operating margin, higher impairment and closure costs, and higher depreciation and amortization expense.
Restaurant-level operating margin decreased primarily due to lower restaurant sales, higher labor, operating, and commodity costs, unfavorable product mix, and higher advertising expense.
The Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on September 4, 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Bloomin' Brands provided its Q3 2024 outlook, expecting U.S. comparable restaurant sales to be down 2% to flat, GAAP diluted earnings per share of $0.15 to $0.23, and adjusted diluted earnings per share of $0.17 to $0.25.
Challenges Ahead
- U.S. comparable restaurant sales are expected to be down 2% to flat.
- GAAP diluted earnings per share are projected to be $0.15 to $0.23.
- Adjusted diluted earnings per share are expected to be $0.17 to $0.25.
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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