Loading...
•
Dec 31, 2023
Bloomin' Brands Q4 2023 Earnings Report
Bloomin' Brands reported a good finish to 2023, with Q4 diluted EPS of $0.45 and adjusted diluted EPS of $0.75. The company announced a $350 million share repurchase authorization and provided full year 2024 financial outlook.
Key Takeaways
Bloomin' Brands reported a 9.1% increase in total revenues to $1,194.2 million for Q4 2023, driven by the 53rd week, foreign currency translation, and net impact of restaurant openings and closures. Diluted EPS was $0.45, and adjusted diluted EPS was $0.75. The company's Board of Directors approved a new $350 million share repurchase authorization.
Total revenues increased by 9.1% to $1,194.2 million compared to Q4 2022.
Q4 2023 diluted EPS was $0.45, while adjusted diluted EPS was $0.75.
The Board of Directors declared a quarterly cash dividend of $0.24 per share.
A new $350.0 million share repurchase program was approved.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Fiscal 2024 U.S. comparable restaurant sales are expected to be flat to +2%. GAAP diluted earnings per share are projected to be $2.27 to $2.46, and adjusted diluted earnings per share are expected to be $2.51 to $2.66. Commodity inflation is anticipated to be 3% to 4%, and capital expenditures are estimated at $270M to $290M. The number of new system-wide restaurants is planned to be 40 to 45.
Positive Outlook
- U.S. comparable restaurant sales are expected to be flat to +2%.
- Adjusted diluted earnings per share are expected to be $2.51 to $2.66.
- Effective income tax rate is projected to be 14% to 16%.
- 40 to 45 new system-wide restaurants are planned to open.
- Share repurchase program of $350 million
Challenges Ahead
- Fiscal 2024 adjusted diluted earnings per share will exclude the Brazil tax legislation benefit.
- Fiscal 2024 adjusted diluted earnings per share will exclude the 53rd week that were included in the 2023 financial results.
- The first three weeks of Q1 2024 were negatively impacted by weather.
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
Loading earnings performance data...
Loading earnings reaction data...