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Sep 29, 2024
Bloomin' Brands Q3 2024 Earnings Report
Bloomin' Brands reported a decrease in total revenues and operating income margin for Q3 2024, while announcing a strategic re-franchise of Brazil operations.
Key Takeaways
Bloomin' Brands announced Q3 2024 financial results, with a decrease in total revenues by 3.8% compared to Q3 2023. Diluted EPS was reported at $0.08, and adjusted diluted EPS at $0.21. The company updated its full-year guidance and announced a strategic re-franchise of its Brazil operations with Vinci Partners.
Total revenues decreased primarily due to lower comparable restaurant sales and the effect of foreign currency translation.
GAAP operating income margin decreased due to a decrease in restaurant-level operating margin and higher general and administrative expenses.
Restaurant-level operating margin decreased primarily due to lower restaurant sales and higher labor, operating, and commodity costs.
Strategic re-franchise of Brazil operations announced with Vinci Partners for R$1.4 billion Brazilian Reais.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Bloomin' Brands provided its Q4 2024 financial outlook. U.S. comparable restaurant sales are expected to decline by 2.0% to 1.0%. GAAP diluted earnings per share are projected to be between $0.31 and $0.41, while adjusted diluted earnings per share are expected to range from $0.32 to $0.42.
Challenges Ahead
- U.S. comparable restaurant sales are expected to decline by 2.0% to 1.0%.
- GAAP diluted earnings per share are projected to be between $0.31 and $0.41.
- Adjusted diluted earnings per share are expected to range from $0.32 to $0.42.
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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