Bloomin Brands Gift Card Balances
Bloomin Brands Gift Card Balances - The MarketWatch News Department was not involved in the creation of this content. UNDER SECTION 13 OR 15(d) OF THE PLANT EXCHANGE ACT, 1934 Report Date (Date of earliest reporting event) April 28, 2023 Check the appropriate box below if a Form 8-K filing is intended to satisfy a filing obligation'
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Bloomin Brands Gift Card Balances
the person registered at the same time under any of the following provisions: ? Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ? Seeking material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ? Pre-commencement of communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b)) ?
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate with a check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
If it is an emerging growth company, indicate by check whether the registrant has an option not to use the extended transition period to comply with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ? On April 28, 2023, the Company issued a press release reporting its financial position and results for the thirteen weeks ended March 26, 2023. A copy of the release is attached hereto as Exhibit 99.1.
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The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 shall not be deemed to have been "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). . , or otherwise subject to the obligations of that section, and shall not be deemed incorporated by reference in any other filing under the Securities Act or the Exchange Act, except as expressly provided for by specific address in such filing.
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99.1 Press release from Bloomin' Brands, Inc. dated April 28, 2023 104 Cover Page of the Interactive Data File (embedded in the Inline XBRL document) Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant causing this report to be signed by the person below
signatures are duly authorized. TAMPA, Fla., April 28, 2023 - Bloomin' Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter of 2023 ("Q1 2023") compared to the first quarter of 2022 ("Q1 2022"). "The first quarter was a strong start to the year, and I am pleased with the progress of all our brands," said David Deno, CEO.
Our Q1 results demonstrated the work we are doing to elevate the customer experience and drive healthy top line growth. These efforts have resulted in improved sales and margins, enabling us to achieve our goals for 2023 to achieve." The following table reconciles diluted earnings per share to adjusted earnings per share for the periods indicated: ___________________ (1) Adjustments for the periods Reflects our hedge of convertible notes, which offsets the dilutive effect of
About Bloomin’ Brands, Inc
shares underlying the 2025 Notes. any adjustments to Net Income during the periods presented See Non-GAAP Measures later in this release (dollars in millions, unaudited) Q1 2023 Q1 2022 CHANGE Total income $ 1,244.7 $ 1,140.5 9.1 % Operating income margin 9.7 % 9.4 % 0.3 % Restaurant level operating margin (1) 17.9 % 17.1 % 0.8 % - The increase in total income was primarily due to the increase in comparable income.
restaurant sales, (ii) the net effect of opening and closing restaurants, (iii) the benefit of Brazilian VAT exemptions and (iv) the foreign impact of currency translation. -Operating income margin improved from Q1 2022 due to: (i) an increase in like-for-like restaurant sales, driven primarily by menu price increases and the impact of COVID-19 in Brazil and Hong Kong, (ii) the impact of the
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certain cost saving initiatives and (iii) Brazilian value tax benefit exceptions. These increases were partially offset by inflation in commodities, labor and operating costs. THIRTEEN WEEKS ENDING MARCH 26, 2023 COMPANY-OWNED Comparable restaurant sales (stores open 18 months or more): U.S. Outback Steakhouse 4.9 % Carrabba's Italian Grill 6.7 % Bonefish Grill 5.2 % Fleming's Prime Steakhouse & Wine Bar 3.6 % US Consolidated 5.1 % Outback International Steakhouse - Brazil (1) 14.3 % _________________ (1) Does not include the effect of volatility
foreign exchange rates and fluctuations to take advantage of Brazil's value tax exemptions. It includes the effect of a trading day from the reporting period calendar. On April 18, 2023, our Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on May 24, 2023 to stockholders of record at the close of business on May 10, 2023. Through April 26, 2023, we repurchased 1.1
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million shares for a total of $27 million. On February 7, 2023, our Board of Directors approved a $125 million authorization ("2023 Share Repurchase Program") that will expire on August 7, 2024. We have $113 million of share repurchase authorization remaining under the 2023 Share Repurchase Program.
We reiterate all aspects of our financial guidance for the full year as previously communicated in our February 16, 2023 earnings statement. The table below shows our expectations for selected fiscal Q2 2023 operating results: _________________ (1 ) For GAAP purposes assumed the weighted average diluted shares of approximately 98 million.
2) Assumes weighted average diluted shares of approximately 93 million, including the interest of the convertible note hedge effected in May 2020. The Company will hold a conference call today, April 28, 2023 at 8:15 AM EDT . The conference call will be webcast live from the Company's website at http://www.bloominbrands.com under the Investors section.
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A webcast of this will be available on the Company's website following the call. In addition to the results provided in accordance with GAAP, this press release and the accompanying tables contain certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental performance measures not required or presented in accordance with GAAP and include: (i) Restaurant-level operating income and corresponding margin and (ii) Adjusted diluted earnings per share.
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Restaurant-level operating margin is a non-GAAP financial measure that is widely regarded in the industry as a useful metric for evaluating restaurant-level operating efficiency and the performance of continuing restaurant-level operations, and we use it for those purposes, both generally and specifically. within our two paragraphs.
We believe that our use of non-GAAP financial measures allows investors to evaluate the operating performance of our business relative to our performance based on GAAP results and compared to other companies in the restaurant industry by adjusting for the effects of certain items that may differ
isolation. from period to period that do not correlate with core operating performance or vary widely among similar companies. However, our inclusion of these adjustment measures should not be interpreted as an indication that our future results will not be affected by unusual or unusual items or that the items we have for which adjustments are made are unusual or unusual or
they will not happen again. We believe the disclosure of these non-GAAP measures is useful to investors because they form part of the basis for how our management team and Board of Directors evaluate our operating performance, allocate resources and administer employee incentive plans. These non-GAAP financial measures are not intended to replace GAAP financial measures, and are not necessarily standardized or comparable to similarly titled measures used by other companies.
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